CODEFRISKO
ActiveFrom the official registers: KBO 16 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
CODEFRISKO has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €36,014 and a net result of €28,118. Equity has been shrinking by about 3.2% per year since 2018. Its solvency ranks better than 55% of 2,479 sector peers (NACE 90, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
KBO- Status
- Active since 25-01-2010 Normal situation
- Activity
- Promotion and organisation of arts and performing arts events NACE 90391and 2 others
- Establishment unit
- 2.184.950.338 1410 Waterloo, since 25-01-2010
- Financial year end
- 31 December
- Peppol
- Reachable since 11-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €33,641
- Turnover
- ≈ €96,000
- estimated
- Profit
- €28,118
- Equity
- €36,014
- ▲ 356%
- Total assets
- €64,569
- ▲ 201%
Score breakdownraises risk1 of the last 3 accounts latelowers riskLiquidity: current ratio 2.15, cash €42,238Sector: Arts creation and performing arts activities (NACE 90)Size: total assets €64,569Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 90, micro). It does better than 57% of them on solvency, 67% on liquidity, 91% on profitability and 97% on growth.
The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 2 days after the deadline. In the sector (NACE 90), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 16 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a profit of €32,715, after a loss of €16,701 in 2024. It is the highest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Comparable companies
These companies have the same main activity as CODEFRISKO: promotion and organisation of arts and performing arts events (NACE 90391). They are comparable in size and age: total assets between €52,100 and €82,400, founded between 2007 and 2011.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| CODEFRISKO Waterloo | 2010 | €64,569 | €36,014 | €33,641 | - | €28,118 | - | 2025 |
| GITANNEKESFOOR Diest | 2011 | €66,014 | €56,542 | €40,674 | €96,750 | -€3,824 | - | 2025 |
| 3Pack Productions Balen | 2011 | €69,272 | €28,264 | €35,936 | - | €31,370 | - | 2025 |
| ARTKOM Aarschot | 2007 | €52,126 | €23,873 | €28,414 | - | €20,350 | 0.2 | 2025 |
| arekipa Mechelen | 2008 | €72,514 | €50,606 | €22,832 | €229,302 | €19,547 | - | 2026 |
| UNITED SPIRITS Overijse | 2010 | €65,751 | €15,444 | €65,223 | - | -€41 | - | 2026 |
| GALERIE ALBERT DUMONT Brussel | 2009 | €82,431 | €76,434 | €19,629 | - | €13,358 | - | 2025 |
They were chosen from the 701 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 34,693 companies had the same profile as CODEFRISKO has now. Two years later, 0.7% had gone bankrupt and 95.3% were still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of CODEFRISKO itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for CODEFRISKO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €65,533 | - | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,424 | €1,034 | €442 | €539 | €687 | €686 | €338 | €526 | ▲ 55.7% |
| Other operating charges640/8 | - | - | - | €486 | €355 | €384 | €10,632 | €400 | ▼ 96.2% |
| Gross operating margin9900 | €20,279 | -€16,573 | €7,217 | €11,755 | €9,603 | €19,515 | -€5,731 | €33,641 | - |
| Operating profit (loss)9901 | €18,374 | -€18,111 | €6,428 | €10,731 | €8,561 | €18,444 | -€16,701 | €32,715 | - |
| Financial income75/76B | - | - | - | €76 | €3 | - | - | - | - |
| Recurring financial income75 | - | €4 | €2 | €76 | €3 | - | - | - | - |
| Financial charges65/66B | - | - | - | €10,201 | €11,122 | €120 | €139 | €150 | ▲ 8.2% |
| Recurring financial charges65 | €16,050 | €223 | €8,573 | €10,201 | €11,122 | €120 | €139 | €150 | ▲ 8.2% |
| Profit (loss) for the period before taxes9903 | €2,325 | -€18,330 | -€2,143 | €605 | -€2,558 | €18,324 | -€16,839 | €32,565 | - |
| Income taxes67/77 | €5 | €39 | - | - | - | €281 | - | €4,446 | - |
| Profit (loss) for the period9904 | €2,320 | -€18,369 | -€2,143 | €605 | -€2,558 | €18,044 | -€16,839 | €28,118 | - |
| Profit (loss) for the period to be appropriated9905 | €2,320 | -€18,369 | -€2,143 | €605 | -€2,558 | €18,044 | -€16,839 | €28,118 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €52,400 | €37,204 | €25,601 | €31,791 | €29,990 | €37,752 | €21,456 | €64,569 | ▲ 201% |
| Fixed assets21/28 | €1,474 | €441 | €1,045 | €3,889 | €3,202 | €2,516 | €2,178 | €3,201 | ▲ 47.0% |
| Tangible fixed assets22/27 | €1,474 | €441 | €1,045 | €3,889 | €3,202 | €2,516 | €2,178 | €3,201 | ▲ 47.0% |
| Furniture and vehicles24 | - | - | - | €3,889 | €3,202 | €2,516 | €2,178 | €3,201 | ▲ 47.0% |
| Current assets29/58 | €50,926 | €36,763 | €24,555 | €27,902 | €26,788 | €35,236 | €19,279 | €61,368 | ▲ 218% |
| Amounts receivable within one year40/41 | €23,880 | €23,355 | €19,576 | €11,109 | €13,751 | €14,949 | €13,083 | €19,130 | ▲ 46.2% |
| Trade receivables40 | - | - | - | €10,829 | €13,730 | €14,949 | €7,083 | €13,130 | ▲ 85.4% |
| Other amounts receivable41 | - | - | - | €280 | €21 | - | €6,000 | €6,000 | = |
| Cash at bank and in hand54/58 | €26,972 | €13,409 | €4,979 | €16,793 | €13,037 | €20,287 | €6,196 | €42,238 | ▲ 582% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €52,400 | €37,204 | €25,601 | €31,791 | €29,990 | €37,752 | €21,456 | €64,569 | ▲ 201% |
| Equity10/15 | €29,156 | €10,787 | €8,644 | €9,249 | €6,691 | €24,735 | €7,896 | €36,014 | ▲ 356% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €8,696 | -€9,673 | -€11,816 | -€11,211 | -€13,769 | €4,275 | -€12,564 | €15,554 | - |
| Amounts payable17/49 | €23,244 | €26,417 | €16,957 | €22,542 | €23,299 | €13,017 | €13,560 | €28,556 | ▲ 111% |
| Amounts payable within one year42/48 | €23,244 | €26,417 | €16,957 | €22,542 | €23,299 | €13,017 | €13,560 | €28,556 | ▲ 111% |
| Trade debts44 | €6,128 | €13,952 | €6,409 | €21 | €266 | €2,238 | €5,704 | €6,663 | ▲ 16.8% |
| Suppliers440/4 | - | - | - | €21 | €266 | €2,238 | €5,704 | €6,663 | ▲ 16.8% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €585 | €134 | €4,613 | ▲ 34× |
| Taxes450/3 | - | - | - | - | - | €585 | €134 | €4,613 | ▲ 34× |
| Other amounts payable47/48 | - | - | - | €22,521 | €23,032 | €10,194 | €7,723 | €17,280 | ▲ 124% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,320 | -€18,369 | -€2,143 | €605 | -€2,558 | €18,044 | -€16,839 | €28,118 | - |
| + Depreciation and write-downs630 | €1,424 | €1,034 | €442 | €539 | €687 | €686 | €338 | €526 | ▲ 55.7% |
| Operating cash flow (approximation) | €3,744 | -€17,336 | -€1,701 | €1,144 | -€1,871 | €18,730 | -€16,501 | €28,645 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,046 | -€3,382 | €0 | €0 | €0 | -€1,550 | - |
| Change in cash | - | -€13,563 | -€8,429 | €11,814 | -€3,756 | €7,251 | -€14,091 | €36,042 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00273211 | NBB |
| 31-12-2024 | micro format | 14-08-2025 | 2025-00375348 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00492962 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00264273 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20136783 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-41000507 | |
| 31-12-2019 | micro format | 11-08-2020 | 2020-41400438 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-28000468 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-24400153 | |
| 31-12-2016 | micro format | 14-06-2017 | 2017-17800200 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 31-10-2023 Capital stated in the deed · 744 shares
Mandate history
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| Schaeyes Audrey |
|
| SCHAYES Audrey |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Organe d'administration, un ou plusieurs administrateurs”
Audit, dissolution and liquidation
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “Prévues pour modifications aux statuts, en tout temps par décision de l'assemblée générale”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Pour quelque cause et à quelque moment que ce soit, désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments”
Articles of association, deed of 31-10-2023 (in French)
Network & group
CODEFRISKO shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of CODEFRISKO. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
31-10
Gazette deed
Resignation: SCHAYES Audrey (manager)Appointment: SCHAYES Audrey (director) · Capital conversion · Amendment of the articles12 points ▸
- General meeting, 27-10-2023
- Other provision, “adaptation statuts et maintien forme SRL, adapter statuts aux dispositions du Code des sociétés et des associations” (deed in French)
- Capital conversion, “fonds disponibles pour distribution, article 39 §2 alinéa 2 loi du 2019-03-23” (deed in French)
- Amendment of the articles
- Capital
- Director resignation, SCHAYES Audrey (manager)
- Director appointment, SCHAYES Audrey (director (not named in the articles))
- Registered office clause, “Waterloo (1410) avenue de la Croix de Bourgogne”, 35 (deed in French)
- Other provision, “toutes résolutions votées successivement à l'unanimité des voix, clôture - vote” (deed in French)
- Other provision, “droit d'écriture”, 100 (deed in French)
- Other provision, “IZIMI (coffre digital) - NABAN (banque des actes notariés), parties informées copie digitale conservée sur Naban en créant coffre digital via plateforme www.izi…” (deed in French)
- Other provision, “Schaerbeek,en l'étude, procès-verbal - établissement et signature” (deed in French)
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25764Q0515/00Z000 | Wallonia | 820 m² | 1 · 137 m² | - |