Result
€383,660 €383,660
Back in profit in 2025, after a loss of €1.3m in 2024.
CODEL
Lifetime
20 annual accounts with figures on one time axis, 22 filings since 2004peak €350,926 (2018)
-not published
lowest -€1.3m (2024)
€383,660▲ €1.6m
peak €2.3m (2025)
€2.3m▲ 20.3%
€8.3m▼ 11.9%
peak 2 FTE (2024)
2 FTEunchanged
Board7 names since 2019
2 directorsCONSULFIN and 1 other
Owners6 names in the annual accounts
consolidatesBlue Pearl Energy Holdings SAS
Documentsfilings and deeds
08-06-202653 days before the deadline
2025financial year
Back to profit: €383,6602 directors appointed, 1 resignation 25-09Appointment: SRL 3R, Leboutte & Co (statutory auditor) 22-07Equity from €1.9m to €2.3mCash from €318,533 to €880,254
Key points
from the 2025 annual accountsChecked score
91
Excellent
Financially stronger than 39% of micro companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 26,891 companies (NACE 46, micro).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.4%
01-2025: 1.4%● unchanged vs 12-2024
02-2025: 1.3%▼ -0.1 percentage points vs 01-2025
03-2025: 1.3%● unchanged vs 02-2025
04-2025: 1.5%▲ +0.2 percentage points vs 03-2025
05-2025: 1.7%▲ +0.2 percentage points vs 04-2025
06-2025: 1.9%▲ +0.2 percentage points vs 05-2025
07-2025: 1.9%● unchanged vs 06-2025
08-2025: 2.7%▲ +0.8 percentage points vs 07-2025
09-2025: 2.7%● unchanged vs 08-2025highest value
10-2025: 2.7%● unchanged vs 09-2025highest value
11-2025: 2.7%● unchanged vs 10-2025highest value
12-2025: 1.7%▼ -1.0 percentage point vs 11-2025
01-2026: 1.7%● unchanged vs 12-2025
02-2026: 1.6%▼ -0.1 percentage points vs 01-2026
03-2026: 1.6%● unchanged vs 02-2026
04-2026: 1.7%▲ +0.1 percentage points vs 03-2026
05-2026: 1.7%● unchanged vs 04-2026
06-2026: 1.7%● unchanged vs 05-2026
07-2026: 0.1%▼ -1.6 percentage points vs 06-2026lowest value
08-2026: 0.1%● unchanged vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026lowest value
11-2026: 0.1%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Equity €2.3m (21.5% of total assets)
lowers risk
Size: turnover €26.8m, 2 FTE, total assets €10.6m
Founded in 2003
Figures for financial year 2025 (filed on 10-06-2026)
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 46, micro). It does better than 33% of them on solvency, 24% on liquidity, 43% on profitability and 58% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 3,984 companies had the same profile as CODEL has now. Each dot stands for 10 companies, two years later.
96.5%
were still trading
2.3%
stopped another way
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CODEL itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,448 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 3,984 companies, not a prediction for CODEL. 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.
Credit verdict
Credit of up to €200,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.24 (1.01 in 2024), below the usual 1.5. Short-term debt is 64.8% and cash 8.3% of total assets. 78.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-06-2026, 53 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
53 days early
2024
2 days early
2023
22 days late
2022
30 days late
2021
30 days late
2020
39 days late
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 9 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 23 August (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- CORETEC ENERGY 100%score 82equity €5.5m (2025) · 2025 annual accounts of CORETEC ENERGY
- Blue Pearl Energy Holdings SAS consolidatesannual accounts 2025
Recent changes
2 directors appointed, 1 resignation
Resignation: SPRL PYD INVEST & ADMINISTRATION · Appointments: SA CORETEC ENERGY and SRL CONSULFIN · Board meeting of 16-09-2025 · Gazette deed
Appointment: SRL 3R, Leboutte & Co (statutory auditor)
General meeting of 03-06-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0860787106
Capital increase of €3,000,000 to €3,025,000
Capital from €25,000 to €3,025,000 · Contribution: CORETEC ENERGY · CORETEC ENERGY holds all the shares · General meeting of 13-08-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CODEL Liège | €26.8m | 1.5% | 21.5% | 2 |
| HEITE PETROLEUM Ypres | €41.7m | 0.7% | 33.1% | 3.3 |
| MAZOUT EXPRES COMPANY Oostkamp | €81.9m | 1.7% | 44.6% | 4.1 |
| HAINAUT TANKING Saint-Ghislain | €10.6m | 3.8% | 69.1% | 3.5 |
| SteraGas Zemst | €20.6m | 8.4% | 75.3% | 1 |
| Linde Gas Belgium Antwerp | €13.1m | 53.7% | 88.0% | 2.8 |
| POLLET Herentals | €45.9m | 2.3% | 44.2% | 5.8 |
Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as CODEL: wholesale of solid, liquid and gaseous fuels and related products (NACE 46810). They are comparable in size and age: total assets between €5.1m and €13m, founded between 1989 and 2005.
Official details
Source: KBO- Status
- Active since 30-09-2003Normal situation
- Registered office
- 36 active companies are registered at this addressSource: KBO register, as of 10 November 2026.
- Activity
- Wholesale of solid, liquid and gaseous fuels and related productsNACE 46810and 1 other
- Joint committee
- 326Gas and electricity · annual accounts 2024
- Establishment unit
- 2.134.426.9964102 Seraing, since 30-09-2003
- Financial year end
- 31 December
- Peppol
- Reachable since 18-06-2025
Annual accounts 2025
- €10.6m▼ 6.5%
- Employeeson 31-12-2025
- 2=
- Filing
- Filed on 08-06-2026, 53 days before the end of the filing period
Insights on CODEL
CODEL has existed since 2003. In 2016 the gross margin rose from €147,276 to €334,647.
CORETEC ENERGY holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CODEL
- What is the company number of CODEL?
- The company number of CODEL is 0860.787.106. The VAT number is the same number with BE in front: BE 0860.787.106.
- Where is CODEL based?
- The registered office is at Bld Emile-de-Laveleye 191, 4020 Liège.Company details
- What does CODEL do?
- According to the KBO register, the main activity is wholesale of solid, liquid and gaseous fuels and related products (NACE 46810).
- What is the legal form of CODEL?
- CODEL is a private limited company (BV).
- When was CODEL founded?
- CODEL was founded on 30-09-2003.
- Is CODEL still active?
- Yes, CODEL is an active enterprise in the KBO register.
- How many employees does CODEL have?
- CODEL had an average of 2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does CODEL fall under?
- In its 2024 annual accounts, CODEL states joint committee 326 (Gas and electricity).
- What is the turnover of CODEL?
- The turnover of CODEL was €26.8m in financial year 2025, according to the filed annual accounts.
- Is CODEL profitable?
- In financial year 2025, CODEL made a profit of €383,660.
- Where can I find the annual accounts of CODEL?
- CODEL filed 23 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CODEL due?
- CODEL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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