CODEL

Active Private limited companyfounded 2003active for 23 yearsBld Emile-de-Laveleye 191, 4020 LiègeKBO/BCE: BE 0860.787.106 subsidiary of CORETEC ENERGY

Part of the group CORETEC ENERGY 8 companies in 2 countries

See the group

CODEL

Financial year 2025

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Annual accounts 2025

unclassified schema, filed on 08-06-2026, 53 days before the deadline

€26.8m

▼ 6.1%

€398,529

▲ €1.6m

€419,166

▲ €1.6m

€404,298

▲ €1.6m

21.5%

▲ 4.8 percentage points

1.24

▲ 0.23

Money flows

of every €100 of turnover, €1.43 remains as profit in 2025

Balance sheet

balance sheet total €10.6m on 31-12-2025

What the company ownsHow it is paid for

in €m

Position in the sector

Compare with sector

21.5%

Higher than 31% of 29,905 companies in 2025.

1.24

Higher than 33% of 28,969 companies in 2025.

3.6%

Higher than 51% of 29,326 companies in 2025.

CODEL Middle half of the sector 80% of the sector All accounts in wholesale trade (NACE 46)

Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half

Staff

Men and women50% women

1 man and 1 woman in full-time equivalents in 2025.

€75,956

Staff costs divided by the average number of full-time equivalents.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
`20/58`	10.6m	11.3m	10.6m	9.7m	10.0m	6.5m	8.1m	7.3m	5.2m	3.8m	2.4m	2.1m	1.2m	1.1m	155,126	35,074	83,310	54,421	91,877	167,274
`20`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`21/28`	2.1m	3.2m	3.2m	130,302	65,197	91,418	220,885	6,629	106,629	106,629	8,475	10,172	891	632	1,224	568	915	441	343	7,178
`21`	9,568	30,206	57,789	10,494	35,805	61,841	91,677	-	-	0	1,633	3,267	-	-	-	-	-	-	-	-
`22/27`	0	0	0	0	184	369	-	-	-	-	-	386	771	512	1,104	448	795	321	223	6,486
`22`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`23`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`24`	0	0	0	0	184	369	-	-	-	-	-	386	771	512	1,104	448	795	321	223	6,486
`26`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`27`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`28`	2.1m	3.1m	3.1m	119,808	29,208	29,208	129,208	6,629	106,629	106,629	6,842	6,520	120	120	120	120	120	120	120	692
`284/8`	2.1m	3.1m	3.1m	119,808	29,208	29,208	129,208	-	-	-	-	-	-	-	-	-	-	-	-	-
`285/8`	2.1m	3.1m	3.1m	119,808	29,208	29,208	129,208	-	-	-	-	-	-	-	-	-	-	-	-	-
`29/58`	8.5m	8.2m	7.4m	9.6m	9.9m	6.5m	7.8m	7.3m	5.1m	3.7m	2.4m	2.1m	1.2m	1.1m	153,901	34,506	82,395	53,980	91,534	160,096
`290`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`291`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`3`	222,064	92,565	646,945	1.3m	2.0m	598,635	2.0m	1.6m	963,870	39,550	63,481	9,445	15,656	424,113	72,518	8,736	-	-	-	-
`30/36`	222,064	92,565	646,945	1.3m	2.0m	598,635	2.0m	1.6m	963,870	39,550	63,481	9,445	15,656	424,113	72,518	8,736	-	-	-	-
`34`	222,064	92,565	646,945	1.3m	2.0m	598,635	2.0m	-	-	-	-	-	-	-	-	-	-	-	-	-
`37`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`40/41`	6.8m	6.5m	4.9m	5.9m	4.7m	2.7m	4.4m	5.4m	3.4m	3.0m	1.4m	1.3m	1.0m	462,561	61,548	21,998	6,366	12,785	79,437	96,238
`40`	6.6m	5.9m	4.0m	5.2m	4.4m	2.4m	4.3m	5.2m	3.2m	2.9m	1.4m	1.2m	946,829	422,293	42,354	1,936	3,744	8,671	79,425	93,672
`41`	154,243	696,515	880,235	750,713	254,031	317,472	58,083	187,342	180,065	49,536	13,775	162,081	74,549	40,268	19,193	20,062	2,622	4,114	12	2,566
`50/53`	0	0	0	-	-	-	-	-	-	-	-	0	-	-	-	-	273	30,452	-	-
`51/53`	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`54/58`	880,254	318,533	650,475	1.4m	876,627	1.6m	465,077	369,054	688,175	242,386	629,994	749,619	148,330	208,187	19,836	3,773	75,756	10,743	12,097	63,796
`490/1`	597,903	1.2m	1.2m	926,422	2.3m	1.5m	1.0m	24,762	3,250	465,139	279,401	0	-	3,278	-	-	-	-	-	62
Balance sheet: equity and liabilities
`10/49`	10.6m	11.3m	10.6m	9.7m	10.0m	6.5m	8.1m	7.3m	5.2m	3.8m	2.4m	2.1m	1.2m	1.1m	155,126	35,074	83,310	54,421	91,877	167,274
`10/15`	2.3m	1.9m	151,943	789,566	746,945	713,293	667,126	303,971	303,137	262,867	194,412	166,469	89,216	89,181	31,397	23,562	6,904	-24,958	-59,676	-81,346
`10/11`	3.0m	3.0m	25,000	25,000	25,000	25,000	-	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000
`100`	-	-	-	-	-	-	-	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000
`101`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`11`	-	-	-	-	-	-	25,000	-	-	-	-	0	-	-	-	-	-	-	-	-
`1100/10`	-	-	-	-	-	-	25,000	-	-	-	-	0	-	-	-	-	-	-	-	-
`12`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`13`	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	-	-	-	-	-
`130/1`	-	0	2,500	2,500	2,500	2,500	2,500	-	-	-	-	-	-	-	-	-	-	-	-	-
`130`	-	-	-	-	-	-	-	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	-	-	-	-	-
`1311`	-	-	-	-	2,500	2,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`1312`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`1319`	-	0	2,500	2,500	-	-	2,500	-	-	-	-	0	-	-	-	-	-	-	-	-
`132`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`133`	2,500	2,500	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`14`	-756,108	-1.1m	124,443	762,066	719,445	685,793	639,626	276,471	275,637	235,367	166,912	138,969	61,716	61,681	3,897	-1,438	-18,096	-49,958	-84,676	-106,346
`15`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`16`	-	-	-	-	-	120,000	634,559	258,400	83,706	106,386	30,000	-	-	-	-	-	-	-	-	-
`160/5`	-	-	-	-	-	120,000	634,559	258,400	83,706	106,386	30,000	0	-	-	-	-	-	-	-	-
`164/5`	-	-	-	-	-	120,000	634,559	258,400	83,706	106,386	-	-	-	-	-	-	-	-	-	-
`168`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`17/49`	8.3m	9.4m	10.4m	9.0m	9.2m	5.7m	6.8m	6.8m	4.8m	3.5m	2.1m	1.9m	1.1m	1.0m	123,728	11,512	76,406	79,379	151,553	248,620
`17`	18,765	18,765	3.1m	-	-	-	-	-	50,000	50,000	-	-	-	-	-	-	-	-	-	-
`170/4`	-	0	3.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`170`	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`174`	-	-	3.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`175`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`176`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`178/9`	18,765	18,765	18,765	-	-	-	-	-	50,000	50,000	-	0	-	-	-	-	-	-	-	-
`42/48`	6.8m	8.1m	5.4m	7.2m	7.3m	4.1m	4.7m	5.2m	4.7m	3.0m	2.1m	1.9m	1.1m	1.0m	123,728	11,512	76,406	79,379	151,553	248,620
`42`	-	-	-	-	-	-	-	-	0	50,000	-	0	-	-	-	-	-	-	-	1,092
`43`	0	500,000	0	0	1.2m	325,000	485,000	300,000	-	-	150,000	-	-	-	-	-	75,000	75,000	90,000	160,000
`430/8`	0	500,000	0	0	1.2m	325,000	485,000	300,000	-	-	150,000	0	-	-	-	-	75,000	75,000	90,000	160,000
`439`	-	-	-	0	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`44`	6.7m	7.6m	5.2m	6.5m	6.1m	3.7m	4.0m	4.7m	4.5m	2.9m	1.9m	1.6m	890,382	981,911	11,209	847	-	-	50,617	85,372
`440/4`	6.7m	7.6m	5.2m	6.5m	6.1m	3.7m	4.0m	4.7m	4.5m	2.9m	1.9m	1.6m	890,382	981,911	11,209	847	-	-	50,617	85,372
`441`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`46`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`45`	168,705	25,114	209,151	190,279	12,407	16,585	194,550	130,024	86,947	52,142	40,325	241,433	80,406	27,677	12,555	10,665	1,406	-	10,900	2,110
`450/3`	147,893	5,101	189,859	190,279	12,390	16,569	194,550	130,024	86,947	52,142	40,325	241,433	80,406	27,677	12,555	10,665	1,406	-	10,900	253
`454/9`	20,812	20,013	19,292	-	16	16	-	-	-	-	-	0	-	-	-	-	-	-	-	1,857
`47/48`	0	0	0	481,166	-	-	843	99,919	130,253	60,203	26,356	101,356	126,252	-	99,965	-	-	4,379	36	46
`492/3`	1.4m	1.3m	1.9m	1.7m	1.9m	1.6m	2.0m	1.5m	-	397,343	-	0	-	-	-	-	-	-	-	-
Income statement
`70/76A`	26.8m	28.6m	16.6m	17.7m	23.6m	16.3m	17.0m	-	-	-	-	-	-	-	-	-	-	-	-	-
`70`	26.8m	28.6m	16.5m	17.7m	23.6m	16.3m	17.0m	14.7m	14.9m	-	-	0	-	-	-	-	-	-	-	-
`74`	12,120	13,742	5,395	1,868	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`76A`	2,027	59,331	27,958	-	-	-	159	-	-	-	-	0	-	-	-	377	1,039	-	-	25,696
`9900`	-	-	-	-	-	-	-	350,926	260,712	334,647	147,276	290,890	174,787	113,053	13,239	28,147	34,262	39,984	29,409	-33,385
`60/66A`	26.4m	29.8m	17.1m	16.9m	23.5m	16.2m	16.4m	-	-	-	-	-	-	-	-	-	-	-	-	-
`60/61`	-	-	-	-	-	-	-	14.4m	-	-	-	0	-	-	-	-	-	-	-	-
`60`	24.3m	26.5m	15.8m	15.6m	22.7m	15.0m	15.1m	-	-	-	-	-	-	-	-	-	-	-	-	-
`600/8`	24.4m	26.0m	15.1m	14.8m	24.1m	13.7m	15.5m	-	-	-	-	-	-	-	-	-	-	-	-	-
`609`	-129,499	554,380	682,489	718,534	-1.4m	1.4m	-405,063	-	-	-	-	-	-	-	-	-	-	-	-	-
`61`	652,268	575,024	688,083	1.1m	715,864	726,662	835,743	-	-	-	-	-	-	-	-	-	-	-	-	-
`62`	151,913	137,723	74,680	-	-	-	-	-	-	-	-	0	3,349	-	-	-	-	-	-	64,240
`630`	20,638	27,584	1,425	47,364	40,345	38,953	17,910	-	-	1,633	2,019	2,019	898	592	880	348	358	303	797	4,290
`631/4`	-35,164	8,562	29,788	9,604	68,633	-	64,570	-6,197	-	25,748	7,683	13,502	-19,312	19,312	-	-	-	-	-	-
`635/8`	-	-	-	0	-120,000	-514,559	376,158	174,694	-22,680	76,386	30,000	0	-	-	-	-	-	-	-	-
`640/8`	1.3m	1.1m	277,496	260,554	167,366	891,035	25,152	27,823	22,471	21,094	11,165	3,287	798	348	568	348	882	439	604	2,714
`649`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`66A`	626	1.4m	171,948	0	22	-	73	2,183	-	-	2,807	0	-	-	-	600	-	-	-	-
`9901`	398,529	-1.2m	-503,832	743,007	65,977	76,129	546,002	152,422	260,921	209,785	96,408	272,082	189,055	92,802	11,792	27,452	33,023	39,241	28,009	-104,629
`75/76B`	38,994	115,820	9,484	4,479	6,355	871	171	948	5	1,462	864	191	1,132	35	-	-	508	930	-	267
`75`	38,994	115,820	9,484	4,479	6,355	871	171	948	5	1,462	864	191	1,132	35	-	-	508	930	-	267
`750`	38,989	115,819	8,765	4,418	6,299	855	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`751`	0	-	608	38	33	2	2	-	-	-	-	-	-	-	-	-	-	-	-	-
`752/9`	5	1	112	23	23	14	169	-	-	-	-	-	-	-	-	-	-	-	-	-
`65/66B`	53,261	171,371	143,175	34,600	26,045	13,999	8,730	9,460	4,896	16,156	15,792	1,308	401	5,065	222	1,571	1,226	5,453	6,339	11,599
`65`	53,261	171,371	143,175	34,600	26,045	13,999	8,730	9,460	4,896	16,156	15,792	1,308	401	5,065	222	1,571	1,226	5,453	6,339	11,599
`650`	16,454	126,514	111,700	14,379	16,473	8,446	6,251	-	-	-	-	-	-	-	-	-	-	-	-	-
`652/9`	36,806	44,858	31,475	20,221	9,572	5,553	2,479	-	-	-	-	-	-	-	-	-	-	-	-	-
`9903`	384,262	-1.3m	-637,523	712,887	46,287	63,000	537,444	143,910	256,030	195,092	78,673	270,965	189,786	87,772	11,570	25,657	33,345	34,719	21,670	-90,265
`67/77`	602	744	100	190,266	12,634	16,833	174,289	43,077	85,759	66,637	25,731	93,712	64,951	29,988	3,734	9,000	1,482	-	-	-
`670/3`	738	744	100	190,266	12,654	16,833	174,289	-	-	-	-	-	-	-	-	-	-	-	-	-
`77`	137	-	-	-	19	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`9904`	383,660	-1.3m	-637,623	522,620	33,653	46,167	363,155	100,833	170,270	128,455	52,943	177,253	124,835	57,784	7,835	16,658	31,862	34,719	21,670	-90,265
`789`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`689`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`9905`	383,660	-1.3m	-637,623	522,620	33,653	46,167	363,155	100,833	170,270	128,455	52,943	177,253	124,835	57,784	7,835	16,658	31,862	34,719	21,670	-90,265
Appropriation of the result
`9906`	-756,108	-1.1m	124,443	1.2m	719,445	685,793	639,626	376,471	405,637	295,367	191,912	238,969	186,516	61,681	6,397	-1,438	-18,096	-49,958	-84,676	-106,346
`14P`	-1.1m	124,443	762,066	719,445	685,793	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`791/2`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`691/2`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,500	-	-	-	-	-
`691`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`6920`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	2,500	-	-	-	-	-
`6921`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
`694/7`	-	-	-	480,000	-	-	-	100,000	130,000	60,000	25,000	100,000	124,800	-	-	-	-	-	-	-
`694`	-	-	-	480,000	-	-	-	100,000	130,000	60,000	25,000	100,000	124,800	-	-	-	-	-	-	-
`695`	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Social balance sheet
`9087`	2	2	1	-	-	-	-	-	-	-	-	-	0.1	-	-	-	-	-	-	1.7
Men (FTE)`1003`	1	1	0.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Women (FTE)`1003`	1	1	0.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Hours worked`1013`	3,398	3,410	1,620	-	-	-	-	-	-	-	-	-	152	-	-	-	-	-	-	4,494
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 2 older financial years (2004-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 45 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 08-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	unclassified schema	08-06-2026	2026-00148211	PDF
31-12-2024	unclassified schema	29-07-2025	2025-00333792	PDF
31-12-2023	unclassified schema	22-08-2024	2024-00364730	PDF
31-12-2022	full format	03-01-2024	2024-00545873	PDF
31-12-2022	unclassified schema	30-08-2023	2023-00412712	PDF
31-12-2021	unclassified schema	30-08-2022	2022-20351564	PDF
31-12-2020	unclassified schema	08-09-2021	2021-66600489	PDF
31-12-2019	full format	31-07-2020	2020-38100301	PDF
31-12-2018	full format	03-07-2019	2019-27800398	PDF
31-12-2017	full format	21-08-2018	2018-47500347	PDF
31-12-2016	full format	25-08-2017	2017-47700498	PDF
31-12-2015	full format	24-08-2016	2016-46000277	PDF
31-12-2014	full format	23-07-2015	2015-33700484	PDF
31-12-2013	full format	21-08-2014	2014-43800518	PDF
31-12-2012	full format	18-07-2013	2013-31400550	PDF
31-12-2011	full format	04-07-2012	2012-24900124	PDF
31-12-2010	full format	28-06-2011	2011-19800514	PDF
31-12-2009	full format	04-06-2010	2010-15200162	PDF
31-12-2008	full format	27-07-2009	2009-46400282	PDF
31-12-2007	full format	08-07-2008	2008-36400293	PDF
31-12-2006	full format	23-07-2007	2007-43400260	PDF
31-12-2005	full format	11-07-2006	2006-43604191	PDF
31-12-2004	full format	23-06-2005	2005-30600519	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
419,166	-1.2m	-502,407	790,370	106,322	115,081	563,913	-	-	211,418	98,427	274,101	189,953	93,394	12,672	27,799	33,381	39,544	28,805	-100,339
404,298	-1.2m	-636,198	569,984	73,998	85,120	381,065	-	-	130,088	54,962	179,272	125,733	58,376	8,715	17,005	32,220	35,022	22,466	-85,975
-1.0m	0	48,720	21,868	14,125	9,485	109,588	-	-	99,787	322	11,300	1,157	0	1,536	0	832	401	-6,038	668
561,721	-331,942	-776,414	550,262	-693,530	1.1m	96,023	-319,121	445,789	-387,608	-119,625	601,288	-59,856	188,351	16,063	-71,983	65,013	-1,354	-51,699	-
1.6m	68,679	2.0m	2.4m	2.6m	2.4m	3.1m	2.1m	330,215	709,968	215,937	156,297	88,325	88,549	30,173	22,994	5,989	-25,399	-60,019	-88,524
1.5%	-4.2%	-3.1%	4.2%	0.3%	0.5%	3.2%	1.0%	1.7%	-	-	-	-	-	-	-	-	-	-	-
21.5%	16.7%	1.4%	8.1%	7.5%	10.9%	8.3%	4.1%	5.9%	6.9%	8.2%	7.9%	7.5%	8.1%	20.2%	67.2%	8.3%	-45.9%	-65.0%	-48.6%
1.24	1.01	1.37	1.33	1.36	1.58	1.66	1.40	1.07	1.24	1.10	1.08	1.08	1.09	1.24	3.00	1.08	0.68	0.60	0.64
1.20	1.00	1.25	1.15	1.08	1.43	1.25	1.11	0.87	1.22	1.07	1.08	1.07	0.67	0.66	2.24	1.08	0.68	0.60	0.64
3.65	4.99	68.57	11.34	12.37	8.01	10.13	22.33	15.75	13.17	11.06	11.71	12.30	11.32	3.94	0.49	11.07	-	-	-
16.9%	-67.0%	-419.6%	66.2%	4.5%	6.5%	54.4%	33.2%	56.2%	48.9%	27.2%	106.5%	139.9%	64.8%	25.0%	70.7%	461.5%	-	-	-
3.6%	-11.2%	-6.0%	5.4%	0.3%	0.7%	4.5%	1.4%	3.3%	3.4%	2.2%	8.4%	10.5%	5.3%	5.1%	47.5%	38.2%	63.8%	23.6%	-54.0%
25.47	-9.33	-4.50	54.97	6.45	13.63	90.22	-	-	-	-	-	-	-	-	-	-	-	-	-
90 days	75 days	88 days	107 days	68 days	54 days	93 days	129 days	79 days	-	-	-	-	-	-	-	-	-	-	-
98 days	102 days	115 days	144 days	96 days	87 days	92 days	120 days	-	-	-	-	-	-	-	-	-	-	-	-

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023
Employees at the balance-sheet date	2	2	2
full-time	2	2	2
in full-time equivalents	2	2	2
	2	2	1
On a permanent contract	2	2	2
Joined	-	-	2
Left	-	-	0

Source: social balance sheet in the 2023 to 2025 annual accounts

Overdue debts

tax and social security

Item	2025	2024	2023	2022	2021
Overdue social security (RSZ) debts	-	€0	€0	-	-

Source: notes to the 2021 to 2025 annual accounts (statement of debts)

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	-	€500,000	€0	€0	€1.2m
	€2.2m	€2.2m	€2.2m	€2.2m	€1.7m
Pledge on other assets, amount secured	€2.0m	€3.0m	€3.0m	-	-
Carrying value of the other pledged assets	€2.0m	€3.0m	€3.0m	-	-

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€0	€0	€0	-
Intangible fixed assets	-	€0	€48,720	€21,868	€14,125
	€20,638	€27,584	€1,425	€47,364	€40,345

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

Item	2025	2024	2023	2022	2021
Fee for the audit	€9,000	€8,372	€8,128	€7,913	€3,554
Other work by the auditor	-	€3,250	-	-	-

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Insights on CODEL

The operating result for 2025 is a profit of €398,529, after a loss of €1.2m in 2024. It is the highest result since 2022.

Debt's share of the balance-sheet total falls from 83.3% to 78.5%. Equity is higher and debt is lower.

Large changes and their cause

2024 Equity +1,142% on 2023. Capital increase of €3,000,000 (Official Gazette 28-08-2024).

Next steps

Work out how much credit to give this customer and on what payment terms.Credit check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency21.5%

Current ratio1.24

Return on assets3.6%

Staff

Men and women50% women

Staff cost per FTE€75,956

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Overdue debts

Securities and guarantees

Investments

Auditor

Insights on CODEL

Next steps

in €m

in €m

21.5%

1.24

3.6%

€75,956