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CODEL

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

Lifetime

20 annual accounts with figures on one time axis, 22 filings since 2004
peak €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 accounts

Result

€383,660 €383,660
-€1.3m2024€384,0002025

Back in profit in 2025, after a loss of €1.3m in 2024.

Debts

€8.3m 79% of the balance sheet
Suppliers 80%Taxes and wages 2%Other 18%

Of this, €6.8m falls due within a year.

Filings

22 annual accounts 23 filings since 2004
AprilJune31 JulyOctober20102020

Six of the last ten came late. The 2022 accounts came latest: 156 days after the end of the period.

Checked 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 strength
Weak

46+4equity 21.5% of total assets
26+11short-term debt 64.8% · cash 8.3%
58+54return on assets 3.6%

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
  • Micro
  • 20 years or older
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet

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.

The companies in ten equal groups, from the lowest to the highest expected share
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.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Size: turnover €26.8m, 2 FTE, total assets €10.6m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
lowers risk · Founded in 2003
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
lowers risk · Figures for financial year 2025 (filed on 10-06-2026)
NBB · annual accounts
raises risk · Equity €2.3m (21.5% of total assets)
NBB · annual accounts
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 filings
Deviation 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 months
Where today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

C
CONSULFIN
Director, QUETIN Denis, since 15-09-2025
CE
CORETEC ENERGY
Director, UGONA Sébastien, since 15-09-2025
LC
3R LEBOUTTE & CO SRL
Auditor, Samuel Rahier
Board & ownership

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
All 44 events

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
-10%0%10%20%€10m€100m€1bn€10bnCODELEBIT margin

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
Company details

Annual accounts 2025

€26.8m▼ 6.1%
€383,660
€2.3m▲ 20.3%
€10.6m▼ 6.5%
Employeeson 31-12-2025
2=
Filing
Filed on 08-06-2026, 53 days before the end of the filing period
Financials

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.

Financials

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

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 Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
Balance sheet: assets
20/58 10.6m11.3m10.6m9.7m10.0m6.5m8.1m7.3m5.2m3.8m2.4m2.1m1.2m1.1m155,12635,07483,31054,42191,877167,274
20 -----------0--------
21/28 2.1m3.2m3.2m130,30265,19791,418220,8856,629106,629106,6298,47510,1728916321,2245689154413437,178
21 9,56830,20657,78910,49435,80561,84191,677--01,6333,267--------
22/27 0000184369-----3867715121,1044487953212236,486
22 -----------0--------
23 -----------0--------
24 0000184369-----3867715121,1044487953212236,486
26 -----------0--------
27 -----------0--------
28 2.1m3.1m3.1m119,80829,20829,208129,2086,629106,629106,6296,8426,520120120120120120120120692
284/8 2.1m3.1m3.1m119,80829,20829,208129,208-------------
285/8 2.1m3.1m3.1m119,80829,20829,208129,208-------------
29/58 8.5m8.2m7.4m9.6m9.9m6.5m7.8m7.3m5.1m3.7m2.4m2.1m1.2m1.1m153,90134,50682,39553,98091,534160,096
290 -----------0--------
291 -----------0--------
3 222,06492,565646,9451.3m2.0m598,6352.0m1.6m963,87039,55063,4819,44515,656424,11372,5188,736----
30/36 222,06492,565646,9451.3m2.0m598,6352.0m1.6m963,87039,55063,4819,44515,656424,11372,5188,736----
34 222,06492,565646,9451.3m2.0m598,6352.0m-------------
37 -----------0--------
40/41 6.8m6.5m4.9m5.9m4.7m2.7m4.4m5.4m3.4m3.0m1.4m1.3m1.0m462,56161,54821,9986,36612,78579,43796,238
40 6.6m5.9m4.0m5.2m4.4m2.4m4.3m5.2m3.2m2.9m1.4m1.2m946,829422,29342,3541,9363,7448,67179,42593,672
41 154,243696,515880,235750,713254,031317,47258,083187,342180,06549,53613,775162,08174,54940,26819,19320,0622,6224,114122,566
50/53 000--------0----27330,452--
51/53 000-----------------
54/58 880,254318,533650,4751.4m876,6271.6m465,077369,054688,175242,386629,994749,619148,330208,18719,8363,77375,75610,74312,09763,796
490/1 597,9031.2m1.2m926,4222.3m1.5m1.0m24,7623,250465,139279,4010-3,278-----62
Balance sheet: equity and liabilities
10/49 10.6m11.3m10.6m9.7m10.0m6.5m8.1m7.3m5.2m3.8m2.4m2.1m1.2m1.1m155,12635,07483,31054,42191,877167,274
10/15 2.3m1.9m151,943789,566746,945713,293667,126303,971303,137262,867194,412166,46989,21689,18131,39723,5626,904-24,958-59,676-81,346
10/11 3.0m3.0m25,00025,00025,00025,000-25,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,000
100 -------25,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,000
101 -----------0--------
11 ------25,000----0--------
1100/10 ------25,000----0--------
12 -----------0--------
13 2,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,500-----
130/1 -02,5002,5002,5002,5002,500-------------
130 -------2,5002,5002,5002,5002,5002,5002,5002,500-----
1311 ----2,5002,500--------------
1312 -----------0--------
1319 -02,5002,500--2,500----0--------
132 -----------0--------
133 2,5002,500---------0--------
14 -756,108-1.1m124,443762,066719,445685,793639,626276,471275,637235,367166,912138,96961,71661,6813,897-1,438-18,096-49,958-84,676-106,346
15 -----------0--------
16 -----120,000634,559258,40083,706106,38630,000---------
160/5 -----120,000634,559258,40083,706106,38630,0000--------
164/5 -----120,000634,559258,40083,706106,386----------
168 -----------0--------
17/49 8.3m9.4m10.4m9.0m9.2m5.7m6.8m6.8m4.8m3.5m2.1m1.9m1.1m1.0m123,72811,51276,40679,379151,553248,620
17 18,76518,7653.1m-----50,00050,000----------
170/4 -03.1m-----------------
170 -0------------------
174 --3.1m-----------------
175 -----------0--------
176 -----------0--------
178/9 18,76518,76518,765-----50,00050,000-0--------
42/48 6.8m8.1m5.4m7.2m7.3m4.1m4.7m5.2m4.7m3.0m2.1m1.9m1.1m1.0m123,72811,51276,40679,379151,553248,620
42 --------050,000-0-------1,092
43 0500,000001.2m325,000485,000300,000--150,000-----75,00075,00090,000160,000
430/8 0500,000001.2m325,000485,000300,000--150,0000----75,00075,00090,000160,000
439 ---0-------0--------
44 6.7m7.6m5.2m6.5m6.1m3.7m4.0m4.7m4.5m2.9m1.9m1.6m890,382981,91111,209847--50,61785,372
440/4 6.7m7.6m5.2m6.5m6.1m3.7m4.0m4.7m4.5m2.9m1.9m1.6m890,382981,91111,209847--50,61785,372
441 -----------0--------
46 -----------0--------
45 168,70525,114209,151190,27912,40716,585194,550130,02486,94752,14240,325241,43380,40627,67712,55510,6651,406-10,9002,110
450/3 147,8935,101189,859190,27912,39016,569194,550130,02486,94752,14240,325241,43380,40627,67712,55510,6651,406-10,900253
454/9 20,81220,01319,292-1616-----0-------1,857
47/48 000481,166--84399,919130,25360,20326,356101,356126,252-99,965--4,3793646
492/3 1.4m1.3m1.9m1.7m1.9m1.6m2.0m1.5m-397,343-0--------
Income statement
70/76A 26.8m28.6m16.6m17.7m23.6m16.3m17.0m-------------
70 26.8m28.6m16.5m17.7m23.6m16.3m17.0m14.7m14.9m--0--------
74 12,12013,7425,3951,868----------------
76A 2,02759,33127,958---159----0---3771,039--25,696
9900 -------350,926260,712334,647147,276290,890174,787113,05313,23928,14734,26239,98429,409-33,385
60/66A 26.4m29.8m17.1m16.9m23.5m16.2m16.4m-------------
60/61 -------14.4m---0--------
60 24.3m26.5m15.8m15.6m22.7m15.0m15.1m-------------
600/8 24.4m26.0m15.1m14.8m24.1m13.7m15.5m-------------
609 -129,499554,380682,489718,534-1.4m1.4m-405,063-------------
61 652,268575,024688,0831.1m715,864726,662835,743-------------
62 151,913137,72374,680--------03,349------64,240
630 20,63827,5841,42547,36440,34538,95317,910--1,6332,0192,0198985928803483583037974,290
631/4 -35,1648,56229,7889,60468,633-64,570-6,197-25,7487,68313,502-19,31219,312------
635/8 ---0-120,000-514,559376,158174,694-22,68076,38630,0000--------
640/8 1.3m1.1m277,496260,554167,366891,03525,15227,82322,47121,09411,1653,2877983485683488824396042,714
649 -----------0--------
66A 6261.4m171,948022-732,183--2,8070---600----
9901 398,529-1.2m-503,832743,00765,97776,129546,002152,422260,921209,78596,408272,082189,05592,80211,79227,45233,02339,24128,009-104,629
75/76B 38,994115,8209,4844,4796,35587117194851,4628641911,13235--508930-267
75 38,994115,8209,4844,4796,35587117194851,4628641911,13235--508930-267
750 38,989115,8198,7654,4186,299855--------------
751 0-608383322-------------
752/9 51112232314169-------------
65/66B 53,261171,371143,17534,60026,04513,9998,7309,4604,89616,15615,7921,3084015,0652221,5711,2265,4536,33911,599
65 53,261171,371143,17534,60026,04513,9998,7309,4604,89616,15615,7921,3084015,0652221,5711,2265,4536,33911,599
650 16,454126,514111,70014,37916,4738,4466,251-------------
652/9 36,80644,85831,47520,2219,5725,5532,479-------------
9903 384,262-1.3m-637,523712,88746,28763,000537,444143,910256,030195,09278,673270,965189,78687,77211,57025,65733,34534,71921,670-90,265
67/77 602744100190,26612,63416,833174,28943,07785,75966,63725,73193,71264,95129,9883,7349,0001,482---
670/3 738744100190,26612,65416,833174,289-------------
77 137---19---------------
9904 383,660-1.3m-637,623522,62033,65346,167363,155100,833170,270128,45552,943177,253124,83557,7847,83516,65831,86234,71921,670-90,265
789 -----------0--------
689 -----------0--------
9905 383,660-1.3m-637,623522,62033,65346,167363,155100,833170,270128,45552,943177,253124,83557,7847,83516,65831,86234,71921,670-90,265
Appropriation of the result
9906 -756,108-1.1m124,4431.2m719,445685,793639,626376,471405,637295,367191,912238,969186,51661,6816,397-1,438-18,096-49,958-84,676-106,346
14P -1.1m124,443762,066719,445685,793---------------
791/2 -----------0--------
691/2 --------------2,500-----
691 -----------0--------
6920 -----------0--2,500-----
6921 -----------0--------
694/7 ---480,000---100,000130,00060,00025,000100,000124,800-------
694 ---480,000---100,000130,00060,00025,000100,000124,800-------
695 -----------0--------
Social balance sheet
9087 221---------0.1------1.7
Men (FTE)1003 110.5-----------------
Women (FTE)1003 110.5-----------------
Hours worked1013 3,3983,4101,620---------152------4,494
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

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
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
419,166-1.2m-502,407790,370106,322115,081563,913--211,41898,427274,101189,95393,39412,67227,79933,38139,54428,805-100,339
404,298-1.2m-636,198569,98473,99885,120381,065--130,08854,962179,272125,73358,3768,71517,00532,22035,02222,466-85,975
-1.0m048,72021,86814,1259,485109,588--99,78732211,3001,15701,5360832401-6,038668
561,721-331,942-776,414550,262-693,5301.1m96,023-319,121445,789-387,608-119,625601,288-59,856188,35116,063-71,98365,013-1,354-51,699-
1.6m68,6792.0m2.4m2.6m2.4m3.1m2.1m330,215709,968215,937156,29788,32588,54930,17322,9945,989-25,399-60,019-88,524
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%
1.241.011.371.331.361.581.661.401.071.241.101.081.081.091.243.001.080.680.600.64
1.201.001.251.151.081.431.251.110.871.221.071.081.070.670.662.241.080.680.600.64
3.654.9968.5711.3412.378.0110.1322.3315.7513.1711.0611.7112.3011.323.940.4911.07---
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%
25.47-9.33-4.5054.976.4513.6390.22-------------
90 days75 days88 days107 days68 days54 days93 days129 days79 days-----------
98 days102 days115 days144 days96 days87 days92 days120 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

Item31-12-202531-12-202431-12-2023
Employees at the balance-sheet date222
full-time222
in full-time equivalents222
221
On a permanent contract222
Joined--2
Left--0

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

Overdue debts

tax and social security
Item20252024202320222021
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
Item20252024202320222021
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
Item20252024202320222021
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
Item20252024202320222021
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).

Board & ownership

Board

2 directors, 1 auditor, last change in 2025
CONSULFIN BV
Director, permanent representative QUETIN Denis
since 15-09-2025 term until 15-09-2031
also on the board of 10 other companies
listed in the 2025 annual accounts, filed on 08-06-2026
CORETEC ENERGY NV
Director, permanent representative UGONA Sébastien
since 15-09-2025 term until 15-09-2031
also on the board of 3 other companies
listed in the 2025 annual accounts, filed on 08-06-2026
1 other company bankrupt
3R LEBOUTTE & CO SRL
Statutory auditor, permanent representative Samuel Rahier
current term since 02-06-2026 term until 06-06-2028
listed in the 2025 annual accounts, filed on 08-06-2026
Permanent representatives 2
QUETIN Denis
Permanent representative, for CONSULFIN
appointed by deed of 25-09-2025
UGONA Sébastien
Permanent representative, for CORETEC ENERGY
appointed by deed of 25-09-2025

Office holders in the KBO →

Mandates through the years

7 names, the dashed line is today
CONSULFIN
Director
CORETEC ENERGY
Director
3R LEBOUTTE & CO SRL
Statutory auditor
PYD Invest & Administration
Director
REWISÉ AD REVISEUR D'ENTREPRISES
Statutory auditor
REWISE AD REVIEUR D’ENTREPRISES
Statutory auditor
Pierre-Yves Dozo
Sole director
BoardEarlierRest of the termmandate already running before its first mentionend not dated
Mandates as a list
  • CONSULFIN
    • Director, from 15-09-2025 to date
  • CORETEC ENERGY
    • Director, from 15-09-2025 to date
  • 3R LEBOUTTE & CO SRL
    • Statutory auditor, appointed by deed of 22-07-2025, still in office
  • PYD Invest & Administration
    • Director, from 05-10-2020 to 25-09-2025
    • Managing director, appointed by deed of 17-12-2020, ended, last mentioned on 17-12-2020
  • REWISÉ AD REVISEUR D'ENTREPRISES
    • Statutory auditor, from 03-10-2019 to 22-07-2025
  • REWISE AD REVIEUR D’ENTREPRISES
    • Statutory auditor, appointed by deed of 24-10-2019, until 08-06-2023
  • Pierre-Yves Dozo
    • Sole director, until 17-12-2020

See the board, name and registered office on a given date →

Control

Parent
CORETEC ENERGY
Equity €5.5m
Loss €141,176 in 2025 (loss €564,391 in 2024)
Checked score 82
100%
This company
CODEL
Equity €2.3m
Profit €383,660 in 2025

Further up the chainBlue Pearl Energy Holdings SAS LU consolidates

and 1 other shareholder

Capital

Capital
€3,025,000
Shares
6,200 in the 2025 annual accounts
Contribution per share
€488
Equity per share
€366 in 2025
Source
deed of 28-08-2024

Owners through the years

as the annual accounts name them
Blue Pearl Energy Holdings SAS LU
consolidates
CORETEC ENERGY
100%
100% until 2024
IDR S.A. LU
100% until 2019
DYNARIS
24% until 2017
Invest Minguet Gestion
24%
24% until 2015
CAP 215
50%
50% until 2012
Owners as a list

Source: shareholder structure in its own accounts, parent in its own accounts, lists of holdings in the owners' accounts

Articles of association

deed of 24-10-2019 (in French)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
“Un ou plusieurs administrateurs, personnes physiques ou morales, actionnaires ou non, assemblée qui nomme fixe nombre, durée du mandat et…”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Tuesday of June at 18:00

Shareholders

2 owners

Owners 2

Capital transactions

Shareholders according to the deeds
After the capital increase deed of 28-08-2024 ↗
  • CORETEC ENERGY €3,000,000 · “créance nominale à charge de la société”
Stated in the deed deed of 28-08-2024 ↗
  • CORETEC ENERGY all shares
Capital over time
  1. 28-08-2024 Capital increase of €3,000,000 · to €3,025,000 · in kind
  2. 24-10-2019 Capital stated in the deed · 6,200 shares

The directors' other companies

1 current director with another company that went bankrupt, was dissolved or struck off

1 other company of this director went bankrupt (2024).

Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.

Network & group

Group

CORETEC ENERGY has 7 direct subsidiaries in 2 countries (2025 accounts), the bar shows equity in euros
ParentCORETEC ENERGY7 holdings, 2 countries 2025 accounts

Belgium 6 Year Equity Result

Europe 1 Year Equity Result

  • PL Coretec Poland 2019-€80,153 result -€80,272 (2019)

Source: list of holdings in the 2025 accounts of CORETEC ENERGY. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.

Part of the group CORETEC ENERGY Group, risk and exposure

Earlier ties

CORETEC INVOICING
via PYD Invest & Administration, at CODEL until 2025 · Director · deed of 17-12-2020
founded in 2010 · group CORETEC ENERGY
 3.4 FTE (2025)
CORETES PARTNERS
via PYD Invest & Administration, at CODEL until 2025 · Class A director · deed of 03-04-2019
No longer active
 total assets €427,197 (2024)

Connections & network

10 connected companies
Depth
COGEN SERVICE, Shared corporate director CSCOGEN SERVICECOGENFIN, Shared corporate director CCOGENFINCOGENGREEN, Shared corporate director CCOGENGREENCORETEC MAINTENANCE, Shared corporate director · open bankruptcy CMCORETECMAINTENANCECORETEC MONITORING, Shared corporate director CMCORETECMONITORINGCORETEC PROJECTS, Shared corporate director CPCORETECPROJECTSCORETEC Services, Shared corporate director CSCORETECServicesENERGYS, Shared corporate director EENERGYSENERGYS MAINTENANCE, Shared corporate director EMENERGYSMAINTENANCEREFRECO, Shared corporate director RREFRECOCORETEC INVOICING, Shared corporate director CICORETECINVOICINGCORETES PARTNERS, Shared corporate director CPCORETESPARTNERSCODEL CODEL0860.787.106
Shared directorsIn bankruptcy
This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
CORETEC MAINTENANCE
via CORETEC ENERGY · Director · deed of 17-12-2020
Open bankruptcy · founded in 2017 · 6.6 FTE (2022)
→
CORETEC Services
via CONSULFIN and CORETEC ENERGY · Director · deeds of 14-03-2025 and 17-12-2020
Founded in 2017 · 3.7 FTE (2025) · group CORETEC ENERGY
→
COGENFIN
via CONSULFIN · Director · deed of 27-01-2025
Founded in 2018 · turnover €4.1m (2025)
→
ENERGYS
via CONSULFIN · Director · deed of 03-06-2025
Founded in 2004 · 60 FTE (2025)
→
Show 6 more companies with a shared director
REFRECO
via CONSULFIN · Director · deed of 01-09-2025
Founded in 2010 · 30 FTE (2025)
→
ENERGYS MAINTENANCE
via CONSULFIN · Director · deed of 06-06-2025
Founded in 2010 · 10 FTE (2025)
→
CORETEC MONITORING
via CONSULFIN, CORETEC ENERGY and PYD Invest & Administration (at CODEL until 2025) · Director · deed of 07-07-2025
Founded in 2018 · turnover €77,755 (2025) · group CORETEC ENERGY
→
COGEN SERVICE
via CONSULFIN · Director · deed of 16-09-2025
Founded in 2017 · turnover €68,081 (2025)
→
CORETEC PROJECTS
via CONSULFIN and CORETEC ENERGY · Director · deeds of 14-03-2025 and 20-06-2023
Founded in 2023 · total assets €95,864 (2025) · group CORETEC ENERGY
→
COGENGREEN
via CONSULFIN · Director · deed of 27-01-2025
No longer active · founded in 2005 · 12 FTE (2025)
→

Timeline

Timeline

44 events since 2003

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed PDFunclassified schema · 53 days before the deadline
2025
Back to profit net €383,660 The net result is €383,660, after 2 loss-making years.
Equity above €2m equity €2.3m ▲20.3% Equity rises from €1.9m to €2.3m.
2 directors appointed, 1 resignationResignation: SPRL PYD INVEST & ADMINISTRATION · Appointments: SA CORETEC ENERGY and SRL CONSULFIN · Board meeting of 16-09-20256 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2024 filed PDFunclassified schema · 2 days before the deadline
Appointment: SRL 3R, Leboutte & Co (statutory auditor)General meeting of 03-06-20252 points ▸
  • General meeting, 03-06-2025
  • Auditor appointment, SRL 3R, Leboutte & Co (statutory auditor)

Open the deed in the Belgian Official Gazette

Registered in the Peppol Directory Reachable for e-invoices through 0208:0860787106
2024
Weakest financial year net -€1.3m The net result drops to -€1.3m, the lowest from 2006 to 2025. It recovers the following year.
Equity above €1m equity €1.9m ▲1,142% Equity rises from €151,943 to €1.9m.
Capital increase of €3,000,000 to €3,025,000Capital from €25,000 to €3,025,000 · Contribution: CORETEC ENERGY · CORETEC ENERGY holds all the shares · General meeting of 13-08-20246 points ▸
  • General meeting, 13-08-2024
  • Auditor report, 09-08-2024
  • Capital increase, €3,000,000
  • Capital contribution, €3,000,000
  • Capital, €3,025,000, 6,200 shares
  • CORETEC ENERGY holds all the shares
  • The deed holds 5 more points.

Open the deed in the Belgian Official Gazette

Annual accounts 2023 filed PDFunclassified schema · 22 days late
Annual accounts 2022 filed NBBfull format
2023
Company renamed from CORETEC TRADING to CODELRegistered office moved within Liège · New registered office: Boulevard Emile de Laveleye 191 à 4020 Liège · Previous registered office: Rue des Gardes-frontière 1, 4031 Liège · General meeting of 22-11-20234 points ▸
  • General meeting, 22-11-2023
  • Name change, CODEL
  • Registered-office move, Boulevard Emile de Laveleye 191 à 4020 Liège
  • Power of attorney, Louis Frédéric URBIN-CHOFFRAY

Open the deed in the Belgian Official Gazette

Annual accounts 2022 filed PDFunclassified schema · 30 days late
Permanent representative: Axel DUMONTAppointment: REWISE AD REVISEUR D'ENTREPRISES (statutory auditor) · General meeting of 23-06-20223 points ▸

Open the deed in the Belgian Official Gazette

2022
Highest result from 2006 to 2025 net €522,620 ▲1,453% The operating result of €743,007 and the net result of €522,620 are both a record.
Annual accounts 2021 filed PDFunclassified schema · 30 days late
2021
Annual accounts 2020 filed PDFunclassified schema · 39 days late
2020
New managing directorPYD INVEST & ADMINISTRATION appointed, Pierre-Yves Dozo resigned · General meeting of 05-10-20203 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2019 filed PDFfull format · on the deadline day
2019
Equity above €500,000 equity €667,126 ▲119% After 13 profitable years in a row, equity reaches €667,126.
Appointment: REWISE AD REVIEUR D’ENTREPRISES (statutory auditor)General meeting of 15-10-20196 points ▸
  • General meeting, 15-10-2019
  • Amendment of the articles, article 8
  • 6,200 shares
  • Power of attorney, Urbin-Choffray
  • Registered office clause, rue des Gardes-Frontière 1, 4031 Liège-Angleur
  • Auditor appointment, REWISE AD REVIEUR D’ENTREPRISES (statutory auditor)
  • The deed holds 2 more points.

Open the deed in the Belgian Official Gazette

Annual accounts 2018 filed PDFfull format · 28 days before the deadline
2018
Annual accounts 2017 filed PDFfull format · 21 days late
2017
Amendment of the articlesGeneral meeting of 19-09-20172 points ▸
  • General meeting, 19-09-2017
  • Amendment of the articles, article 5
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Annual accounts 2016 filed PDFfull format · 25 days late
2016
Equity above €200,000 equity €262,867 ▲35.2% After 10 profitable years in a row, equity reaches €262,867.
Annual accounts 2015 filed PDFfull format · 24 days late
2015
Annual accounts 2014 filed PDFfull format · 8 days before the deadline
2014
Equity above €150,000 equity €166,469 ▲86.6% After 8 profitable years in a row, equity reaches €166,469.
Annual accounts 2013 filed PDFfull format · 21 days late
2013
Annual accounts 2012 filed PDFfull format · 13 days before the deadline
2012
Annual accounts 2011 filed PDFfull format · 27 days before the deadline
2011
Annual accounts 2010 filed PDFfull format · 33 days before the deadline
2010
Liquidity more than doubled current ratio 3.00 The current ratio rises from 1.08 to 3.00. Short-term debt falls from €76,406 to €11,512.
Annual accounts 2009 filed PDFfull format · 57 days before the deadline
2009
Annual accounts 2008 filed PDFfull format · 4 days before the deadline
2008
Annual accounts 2007 filed PDFfull format · 23 days before the deadline
2007
Back to profit net €21,670 The net result is €21,670, after one loss-making year.
Annual accounts 2006 filed PDFfull format · 8 days before the deadline
2006
Annual accounts 2005 filed PDFfull format
2005
Annual accounts 2004 filed PDFfull format
2003
Incorporation PDFpublished on 07-10-2003
First establishment CODEL SRL, Rue du Bois St-Jean 29, Seraing

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

CODEL was incorporated on 30 September 2003.1 Since 2023 the company has been called CODEL.2 The registered office was moved to Liège in 2023.2 In 2024 the capital was increased by €3.0m to €3.0m.3 Turnover grew from €14.7m in 2018 to €26.8m in 2025 and headcount from 1 full-time equivalents in 2023 to 2 in 2025.4

  1. 1KBO register
  2. 2Belgian Official Gazette, 24-11-2023
  3. 3Belgian Official Gazette, 28-08-2024
  4. 4National Bank, annual accounts 2018, 2023 and 2025

Company details

Identity

Enterprise number
0860.787.106
VAT number
BE 0860.787.106
Peppol ID
0208:0860787106
Other Peppol ID
9925:BE0860787106
LEI code
549300URRHKXNN3GXT59 live in the LEI register
Legal form
Private limited company
Status
Active, normal situation
Founded
30-09-2003
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Tuesday of June at 18:00
deed of 24-10-2019 (in French)
Peppol
Reachable since 18-06-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
CODEL in French
Former name
CORETEC TRADING until the deed of 24-11-2023
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 24-10-2019 (in French)

Activities

NACEBEL 2025
VAT activities
46810 Wholesale of solid, liquid and gaseous fuels and related products main activity
35150 Electricity, gas, steam and air conditioning supply
Social security (RSZ) activities
35150 Electricity, gas, steam and air conditioning supply main activity
Joint committees annual accounts 2024
JC 326 Gas and electricity
Codes under NACEBEL 2008
VAT activities
46710 Wholesale trade main activity
35140 Electricity, gas, steam and air conditioning supply
Social security (RSZ) activities
35140 Electricity, gas, steam and air conditioning supply main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“L’achat, la vente, le courtage de certificats verts, de certificats de cogénération, de labels de garantie d’origine et de certificats CO2…”
7 activities
  1. L’achat, la vente, le courtage de certificats verts, de certificats de cogénération, de labels de garantie d’origine et de certificats CO2 et/ou de tous titres lié à la production ou à la consommation d’énergie ou à la gestion environnementale au sens large
  2. L’achat, la vente, le courtage et la fourniture à des particuliers ou des entreprises d’énergies (électricité, gaz, produits pétroliers ou autres)
  3. Les services d’intermédiaire pour la commercialisation de produits ou de services financiers (assurances, financements, options, …) ou autres liés à la production d’énergie ou la gestion des problématiques environnementales
  4. La réalisation d’études visant à optimiser la gestion des ressources énergétiques et/ou la gestion environnementale de l’entreprise et du particulier
  5. Le conseil en gestion
  6. L’exploitation et la gestion d’unités de production énergiques
  7. La gestion des immeubles liés à ces activités
deed of 24-10-2019 (in French)

Registered office and establishments

1 establishment
Establishment Since Unit number
Bld Emile-de-Laveleye 191 registered office 4020 Liège
CODEL SRL Rue du Bois St-Jean 29, 4102 Seraing 35150 Electricity, gas, steam and air conditioning supply 30-09-2003 2.134.426.996
1 former office
  • Rue des Gardes-frontière 1, 4031 Liège until the deed of 24-11-2023

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