CODELA
ActiveSummary
CODELA has been active since 1986 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.6m and a net result of €96,304. Equity is growing by about 3.3% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €2.6m
- Profit
- €96,304
Why 97raises riskLatest accounts 40 days late; 1 of the last 3 lateNo main activity registeredlowers riskSize: total assets €2.7mEquity €2.6m (96.7% of total assets)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, small): better than 82% on solvency, 75% on liquidity, 81% on profitability and 64% on growth.
The bankruptcy probability was computed on 22-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 12 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Annual accounts filedfinancial year 2024 · full…
- Resignations: Philippe Cleda (manager) and Jeanine…Appointments: Philippe Cleda (director) and…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (40 days) Filed on 9 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00515261.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 18% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 14,766 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96.1% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,473 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 14,766 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €74,264 | €0 | - | €3,025 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,129 | €125,242 | €49,280 | €32,379 | €32,026 | €30,813 | €31,125 | €37,606 | ▲ 20.8% |
| Other operating charges640/8 | - | - | - | €13,520 | €12,740 | €16,433 | €14,555 | €14,580 | ▲ 0.2% |
| Gross operating margin9900 | €211,468 | €421,482 | €326,453 | €321,050 | €272,827 | €270,406 | €137,086 | €159,898 | ▲ 16.6% |
| Operating profit (loss)9901 | €146,705 | €234,445 | €267,446 | €275,152 | €228,061 | €223,159 | €91,406 | €107,712 | ▲ 17.8% |
| Financial income75/76B | - | - | - | €13,752 | €26,877 | €28,626 | €141,263 | €39,385 | ▼ 72.1% |
| Recurring financial income75 | €19,744 | €11,789 | €8,150 | €13,752 | €26,877 | €28,626 | €141,263 | €39,385 | ▼ 72.1% |
| Financial charges65/66B | - | - | - | -€25,391 | €24,745 | -€19,482 | €2,489 | €1,493 | ▼ 40.0% |
| Recurring financial charges65 | €107,335 | -€106,665 | €3,050 | -€25,391 | €24,745 | -€19,482 | €2,489 | €1,493 | ▼ 40.0% |
| Profit (loss) for the period before taxes9903 | €59,114 | €352,899 | €272,547 | €314,294 | €230,192 | €271,268 | €230,180 | €145,604 | ▼ 36.7% |
| Income taxes67/77 | €56,638 | €104,442 | €93,141 | €67,656 | €97,455 | €83,758 | €95,193 | €49,300 | ▼ 48.2% |
| Profit (loss) for the period9904 | €2,476 | €248,457 | €179,405 | €246,637 | €132,738 | €187,510 | €134,988 | €96,304 | ▼ 28.7% |
| Profit (loss) for the period to be appropriated9905 | €2,476 | €248,457 | €179,405 | €246,637 | €132,738 | €187,510 | €134,988 | €96,304 | ▼ 28.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.2m | €2.4m | €2.5m | €2.6m | €2.6m | €2.5m | €2.7m | €2.7m | ▲ 3.1% |
| Fixed assets21/28 | €0.5m | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 5.1% |
| Tangible fixed assets22/27 | €0.5m | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 5.1% |
| Land and buildings22 | - | - | - | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 4.7% |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.004m | €0.002m | €0.04m | €0.03m | ▼ 13.2% |
| Current assets29/58 | €1.6m | €1.6m | €1.8m | €1.9m | €1.9m | €1.9m | €2.0m | €2.1m | ▲ 6.0% |
| Amounts receivable within one year40/41 | €0.2m | €0.05m | €0.01m | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 23.2% |
| Trade receivables40 | - | - | - | €0.007m | €0.009m | €0.007m | €0.006m | €0.009m | ▲ 44.5% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 22.8% |
| Current investments50/53 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.5m | €1.5m | = |
| Cash at bank and in hand54/58 | €0.08m | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.09m | €0.1m | ▲ 34.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.004m | €0.006m | €0.007m | €0.006m | ▼ 9.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.2m | €2.4m | €2.5m | €2.6m | €2.6m | €2.5m | €2.7m | €2.7m | ▲ 3.1% |
| Equity10/15 | €2.1m | €2.2m | €2.3m | €2.4m | €2.3m | €2.4m | €2.6m | €2.6m | ▲ 3.8% |
| Contributions10/11 | €0.03m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €2.0m | €2.2m | €2.3m | €2.4m | €2.2m | €2.4m | €2.5m | €2.6m | ▲ 3.8% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0 | - | - |
| Distributable reserves133 | - | - | - | €2.4m | €2.2m | €2.4m | €2.5m | €2.6m | ▲ 3.8% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - | - |
| Amounts payable17/49 | €0.08m | €0.2m | €0.2m | €0.2m | €0.4m | €0.1m | €0.1m | €0.09m | ▼ 12.3% |
| Amounts payable within one year42/48 | €0.08m | €0.2m | €0.2m | €0.2m | €0.3m | €0.1m | €0.1m | €0.09m | ▼ 14.1% |
| Financial debts43 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 31.8% |
| Credit institutions430/8 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 31.8% |
| Trade debts44 | €123 | €10 | €0.004m | €0.006m | €0.001m | €0.004m | €0.005m | €0.007m | ▲ 41.2% |
| Suppliers440/4 | - | - | - | €0.006m | €0.001m | €0.004m | €0.005m | €0.007m | ▲ 41.2% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.009m | €0.03m | €0.02m | ▼ 26.2% |
| Taxes450/3 | - | - | - | - | - | €0.009m | €0.03m | €0.02m | ▼ 26.2% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.3m | €0.09m | €0.04m | €0.04m | = |
| Accrued charges and deferred income492/3 | - | - | - | €159 | €0.004m | €0.001m | €0.002m | €0.004m | ▲ 65.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,476 | €248,457 | €179,405 | €246,637 | €132,738 | €187,510 | €134,988 | €96,304 | ▼ 28.7% |
| + Depreciation and write-downs630 | €58,129 | €125,242 | €49,280 | €32,379 | €32,026 | €30,813 | €31,125 | €37,606 | ▲ 20.8% |
| Operating cash flow (approximation) | €60,605 | €373,699 | €228,685 | €279,016 | €164,764 | €218,323 | €166,113 | €133,910 | ▼ 19.4% |
| Investment in fixed assets (approximation) | - | -€378,185 | -€10,304 | -€6,605 | -€1,773 | €0 | -€48,634 | -€3,030 | ▲ 93.8% |
| Change in cash | - | €96,964 | €125,517 | -€16,276 | -€40,926 | -€61,757 | -€88,778 | €32,975 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 38 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-09-2026 | 2026-00515261 |
| 31-12-2024 | full format | 22-07-2025 | 2025-00294123 |
| 31-12-2023 | full format | 26-07-2024 | 2024-00302269 |
| 31-12-2022 | full format | 15-06-2023 | 2023-00137660 |
| 31-12-2021 | full format | 18-07-2022 | 2022-20229932 |
| 31-12-2020 | full format | 12-07-2021 | 2021-34400147 |
| 31-12-2019 | full format | 30-06-2020 | 2020-25200416 |
| 31-12-2018 | full format | 05-07-2019 | 2019-29800405 |
| 31-12-2017 | full format | 03-07-2018 | 2018-29900408 |
| 31-12-2016 | full format | 07-07-2017 | 2017-29400008 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Jeanine Delaere |
|
| Philippe Cleda |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
22-11
Gazette deed
Resignations: Philippe Cleda (manager) and Jeanine Delaere (manager)Appointments: Philippe Cleda (director) and Jeanine Delaere (director) · Legal-form conversion · Capital conversion13 facts ▸
- General meeting, “assemblée générale extraordinaire des actionnaires” (deed in French)
- Legal-form conversion, “société à responsabilité limitée” (deed in French)
- Capital conversion, “loi du 23-03-2019 introduisant le Code des sociétés et des associations”, 01-01-2020 (deed in French)
- Capital conversion, “société ne dispose pas de capitaux propres statutairement indisponibles” (deed in French)
- Director resignation, Philippe Cleda (manager)
- Director resignation, Jeanine Delaere (manager)
- Director appointment, Philippe Cleda (director (not named in the articles))
- Director appointment, Jeanine Delaere (director (not named in the articles))
- Other provision, “acceptation du mandat et absence d'interdiction” (deed in French) (2 times)
- Amendment of the articles (2 times)
- Kind of shares, 125, “égaux,y compris droit de vote” (deed in French)
- Power of attorney
- +1 further fact in this act
About the unread acts
Of the 8 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 23 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25110B0184/00C002 | Wallonia | 974 m² | 1 · 197 m² | 7.5 m · 2 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- CODELA
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, par décision à majorité simple,peut établir filiales,bureaux d’exploitation,sièges administratifs,dépôts,succursales et…” (deed in French)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “ARTICLE 14. POUVOIR DE REPRÉSENTATION Chaque administrateur statutaire, agissant individuellement, est autorisé à représenter la société à…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Organe d'administration, simple notification,reste en fonction si société demande jusqu remplacement raisonnable” (deed in French)
- Power of attorneyA special mandate allowing someone to perform one or more acts on the company's behalf.
- One provision in the deed
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Transfert actions et autres titres, droits dont cession proposée” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- “Tous titres non interdits par la loi,y compris actions,obligations(convertibles),parts bénéficiaires et droits de souscription, registre par…” (deed in French)1 more provision on this in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Monday of June at 11:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- One provision in the deed
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- One provision in the deed