CODELFIN
ActiveSummary
CODELFIN has been active since 2011 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €91,808 and a net result of €14,216. Equity is growing by about 8% per year across the filed financial years. Its solvency ranks better than 36% of 13,632 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Financials · financial year 2025, micro format
Equity
€91,808▼ 3.4%
2024 · €95,055
Total assets
€413,100▲ 222%
2024 · €128,297
Net result
€14,216▲ 119%
2024 · €6,494
Working capital
€2,050▼ 97.6%
2024 · €85,355
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 140% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€22,545
2025
Net result€14,216
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€413,100
2025
Equity€91,808
2025
Debt€321,292
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€2,050
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)3.4%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency22.2%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.01
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€3,562-€27,358▲ 668%-€7,535€43,283€2,625▼ 93.9%€9,396▲ 258%€22,545▲ 140%
Net result€2,945-€17,463within the sector's middle half▲ 493%-€7,932below the sector's middle half€29,991above the sector's middle half-€138within the sector's middle half€6,494within the sector's middle half€14,216within the sector's middle half▲ 119%
Equity€49,179-€66,641within the sector's middle half▲ 35.5%€58,709within the sector's middle half▼ 11.9%€88,700within the sector's middle half▲ 51.1%€88,562within the sector's middle half▼ 0.2%€95,055within the sector's middle half▲ 7.3%€91,808within the sector's middle half▼ 3.4%
Total assets€69,731-€111,363within the sector's middle half▲ 59.7%€85,424within the sector's middle half▼ 23.3%€128,677within the sector's middle half▲ 50.6%€130,147within the sector's middle half▲ 1.1%€128,297within the sector's middle half▼ 1.4%€413,100above the sector's middle half▲ 222%
Debt€20,553-€44,722▲ 118%€26,715▼ 40.3%€39,977▲ 49.6%€41,585▲ 4.0%€33,242▼ 20.1%€321,292▲ 867%
Working capital€48,603-€12,821within the sector's middle half▼ 73.6%€54,258within the sector's middle half▲ 323%€77,299within the sector's middle half▲ 42.5%€78,387within the sector's middle half▲ 1.4%€85,355within the sector's middle half▲ 8.9%€2,050within the sector's middle half▼ 97.6%
Solvency70.5%-59.8%within the sector's middle half▼ 10.7pp68.7%above the sector's middle half▲ 8.9pp68.9%above the sector's middle half▲ 0.2pp68.0%within the sector's middle half▼ 0.9pp74.1%above the sector's middle half▲ 6.0pp22.2%within the sector's middle half▼ 51.9pp
Current ratio3.36-1.29within the sector's middle half▼ 2.085.12above the sector's middle half▲ 3.833.60above the sector's middle half▼ 1.523.33within the sector's middle half▼ 0.274.31above the sector's middle half▲ 0.991.01within the sector's middle half▼ 3.30
Return on assets (ROA)4.2%-15.7%above the sector's middle half▲ 11.5pp-9.3%below the sector's middle half▼ 25.0pp23.3%above the sector's middle half▲ 32.6pp-0.1%within the sector's middle half▼ 23.4pp5.1%within the sector's middle half▲ 5.2pp3.4%within the sector's middle half▼ 1.6pp
above
within
below
the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €413,100
Fixed assets
€264,174 ▲ 15×
Current assets
€148,926 ▲ 34.0%
Equity and liabilities €413,100
Equity
€91,808 ▼ 3.4%
Debt
€321,292 ▲ 867%
Debt's share of the balance-sheet total rises from 25.9% to 77.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€29,474▲
2024 · €15,556
Cash flow
€21,144▲
2024 · €12,654
Debt to equity
3.50▲
2024 · 0.35
ROE
15.5%▲
2024 · 6.8%
Interest coverage
22.38▼
2024 · 48.05
Debt ≤ 1 year
€146,876▲
2024 · €25,773
Debt > 1 year
€170,416▲
2024 · €3,463
Income taxes
€10,122▲
2024 · €4,694
Staff costs
€0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €193 | €1,847 | €1,519 | €5,212 | €5,833 | €6,160 | €6,928 | ▲ 12.5% |
| Other operating charges640/8 | - | - | - | €1,225 | €1,341 | €1,875 | €8,978 | ▲ 379% |
| Gross operating margin9900 | €4,283 | €32,371 | €5,256 | €49,720 | €9,799 | €17,431 | €38,451 | ▲ 121% |
| Operating profit (loss)9901 | €3,562 | €27,358 | -€7,535 | €43,283 | €2,625 | €9,396 | €22,545 | ▲ 140% |
| Financial income75/76B | - | - | - | - | €0 | €2,116 | €3,109 | ▲ 46.9% |
| Recurring financial income75 | - | - | €0 | - | €0 | €2,116 | €3,109 | ▲ 46.9% |
| Financial charges65/66B | - | - | - | €355 | €355 | €324 | €1,317 | ▲ 307% |
| Recurring financial charges65 | €384 | €186 | €232 | €355 | €355 | €324 | €1,317 | ▲ 307% |
| Profit (loss) for the period before taxes9903 | €3,179 | €27,172 | -€7,767 | €42,928 | €2,269 | €11,188 | €24,338 | ▲ 118% |
| Income taxes67/77 | €233 | €9,709 | €165 | €12,938 | €2,408 | €4,694 | €10,122 | ▲ 116% |
| Profit (loss) for the period9904 | €2,945 | €17,463 | -€7,932 | €29,991 | -€138 | €6,494 | €14,216 | ▲ 119% |
| Profit (loss) for the period to be appropriated9905 | €2,945 | €17,463 | -€7,932 | €29,991 | -€138 | €6,494 | €14,216 | ▲ 119% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €69,731 | €111,363 | €85,424 | €128,677 | €130,147 | €128,297 | €413,100 | ▲ 222% |
| Fixed assets21/28 | €575 | €53,820 | €17,982 | €21,629 | €18,046 | €17,168 | €264,174 | ▲ 15× |
| Tangible fixed assets22/27 | €575 | €53,820 | €17,982 | €21,629 | €18,046 | €17,168 | €14,174 | ▼ 17.4% |
| Furniture and vehicles24 | - | - | - | €21,629 | €18,046 | €17,168 | €10,481 | ▼ 38.9% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €3,693 | - |
| Financial fixed assets28 | - | - | - | - | - | - | €250,000 | - |
| Current assets29/58 | €69,156 | €57,543 | €67,442 | €107,048 | €112,101 | €111,129 | €148,926 | ▲ 34.0% |
| Amounts receivable after more than one year29 | - | - | - | €27,956 | €47,306 | €63,909 | €65,672 | ▲ 2.8% |
| Other amounts receivable291 | - | - | - | €27,956 | €47,306 | €63,909 | €65,672 | ▲ 2.8% |
| Amounts receivable within one year40/41 | €67,653 | €15,151 | €7,496 | €36,144 | €28,858 | €36,237 | €38,680 | ▲ 6.7% |
| Trade receivables40 | - | - | - | €12,458 | €16,555 | €5,310 | €15,549 | ▲ 193% |
| Other amounts receivable41 | - | - | - | €23,687 | €12,303 | €30,927 | €23,132 | ▼ 25.2% |
| Cash at bank and in hand54/58 | €1,503 | €42,392 | €59,946 | €41,179 | €35,937 | €8,954 | €9,932 | ▲ 10.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,769 | - | €2,028 | €34,641 | ▲ 17× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €69,731 | €111,363 | €85,424 | €128,677 | €130,147 | €128,297 | €413,100 | ▲ 222% |
| Equity10/15 | €49,179 | €66,641 | €58,709 | €88,700 | €88,562 | €95,055 | €91,808 | ▼ 3.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €20,860 | €38,323 | €38,323 | €68,313 | €68,313 | €74,803 | €71,556 | ▼ 4.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €66,453 | €66,453 | €72,943 | €69,696 | ▼ 4.5% |
| Profit (loss) carried forward14 | €22,119 | €22,119 | €14,187 | €14,187 | €14,048 | €14,052 | €14,053 | = |
| Amounts payable17/49 | €20,553 | €44,722 | €26,715 | €39,977 | €41,585 | €33,242 | €321,292 | ▲ 867% |
| Amounts payable after more than one year17 | - | - | €13,532 | €10,228 | €6,872 | €3,463 | €170,416 | ▲ 49× |
| Financial debts170/4 | - | - | - | €10,228 | €6,872 | €3,463 | €170,416 | ▲ 49× |
| Amounts payable within one year42/48 | €20,553 | €44,722 | €13,183 | €29,749 | €33,714 | €25,773 | €146,876 | ▲ 470% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,304 | €3,356 | €3,409 | €30,979 | ▲ 809% |
| Trade debts44 | €8,369 | €8,302 | €6,248 | €3,941 | €6,438 | €6,317 | €10,651 | ▲ 68.6% |
| Suppliers440/4 | - | - | - | €3,941 | €6,438 | €6,317 | €10,651 | ▲ 68.6% |
| Taxes, remuneration and social security45 | - | - | - | €18,988 | €20,491 | €13,036 | €34,772 | ▲ 167% |
| Taxes450/3 | - | - | - | €18,988 | €20,491 | €12,436 | €34,672 | ▲ 179% |
| Remuneration and social security454/9 | - | - | - | - | - | €600 | €100 | ▼ 83.4% |
| Other amounts payable47/48 | - | - | - | €3,516 | €3,429 | €3,011 | €70,474 | ▲ 23× |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,000 | €4,006 | €4,000 | ▼ 0.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,945 | €17,463 | -€7,932 | €29,991 | -€138 | €6,494 | €14,216 | ▲ 119% |
| + Depreciation and write-downs630 | €193 | €1,847 | €1,519 | €5,212 | €5,833 | €6,160 | €6,928 | ▲ 12.5% |
| Operating cash flow (approximation) | €3,139 | €19,310 | -€6,413 | €35,203 | €5,695 | €12,654 | €21,144 | ▲ 67.1% |
| Investment in fixed assets (approximation) | - | -€55,092 | €34,319 | -€8,858 | -€2,251 | -€5,283 | -€253,934 | ▼ 4,707% |
| Change in cash | - | €40,889 | €17,554 | -€18,766 | -€5,242 | -€26,983 | €978 | - |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2025 | micro format | 24-10-2025 | 2025-00549075 |
| 31-03-2024 | micro format | 30-10-2024 | 2024-00523889 |
| 31-03-2023 | micro format | 12-07-2024 | 2024-00245940 |
| 31-03-2022 | micro format | 07-11-2022 | 2022-20518114 |
| 31-03-2021 | micro format | 30-11-2021 | 2021-79100085 |
| 31-03-2020 | micro format | 30-11-2020 | 2020-73200429 |
| 31-03-2019 | micro format | 24-10-2019 | 2019-71200373 |
| 31-03-2018 | micro format | 29-11-2018 | 2018-73600206 |
| 31-03-2017 | micro format | 27-12-2017 | 2017-73300083 |
| 31-03-2016 | full format | 31-10-2016 | 2016-66800418 |
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Of the 5,993 active companies whose main activity is agents in non-specialised wholesale trade (NACE 46190), figures are known for 2,584. 1,974 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.