CODELIN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 8 filings
Turnover
≈ €190,000
Estimated: probably between €160,000 and €250,000
Total assets
€512,961▲ 0.1%
2024 · €512,475
Net result
€54,494▼ 21.2%
2024 · €69,153
Working capital
€91,544▼ 2.9%
2024 · €94,303
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€86,707
▼ 20.7%
2025
20182025
Net result
€54,494
▼ 21.2%
2025
middle half of the sector
20182025
Equity
€174,686
▲ 2.3%
2025
highest quarter of the sector
20182025
Total assets
€512,961
▲ 0.1%
2025
highest quarter of the sector
20182025
Debt
€338,275
▼ 1.0%
2025
20182025
Working capital
€91,544
▼ 2.9%
2025
middle half of the sector
20182025
Solvency
34.1%
▲ 0.7pp
2025
middle half of the sector
20182025
Current ratio
1.87
▼ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
10.6%
▼ 2.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€69,969-€58,205▼ 16.8%€74,190▲ 27.5%€54,716▼ 26.2%€61,029▲ 11.5%€87,427▲ 43.3%€109,373▲ 25.1%€86,707▼ 20.7%
Net result€54,181-€37,991▼ 29.9%€50,649above the sector's middle half▲ 33.3%€32,979within the sector's middle half▼ 34.9%€35,444within the sector's middle half▲ 7.5%€60,920above the sector's middle half▲ 71.9%€69,153above the sector's middle half▲ 13.5%€54,494within the sector's middle half▼ 21.2%
Equity€60,381-€97,561▲ 61.6%€147,397within the sector's middle half▲ 51.1%€179,576above the sector's middle half▲ 21.8%€139,655within the sector's middle half▼ 22.2%€139,655within the sector's middle half=€170,829above the sector's middle half▲ 22.3%€174,686above the sector's middle half▲ 2.3%
Total assets€82,655-€236,337▲ 186%€488,138above the sector's middle half▲ 107%€539,792above the sector's middle half▲ 10.6%€559,081above the sector's middle half▲ 3.6%€504,548above the sector's middle half▼ 9.8%€512,475above the sector's middle half▲ 1.6%€512,961above the sector's middle half▲ 0.1%
Debt€22,274-€138,776▲ 523%€340,740▲ 146%€360,215▲ 5.7%€419,426▲ 16.4%€364,893▼ 13.0%€341,646▼ 6.4%€338,275▼ 1.0%
Working capital€59,517-€103,384▲ 73.7%€137,552above the sector's middle half▲ 33.0%€132,749above the sector's middle half▼ 3.5%€84,637within the sector's middle half▼ 36.2%€76,064within the sector's middle half▼ 10.1%€94,303within the sector's middle half▲ 24.0%€91,544within the sector's middle half▼ 2.9%
Solvency73.1%-41.3%▼ 31.8pp30.2%below the sector's middle half▼ 11.1pp33.3%below the sector's middle half▲ 3.1pp25.0%below the sector's middle half▼ 8.3pp27.7%below the sector's middle half▲ 2.7pp33.3%within the sector's middle half▲ 5.7pp34.1%within the sector's middle half▲ 0.7pp
Current ratio3.67-2.91▼ 0.763.15within the sector's middle half▲ 0.243.22within the sector's middle half▲ 0.071.62within the sector's middle half▼ 1.601.76within the sector's middle half▲ 0.142.01within the sector's middle half▲ 0.241.87within the sector's middle half▼ 0.14
Return on assets (ROA)65.6%-16.1%▼ 49.5pp10.4%within the sector's middle half▼ 5.7pp6.1%within the sector's middle half▼ 4.3pp6.3%within the sector's middle half▲ 0.2pp12.1%within the sector's middle half▲ 5.7pp13.5%within the sector's middle half▲ 1.4pp10.6%within the sector's middle half▼ 2.9pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 21% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €512,961
Fixed assets
€315,874 ▼ 2.7%
Current assets
€197,087 ▲ 4.9%
Equity and liabilities €512,961
Equity
€174,686 ▲ 2.3%
Debt
€338,275 ▼ 1.0%
Debt's share of the balance-sheet total falls from 66.7% to 65.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€96,710▼
2024 · €118,707
Cash flow
€64,497▼
2024 · €78,488
Debt to equity
1.94▼
2024 · 2.00
ROE
31.2%▼
2024 · 40.5%
Interest coverage
14.00▼
2024 · 16.72
Debt ≤ 1 year
€105,543▲
2024 · €93,630
Debt > 1 year
€232,732▼
2024 · €248,016
Income taxes
€26,661▼
2024 · €33,728
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €67,926 | - | - | €4,839 | €1,335 |
| Depreciation and write-downs of the year | €8,503 | €9,074 | €9,074 | €9,334 | €10,003 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €607 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €417 | €13,284 | €417 | €8,503 | €9,074 | €9,074 | €9,334 | €10,003 | ▲ 7.2% |
| Other operating charges640/8 | - | - | - | €389 | €695 | €449 | €444 | €423 | ▼ 4.7% |
| Gross operating margin9900 | €70,823 | €72,553 | €74,992 | €63,608 | €70,797 | €96,950 | €119,151 | €97,133 | ▼ 18.5% |
| Operating profit (loss)9901 | €69,969 | €58,205 | €74,190 | €54,716 | €61,029 | €87,427 | €109,373 | €86,707 | ▼ 20.7% |
| Financial income75/76B | - | - | - | €0 | €5 | €735 | €609 | €1,357 | ▲ 123% |
| Recurring financial income75 | €21 | - | €296 | €0 | €5 | €735 | €609 | €1,357 | ▲ 123% |
| Non-recurring financial income76B | - | - | - | €0 | €5 | - | €0 | - | - |
| Financial charges65/66B | - | - | - | €7,914 | €11,080 | €7,523 | €7,101 | €6,909 | ▼ 2.7% |
| Recurring financial charges65 | €693 | €4,573 | €3,338 | €7,914 | €11,080 | €7,523 | €7,101 | €6,909 | ▼ 2.7% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €69,298 | €53,632 | €71,148 | €46,802 | €49,953 | €80,639 | €102,881 | €81,155 | ▼ 21.1% |
| Income taxes67/77 | €15,116 | €15,641 | €20,499 | €13,823 | €14,509 | €19,719 | €33,728 | €26,661 | ▼ 21.0% |
| Profit (loss) for the period9904 | €54,181 | €37,991 | €50,649 | €32,979 | €35,444 | €60,920 | €69,153 | €54,494 | ▼ 21.2% |
| Profit (loss) for the period to be appropriated9905 | €54,181 | €37,991 | €50,649 | €32,979 | €35,444 | €60,920 | €69,153 | €54,494 | ▼ 21.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €82,655 | €236,337 | €488,138 | €539,792 | €559,081 | €504,548 | €512,475 | €512,961 | ▲ 0.1% |
| Fixed assets21/28 | €864 | €78,914 | €286,675 | €347,185 | €338,111 | €329,037 | €324,542 | €315,874 | ▼ 2.7% |
| Tangible fixed assets22/27 | €834 | €78,884 | €286,645 | €347,155 | €338,081 | €329,007 | €324,512 | €315,844 | ▼ 2.7% |
| Land and buildings22 | - | - | - | €347,155 | €338,081 | €329,007 | €319,933 | €310,860 | ▼ 2.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €890 | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €4,579 | €4,095 | ▼ 10.6% |
| Financial fixed assets28 | €30 | €30 | €30 | €30 | €30 | €30 | €30 | €30 | = |
| Current assets29/58 | €81,791 | €157,423 | €201,463 | €192,607 | €220,971 | €175,511 | €187,933 | €197,087 | ▲ 4.9% |
| Amounts receivable within one year40/41 | €11,777 | €12,388 | €12,719 | €3,632 | €32,329 | €4,886 | €13,796 | €19,205 | ▲ 39.2% |
| Trade receivables40 | - | - | - | - | €10,758 | - | €8,598 | €12,267 | ▲ 42.7% |
| Other amounts receivable41 | - | - | - | €3,632 | €21,571 | €4,886 | €5,198 | €6,938 | ▲ 33.5% |
| Cash at bank and in hand54/58 | €68,460 | €144,001 | €157,718 | €180,586 | €184,493 | €169,834 | €173,099 | €176,743 | ▲ 2.1% |
| Deferred charges and accrued income490/1 | - | - | - | €8,389 | €4,149 | €792 | €1,038 | €1,139 | ▲ 9.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €82,655 | €236,337 | €488,138 | €539,792 | €559,081 | €504,548 | €512,475 | €512,961 | ▲ 0.1% |
| Equity10/15 | €60,381 | €97,561 | €147,397 | €179,576 | €139,655 | €139,655 | €170,829 | €174,686 | ▲ 2.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €39,040 | €88,877 | €121,055 | €121,055 | €121,055 | €152,229 | €156,086 | ▲ 2.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €119,195 | €119,195 | €119,195 | €150,369 | €154,226 | ▲ 2.6% |
| Profit (loss) carried forward14 | €52,321 | €52,321 | €52,321 | €52,321 | - | - | - | - | - |
| Amounts payable17/49 | €22,274 | €138,776 | €340,740 | €360,215 | €419,426 | €364,893 | €341,646 | €338,275 | ▼ 1.0% |
| Amounts payable after more than one year17 | - | €84,737 | €276,830 | €300,357 | €283,093 | €265,445 | €248,016 | €232,732 | ▼ 6.2% |
| Financial debts170/4 | - | - | - | €300,357 | €283,093 | €265,445 | €248,016 | €232,732 | ▼ 6.2% |
| Amounts payable within one year42/48 | €22,274 | €54,039 | €63,910 | €59,859 | €136,333 | €99,447 | €93,630 | €105,543 | ▲ 12.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,630 | €17,264 | €17,647 | €17,429 | €15,284 | ▼ 12.3% |
| Trade debts44 | €6,174 | €17,220 | €17,272 | €16,667 | €18,287 | €2,502 | €9,094 | €1,071 | ▼ 88.2% |
| Suppliers440/4 | - | - | - | €16,667 | €18,287 | €2,502 | €9,094 | €1,071 | ▼ 88.2% |
| Taxes, remuneration and social security45 | - | - | - | €27,950 | €12,205 | €17,343 | €29,126 | €38,551 | ▲ 32.4% |
| Taxes450/3 | - | - | - | €27,950 | €12,205 | €17,343 | €29,126 | €38,551 | ▲ 32.4% |
| Other amounts payable47/48 | - | - | - | €1,612 | €88,577 | €61,955 | €37,980 | €50,637 | ▲ 33.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,181 | €37,991 | €50,649 | €32,979 | €35,444 | €60,920 | €69,153 | €54,494 | ▼ 21.2% |
| + Depreciation and write-downs630 | €417 | €13,284 | €417 | €8,503 | €9,074 | €9,074 | €9,334 | €10,003 | ▲ 7.2% |
| Operating cash flow (approximation) | €54,598 | €51,276 | €51,066 | €41,482 | €44,518 | €69,994 | €78,488 | €64,497 | ▼ 17.8% |
| Investment in fixed assets (approximation) | - | -€91,334 | -€208,179 | -€69,013 | €0 | €0 | -€4,839 | -€1,335 | ▲ 72.4% |
| Change in cash | - | €75,541 | €13,716 | €22,868 | €3,907 | -€14,659 | €3,265 | €3,644 | ▲ 11.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,782 companies had the same profile as CODELIN has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of CODELIN itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 6,782 companies, not a prediction for CODELIN. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00217067 | |
| 31-12-2024 | micro format | 15-05-2025 | 2025-00099453 | |
| 31-12-2023 | micro format | 22-04-2024 | 2024-00067063 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00215445 | |
| 31-12-2021 | micro format | 03-08-2022 | 2022-20269354 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-26100482 | |
| 31-12-2019 | micro format | 04-11-2020 | 2020-68500407 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-49200474 |