CODELPA
ActiveSummary
CODELPA has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.8m and a net result of -€123,400. Equity is growing by ~3% per year across the filed fiscal years. Its solvency ranks better than 75% of 4565 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability23▼-1
Solvency97▼-1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €270,000 at 30 days acceptable
short-term debt: 0.1% and cash: 14% of total assets, and 27.9% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
72.1%
Return on assets
-2.3%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€123,400
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 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
97 d early
2023
33 d early
2022
118 d early
2021
153 d early
2020
73 d early
2019
99 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 86 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€123,400▼ 2.1%
2024 · -€120,871
Working capital
€1.8m▼ 1.0%
2024 · €1.8m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€134,960▼ 5.5%-€86,009▲ 36.3%-€93,756▼ 9.0%-€86,715▲ 7.5%-€112,795▼ 30.1%
Net result€6.6m▲ 155%€1.3m▼ 80.0%€669,443▼ 49.2%-€120,871-€123,400▼ 2.1%
Equity€6.6m▲ 83.7%€3.4m▼ 48.4%€4.1m▲ 19.8%€3.9m▼ 3.0%€3.8m▼ 3.1%
Total assets€11.9m▲ 118%€5.7m▼ 52.3%€5.5m▼ 2.7%€5.4m▼ 2.1%€5.3m▼ 2.3%
Debt€5.1m▲ 210%€2.1m▼ 59.4%€1.3m▼ 39.1%€1.3m▲ 0.9%€1.3m▲ 0.5%
Working capital€3.4m▲ 414%€1.1m▼ 66.1%€1.8m▲ 55.7%€1.8m▼ 0.3%€1.8m▼ 1.0%
Staff (FTE)000
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €112,795 in 2025 against €86,715 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.3m
Fixed assets
€3.5m ▼ 2.9%
Current assets
€1.8m ▼ 1.0%
Equity and liabilities €5.3m
Equity
€3.8m ▼ 3.1%
Provisions
€189,408 ▼ 3.8%
Debt
€1.3m ▲ 0.5%
Debt's share of the balance-sheet total rises from 23.6% to 24.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€36,840▼
2024 · €63,820
Cash flow
€26,235▼
2024 · €29,664
Debt to equity
0.34▲
2024 · 0.32
ROE
-3.2%▼
2024 · -3.1%
ROA
-2.3%▼
2024 · -2.2%
Interest coverage
0.81▼
2024 · 1.01
Debt ≤ 1 year
€7,596▼
2024 · €8,766
Debt > 1 year
€1.3m=
2024 · €1.3m
A ratio outside any meaningful range has been withheld (balance sheet total €5.3m, equity €3.8m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €117,765 | €156,888 | €159,551 | €150,535 | €149,636 | ▼ 0.6% |
| Other operating charges640/8 | - | €18,594 | €20,421 | €23,657 | €23,316 | ▼ 1.4% |
| Gross operating margin9900 | €432 | €89,473 | €86,216 | €87,477 | €60,157 | ▼ 31.2% |
| Operating profit (loss)9901 | -€134,960 | -€86,009 | -€93,756 | -€86,715 | -€112,795 | ▼ 30.1% |
| Financial income75/76B | - | €1.4m | €811,987 | €21,831 | €27,252 | ▲ 24.8% |
| Recurring financial income75 | €6.8m | €1.4m | €811,987 | €21,831 | €27,252 | ▲ 24.8% |
| Financial charges65/66B | - | €34,581 | €56,265 | €63,464 | €45,334 | ▼ 28.6% |
| Recurring financial charges65 | €28,955 | €34,581 | €56,265 | €63,464 | €45,334 | ▼ 28.6% |
| Profit (loss) for the period before taxes9903 | €6.6m | €1.3m | €661,966 | -€128,348 | -€130,877 | ▼ 2.0% |
| Transfer from deferred taxes780 | - | €7,477 | €7,477 | €7,477 | €7,477 | = |
| Income taxes67/77 | - | - | €0 | €0 | - | - |
| Profit (loss) for the period9904 | €6.6m | €1.3m | €669,443 | -€120,871 | -€123,400 | ▼ 2.1% |
| Transfer from tax-exempt reserves789 | - | €22,430 | €22,430 | €22,430 | €22,430 | = |
| Profit (loss) for the period to be appropriated9905 | €6.6m | €1.3m | €691,873 | -€98,441 | -€100,971 | ▼ 2.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11.9m | €5.7m | €5.5m | €5.4m | €5.3m | ▼ 2.3% |
| Fixed assets21/28 | €4.9m | €3.7m | €3.7m | €3.6m | €3.5m | ▼ 2.9% |
| Tangible fixed assets22/27 | €3.7m | €3.7m | €3.7m | €3.6m | €3.5m | ▼ 2.9% |
| Land and buildings22 | - | €3.7m | €3.7m | €3.6m | €3.5m | ▼ 2.9% |
| Furniture and vehicles24 | - | €1,655 | €1,028 | €401 | €0 | ▼ 100% |
| Assets under construction and advance payments27 | - | €16,567 | €0 | - | - | - |
| Financial fixed assets28 | €1.2m | €31,468 | €31,468 | €31,468 | €31,468 | = |
| Current assets29/58 | €7.0m | €2.0m | €1.8m | €1.8m | €1.8m | ▼ 1.0% |
| Amounts receivable after more than one year29 | - | €500,000 | €500,000 | €500,000 | €1.0m | ▲ 100% |
| Other amounts receivable291 | - | €500,000 | €500,000 | €500,000 | €1.0m | ▲ 100% |
| Amounts receivable within one year40/41 | - | €25,000 | €6,250 | €11,906 | €5,267 | ▼ 55.8% |
| Trade receivables40 | - | €25,000 | €6,250 | €6,250 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €5,656 | €5,267 | ▼ 6.9% |
| Current investments50/53 | - | - | €1.0m | €0 | - | - |
| Cash at bank and in hand54/58 | €7.0m | €1.4m | €267,939 | €1.3m | €738,415 | ▼ 41.3% |
| Deferred charges and accrued income490/1 | - | €9,206 | €7,024 | €9,550 | €17,500 | ▲ 83.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11.9m | €5.7m | €5.5m | €5.4m | €5.3m | ▼ 2.3% |
| Equity10/15 | €6.6m | €3.4m | €4.1m | €3.9m | €3.8m | ▼ 3.1% |
| Contributions10/11 | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Capital10 | - | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Issued capital100 | - | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Reserves13 | €904,123 | €881,693 | €859,263 | €836,833 | €814,403 | ▼ 2.7% |
| Non-distributable reserves130/1 | - | €213,174 | €213,174 | €213,174 | €213,174 | = |
| Legal reserve130 | - | €213,174 | €213,174 | €213,174 | €213,174 | = |
| Tax-exempt reserves132 | - | €635,514 | €613,084 | €590,655 | €568,225 | ▼ 3.8% |
| Distributable reserves133 | - | €33,004 | €33,004 | €33,004 | €33,004 | = |
| Profit (loss) carried forward14 | €3.5m | €374,649 | €1.1m | €968,081 | €867,110 | ▼ 10.4% |
| Provisions and deferred taxes16 | €219,315 | €211,838 | €204,361 | €196,885 | €189,408 | ▼ 3.8% |
| Deferred taxes168 | - | €211,838 | €204,361 | €196,885 | €189,408 | ▼ 3.8% |
| Amounts payable17/49 | €5.1m | €2.1m | €1.3m | €1.3m | €1.3m | ▲ 0.5% |
| Amounts payable after more than one year17 | €1.5m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Financial debts170/4 | - | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Amounts payable within one year42/48 | €3.6m | €820,738 | €5,620 | €8,766 | €7,596 | ▼ 13.4% |
| Trade debts44 | €6,103 | €10,238 | €5,620 | €8,766 | €7,596 | ▼ 13.4% |
| Suppliers440/4 | - | €10,238 | €5,620 | €8,766 | €7,596 | ▼ 13.4% |
| Other amounts payable47/48 | - | €810,500 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | €8,400 | €10,853 | €18,776 | €26,701 | ▲ 42.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6.6m | €1.3m | €669,443 | -€120,871 | -€123,400 | ▼ 2.1% |
| + Depreciation and write-downs630 | €117,765 | €156,888 | €159,551 | €150,535 | €149,636 | ▼ 0.6% |
| Operating cash flow (approximation) | €6.7m | €1.5m | €828,994 | €29,664 | €26,235 | ▼ 11.6% |
| Investment in fixed assets (approximation) | - | €1.1m | -€188,431 | -€35,228 | -€43,572 | ▼ 23.7% |
| Change in cash | - | -€5.5m | -€1.2m | €989,845 | -€519,370 | ▼ 152% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€123,400
Net result drops to -€123,400, the lowest in the series.
25-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity times 133current ratio 316.93
Current ratio from 2.39 to 316.93; short-term debt falls from €820,738 to €5,620.
04-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
28-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €6.6m ▲155%
Net result €6.6m, the highest in the series.
31-12
Financial
Equity above €5mEq €6.6m ▲83.7%
4 profitable years in a row build equity to €6.6m.
19-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Liquidity times 5current ratio 5.32
Current ratio from 1.01 to 5.32; short-term debt falls from €2.1m to €151,337.
23-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
07-03
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
14-04
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 1988
Ground area
2,261 m²
Building footprint
269 m²
Volume, LiDAR
2,295 m³
Parcel 21614H0008/00V042, Brussels · tallest building 13.2 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
CODELPA
since 19882.041.078.849
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21614H0008/00V042 | Brussels | 2,261 m² | 1 · 269 m² | 13.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,146 companies in sector 68201 we hold annual accounts for 6,770. 3,525 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded04-10-1988
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.