CODEM
ActiveSummary
CODEM has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €44,457 and a net result of €46,397. Equity remains stable across the filed financial years (±0.3% per year). Its solvency ranks better than 40% of 1,117 sector peers (NACE 18, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €44,457
- Profit
- €46,397
Why 95raises riskSector: Printing and reproduction of recorded media (NACE 18)lowers riskLiquidity: current ratio 1.54, cash €84,698Size: total assets €112,416Equity €44,457 (39.5% of total assets)Show the evidence
Checked score
About 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 (NACE 18, micro): better than 41% on solvency, 64% on liquidity, 94% on profitability and 43% on growth.
The bankruptcy probability was computed on 27-10-2026 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).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 83 days before the deadline; the sector median (NACE 18) for financial year 2024 is 4 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Highest result from 2019 to 2025net €46,397 ▲16.2%
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result has fallen two years in a row; 2025 is 6% below 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.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 18, Printing and reproduction of recorded media: 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).
Peer companies
Historical observationOf the 26,972 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 94.9% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
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 26,972 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,497 | €9,736 | €8,205 | €7,338 | €7,539 | €7,829 | €8,224 | ▲ 5.0% |
| Other operating charges640/8 | - | - | - | €14,062 | €16,466 | €824 | €1,090 | ▲ 32.3% |
| Gross operating margin9900 | €76,699 | €59,811 | €45,760 | €54,338 | €74,886 | €59,288 | €56,926 | ▼ 4.0% |
| Operating profit (loss)9901 | €54,703 | €38,198 | €24,062 | €32,938 | €50,882 | €50,635 | €47,612 | ▼ 6.0% |
| Financial income75/76B | - | - | - | €0 | €262 | €748 | €8,896 | ▲ 12× |
| Recurring financial income75 | - | €0 | €0 | €0 | €262 | €748 | €8,896 | ▲ 12× |
| Financial charges65/66B | - | - | - | €347 | €432 | €820 | €521 | ▼ 36.4% |
| Recurring financial charges65 | €300 | €267 | €282 | €347 | €432 | €820 | €521 | ▼ 36.4% |
| Profit (loss) for the period before taxes9903 | €54,404 | €37,930 | €23,780 | €32,591 | €50,712 | €50,563 | €55,987 | ▲ 10.7% |
| Income taxes67/77 | €15,731 | €11,161 | €5,504 | €7,019 | €10,537 | €10,629 | €9,590 | ▼ 9.8% |
| Profit (loss) for the period9904 | €38,673 | €26,770 | €18,276 | €25,572 | €40,175 | €39,933 | €46,397 | ▲ 16.2% |
| Profit (loss) for the period to be appropriated9905 | €38,673 | €26,770 | €18,276 | €25,572 | €40,175 | €39,933 | €46,397 | ▲ 16.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €81,270 | €93,646 | €111,671 | €120,364 | €161,702 | €140,934 | €112,416 | ▼ 20.2% |
| Fixed assets21/28 | €15,746 | €8,974 | €3,237 | €25,668 | €22,209 | €15,873 | €8,472 | ▼ 46.6% |
| Tangible fixed assets22/27 | €15,746 | €8,974 | €3,237 | €25,668 | €22,209 | €15,873 | €8,472 | ▼ 46.6% |
| Land and buildings22 | - | - | - | €1,248 | €2,018 | €1,384 | €750 | ▼ 45.8% |
| Furniture and vehicles24 | - | - | - | €24,420 | €20,191 | €14,489 | €7,722 | ▼ 46.7% |
| Current assets29/58 | €65,524 | €84,672 | €108,434 | €94,695 | €139,493 | €125,061 | €103,944 | ▼ 16.9% |
| Amounts receivable within one year40/41 | €205 | €10,215 | €12,012 | €10,864 | €13,763 | €14,387 | €16,314 | ▲ 13.4% |
| Trade receivables40 | - | - | - | €10,425 | €13,763 | €13,778 | €15,914 | ▲ 15.5% |
| Other amounts receivable41 | - | - | - | €439 | €0 | €608 | €400 | ▼ 34.2% |
| Current investments50/53 | - | - | €65,000 | €49,991 | €95,077 | €29,703 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €53,234 | €72,990 | €29,748 | €31,485 | €28,125 | €78,483 | €84,698 | ▲ 7.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,355 | €2,527 | €2,487 | €2,931 | ▲ 17.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €81,270 | €93,646 | €111,671 | €120,364 | €161,702 | €140,934 | €112,416 | ▼ 20.2% |
| Equity10/15 | €44,073 | €70,043 | €87,518 | €69,672 | €82,197 | €44,450 | €44,457 | = |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €37,500 | €63,400 | €63,400 | €63,400 | €63,400 | €25,900 | €25,900 | = |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €0 | - | - |
| Distributable reserves133 | - | - | - | €61,545 | €61,545 | €25,900 | €25,900 | = |
| Profit (loss) carried forward14 | €373 | €443 | €17,918 | €72 | €247 | €0 | €7 | - |
| Amounts payable17/49 | €37,197 | €23,603 | €24,153 | €50,692 | €79,505 | €96,484 | €67,959 | ▼ 29.6% |
| Amounts payable within one year42/48 | €36,927 | €23,333 | €23,883 | €50,422 | €78,878 | €96,199 | €67,674 | ▼ 29.7% |
| Trade debts44 | €1,260 | €1,229 | €1,806 | €2,302 | €1,930 | €2,070 | €2,549 | ▲ 23.2% |
| Suppliers440/4 | - | - | - | €2,302 | €1,930 | €2,070 | €2,549 | ▲ 23.2% |
| Taxes, remuneration and social security45 | - | - | - | €16,128 | €16,003 | €10,378 | €13,681 | ▲ 31.8% |
| Taxes450/3 | - | - | - | €10,277 | €10,970 | €8,378 | €11,681 | ▲ 39.4% |
| Remuneration and social security454/9 | - | - | - | €5,851 | €5,033 | €2,000 | €2,000 | = |
| Other amounts payable47/48 | - | - | - | €31,992 | €60,945 | €83,751 | €51,444 | ▼ 38.6% |
| Accrued charges and deferred income492/3 | - | - | - | €270 | €627 | €285 | €285 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €38,673 | €26,770 | €18,276 | €25,572 | €40,175 | €39,933 | €46,397 | ▲ 16.2% |
| + Depreciation and write-downs630 | €10,497 | €9,736 | €8,205 | €7,338 | €7,539 | €7,829 | €8,224 | ▲ 5.0% |
| Operating cash flow (approximation) | €49,170 | €36,505 | €26,481 | €32,910 | €47,713 | €47,763 | €54,621 | ▲ 14.4% |
| Investment in fixed assets (approximation) | - | -€2,964 | -€2,468 | -€29,769 | -€4,080 | -€1,494 | -€823 | ▲ 44.9% |
| Change in cash | - | €19,756 | -€43,242 | €1,737 | -€3,359 | €50,358 | €6,215 | ▼ 87.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | micro format | 03-02-2026 | 2026-00029821 |
| 30-09-2024 | micro format | 24-01-2025 | 2025-00009489 |
| 30-09-2023 | micro format | 03-01-2024 | 2024-00541635 |
| 30-09-2022 | micro format | 13-02-2023 | 2023-00026532 |
| 30-09-2021 | micro format | 20-12-2021 | 2021-80800213 |
| 30-09-2020 | micro format | 19-02-2021 | 2021-05700452 |
| 30-09-2019 | micro format | 28-04-2020 | 2020-10200487 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Capital and shareholders
- 29-11-2023 Capital stated in the deed · 1,000 shares
Group and network
Connections & network
No directors read yet: 1 of 2 Gazette acts processed.
History
Acts, filings and financial milestones
29-11
Gazette deed
Amendment of the articles · Legal-form changeCapital conversion · Reserve release · Legal-form conversion7 facts ▸
- General meeting, 24-11-2023
- Capital conversion, “dwingende bepalingen van het nieuwe Wetboek van Vennootschappen en Verenigingen”, 01-01-2020 (deed in Dutch)
- Reserve release, “opheffing statutair onbeschikbare eigen vermogensrekening, beschikbaar voor uitkering” (deed in Dutch)
- Amendment of the articles (2 times)
- Legal-form conversion, “besloten vennootschap” (deed in Dutch)
- Capital
- Power of attorney (2 times)
About the unread acts
Of the 2 Belgian Official Gazette deeds we know for this company, 1 has been read. The other one has 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 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
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 |
|---|---|---|---|---|
| 44412B0631/00M000 | Flanders | 831 m² | 1 · 157 m² | 7.5 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Het optreden als bestuurder,manager,consultant en raadgever in ondernemingen,vennootschappen,verenigingen,instellingen en organisaties; Het…” (deed in Dutch)
38 activities (deed in Dutch)
- Het optreden als bestuurder,manager,consultant en raadgever in ondernemingen,vennootschappen,verenigingen,instellingen en organisaties;
- Het verlenen van leiding,bijstand en advies aan ondernemingen,bedrijven,instellingen,verenigingen en privépersonen,voornamelijk doch niet uitsluitend inzake de beheers- en bedrijfsvoering,processturing,logistieke- en productieprocessen,IT-Processen en informatica;
- Het aanbieden van totaaloplossingen voor processturingen,zowel inzake beheers- en bedrijfsvoering,logistieke- en productieprocessen,kwaliteitsbeheersing en –controle,IT-processen en informatica,en dit in alle sectoren van de economie;
- Het aanbieden van totaaloplossingen voor websites,ontwikkeling van applicaties;
- Het opzetten van publiciteitscampagnes,het ontwerpen en begeleiden van reclamecampagnes en dergelijke meer;
- Ontwerp en creatieve vormgeving van allerlei roerende goederen;
- Begeleiding en coaching van bedrijven,personen;
- Het verlenen van licenties of andere toelatingen aan derden ter exploitatie van haar vindingen en auteursrechten;
- E-commerce en dit in de breedste zin van het woord;
- Het optreden als consultant en het verlenen van leiding,bijstand en advies aan ondernemingen,bedrijven,instellingen,verenigingen en privé- personen in alle hierbovengenoemde domeinen;
- Het aanmaken,bewerken en/of verkopen van websites,webapplicaties en programma’s voor mobiele apparaten en (andere) computers;
- Ondersteuning en onderhoud van websites,webapplicaties en programma's voor mobiele apparaten of (andere) computers Integratie sociale netwerken en API's (websites,webapplicaties en computerprogramma’s (door)verhuren van webruimte en domeinnamen ;
- Registratie en overname van domeinnamen .
- Verkopen gebruiksrechten van design,code Verhandelen van online services.
- Netwerkinfrastructuren aanpassen,opstellen en onderhouden.
- Consulting,engineering,adviesverlening,dienstverlening,opleiding,ontwikkeling en implementatie rechtstreeks of onrechtstreeks verband houdend met informatica en software,informatietechnologie,management,organisatie van ondernemingen.
- Ontwikkeling en implementatie van informatietechnologiesystemen projectbegeleiding bij de implementering van informatiesystemen e-commerce,toepassingen inzake internet en alle aanverwante activiteiten,de dienstverlening en adviesverlening die rechtstreeks of onrechtstreeks daarmee verband houdt.
- Opbouwen van databanken en verkoop van gegevens.
- Grafisch design van websites,computerprogramma's en multimediale toepassingen zoals folders,video’s,computertraining en andere.
- Computerprogrammering,installatie van allerlei informatiesystemen,en de uitvoering van werken op de computer “Branding”,wat inhoudt: het vergroten van de naamsbekendheid op welke manier dan ook.
- De handel in digitale ontwerpen (o.a. “themes”) en zelfontworpen programmacode.
- Programmering van elektronische dataverwerking
- Programmering en toepassing van informatiesystemen (onder andere domotica,e-commerce) te beschouwen in de meest ruime zin.
- De levering van hard- en software van computers en allerhande soorten computerapparatuur de levering van telecommunicatie apparatuur.
- De levering van kantoor en bureelmateriaal dienstverlening voor derden via websites en webapplicaties.
- De organisatie van studie en lessenreeksen in verband met al deze activiteiten het ontwikkelen van logo’s voor diverse doeleinden belettering.
- Het maken en/of verkopen van foto’s reclamepublicaties.
- Vormgeven van drukwerk,productie van films,bedrijfsfilms,reclamespots en geluid in de meest uitgebreide zin van het woord.
- Fungeren als computeradviesbureau en publiciteitsagentschap.
- De levering van elektronische apparatuur en alle overige apparatuur en allerhande toepassingen en goederen die verband houden met hetgeen hiervoor en hierna vermeld wordt,dit te beschouwen in de meest ruime zin inclusief latere technologische revoluties.
- De aan- en verkoop,de huur en verhuur van alle apparatuur voor het verwerken van gegevens,van alle hard- en softwareproducten en van alle soorten computers en computerapparatuur en alle aanverwante producten.
- Het geven van adviezen,het maken van studies,het voorbereiden en op gang brengen van organisatiesystemen,het in toepassing brengen van systemen van gegevensverwerking en alle technieken in verband met het technische,administratief,economisch en algemeen beheer van ondernemingen
- Het beleggen van beschikbare middelen in roerende goederen en waarden,het verwerven,te gelde maken,inbrengen,afstaan en verhandelen door uitgiften of andere middelen van alle soorten marktwaarden,aandelen of obligaties van participaties of belangen onder gelijk welke vorm in Belgisch of buitenlandse vennootschappen of ondernemingen,bestaande of op te richten
- Het verwerven,beheren,uitbaten,in waarde stellen en afstaan van alle brevetten,octrooien,merken,licenties en intellectuele rechten.
- Alle verrichtingen die rechtstreeks of onrechtstreeks betrekking hebben op het beheer van roerend en onroerend patrimonium,met inbegrip van het verwerven en het vervreemden,het laten opschikken,uitrusten,renoveren of ombouwen van alle onroerende goederen met het oog op exploitatie ervan of met het oog op wederverkoop.
- Activiteiten omtrent onderzoek en ontwikkeling,innovatie management,ondernemerschap,strategische oriëntatie en financieel management.
- Educatieve en pedagogische activiteiten en projecten.
- Pedagogische en ortho-pedagogische ondersteuning,coaching en begeleiden van organisaties en privé-personen.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- CODEM
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, geen wijziging taalregime” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Één of meer bestuurders, onbepaalde duur bij gebrek aan bepaling” (deed in Dutch)“Vaste of evenredige vergoeding, geboekt op algemene kosten” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Op naam, register van aandelen op naam” (deed in Dutch)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Helft ten laste overdrager en helft ten laste koper(s), elke overdracht onder levenden,ten bezwarende of kosteloze titel,vrijwillig of…” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of March at 14:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Vormen vereist voor statutenwijziging, Artikel 25” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Artikel 26, indien geen andere vereffenaar benoemd” (deed in Dutch)