CODEMA
ActiveSummary
The annual accounts of CODEMA for fiscal year 2024 show a net loss of 107% of total assets and of 76% of the equity at the start of that year. The 2024 annual accounts show equity of €344,022 and a net result of -€1.2m. Equity is growing by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 34% of 9084 sector peers (fiscal year 2024). The company has been active since 1973 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability0▼-53
Solvency55▼-37
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.41 against 3.04 in 2023; short-term debt: 70.3% and cash: 15.2% of total assets), and 70.3% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
29.7%
Return on assets
-106.5%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-04-2026, 252 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
252 d late
2023
19 d late
2022
94 d early
2021
76 d early
2020
40 d early
2019
134 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 12 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#6 oldest company in Lokeren, Wholesale and retail trade sector
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€344,022▼ 78.9%
2023 · €1.6m
Total assets
€1.2m▼ 52.0%
2023 · €2.4m
Net result
-€1.2m
2023 · €18,797
Working capital
€330,600▼ 79.4%
2023 · €1.6m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€76,869▼ 34.6%€216,649▲ 182%€126,224▼ 41.7%€28,416▼ 77.5%-€1.2m
Net result€58,870within the sector's middle half▼ 49.3%€163,623within the sector's middle half▲ 178%€90,224within the sector's middle half▼ 44.9%€18,797within the sector's middle half▼ 79.2%-€1.2mbelow the sector's middle half
Equity€1.4mabove the sector's middle half▲ 4.5%€1.5mabove the sector's middle half▲ 12.1%€1.6mabove the sector's middle half▲ 5.9%€1.6mabove the sector's middle half▲ 1.2%€344,022within the sector's middle half▼ 78.9%
Total assets€2.3mwithin the sector's middle half▼ 0.3%€2.7mabove the sector's middle half▲ 16.4%€2.7mwithin the sector's middle half▼ 0.5%€2.4mwithin the sector's middle half▼ 9.4%€1.2mwithin the sector's middle half▼ 52.0%
Debt€943,750▼ 6.6%€1.2m▲ 22.7%€1.1m▼ 9.0%€785,611▼ 25.5%€815,662▲ 3.8%
Working capital€1.3mabove the sector's middle half▲ 2.5%€1.6mabove the sector's middle half▲ 21.0%€1.7mabove the sector's middle half▲ 3.8%€1.6mabove the sector's middle half▼ 3.8%€330,600within the sector's middle half▼ 79.4%
Solvency59.0%within the sector's middle half▲ 2.7pp56.8%within the sector's middle half▼ 2.2pp60.4%within the sector's middle half▲ 3.7pp67.5%above the sector's middle half▲ 7.0pp29.7%within the sector's middle half▼ 37.8pp
Current ratio2.47within the sector's middle half▲ 0.172.61within the sector's middle half▲ 0.142.79within the sector's middle half▲ 0.183.04within the sector's middle half▲ 0.251.41within the sector's middle half▼ 1.64
Return on assets (ROA)2.6%within the sector's middle half▼ 2.5pp6.1%within the sector's middle half▲ 3.5pp3.4%within the sector's middle half▼ 2.7pp0.8%within the sector's middle half▼ 2.6pp-106.5%below the sector's middle half▼ 107.3pp
Staff (FTE)11.7above the sector's middle half▼ 8.6%10.9above the sector's middle half▼ 6.8%10.9above the sector's middle half=10.7above the sector's middle half▼ 1.8%10.8above the sector's middle half▲ 0.9%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €1.2m after €28,416 in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.2m
Fixed assets
€13,422 ▼ 47.5%
Current assets
€1.1m ▼ 52.0%
Equity and liabilities €1.2m
Equity
€344,022 ▼ 78.9%
Debt
€815,662 ▲ 3.8%
Debt's share of the balance-sheet total rises from 32.5% to 70.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€1.2m▼
2023 · €42,293
Cash flow
-€1.2m▼
2023 · €32,674
Quick ratio
0.56▼
2023 · 1.22
Debt to equity
2.37▲
2023 · 0.48
ROE
-359.1%▼
2023 · 1.2%
Interest coverage
-105.44▼
2023 · 4.02
Debt ≤ 1 year
€815,662▲
2023 · €785,611
Income taxes
€295▼
2023 · €8,882
Staff costs
€802,229▲
2023 · €633,249
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 307 companies that looked in July 2024 the way this one looks now, 4.9% went bankrupt within 24 months and 89% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
4.9%
went bankrupt
5.2%
stopped otherwise
89%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% 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 497,338 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% | 1.9% |
| 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% 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 307 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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €21 | - |
| Remuneration, social security and pensions62 | - | €681,418 | €757,725 | €633,249 | €802,229 | ▲ 26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,678 | €23,609 | €24,407 | €13,877 | €14,062 | ▲ 1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €577,353 | - |
| Other operating charges640/8 | - | €20,021 | €11,432 | €12,187 | €16,865 | ▲ 38.4% |
| Gross operating margin9900 | €717,456 | €941,697 | €919,788 | €687,729 | €185,580 | ▼ 73.0% |
| Operating profit (loss)9901 | €76,869 | €216,649 | €126,224 | €28,416 | -€1.2m | ▼ 4,411% |
| Financial income75/76B | - | €10,639 | €1,822 | €9,771 | €1,424 | ▼ 85.4% |
| Recurring financial income75 | €8,361 | €10,639 | €1,822 | €9,771 | €1,424 | ▼ 85.4% |
| Financial charges65/66B | - | €6,593 | €7,156 | €10,508 | €11,484 | ▲ 9.3% |
| Recurring financial charges65 | €8,871 | €6,593 | €7,156 | €10,508 | €11,484 | ▲ 9.3% |
| Profit (loss) for the period before taxes9903 | €76,359 | €220,694 | €120,890 | €27,678 | -€1.2m | ▼ 4,562% |
| Income taxes67/77 | €17,490 | €57,072 | €30,666 | €8,882 | €295 | ▼ 96.7% |
| Profit (loss) for the period9904 | €58,870 | €163,623 | €90,224 | €18,797 | -€1.2m | ▼ 6,672% |
| Profit (loss) for the period to be appropriated9905 | €58,870 | €163,623 | €90,224 | €18,797 | -€1.2m | ▼ 6,672% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.3m | €2.7m | €2.7m | €2.4m | €1.2m | ▼ 52.0% |
| Fixed assets21/28 | €71,220 | €77,173 | €65,434 | €25,541 | €13,422 | ▼ 47.5% |
| Intangible fixed assets21 | - | - | €7,106 | €5,386 | €3,666 | ▼ 31.9% |
| Tangible fixed assets22/27 | €71,220 | €77,173 | €58,328 | €20,155 | €9,755 | ▼ 51.6% |
| Furniture and vehicles24 | - | €77,173 | €58,328 | €20,155 | €9,755 | ▼ 51.6% |
| Current assets29/58 | €2.2m | €2.6m | €2.6m | €2.4m | €1.1m | ▼ 52.0% |
| Stocks and contracts in progress3 | €1.4m | €1.4m | €1.4m | €1.4m | €692,231 | ▼ 51.6% |
| Stocks30/36 | - | €1.4m | €1.4m | €1.4m | €692,231 | ▼ 51.6% |
| Amounts receivable within one year40/41 | €576,453 | €758,044 | €786,191 | €659,306 | €278,242 | ▼ 57.8% |
| Trade receivables40 | - | €758,044 | €781,191 | €635,532 | €262,689 | ▼ 58.7% |
| Other amounts receivable41 | - | - | €5,000 | €23,774 | €15,553 | ▼ 34.6% |
| Cash at bank and in hand54/58 | €295,456 | €411,965 | €441,756 | €301,183 | €175,789 | ▼ 41.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.3m | €2.7m | €2.7m | €2.4m | €1.2m | ▼ 52.0% |
| Equity10/15 | €1.4m | €1.5m | €1.6m | €1.6m | €344,022 | ▼ 78.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €1.3m | €1.5m | €1.5m | €1.6m | €282,022 | ▼ 82.0% |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | €25,742 | €25,742 | €25,742 | €25,742 | = |
| Distributable reserves133 | - | €1.4m | €1.5m | €1.5m | €250,079 | ▼ 83.7% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €943,750 | €1.2m | €1.1m | €785,611 | €815,662 | ▲ 3.8% |
| Amounts payable after more than one year17 | €38,981 | €159,961 | €121,882 | €0 | - | - |
| Financial debts170/4 | - | €159,961 | €121,882 | €0 | - | - |
| Amounts payable within one year42/48 | €902,364 | €995,951 | €932,752 | €785,611 | €815,662 | ▲ 3.8% |
| Current portion of amounts payable after more than one year42 | - | €14,445 | €10,079 | €0 | - | - |
| Financial debts43 | - | €8,245 | €8,222 | €8,525 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €8,245 | €8,222 | €8,525 | €0 | ▼ 100% |
| Trade debts44 | €450,404 | €627,709 | €540,756 | €572,618 | €608,093 | ▲ 6.2% |
| Suppliers440/4 | - | €627,709 | €540,756 | €572,618 | €608,093 | ▲ 6.2% |
| Taxes, remuneration and social security45 | - | €339,054 | €366,451 | €204,469 | €207,570 | ▲ 1.5% |
| Taxes450/3 | - | €203,231 | €232,301 | €114,071 | €77,513 | ▼ 32.0% |
| Remuneration and social security454/9 | - | €135,823 | €134,150 | €90,398 | €130,056 | ▲ 43.9% |
| Other amounts payable47/48 | - | €6,498 | €7,243 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | €2,405 | €0 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58,870 | €163,623 | €90,224 | €18,797 | -€1.2m | ▼ 6,672% |
| + Depreciation and write-downs630 | €15,678 | €23,609 | €24,407 | €13,877 | €14,062 | ▲ 1.3% |
| Operating cash flow (approximation) | €74,548 | €187,232 | €114,631 | €32,674 | -€1.2m | ▼ 3,838% |
| Investment in fixed assets (approximation) | - | -€29,563 | -€12,668 | €26,016 | -€1,943 | ▼ 107% |
| Change in cash | - | €116,508 | €29,791 | -€140,573 | -€125,394 | ▲ 10.8% |
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
2026
09-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 252 days late
31-03
State Gazette act
Resignation: Carl Kerckaert (director)Appointment: Johannes Dominik Kindel (director) · Permanent representative: Vincent Kirchfeld · Mandate compensation7 facts ▸
State Gazette act
Resignation: Carl Kerckaert (director)
Appointment: Johannes Dominik Kindel (director) · Permanent representative: Vincent Kirchfeld · Mandate compensation7 facts ▸
- General meeting, 20/02/2026
- Director resignation, Carl Kerckaert (director)
- Director appointment, Johannes Dominik Kindel (director)
- Mandate compensation, Johannes Dominik Kindel
- Permanent representative, Vincent Kirchfeld
- Mandate compensation, Vincent Kirchfeld
- Power of attorney, Moore Finance & Tax BV
2024
31-12
Financial
Weakest financial yearnet -€1.2m
Net result drops to -€1.2m, the lowest in the series.
19-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 19 days late
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
16-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €163,623 ▲178%
Operating result €216,649, net result €163,623, both a record.
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
19-03
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €116,161
Net result €116,161 after one loss-making year.
10-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
19-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
06-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts 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.
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Directors · office · real estate
Directors
1 director, last change in 2026
Johannes Dominik Kindel
CurrentDirector · since 01-02-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
7 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Lokeren · 1 establishment unit since 1974
Ground area
4,663 m²
Building footprint
1,149 m²
Volume, LiDAR
6,201 m³
Parcel 46382B1094/00H000, Flanders · tallest building 8.3 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
CODEMA
since 19742.009.403.104
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46382B1094/00H000 | Flanders | 4,663 m² | 1 · 1,149 m² | 8.3 m · 2 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.
Mandate history
2 people since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Johannes Dominik Kindel |
|
| Carl Kerckaert |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
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Shareholding
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Identification & contact
Identification
Legal formPublic limited company
Founded31-12-1973
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
46900Non-specialised wholesale trade
26600Manufacture of computer, electronic and optical products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0413897713
Also
9925:BE0413897713
Registered
23-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.