CODEMA
ActiveSummary
The computed 12-month bankruptcy probability of CODEMA is 5.0% (elevated). The annual accounts of CODEMA for financial 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 about 6.5% per year across the filed financial years. Its solvency ranks better than 34% of 8,969 sector peers (NACE 46, financial year 2024). The company has been active since 1973 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Staff
- 10.8 FTE
- Equity
- €344,022
- Loss
- -€1.2m
- Parent
- Aurelius Development Nine Ghbh
- AURELIUS IV GER AcquiCo Five GmbHDirector · permanent representative Bart Vissinga
- Johannes Dominik KindelDirector
Why 35raises riskFigures for financial year 2024 (filed 09-04-2026)1 financial year not filed after the legal deadline; last filed accounts filed 252 days late; 1 of the last 3 lateLoss of €1.2m (financial year 2024)lowers riskFounded in 1973Show the evidence
Checked score
About 5 in 100 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 46, small): better than 34% on solvency, 31% on liquidity, 1% on profitability and 3% on growth.
The bankruptcy probability was computed on 25-10-2026 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).
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Signals
This company filed its last 6 accounts on average 12 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2024 · abbreviated…
- Resignation: Carl Kerckaert (director)Appointment: Johannes Dominik Kindel (director)…
- Resignation: Jean-Marie Beernaert (director)Appointment: AURELIUS IV GER AcquiCo…
Financials · financial year 2024, abbreviated format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 Financial year closed on 31 December 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 26 October 2026.
Source amounts without an identifiable currency are assumed to be EUR.
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result turns negative in 2024: a loss of €1.2m after €28,416 in 2023, the lowest result in the available series.
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.
Average staff in full-time equivalents (FTE).
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), Staff (FTE).
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 88.9% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 5.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 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 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €21 | - |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.8m | €0.6m | €0.8m | ▲ 26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | ▲ 1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.6m | - |
| Other operating charges640/8 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 38.4% |
| Gross operating margin9900 | €0.8m | €0.9m | €0.7m | €0.9m | €0.9m | €0.7m | €0.2m | ▼ 73.0% |
| Operating profit (loss)9901 | -€0.04m | €0.1m | €0.08m | €0.2m | €0.1m | €0.03m | -€1.2m | - |
| Financial income75/76B | - | - | - | €0.01m | €0.002m | €0.01m | €0.001m | ▼ 85.4% |
| Recurring financial income75 | €0.003m | €0.006m | €0.008m | €0.01m | €0.002m | €0.01m | €0.001m | ▼ 85.4% |
| Financial charges65/66B | - | - | - | €0.007m | €0.007m | €0.01m | €0.01m | ▲ 9.3% |
| Recurring financial charges65 | €0.008m | €0.007m | €0.009m | €0.007m | €0.007m | €0.01m | €0.01m | ▲ 9.3% |
| Profit (loss) for the period before taxes9903 | -€0.05m | €0.1m | €0.08m | €0.2m | €0.1m | €0.03m | -€1.2m | - |
| Income taxes67/77 | €0.001m | €458 | €0.02m | €0.06m | €0.03m | €0.009m | €295 | ▼ 96.7% |
| Profit (loss) for the period9904 | -€0.05m | €0.1m | €0.06m | €0.2m | €0.09m | €0.02m | -€1.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.05m | €0.1m | €0.06m | €0.2m | €0.09m | €0.02m | -€1.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.3m | €2.3m | €2.3m | €2.7m | €2.7m | €2.4m | €1.2m | ▼ 52.0% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.04m | €0.02m | €0.07m | €0.08m | €0.07m | €0.03m | €0.01m | ▼ 47.5% |
| Intangible fixed assets21 | €0 | - | - | - | €0.007m | €0.005m | €0.004m | ▼ 31.9% |
| Tangible fixed assets22/27 | €0.04m | €0.02m | €0.07m | €0.08m | €0.06m | €0.02m | €0.01m | ▼ 51.6% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.06m | €0.02m | €0.01m | ▼ 51.6% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €2.2m | €2.3m | €2.2m | €2.6m | €2.6m | €2.4m | €1.1m | ▼ 52.0% |
| Stocks and contracts in progress3 | €1.5m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €0.7m | ▼ 51.6% |
| Stocks30/36 | - | - | - | €1.4m | €1.4m | €1.4m | €0.7m | ▼ 51.6% |
| Amounts receivable within one year40/41 | €0.5m | €0.6m | €0.6m | €0.8m | €0.8m | €0.7m | €0.3m | ▼ 57.8% |
| Trade receivables40 | - | - | - | €0.8m | €0.8m | €0.6m | €0.3m | ▼ 58.7% |
| Other amounts receivable41 | - | - | - | - | €0.005m | €0.02m | €0.02m | ▼ 34.6% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 41.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.3m | €2.3m | €2.3m | €2.7m | €2.7m | €2.4m | €1.2m | ▼ 52.0% |
| Equity10/15 | €1.2m | €1.3m | €1.4m | €1.5m | €1.6m | €1.6m | €0.3m | ▼ 78.9% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.1m | €1.2m | €1.3m | €1.5m | €1.5m | €1.6m | €0.3m | ▼ 82.0% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €1.4m | €1.5m | €1.5m | €0.3m | ▼ 83.7% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €1.1m | €1.0m | €0.9m | €1.2m | €1.1m | €0.8m | €0.8m | ▲ 3.8% |
| Amounts payable after more than one year17 | €0.02m | €0.01m | €0.04m | €0.2m | €0.1m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0 | - | - |
| Amounts payable within one year42/48 | €1.1m | €1.0m | €0.9m | €1.0m | €0.9m | €0.8m | €0.8m | ▲ 3.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | €0 | - | - |
| Financial debts43 | - | - | - | €0.008m | €0.008m | €0.009m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0.008m | €0.008m | €0.009m | €0 | ▼ 100% |
| Trade debts44 | €0.6m | €0.6m | €0.5m | €0.6m | €0.5m | €0.6m | €0.6m | ▲ 6.2% |
| Suppliers440/4 | - | - | - | €0.6m | €0.5m | €0.6m | €0.6m | ▲ 6.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.2m | €0.2m | ▲ 1.5% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.1m | €0.08m | ▼ 32.0% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.09m | €0.1m | ▲ 43.9% |
| Other amounts payable47/48 | - | - | - | €0.006m | €0.007m | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.05m | €0.1m | €0.06m | €0.2m | €0.09m | €0.02m | -€1.2m | - |
| + Depreciation and write-downs630 | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | ▲ 1.3% |
| Operating cash flow (approximation) | -€0.03m | €0.1m | €0.07m | €0.2m | €0.1m | €0.03m | -€1.2m | - |
| Investment in fixed assets (approximation) | - | €0 | -€0.07m | -€0.03m | -€0.01m | €0.03m | -€0.002m | - |
| Change in cash | - | €0.1m | -€0.008m | €0.1m | €0.03m | -€0.1m | -€0.1m | ▲ 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.
Latest 10 of 48 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2024 | abbreviated format | 09-04-2026 | 2026-00075975 |
| 31-12-2023 | abbreviated format | 19-08-2024 | 2024-00350755 |
| 31-12-2022 | abbreviated format | 28-04-2023 | 2023-00071434 |
| 31-12-2021 | abbreviated format | 16-05-2022 | 2022-20028912 |
| 31-12-2020 | abbreviated format | 21-06-2021 | 2021-21900021 |
| 31-12-2019 | abbreviated format | 19-03-2020 | 2020-07000342 |
| 31-12-2018 | abbreviated format | 10-05-2019 | 2019-12900066 |
| 31-12-2017 | abbreviated format | 08-06-2018 | 2018-17100211 |
| 31-12-2016 | abbreviated format | 19-04-2017 | 2017-09700269 |
| 31-12-2015 | abbreviated format | 06-06-2016 | 2016-16100501 |
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
Board 2
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| AURELIUS IV GER AcquiCo Five GmbH |
|
| Johannes Dominik Kindel |
|
| Carl Kerckaert |
|
| Jean-Marie Beernaert |
|
| Catherine Beernaert |
|
| Mevrouw Marie-Jeanne Ramault |
|
Owners and capital
Owners
1 ownerChain of control
- Aurelius Development Nine GhbhDE
- CODEMA
Highest known parent: Aurelius Development Nine Ghbh (Germany). The sources do not say who stands above it.
Owners 1
- Aurelius Development Nine GhbhDEconsolidating parentconsolidates
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
31-03
Gazette deed
Resignation: Carl Kerckaert (director)Appointment: Johannes Dominik Kindel (director) · Permanent representative: Vincent Kirchfeld · Director discharge10 facts ▸
- General meeting, 20-02-2026
- Director resignation, Carl Kerckaert (director)
- Director discharge, Carl Kerckaert
- Director appointment, Johannes Dominik Kindel (director)
- Other provision, “geen maatregel tegen benoeming, geen maatregel verzet zich tegen benoeming” (deed in Dutch)
- Board meeting, 20-02-2026
- Permanent representative, Vincent Kirchfeld
- Other provision, “verbodsbepaling vaste vertegenwoordiger, niet getroffen door verbodsbepaling die uitoefening functie zou beletten” (deed in Dutch)
- Board composition, Johannes Dominik Kindel (director)
- Board composition, AURELIUS IV GER AcquiCo Five GmbH (director)
09-07
Gazette deed
Resignation: Jean-Marie Beernaert (director)Appointment: AURELIUS IV GER AcquiCo Five GmbH (director) · Permanent representative: Bart Vissinga · Director discharge9 facts ▸
- General meeting, 05-05-2025
- Director resignation, Jean-Marie Beernaert (director)
- Director discharge, Jean-Marie Beernaert
- Director appointment, AURELIUS IV GER AcquiCo Five GmbH (director)
- Board meeting, 05-05-2025
- Permanent representative, Bart Vissinga
- Board composition, Carl Kerckaert (director)
- Board composition, AURELIUS IV GER AcquiCo Five GmbH (director)
- Other provision, “vereniging alle aandelen in één hand, artikel 2:8 §4 WVV” (deed in Dutch)
19-11
Gazette deed
Resignation: Catherine Beernaert (director)Appointment: Carl Kerckaert (director) · Registered-office move5 facts ▸
- General meeting, 24-09-2024
- Director resignation, Catherine Beernaert (director)
- Director appointment, Carl Kerckaert (director)
- Board meeting, 01-10-2024
- Registered-office move
25-07
Gazette deed
Resignation: Marie-Jeanne Ramault (director and managing director)1 fact ▸
- Director resignation, Marie-Jeanne Ramault (director and managing director)
Show earlier events
About the unread acts
Of the 8 Belgian Official Gazette deeds we know for this company, 4 have been read. The other 4 have 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 26 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 |
|---|---|---|---|---|
| 46382B1094/00H000 | Flanders | 4,663 m² | 1 · 1,149 m² | 8.3 m · 2 |
How the parcels are linked
Articles of association
- Other provisionsOther rules from the articles that fall under none of the themes above.
- 1 more provision in the deed, see the deed of 19-11-2024
Read from the deeds: 1 provision, deed of 19-11-2024