CoDeMa+
ActiveSummary
CoDeMa+ has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €160,455 and a net result of €6,221. Equity is growing by about 15% per year across the filed financial years. Its solvency ranks better than 73% of 10,686 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (10 days) Filed on 10 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00392473.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€6,221▲ 71.7%
2024 · €3,622
Working capital
€25,810▼ 11.6%
2024 · €29,206
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 62% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€12,757
2025
Net result€6,221
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€208,194
2025
Equity€160,455
2025
Debt€47,739
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€25,810
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)3.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency77.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.80
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€33,065-€50,433▲ 52.5%€22,322▼ 55.7%€112,277▲ 403%€14,800▼ 86.8%€8,591▼ 42.0%€33,554▲ 291%€12,757▼ 62.0%
Net result€21,990-€31,482▲ 43.2%€16,169within the sector's middle half▼ 48.6%€86,679within the sector's middle half▲ 436%€8,091within the sector's middle half▼ 90.7%€2,472within the sector's middle half▼ 69.4%€3,622within the sector's middle half▲ 46.5%€6,221within the sector's middle half▲ 71.7%
Equity€8,290-€39,772▲ 380%€55,942within the sector's middle half▲ 40.7%€142,621within the sector's middle half▲ 155%€150,713within the sector's middle half▲ 5.7%€152,359within the sector's middle half▲ 1.1%€155,094within the sector's middle half▲ 1.8%€160,455within the sector's middle half▲ 3.5%
Total assets€20,226-€100,803▲ 398%€106,633within the sector's middle half▲ 5.8%€203,161below the sector's middle half▲ 90.5%€202,992below the sector's middle half▼ 0.1%€218,655below the sector's middle half▲ 7.7%€217,708below the sector's middle half▼ 0.4%€208,194below the sector's middle half▼ 4.4%
Debt€11,936-€61,030▲ 411%€50,691▼ 16.9%€60,540▲ 19.4%€52,279▼ 13.6%€66,296▲ 26.8%€62,614▼ 5.6%€47,739▼ 23.8%
Working capital€7,361-€15,391▲ 109%€13,842within the sector's middle half▼ 10.1%€17,747within the sector's middle half▲ 28.2%-€33,897within the sector's middle half€3,272within the sector's middle half€29,206within the sector's middle half▲ 793%€25,810within the sector's middle half▼ 11.6%
Solvency41.0%-39.5%▼ 1.5pp52.5%within the sector's middle half▲ 13.0pp70.2%within the sector's middle half▲ 17.7pp74.2%within the sector's middle half▲ 4.0pp69.7%within the sector's middle half▼ 4.6pp71.2%within the sector's middle half▲ 1.6pp77.1%within the sector's middle half▲ 5.8pp
Current ratio1.62-1.70▲ 0.081.55within the sector's middle half▼ 0.151.37within the sector's middle half▼ 0.180.35below the sector's middle half▼ 1.021.11within the sector's middle half▲ 0.751.79within the sector's middle half▲ 0.681.80within the sector's middle half▲ 0.01
Return on assets (ROA)108.7%-31.2%▼ 77.5pp15.2%within the sector's middle half▼ 16.1pp42.7%above the sector's middle half▲ 27.5pp4.0%within the sector's middle half▼ 38.7pp1.1%within the sector's middle half▼ 2.9pp1.7%within the sector's middle half▲ 0.5pp3.0%within the sector's middle half▲ 1.3pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0within the sector's middle half
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €208,194
Fixed assets
€150,050 ▼ 1.0%
Current assets
€58,144 ▼ 12.1%
Equity and liabilities €208,194
Equity
€160,455 ▲ 3.5%
Debt
€47,739 ▼ 23.8%
Debt's share of the balance-sheet total falls from 28.8% to 22.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,260▼
2024 · €35,204
Cash flow
€7,724▲
2024 · €5,272
Debt to equity
0.30▼
2024 · 0.40
ROE
3.9%▲
2024 · 2.3%
Interest coverage
4.34▼
2024 · 8.85
Debt ≤ 1 year
€32,334▼
2024 · €36,949
Debt > 1 year
€15,405▼
2024 · €25,665
Income taxes
€3,383▼
2024 · €14,522
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €463 | €477 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,698 | €540 | €539 | €1,238 | €1,281 | €1,441 | €1,650 | €1,502 | ▼ 8.9% |
| Other operating charges640/8 | - | - | - | €641 | €1,239 | €1,604 | €906 | €1,059 | ▲ 17.0% |
| Gross operating margin9900 | €36,216 | €51,649 | €23,949 | €114,619 | €17,798 | €11,635 | €36,110 | €15,319 | ▼ 57.6% |
| Operating profit (loss)9901 | €33,065 | €50,433 | €22,322 | €112,277 | €14,800 | €8,591 | €33,554 | €12,757 | ▼ 62.0% |
| Financial income75/76B | - | - | - | €0 | €8 | €0 | €155 | €134 | ▼ 13.7% |
| Recurring financial income75 | - | €10 | €0 | €0 | €8 | €0 | €155 | €134 | ▼ 13.7% |
| Financial charges65/66B | - | - | - | €1,267 | €1,809 | €3,930 | €15,565 | €3,287 | ▼ 78.9% |
| Recurring financial charges65 | €1,075 | €676 | €1,517 | €1,267 | €1,809 | €3,930 | €3,978 | €3,287 | ▼ 17.4% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €11,587 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €31,990 | €49,767 | €20,805 | €111,010 | €12,999 | €4,661 | €18,144 | €9,605 | ▼ 47.1% |
| Income taxes67/77 | €10,000 | €18,285 | €4,636 | €24,331 | €4,908 | €2,189 | €14,522 | €3,383 | ▼ 76.7% |
| Profit (loss) for the period9904 | €21,990 | €31,482 | €16,169 | €86,679 | €8,091 | €2,472 | €3,622 | €6,221 | ▲ 71.7% |
| Profit (loss) for the period to be appropriated9905 | €21,990 | €31,482 | €16,169 | €86,679 | €8,091 | €2,472 | €3,622 | €6,221 | ▲ 71.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €20,226 | €100,803 | €106,633 | €203,161 | €202,992 | €218,655 | €217,708 | €208,194 | ▼ 4.4% |
| Fixed assets21/28 | €929 | €63,310 | €67,652 | €137,792 | €184,610 | €184,532 | €151,553 | €150,050 | ▼ 1.0% |
| Tangible fixed assets22/27 | €929 | €389 | €4,731 | €4,409 | €3,128 | €3,050 | €2,064 | €562 | ▼ 72.8% |
| Furniture and vehicles24 | - | - | - | €4,409 | €3,128 | €3,050 | €2,064 | €562 | ▼ 72.8% |
| Financial fixed assets28 | - | €62,921 | €62,921 | €133,383 | €181,482 | €181,482 | €149,489 | €149,489 | = |
| Current assets29/58 | €19,297 | €37,492 | €38,981 | €65,370 | €18,382 | €34,123 | €66,155 | €58,144 | ▼ 12.1% |
| Amounts receivable within one year40/41 | - | €13,571 | €15,636 | €61,094 | €13,616 | €17,345 | €19,727 | €16,484 | ▼ 16.4% |
| Trade receivables40 | - | - | - | €12,294 | €12,316 | €14,520 | €19,723 | €14,827 | ▼ 24.8% |
| Other amounts receivable41 | - | - | - | €48,800 | €1,300 | €2,825 | €4 | €1,657 | ▲ 43,738% |
| Cash at bank and in hand54/58 | €19,029 | €23,650 | €23,081 | €4,007 | €3,685 | €16,401 | €46,042 | €41,265 | ▼ 10.4% |
| Deferred charges and accrued income490/1 | - | - | - | €269 | €1,081 | €376 | €386 | €395 | ▲ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €20,226 | €100,803 | €106,633 | €203,161 | €202,992 | €218,655 | €217,708 | €208,194 | ▼ 4.4% |
| Equity10/15 | €8,290 | €39,772 | €55,942 | €142,621 | €150,713 | €152,359 | €155,094 | €160,455 | ▲ 3.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,100 | €1,100 | €1,860 | €1,860 | €1,860 | €4,332 | €7,955 | €14,176 | ▲ 78.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | - | - | €2,472 | €7,955 | €14,176 | ▲ 78.2% |
| Profit (loss) carried forward14 | €990 | €32,472 | €47,882 | €134,561 | €142,653 | €141,827 | €140,939 | €140,079 | ▼ 0.6% |
| Amounts payable17/49 | €11,936 | €61,030 | €50,691 | €60,540 | €52,279 | €66,296 | €62,614 | €47,739 | ▼ 23.8% |
| Amounts payable after more than one year17 | - | €38,929 | €25,552 | €12,917 | €0 | €35,445 | €25,665 | €15,405 | ▼ 40.0% |
| Financial debts170/4 | - | - | - | €12,917 | €0 | €35,445 | €25,665 | €15,405 | ▼ 40.0% |
| Amounts payable within one year42/48 | €11,936 | €22,102 | €25,139 | €47,623 | €52,279 | €30,851 | €36,949 | €32,334 | ▼ 12.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €37,635 | €17,094 | €9,321 | €9,779 | €10,260 | ▲ 4.9% |
| Financial debts43 | - | - | - | - | - | €4,183 | €4,182 | €1,269 | ▼ 69.6% |
| Credit institutions430/8 | - | - | - | - | - | €4,183 | €4,182 | €1,269 | ▼ 69.6% |
| Trade debts44 | €2,816 | €1,613 | €5,915 | €2,263 | €1,581 | €1,479 | €1,544 | €2,427 | ▲ 57.2% |
| Suppliers440/4 | - | - | - | €2,263 | €1,581 | €1,479 | €1,544 | €2,427 | ▲ 57.2% |
| Taxes, remuneration and social security45 | - | - | - | €6,367 | €8,750 | €7,789 | €15,602 | €12,754 | ▼ 18.3% |
| Taxes450/3 | - | - | - | €6,367 | €8,750 | €7,789 | €15,602 | €12,754 | ▼ 18.3% |
| Other amounts payable47/48 | - | - | - | €1,357 | €24,853 | €8,079 | €5,842 | €5,624 | ▼ 3.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,990 | €31,482 | €16,169 | €86,679 | €8,091 | €2,472 | €3,622 | €6,221 | ▲ 71.7% |
| + Depreciation and write-downs630 | €1,698 | €540 | €539 | €1,238 | €1,281 | €1,441 | €1,650 | €1,502 | ▼ 8.9% |
| Operating cash flow (approximation) | €23,688 | €32,022 | €16,708 | €87,917 | €9,373 | €3,913 | €5,272 | €7,724 | ▲ 46.5% |
| Investment in fixed assets (approximation) | - | -€62,921 | -€4,880 | -€71,378 | -€48,100 | -€1,363 | €31,329 | €0 | ▼ 100% |
| Change in cash | - | €4,621 | -€570 | -€19,074 | -€322 | €12,717 | €29,641 | -€4,778 | - |
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 (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-08-2026 | 2026-00392473 |
| 31-12-2024 | full format | 25-06-2025 | 2025-00189418 |
| 31-12-2023 | full format | 28-08-2024 | 2024-00383932 |
| 31-12-2022 | full format | 03-07-2023 | 2023-00221806 |
| 31-12-2021 | full format | 28-06-2022 | 2022-20136714 |
| 31-12-2020 | micro format | 29-06-2021 | 2021-30900308 |
| 31-12-2019 | micro format | 06-07-2020 | 2020-28200311 |
| 31-12-2018 | micro format | 20-08-2019 | 2019-50900478 |
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Of the 82,290 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 53,876. 41,663 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.