CODEMCO
ActiveSummary
The computed 12-month bankruptcy probability of CODEMCO is 1.5% (moderate). The 2025 annual accounts show negative equity (-€1.6m) and a net result of -€2.0m. Equity remains stable across the filed financial years (±0.6% per year). The company has been active since 2012 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- -€1.6m
- Loss
- -€2.0m
- Holdings
- 3
Why 52raises riskCapped at 59: negative equityLoss of €2.0m (financial year 2025)Negative equity -€1.6mLiquidity: current ratio 1.35, cash €14,838, halvedlowers riskSize: total assets €1.9mShow the evidence
Checked score
About 2 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 (no NACE code, micro): better than 5% on solvency, 13% on liquidity, 4% on profitability and 0% on growth.
The bankruptcy probability was computed on 23-10-2026 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 7 accounts on average 7 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Weakest financial yearnet -€2.0m
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €1.6m after €172,787 in 2024, 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.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 598 companies that looked in July 2024 the way this one looks now, 9.4% went bankrupt within 24 months and 83.3% are still going.
- Small
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
A further 1.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 1.5% 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 497,473 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% | 1.8% |
| 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 598 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 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.03m | €0.006m | €338 | €338 | €0.002m | €0.01m | ▲ 572% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1.2m | - |
| Other operating charges640/8 | - | - | - | €0.05m | €0.006m | €0.02m | €0.03m | €0.06m | ▲ 129% |
| Gross operating margin9900 | -€0.009m | €0.05m | -€0.006m | -€0.04m | -€0.05m | -€0.008m | €0.2m | -€0.3m | - |
| Operating profit (loss)9901 | -€0.05m | €0.01m | -€0.07m | -€0.1m | -€0.06m | -€0.03m | €0.2m | -€1.6m | - |
| Financial income75/76B | - | - | - | €0.1m | €0.2m | €0.02m | €0.004m | €0 | ▼ 100% |
| Recurring financial income75 | - | €0.001m | €0.007m | €0.004m | €0.004m | €0.02m | €0.004m | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | €0.1m | €0.2m | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.008m | €0.005m | €0.02m | €0.4m | ▲ 2,182% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.02m | €0.02m | €0.008m | €0.005m | €0.02m | €0.03m | ▲ 77.6% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €0.4m | - |
| Profit (loss) for the period before taxes9903 | -€0.07m | -€0.02m | -€0.08m | €0.001m | €0.1m | -€0.02m | €0.2m | -€2.0m | - |
| Profit (loss) for the period9904 | -€0.07m | -€0.02m | -€0.08m | €0.001m | €0.1m | -€0.02m | €0.2m | -€2.0m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.07m | -€0.02m | -€0.08m | €0.001m | €0.1m | -€0.02m | €0.2m | -€2.0m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.7m | €2.6m | €3.6m | €2.7m | €1.9m | €2.0m | €2.4m | €1.9m | ▼ 21.0% |
| Fixed assets21/28 | €1.5m | €1.5m | €1.4m | €0.2m | €0.4m | €0.4m | €0.7m | €0.5m | ▼ 29.3% |
| Tangible fixed assets22/27 | €1.3m | €1.3m | €1.3m | €0.006m | €0.006m | €0.006m | €0.3m | €0.4m | ▲ 60.4% |
| Land and buildings22 | - | - | - | €0.006m | €0.006m | €0.006m | €0.3m | €0.4m | ▲ 60.4% |
| Financial fixed assets28 | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.4m | €0.04m | ▼ 90.0% |
| Current assets29/58 | €0.3m | €1.1m | €2.2m | €2.6m | €1.4m | €1.6m | €1.7m | €1.4m | ▼ 17.8% |
| Stocks and contracts in progress3 | €0.2m | €0.9m | €2.0m | €2.3m | €1.3m | €1.3m | €1.4m | €1.2m | ▼ 13.3% |
| Stocks30/36 | - | - | - | €2.3m | €1.3m | €1.3m | €1.4m | €1.2m | ▼ 13.3% |
| Amounts receivable within one year40/41 | €0.04m | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 41.9% |
| Trade receivables40 | - | - | - | - | - | €0.05m | €0.08m | €0.03m | ▼ 67.0% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 28.6% |
| Cash at bank and in hand54/58 | €0.01m | €0.09m | €0.04m | €0.02m | €0.01m | €0.02m | €0.03m | €0.01m | ▼ 54.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 13.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.7m | €2.6m | €3.6m | €2.7m | €1.9m | €2.0m | €2.4m | €1.9m | ▼ 21.0% |
| Equity10/15 | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.4m | -€1.6m | - |
| Contributions10/11 | €0.4m | €0.4m | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.2m | -€0.3m | -€0.3m | -€0.2m | -€0.2m | -€0.009m | -€2.0m | ▼ 22,176% |
| Amounts payable17/49 | €1.5m | €2.4m | €3.5m | €2.6m | €1.6m | €1.7m | €2.0m | €3.5m | ▲ 75.6% |
| Amounts payable after more than one year17 | €1.4m | €2.1m | €2.2m | €2.1m | €1.2m | €1.1m | €0.8m | €2.4m | ▲ 198% |
| Financial debts170/4 | - | - | - | €2.1m | €1.2m | €1.1m | €0.8m | €2.4m | ▲ 198% |
| Amounts payable within one year42/48 | €0.1m | €0.3m | €1.2m | €0.5m | €0.4m | €0.6m | €1.2m | €1.0m | ▼ 10.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.02m | €0.1m | €0.08m | ▼ 46.9% |
| Financial debts43 | - | - | - | - | - | - | €0.3m | €0.3m | = |
| Credit institutions430/8 | - | - | - | - | - | - | €0.3m | €0.3m | = |
| Trade debts44 | €0.02m | €0.006m | €0.005m | €258 | - | €0.07m | €0.005m | €0.009m | ▲ 83.8% |
| Suppliers440/4 | - | - | - | €258 | - | €0.07m | €0.005m | €0.009m | ▲ 83.8% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €0.001m | €0.003m | ▲ 100% |
| Taxes450/3 | - | - | - | - | - | - | €0.001m | €0.003m | ▲ 100% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.4m | €0.6m | €0.7m | €0.7m | ▼ 8.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.003m | €0.003m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.07m | -€0.02m | -€0.08m | €0.001m | €0.1m | -€0.02m | €0.2m | -€2.0m | - |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.03m | €0.006m | €338 | €338 | €0.002m | €0.01m | ▲ 572% |
| Operating cash flow (approximation) | -€0.04m | €0.02m | -€0.05m | €0.007m | €0.1m | -€0.02m | €0.2m | -€2.0m | - |
| Investment in fixed assets (approximation) | - | -€0.03m | €0 | €1.3m | -€0.3m | €0 | -€0.3m | €0.2m | - |
| Change in cash | - | €0.08m | -€0.05m | -€0.02m | -€0.004m | €0.007m | €0.01m | -€0.02m | - |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00383693 |
| 31-12-2024 | abbreviated format | 10-10-2025 | 2025-00539118 |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00297373 |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00164378 |
| 31-12-2021 | abbreviated format | 15-06-2022 | 2022-20068155 |
| 31-12-2020 | abbreviated format | 08-07-2021 | 2021-33800016 |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-33900593 |
| 31-12-2018 | abbreviated format | 22-07-2019 | 2019-36100274 |
| 31-12-2017 | abbreviated format | 13-07-2018 | 2018-33200087 |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-38300374 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Holdings and subsidiaries
3 holdingsHoldings 3
Source for every holding own accounts 2024
- Equity -€1.6mResult -€1.6m50%
- Equity €33,884Result -€120,31630%
- Equity €29,625Result -€22,89410.87%
According to the 2024 annual accounts of CODEMCO and those of the other companies, 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.
Connections & network
No directors read yet: 0 of 3 Gazette acts processed.
History
Acts, filings and financial milestones
Show earlier events
About the unread acts
We know of 3 Belgian Official Gazette acts for this company. None of them has 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 23 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 |
|---|---|---|---|---|
| 31334B0688/00A000 | Flanders | 920 m² | 1 · 375 m² | 13.6 m · 3 |