Coder Management
ActiveSummary
Coder Management has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€12,878) and a net result of -€15,288. Equity is growing by about 17% per year across the filed financial years. Its solvency ranks better than 9% of 38,895 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Financials · financial year 2025, micro format
Equity
-€12,878
2024 · €2,410
Total assets
€475,869▲ 512%
2024 · €77,702
Net result
-€15,288
2024 · €36,293
Working capital
-€31,765
2024 · €125
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 99% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€435
2025
Net result-€15,288
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€475,869
2025
Equity-€12,878
2025
Debt€488,747
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€31,765
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)-3.2%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency-2.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.63
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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€38,799-€6,671€12,739▲ 91.0%€1,745▼ 86.3%-€16,560€24,910€47,851▲ 92.1%€435▼ 99.1%
Net result-€39,076-€6,265€11,777within the sector's middle half▲ 88.0%€417below the sector's middle half▼ 96.5%-€18,534below the sector's middle half€23,692within the sector's middle half€36,293within the sector's middle half▲ 53.2%-€15,288below the sector's middle half
Equity-€50,969--€44,704▲ 12.3%-€32,927below the sector's middle half▲ 26.3%-€32,510below the sector's middle half▲ 1.3%-€57,575below the sector's middle half▼ 77.1%-€33,883below the sector's middle half▲ 41.1%€2,410below the sector's middle half-€12,878below the sector's middle half
Total assets€9,913-€9,398▼ 5.2%€2,035below the sector's middle half▼ 78.3%€15,854below the sector's middle half▲ 679%€996below the sector's middle half▼ 93.7%€37,658below the sector's middle half▲ 3,679%€77,702below the sector's middle half▲ 106%€475,869above the sector's middle half▲ 512%
Debt€60,882-€54,102▼ 11.1%€34,963▼ 35.4%€48,364▲ 38.3%€58,571▲ 21.1%€71,541▲ 22.1%€75,291▲ 5.2%€488,747▲ 549%
Working capital-€53,796--€46,786▲ 13.0%-€34,236below the sector's middle half▲ 26.8%-€33,940below the sector's middle half▲ 0.9%-€58,374below the sector's middle half▼ 72.0%-€37,419below the sector's middle half▲ 35.9%€125below the sector's middle half-€31,765below the sector's middle half
Solvency-514.2%--475.7%▲ 38.5pp-205.1%below the sector's middle half-90.0%below the sector's middle half3.1%below the sector's middle half▲ 93.1pp-2.7%below the sector's middle half▼ 5.8pp
Current ratio0.12-0.14▲ 0.020.30below the sector's middle half0.47below the sector's middle half1.00below the sector's middle half▲ 0.530.63below the sector's middle half▼ 0.37
Return on assets (ROA)-394.2%-66.7%▲ 460.9pp2.6%within the sector's middle half62.9%above the sector's middle half46.7%above the sector's middle half▼ 16.2pp-3.2%below the sector's middle half▼ 49.9pp
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.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €475,869
Fixed assets
€422,133 ▲ 12,922%
Current assets
€53,736 ▼ 27.8%
Equity and liabilities
Equity-€12,878
Debt€488,747
Equity is negative: debt (€488,747) exceeds the balance-sheet total (€475,869).
Key figures and ratios
EBITDA
€1,263▼
2024 · €48,904
Cash flow
-€14,461▼
2024 · €37,346
Interest coverage
0.07▼
2024 · 50.27
Debt ≤ 1 year
€85,501▲
2024 · €74,335
Debt > 1 year
€393,952
Income taxes
€0▼
2024 · €11,784
No debt to equity: equity is negative, so debt divided by equity means nothing.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,846 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,396 | €1,564 | €1,677 | €779 | €631 | €1,142 | €1,052 | €827 | ▼ 21.4% |
| Other operating charges640/8 | - | - | - | €378 | €835 | €9,227 | €10,410 | €1,698 | ▼ 83.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €420 | €0 | €56 | - |
| Gross operating margin9900 | -€36,988 | €8,645 | €15,057 | €2,901 | -€15,094 | €35,698 | €59,313 | €3,017 | ▼ 94.9% |
| Operating profit (loss)9901 | -€38,799 | €6,671 | €12,739 | €1,745 | -€16,560 | €24,910 | €47,851 | €435 | ▼ 99.1% |
| Financial income75/76B | - | - | - | €0 | €330 | €1,056 | €1,199 | €1,803 | ▲ 50.4% |
| Recurring financial income75 | - | €0 | €0 | €0 | €330 | €1,056 | €1,199 | €1,803 | ▲ 50.4% |
| Financial charges65/66B | - | - | - | €1,019 | €1,575 | €1,610 | €973 | €17,526 | ▲ 1,702% |
| Recurring financial charges65 | €277 | €405 | €962 | €1,019 | €1,575 | €1,610 | €973 | €17,526 | ▲ 1,702% |
| Profit (loss) for the period before taxes9903 | -€39,076 | €6,265 | €11,777 | €727 | -€17,804 | €24,356 | €48,077 | -€15,288 | - |
| Income taxes67/77 | - | - | - | €309 | €729 | €664 | €11,784 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€39,076 | €6,265 | €11,777 | €417 | -€18,534 | €23,692 | €36,293 | -€15,288 | - |
| Profit (loss) for the period to be appropriated9905 | -€39,076 | €6,265 | €11,777 | €417 | -€18,534 | €23,692 | €36,293 | -€15,288 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9,913 | €9,398 | €2,035 | €15,854 | €996 | €37,658 | €77,702 | €475,869 | ▲ 512% |
| Fixed assets21/28 | €2,826 | €2,082 | €1,309 | €1,430 | €799 | €4,294 | €3,242 | €422,133 | ▲ 12,922% |
| Tangible fixed assets22/27 | €2,826 | €2,082 | €1,309 | €1,430 | €799 | €3,795 | €2,743 | €1,859 | ▼ 32.2% |
| Furniture and vehicles24 | - | - | - | €699 | €293 | €3,514 | €2,686 | €1,859 | ▼ 30.8% |
| Other tangible fixed assets26 | - | - | - | €731 | €506 | €281 | €56 | €0 | ▼ 100% |
| Financial fixed assets28 | - | - | - | - | - | €499 | €499 | €420,274 | ▲ 84,123% |
| Current assets29/58 | €7,087 | €7,316 | €726 | €14,424 | €197 | €33,364 | €74,460 | €53,736 | ▼ 27.8% |
| Amounts receivable within one year40/41 | €7,087 | €7,260 | €505 | €884 | €99 | €18,221 | €72,533 | €52,175 | ▼ 28.1% |
| Trade receivables40 | - | - | - | €99 | €99 | €10,684 | €19,295 | €8,696 | ▼ 54.9% |
| Other amounts receivable41 | - | - | - | €785 | €0 | €7,536 | €53,238 | €43,479 | ▼ 18.3% |
| Current investments50/53 | - | - | - | €12,000 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | €165 | €1,486 | €45 | €15,011 | €814 | €1,561 | ▲ 91.8% |
| Deferred charges and accrued income490/1 | - | - | - | €53 | €53 | €132 | €1,113 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9,913 | €9,398 | €2,035 | €15,854 | €996 | €37,658 | €77,702 | €475,869 | ▲ 512% |
| Equity10/15 | -€50,969 | -€44,704 | -€32,927 | -€32,510 | -€57,575 | -€33,883 | €2,410 | -€12,878 | - |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€69,569 | -€63,304 | -€51,527 | -€51,110 | -€76,175 | -€52,483 | -€16,190 | -€31,478 | ▼ 94.4% |
| Amounts payable17/49 | €60,882 | €54,102 | €34,963 | €48,364 | €58,571 | €71,541 | €75,291 | €488,747 | ▲ 549% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €393,952 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €133,952 | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €260,000 | - |
| Amounts payable within one year42/48 | €60,882 | €54,102 | €34,963 | €48,364 | €58,571 | €70,783 | €74,335 | €85,501 | ▲ 15.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,000 | €0 | €11,000 | €1,000 | €24,665 | ▲ 2,367% |
| Financial debts43 | - | - | - | €2,882 | €3,429 | €0 | - | €4,626 | - |
| Credit institutions430/8 | - | - | - | €2,882 | €3,429 | €0 | - | €1,947 | - |
| Other loans439 | - | - | - | - | - | - | - | €2,679 | - |
| Trade debts44 | €4,140 | €3,662 | €4,419 | €20,731 | €37,729 | €39,246 | €25,586 | €30,763 | ▲ 20.2% |
| Suppliers440/4 | - | - | - | €20,731 | €37,729 | €39,246 | €25,586 | €30,763 | ▲ 20.2% |
| Taxes, remuneration and social security45 | - | - | - | €872 | €5,165 | €13,287 | €22,749 | €25,447 | ▲ 11.9% |
| Taxes450/3 | - | - | - | €872 | €5,165 | €13,287 | €22,749 | €25,447 | ▲ 11.9% |
| Other amounts payable47/48 | - | - | - | €14,879 | €12,248 | €7,250 | €25,000 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €758 | €956 | €9,294 | ▲ 872% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€39,076 | €6,265 | €11,777 | €417 | -€18,534 | €23,692 | €36,293 | -€15,288 | - |
| + Depreciation and write-downs630 | €1,396 | €1,564 | €1,677 | €779 | €631 | €1,142 | €1,052 | €827 | ▼ 21.4% |
| Operating cash flow (approximation) | -€37,680 | €7,830 | €13,454 | €1,196 | -€17,903 | €24,833 | €37,346 | -€14,461 | - |
| Investment in fixed assets (approximation) | - | -€820 | -€904 | -€900 | €0 | -€4,636 | €0 | -€419,719 | - |
| Change in cash | - | - | - | €1,321 | -€1,442 | €14,966 | -€14,197 | €747 | - |
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 (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00339130 |
| 31-12-2024 | micro format | 28-01-2025 | 2025-00012142 |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00175573 |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00389863 |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20364014 |
| 31-12-2020 | micro format | 18-08-2021 | 2021-49700549 |
| 31-12-2019 | micro format | 13-08-2020 | 2020-41100557 |
| 31-12-2018 | micro format | 21-08-2019 | 2019-49400469 |
| 31-12-2017 | micro format | 24-08-2018 | 2018-50900354 |
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of the 82,290 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 53,876. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.