CODES
ActiveSummary
CODES has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.2m and a net result of €76,845. Equity is growing by ~20% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.2% (very low).
Financials · fiscal year 2025, micro schema
2021 to 2025, 5 fiscal years 2019 to 2025, 7 fiscal years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 3% above 2024 and is the highest result in the available series.
What the company sold each fiscal 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.
Point at or tap a year, or use the arrow keys on the chart, for the exact figures; the table below gives them all.
Peer companies
Historical observationOf the 6,049 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,471 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% 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 6,049 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,503 | €27,631 | €27,307 | €27,307 | €27,307 | €27,202 | €26,681 | ▼ 1.9% |
| Other operating charges640/8 | - | - | - | €693 | €29,225 | €1,153 | €839 | ▼ 27.2% |
| Gross operating margin9900 | €134,317 | €126,433 | €124,414 | €123,377 | €151,704 | €143,012 | €145,950 | ▲ 2.1% |
| Operating profit (loss)9901 | €105,565 | €98,550 | €96,690 | €95,377 | €95,172 | €114,657 | €118,430 | ▲ 3.3% |
| Recurring financial income75 | €24 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €17,897 | €18,525 | €6,939 | €5,724 | ▼ 17.5% |
| Recurring financial charges65 | €27,683 | €22,106 | €23,413 | €17,897 | €18,525 | €6,939 | €5,724 | ▼ 17.5% |
| Profit (loss) for the period before taxes9903 | €77,906 | €76,444 | €73,277 | €77,480 | €76,646 | €107,718 | €112,706 | ▲ 4.6% |
| Income taxes67/77 | €28,859 | €28,720 | €24,403 | €24,621 | €24,241 | €35,926 | €35,861 | ▼ 0.2% |
| Profit (loss) for the period9904 | €49,047 | €47,724 | €48,874 | €52,859 | €52,405 | €71,792 | €76,845 | ▲ 7.0% |
| Profit (loss) for the period to be appropriated9905 | €49,047 | €47,724 | €48,874 | €52,859 | €52,405 | €71,792 | €76,845 | ▲ 7.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.0m | €1.0m | €1.5m | €1.5m | €1.5m | €1.6m | ▲ 7.8% |
| Fixed assets21/28 | €1.1m | €1.0m | €1.0m | €1.5m | €1.4m | €1.4m | €1.6m | ▲ 9.6% |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €1.0m | €1.5m | €1.4m | €1.4m | €1.6m | ▲ 9.6% |
| Land and buildings22 | - | - | - | €1.5m | €1.4m | €1.4m | €1.6m | ▲ 9.6% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | - | - | - |
| Financial fixed assets28 | €200 | €200 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €0.02m | €0.01m | €0.01m | €0.006m | €0.04m | €0.09m | €0.08m | ▼ 18.8% |
| Amounts receivable within one year40/41 | €0.02m | €499 | €0.001m | €0.004m | €0.02m | €0.04m | €0.06m | ▲ 71.6% |
| Other amounts receivable41 | - | - | - | €0.004m | €0.02m | €0.04m | €0.06m | ▲ 71.6% |
| Cash at bank and in hand54/58 | €0.006m | €0.01m | €0.01m | €0.003m | €0.03m | €0.06m | €0.02m | ▼ 74.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €1.0m | €1.5m | €1.5m | €1.5m | €1.6m | ▲ 7.8% |
| Equity10/15 | €0.2m | €0.3m | €0.3m | €0.9m | €0.9m | €1.0m | €1.2m | ▲ 24.0% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Revaluation surpluses12 | - | - | - | €0.5m | €0.5m | €0.5m | €0.7m | ▲ 32.8% |
| Reserves13 | €0.09m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 21.2% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 21.2% |
| Profit (loss) carried forward14 | €0.003m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Amounts payable17/49 | €0.9m | €0.8m | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 23.4% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 23.6% |
| Financial debts170/4 | - | - | - | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 23.6% |
| Amounts payable within one year42/48 | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 22.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.09m | €0.09m | €0.09m | ▲ 1.1% |
| Trade debts44 | - | - | €0.001m | - | - | €397 | - | - |
| Suppliers440/4 | - | - | - | - | - | €397 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.002m | €0.04m | €0.01m | ▼ 64.1% |
| Taxes450/3 | - | - | - | €0.01m | €0.002m | €0.04m | €0.01m | ▼ 64.1% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 44.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,047 | €47,724 | €48,874 | €52,859 | €52,405 | €71,792 | €76,845 | ▲ 7.0% |
| + Depreciation and write-downs630 | €28,503 | €27,631 | €27,307 | €27,307 | €27,307 | €27,202 | €26,681 | ▼ 1.9% |
| Operating cash flow (approximation) | €77,550 | €75,355 | €76,181 | €80,165 | €79,712 | €98,994 | €103,526 | ▲ 4.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€496,134 | €0 | €0 | -€162,939 | - |
| Change in cash | - | €4,505 | €179 | -€7,881 | €26,077 | €30,042 | -€43,517 | ▼ 245% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.