Codesco
ActiveSummary
Codesco has been active since 1983 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€126,341) and a net result of €2,148. Equity has been stable since 2018 (±2.5% per year). Its solvency ranks better than 5% of 504 sector peers (NACE 59, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 19-12-1983 Normal situation
- Activity
- Motion picture, video and television programme production, sound recording and music publishing activities NACE 59203and 2 others
- Establishment units
- 2.025.477.289 5032 Gembloux, since 09-09-1995
- 2.025.477.091 1190 Forest, since 06-08-2002
- Financial year end
- 31 December
- Peppol
- Reachable since 28-10-2025
Board and ownership
- José Corro AguileraDirector · since 05-03-2026
- Marie-Clothilde DesseauxDirector · since 05-03-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €4,253
- Turnover
- ≈ €15,000
- estimated
- Profit
- €2,148
- Equity
- -€126,341
- ▲ 1.7%
- Total assets
- €9,418
- ▲ 25.2%
- Negative equity on 31-12-2025
- 2025 accounts filed 23 days after the deadline
Score breakdownraises riskCapped at 59: negative equityNegative equity -€126,341lowers riskSize: total assets €9,418Founded in 1983Figures for financial year 2025 (filed on 25-08-2026)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 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 59, micro). It does better than 6% of them on solvency, 20% on liquidity, 82% on profitability and 53% on growth.
The bankruptcy probability was computed on 04-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 23 days after the deadline. In the sector (NACE 59), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
2025 annual accounts filed 23 days after the deadline Filed on 23 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00419904.
Annual accounts 2025 filed on 23-08-2026 at the NBB all 42 filings
Every figure per financial year
The operating result for 2025 is a profit of €2,319, after a loss of €12,183 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 1 | 0.8 |
| On a permanent contract | 1 | - |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €2,252 | €3,917 | - |
| Depreciation and write-downs of the year | - | - | €230 | €1,157 | €1,534 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Wallonia-Brussels Federation
2023 to 2024 · 6 entries · €8,455 in total| Year | Entries | Paid |
|---|---|---|
| 2024 | 3 | €2,430 |
| 2023 | 3 | €6,025 |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,068 | - | - | €450 | - |
| Remuneration, social security and pensions62 | - | - | - | €9,262 | €28,021 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €230 | €1,157 | €1,534 | ▲ 32.6% |
| Other operating charges640/8 | - | - | - | €348 | €405 | €568 | €387 | €400 | ▲ 3.3% |
| Gross operating margin9900 | -€551 | -€415 | -€105 | €2,296 | €17,253 | €14,027 | -€10,638 | €4,253 | - |
| Operating profit (loss)9901 | -€551 | -€415 | -€574 | -€7,314 | -€11,173 | €13,228 | -€12,183 | €2,319 | - |
| Financial charges65/66B | - | - | - | €151 | €192 | €327 | €225 | €171 | ▼ 23.9% |
| Recurring financial charges65 | €140 | €139 | €182 | €151 | €192 | €327 | €225 | €171 | ▼ 23.9% |
| Profit (loss) for the period before taxes9903 | -€691 | -€554 | -€755 | -€7,465 | -€11,365 | €12,901 | -€12,408 | €2,148 | - |
| Profit (loss) for the period9904 | -€691 | -€554 | -€755 | -€7,465 | -€11,365 | €12,901 | -€12,408 | €2,148 | - |
| Profit (loss) for the period to be appropriated9905 | -€691 | -€554 | -€755 | -€7,465 | -€11,365 | €12,901 | -€12,408 | €2,148 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €363 | €56 | €10,129 | €8,376 | €3,406 | €14,964 | €7,521 | €9,418 | ▲ 25.2% |
| Fixed assets21/28 | - | - | €31 | €31 | - | €2,022 | €4,781 | €3,247 | ▼ 32.1% |
| Tangible fixed assets22/27 | - | - | - | - | - | €2,022 | €4,781 | €3,247 | ▼ 32.1% |
| Furniture and vehicles24 | - | - | - | - | - | €2,022 | €4,781 | €3,247 | ▼ 32.1% |
| Financial fixed assets28 | - | - | €31 | €31 | - | - | - | - | - |
| Current assets29/58 | €363 | €56 | €10,098 | €8,345 | €3,406 | €12,942 | €2,740 | €6,171 | ▲ 125% |
| Stocks and contracts in progress3 | - | - | - | - | - | €585 | €246 | €1,709 | ▲ 595% |
| Stocks30/36 | - | - | - | - | - | €585 | €246 | €1,709 | ▲ 595% |
| Amounts receivable within one year40/41 | - | - | €3,190 | €4,266 | €2,385 | €1,127 | €2,066 | €1,408 | ▼ 31.8% |
| Trade receivables40 | - | - | - | €1,322 | €1,299 | €899 | €1,230 | €1,086 | ▼ 11.7% |
| Other amounts receivable41 | - | - | - | €2,944 | €1,086 | €228 | €836 | €322 | ▼ 61.5% |
| Cash at bank and in hand54/58 | €363 | €56 | €6,663 | €3,835 | €861 | €10,883 | €241 | €2,316 | ▲ 862% |
| Deferred charges and accrued income490/1 | - | - | - | €245 | €160 | €348 | €187 | €738 | ▲ 295% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €363 | €56 | €10,129 | €8,376 | €3,406 | €14,964 | €7,521 | €9,418 | ▲ 25.2% |
| Equity10/15 | -€108,844 | -€109,398 | -€110,153 | -€117,618 | -€128,983 | -€116,082 | -€128,490 | -€126,341 | ▲ 1.7% |
| Contributions10/11 | €107,000 | €107,000 | €107,000 | €107,000 | €107,000 | €107,000 | €107,000 | €107,000 | = |
| Capital10 | - | - | - | €107,000 | €107,000 | €107,000 | €107,000 | €107,000 | = |
| Issued capital100 | - | - | - | €107,000 | €107,000 | €107,000 | €107,000 | €107,000 | = |
| Reserves13 | €19,407 | €19,407 | €19,407 | €19,407 | €19,407 | €19,407 | €19,407 | €19,407 | = |
| Non-distributable reserves130/1 | - | - | - | €3,098 | €3,098 | €3,098 | €3,098 | €3,098 | = |
| Legal reserve130 | - | - | - | €3,098 | €3,098 | €3,098 | €3,098 | €3,098 | = |
| Tax-exempt reserves132 | - | - | - | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Distributable reserves133 | - | - | - | €10,309 | €10,309 | €10,309 | €10,309 | €10,309 | = |
| Profit (loss) carried forward14 | -€235,251 | -€235,804 | -€236,560 | -€244,025 | -€255,390 | -€242,488 | -€254,896 | -€252,748 | ▲ 0.8% |
| Amounts payable17/49 | €109,207 | €109,453 | €120,282 | €125,995 | €132,389 | €131,045 | €136,010 | €135,759 | ▼ 0.2% |
| Amounts payable within one year42/48 | €109,207 | €109,453 | €120,282 | €125,995 | €132,366 | €131,045 | €136,010 | €135,759 | ▼ 0.2% |
| Trade debts44 | €53 | €49 | €250 | €1,249 | €150 | €724 | €1,538 | €1,493 | ▼ 3.0% |
| Suppliers440/4 | - | - | - | €1,249 | €150 | €724 | €1,538 | €1,493 | ▼ 3.0% |
| Taxes, remuneration and social security45 | - | - | - | €1,367 | €2,719 | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €1,367 | €2,719 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €123,378 | €129,497 | €130,321 | €134,472 | €134,266 | ▼ 0.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | €23 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€691 | -€554 | -€755 | -€7,465 | -€11,365 | €12,901 | -€12,408 | €2,148 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | €230 | €1,157 | €1,534 | ▲ 32.6% |
| Operating cash flow (approximation) | -€691 | -€554 | -€755 | -€7,465 | -€11,365 | €13,131 | -€11,251 | €3,682 | - |
| Investment in fixed assets (approximation) | - | - | - | €0 | - | - | -€3,917 | -€0 | ▲ 100.0% |
| Change in cash | - | -€308 | €6,607 | -€2,828 | -€2,973 | €10,022 | -€10,642 | €2,075 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,794 companies had the same profile as Codesco has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Codesco itself is lower: 0.2% within 12 months. It rests on far more data about Codesco than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,794 companies, not a prediction for Codesco. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-08-2026 | 2026-00419904 | |
| 31-12-2024 | micro format | 05-08-2025 | 2025-00364901 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00279590 | |
| 31-12-2022 | micro format | 13-09-2023 | 2023-00446400 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20413256 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58800299 | |
| 31-12-2019 | micro format | 04-09-2020 | 2020-51200531 | |
| 31-12-2018 | micro format | 22-09-2020 | 2020-54900424 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61000465 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-48900489 |
Board & ownership
Directors
Owners and capital
Owners
Mandate history
- Board
- mandate already running before its first mention
| Name | Functions and periods |
|---|---|
| José Corro Aguilera |
|
| Marie-Clothilde Desseaux |
|
Network & group
Codesco shares no director with another company.
Connections & network
2 current directorsThe network starts from the directors of Codesco. Every other company they run is a node.
Timeline
Deeds, filings and financial milestones
21-08
Gazette deed
Reappointments: José Corro Aguilera (director) and Marie-Clothilde Desseaux (director)3 points ▸
- General meeting, 18-08-2026
- Director reappointment, José Corro Aguilera
- Director reappointment, Marie-Clothilde Desseaux
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 92085A0063/00G000 | Wallonia | 3,203 m² | 1 · 149 m² | 8.0 m · 2 |
| 21007A0050/00X002 | Brussels | 382 m² | 1 · 154 m² | 21.4 m · 6 |