Investments
Green is investment, beige is depreciation.
Green is investment, beige is depreciation.
Short-term debts fell from €281,525 to €202,943.
The last five annual accounts were filed 21 to 32 days before the end of the period.
The dashed line is the sector median: 0.2% across 12,672 companies (NACE 82, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 82, micro). It does better than 23% of them on solvency, 58% on liquidity, 35% on profitability and 68% on growth.
The bankruptcy probability was computed on 09-11-2026 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).
In July 2024, 4,107 companies had the same profile as Codific has now. Each dot stands for 11 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Codific itself: 0.1% within 12 months.
The method was tested on the 497,447 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 4,107 companies, not a prediction for Codific. 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.
Liquidity is ample, with a current ratio of 1.78 (1.03 in 2024), above the usual 1.5. Short-term debt is 19.4% and cash 15.6% of total assets. However, 86.7% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 29 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Codific Leuven | €1.0m | €127,275 | 13.3% | - |
| C-V-A Halle | €1.2m | €144,792 | 46.0% | - |
| STRUBBE-ROELANDT Hamme (Vl.) | €1.0m | €126,846 | 45.3% | - |
| IMMO DION Chaumont-Gistoux | €1.0m | €136,934 | -5.9% | - |
| IRPAT Koksijde | €1.0m | €135,241 | 98.7% | - |
| IMMOSTRA Namur | €1.1m | €143,961 | 42.9% | - |
| DGP Invest Anzegem | €1.0m | €138,506 | 26.0% | - |
These companies have the same main activity as Codific: other business support services (NACE 82990). They are comparable in size and age: total assets between €1m and €1.2m, founded between 2009 and 2012.
Codific files the abbreviated format. That format states no turnover. The gross margin rose from €53,707 in 2012 to €127,275 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 25% of 2,829 companies in 2025.
Higher than 59% of 2,718 companies in 2025.
Higher than 44% of 2,776 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
1.0m | 857,190 | 630,378 | 349,352 | 240,944 | 330,965 | 314,659 | 281,427 | 227,873 | 222,883 | 210,718 | 184,232 | 222,154 | 195,219 | |
21/28 |
682,068 | 567,323 | 387,624 | 188,408 | 197,967 | 204,244 | 213,497 | 228,322 | 169,670 | 166,545 | 181,677 | 167,706 | 184,009 | 187,727 | |
21 |
479,841 | 282,541 | 155,165 | - | - | - | - | - | - | - | - | - | - | - | |
22/27 |
202,227 | 217,000 | 232,459 | 188,408 | 197,967 | 204,244 | 213,497 | 228,322 | 169,670 | 166,545 | 181,677 | 167,706 | 184,009 | 187,727 | |
22 |
169,370 | 174,813 | 180,639 | 186,465 | 192,974 | 199,483 | 205,992 | 212,501 | 154,931 | 147,039 | 155,092 | 163,146 | 171,200 | 171,741 | |
23 |
3,070 | 4,049 | 2,401 | - | - | - | - | 0 | 193 | 508 | 246 | 540 | 834 | - | |
24 |
29,787 | 38,137 | 49,418 | 1,943 | 4,993 | 4,761 | 7,505 | 15,821 | 14,547 | 18,999 | 26,339 | 4,020 | 11,975 | 15,986 | |
28 |
- | 67,782 | - | - | - | - | - | - | - | - | - | - | - | - | |
29/58 |
361,461 | 289,867 | 242,755 | 160,944 | 42,977 | 126,721 | 101,162 | 53,106 | 58,204 | 56,338 | 29,041 | 16,526 | 38,145 | 7,492 | |
40/41 |
193,975 | 194,308 | 110,898 | 120,654 | 13,111 | 95,856 | 89,581 | 36,363 | 21,384 | 34,167 | 13,014 | 7,591 | 16,303 | 7,492 | |
40 |
193,937 | 180,086 | 108,290 | 119,834 | 11,659 | 61,386 | 82,304 | 26,359 | 18,176 | 29,403 | 13,014 | 574 | 11,433 | 7,492 | |
41 |
38 | 14,222 | 2,609 | 820 | 1,452 | 34,470 | 7,277 | 10,004 | 3,208 | 4,764 | - | 7,017 | 4,870 | - | |
54/58 |
162,352 | 92,057 | 131,857 | 40,290 | 29,866 | 30,865 | 11,581 | 16,743 | 36,819 | 22,171 | 16,027 | 8,936 | 21,842 | - | |
490/1 |
5,134 | 3,502 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
1.0m | 857,190 | 630,378 | 349,352 | 240,944 | 330,965 | 314,659 | 281,427 | 227,873 | 222,883 | 210,718 | 184,232 | 222,154 | 195,219 | |
10/15 |
138,339 | 112,102 | 122,975 | 63,078 | 66,388 | 86,693 | 77,187 | 79,905 | 73,773 | 65,588 | 57,316 | 56,887 | 47,625 | 40,553 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
13 |
68,093 | 68,093 | 68,093 | 68,093 | 68,093 | 68,093 | 61,305 | 61,305 | 55,173 | 46,988 | 38,716 | 38,287 | 29,025 | 21,953 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | |
133 |
66,233 | 66,233 | 66,233 | 66,233 | 66,233 | 66,233 | 59,445 | 59,445 | 53,313 | 45,128 | 36,856 | 36,427 | 27,165 | 20,093 | |
14 |
51,646 | 25,409 | 36,282 | -23,615 | -20,305 | - | -2,718 | - | - | - | - | - | - | - | |
16 |
232,549 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
160/5 |
232,549 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
164/5 |
232,549 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
17/49 |
672,642 | 745,089 | 507,403 | 286,274 | 174,556 | 244,272 | 237,472 | 201,522 | 154,101 | 157,295 | 153,403 | 127,345 | 174,529 | 154,666 | |
17 |
30,530 | 58,282 | 84,937 | 71,892 | 87,799 | 102,954 | 113,235 | 127,582 | 85,598 | 93,482 | 101,018 | 115,102 | 121,680 | 127,967 | |
170/4 |
30,530 | 58,282 | 84,937 | 71,892 | 87,799 | 102,954 | 113,235 | 127,582 | 85,598 | 93,482 | 101,018 | 115,102 | 121,680 | 127,967 | |
42/48 |
202,943 | 281,525 | 89,357 | 23,588 | 59,878 | 102,080 | 87,056 | 50,280 | 58,873 | 49,946 | 35,033 | 12,243 | 52,849 | 17,349 | |
42 |
27,752 | 26,655 | 25,651 | 15,907 | 15,155 | 14,644 | 14,347 | 13,866 | 7,885 | 7,535 | 7,193 | - | - | - | |
44 |
164,939 | 235,682 | 45,929 | 100 | 37,126 | 71,365 | 55,869 | 25,843 | 28,677 | 33,070 | 18,610 | 4,930 | 38,026 | 1,207 | |
440/4 |
164,939 | 235,682 | 45,929 | 100 | 37,126 | 71,365 | 55,869 | 25,843 | 28,677 | 33,070 | 18,610 | 4,930 | 38,026 | 1,207 | |
45 |
9,886 | 17,777 | 17,777 | 7,581 | 7,597 | 14,571 | 16,840 | 10,570 | 22,311 | 9,340 | 8,447 | 7,312 | 14,824 | 15,959 | |
450/3 |
9,886 | 17,777 | 17,777 | 7,581 | 7,597 | 14,571 | 16,840 | 10,570 | 22,311 | 9,340 | 8,447 | 7,312 | 14,824 | 15,959 | |
47/48 |
366 | 1,411 | - | - | - | 1,500 | - | - | - | - | 783 | - | - | 183 | |
492/3 |
439,168 | 405,281 | 333,110 | 190,794 | 26,879 | 39,238 | 37,181 | 23,660 | 9,630 | 13,868 | 17,352 | - | - | 9,350 | |
| Income statement | |||||||||||||||
70 |
- | - | - | - | 461,221 | - | 318,241 | 341,647 | 216,496 | 172,401 | 117,002 | 83,741 | 81,887 | 100,141 | |
76A |
- | - | 4,132 | - | - | 15,290 | - | 163 | - | - | 4,959 | - | - | - | |
9900 |
127,275 | 45,149 | 94,899 | 9,216 | -6,504 | 28,077 | 19,657 | 34,783 | 33,658 | 35,839 | 21,778 | 21,107 | 14,567 | 53,707 | |
60/61 |
- | - | - | - | 485,634 | - | 310,785 | 306,864 | 191,345 | 144,399 | 108,961 | 63,146 | 70,520 | 48,833 | |
62 |
- | - | - | - | - | - | - | - | - | - | - | 432 | - | - | |
630 |
79,537 | 48,822 | 9,518 | 9,559 | 9,240 | 9,253 | 14,825 | 15,737 | 13,105 | 15,939 | 15,872 | 19,900 | 14,644 | 14,148 | |
640/8 |
1,043 | 6,337 | 952 | 1,202 | 477 | 1,607 | 1,607 | 3,063 | 1,349 | 1,321 | 2,088 | 540 | 1,287 | 959 | |
9901 |
46,694 | -10,010 | 84,430 | -1,544 | -16,221 | 17,217 | 3,225 | 15,983 | 19,204 | 18,580 | 3,819 | 235 | -1,364 | 38,600 | |
75/76B |
11,323 | 14,092 | 4,510 | 1,990 | 3 | 1 | - | 163 | 2 | 5 | 7 | 18,001 | 18,007 | - | |
75 |
11,323 | 14,092 | 4,510 | 1,990 | 3 | 1 | - | 0 | 2 | 5 | 7 | 18,001 | 18,007 | - | |
76B |
- | - | - | - | - | - | - | 163 | - | - | - | - | - | - | |
65/66B |
23,576 | 14,955 | 11,265 | 3,755 | 4,087 | 4,447 | 4,832 | 5,287 | 4,580 | 4,963 | 5,401 | 5,474 | 6,571 | 2,948 | |
65 |
23,576 | 14,955 | 11,265 | 3,755 | 4,087 | 4,447 | 4,832 | 5,287 | 4,580 | 4,963 | 5,401 | 5,474 | 6,571 | 2,948 | |
9903 |
34,441 | -10,873 | 77,674 | -3,310 | -20,305 | 12,771 | -1,607 | 10,860 | 14,626 | 13,622 | 3,384 | 12,763 | 10,072 | 35,653 | |
67/77 |
8,204 | - | 17,777 | - | - | 3,265 | 1,111 | 4,727 | 6,442 | 5,349 | 2,956 | 3,500 | 3,000 | 13,700 | |
9904 |
26,237 | -10,873 | 59,897 | -3,310 | -20,305 | 9,506 | -2,718 | 6,133 | 8,185 | 8,272 | 428 | 9,263 | 7,072 | 21,953 | |
9905 |
26,237 | -10,873 | 59,897 | -3,310 | -20,305 | 9,506 | -2,718 | 6,133 | 8,185 | 8,272 | 428 | 9,263 | 7,072 | 21,953 | |
| Appropriation of the result | |||||||||||||||
9906 |
51,646 | 25,409 | 36,282 | -23,615 | -20,305 | 6,788 | -2,718 | 6,133 | 8,185 | 8,272 | 428 | 9,263 | 7,072 | 21,953 | |
14P |
25,409 | 36,282 | -23,615 | -20,305 | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | 6,788 | - | 6,133 | 8,185 | 8,272 | 428 | 9,263 | 7,072 | 21,953 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
- | - | - | - | - | 6,788 | - | 6,133 | 8,185 | 8,272 | 428 | 9,263 | 7,072 | 20,093 | |
| Document | |||||||||||||||
The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 03-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00245894 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00196784 | |
| 31-12-2023 | abbreviated format | 10-07-2024 | 2024-00229542 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00176957 | |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20105079 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-25600072 | |
| 31-12-2019 | abbreviated format | 02-07-2020 | 2020-25500536 | |
| 31-12-2018 | abbreviated format | 01-07-2019 | 2019-26800375 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-25500423 | |
| 31-12-2016 | abbreviated format | 01-07-2017 | 2017-24600190 | |
| 31-12-2015 | abbreviated format | 25-06-2016 | 2016-22800228 | |
| 31-12-2014 | abbreviated format | 31-08-2015 | 2015-57900180 | |
| 31-12-2013 | abbreviated format | 29-08-2014 | 2014-57200216 | |
| 31-12-2012 | abbreviated format | 29-08-2013 | 2013-51600330 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 126,232 | 38,813 | 93,947 | 8,014 | -6,981 | 26,470 | 18,050 | 31,720 | 32,309 | 34,519 | 19,691 | 20,135 | 13,280 | 52,749 | ||
| 105,774 | 37,949 | 69,415 | 6,249 | -11,065 | 18,759 | 12,107 | 21,869 | 21,290 | 24,211 | 16,300 | 29,163 | 21,716 | 36,101 | ||
| 262,065 | 228,522 | 208,733 | 0 | 2,964 | 0 | 0 | 74,387 | 16,229 | 807 | 29,843 | 3,597 | 10,927 | 201,875 | ||
| 70,295 | -39,799 | 91,567 | 10,424 | -999 | 19,284 | -5,162 | -20,077 | 14,649 | 6,144 | 7,091 | -12,906 | - | - | ||
| 158,518 | 8,342 | 153,398 | 137,356 | -16,901 | 24,641 | 14,106 | 2,826 | -670 | 6,392 | -5,991 | 4,284 | -14,704 | -9,857 | ||
| - | - | - | - | -3.5% | - | 1.0% | 4.7% | 8.9% | 10.8% | 3.3% | 0.3% | -1.7% | 38.5% | ||
| 13.3% | 13.1% | 19.5% | 18.1% | 27.6% | 26.2% | 24.5% | 28.4% | 32.4% | 29.4% | 27.2% | 30.9% | 21.4% | 20.8% | ||
| 1.78 | 1.03 | 2.72 | 6.82 | 0.72 | 1.24 | 1.16 | 1.06 | 0.99 | 1.13 | 0.83 | 1.35 | 0.72 | 0.43 | ||
| 4.86 | 6.65 | 4.13 | 4.54 | 2.63 | 2.82 | 3.08 | 2.52 | 2.09 | 2.40 | 2.68 | 2.24 | 3.66 | 3.81 | ||
| 19.0% | -9.7% | 48.7% | -5.2% | -30.6% | 11.0% | -3.5% | 7.7% | 11.1% | 12.6% | 0.7% | 16.3% | 14.8% | 54.1% | ||
| 2.5% | -1.3% | 9.5% | -0.9% | -8.4% | 2.9% | -0.9% | 2.2% | 3.6% | 3.7% | 0.2% | 5.0% | 3.2% | 11.2% | ||
| 5.35 | 2.60 | 8.34 | 2.13 | -1.71 | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | 9 days | - | 94 days | 28 days | 31 days | 62 days | 41 days | 2 days | 51 days | 27 days | ||
| - | - | - | - | 28 days | - | 66 days | 31 days | 55 days | 84 days | 62 days | 28 days | 197 days | 9 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,015 | €2,227 | €53,483 | - | €2,964 |
| Intangible fixed assets | €260,050 | €158,513 | €155,250 | - | - |
| Financial fixed assets | - | €67,782 | - | - | - |
| €79,537 | €48,822 | €9,518 | €9,559 | €9,240 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
The operating result for 2025 is a profit of €46,694, after a loss of €10,010 in 2024.
Debt's share of the balance-sheet total falls from 86.9% to 64.5%. Equity is higher and debt is lower.
Source: lists of holdings in the owners' accounts
Codific has no parent and no holdings in its annual accounts. HOVSEPYAN Aram is the only director.
| PHARMADVICE
registered office since 20-03-2008 · founded in 2008 |
total assets €1.2m (2025) 0896.586.737 |
| Erven & Wonen
registered office since 16-08-2022 · founded in 2022 |
total assets €259,889 (2025) 0789.680.760 |
| MH Caredent
registered office since 24-10-2019 · founded in 2019 |
total assets €134,375 (2025) 0736.758.451 |
| MORGENROOD
registered office since 24-02-2020 · founded in 2020 |
total assets €82,606 (2025) 0744.397.596 |
| Degraen, David (sole trader)
establishment since 10-08-2026 |
founded in 2026 1041.125.546 |
| Damiano, Angelo (sole trader)
establishment since 25-05-2026 |
founded in 2026 1036.708.581 |
| Bugnix
registered office since 22-04-2026 |
founded in 2026 1037.173.983 |
| Banerjee, Leena (sole trader)
establishment since 14-01-2026 |
founded in 2026 1033.003.775 |
| Van Heuckelom, Joost (sole trader)
establishment since 11-11-2020 |
founded in 2020 0838.177.097 |
| Callebert, Ann (sole trader)
establishment since 22-11-2018 |
founded in 2018 0713.816.070 |
The network starts from the directors of Codific. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Tervuursevest 21 registered office 3001 Leuven | 13-10-2011 | 2.240.192.630 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 24432D0158/00K000 | 2,369 m² | 1 · 501 m² | 58.8 m · 19 |
If something looks wrong or is missing, please tell us.