Codigo Verde
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00469654.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 10 filings
Turnover
€14,387
EBIT margin
47.1%
Net result
€223,403
2024 · -€3,545
Working capital
-€2,314▲ 57.5%
2024 · -€5,447
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€224,649
2025
20182025
Net result
€223,403
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€2,314
▲ 99.0%
2025
lowest quarter of the sector
20182025
Total assets
€1,839
▲ 59.1%
2025
lowest quarter of the sector
20182025
Debt
€4,153
▼ 98.2%
2025
20182025
Working capital
-€2,314
▲ 57.5%
2025
lowest quarter of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€14,387
Operating result-€164,785--€38,322▲ 76.7%-€32,138▲ 16.1%€6,783-€835-€2,466▼ 195%-€3,334▼ 35.2%€224,649
Net result-€164,979--€40,318▲ 75.6%-€21,271below the sector's middle half▲ 47.2%€14,228within the sector's middle half-€455within the sector's middle half-€2,587below the sector's middle half▼ 468%-€3,545below the sector's middle half▼ 37.0%€223,403above the sector's middle half
EBIT margin47.1%
Equity-€171,768--€212,087▼ 23.5%-€233,358below the sector's middle half▼ 10.0%-€219,130below the sector's middle half▲ 6.1%-€219,586below the sector's middle half▼ 0.2%-€222,172below the sector's middle half▼ 1.2%-€225,717below the sector's middle half▼ 1.6%-€2,314below the sector's middle half▲ 99.0%
Total assets€206,804-€164,224▼ 20.6%€119,777within the sector's middle half▼ 27.1%€122,009below the sector's middle half▲ 1.9%€748below the sector's middle half▼ 99.4%€4,893below the sector's middle half▲ 554%€1,156below the sector's middle half▼ 76.4%€1,839below the sector's middle half▲ 59.1%
Debt€378,572-€376,311▼ 0.6%€353,135▼ 6.2%€341,139▼ 3.4%€220,334▼ 35.4%€227,065▲ 3.1%€226,873▼ 0.1%€4,153▼ 98.2%
Working capital€180,000-€144,431▼ 19.8%€107,781within the sector's middle half▼ 25.4%€483within the sector's middle half-€2,104below the sector's middle half-€5,447below the sector's middle half▼ 159%-€2,314below the sector's middle half▲ 57.5%
Solvency-83.1%--129.1%▼ 46.1pp-194.8%below the sector's middle half▼ 65.7pp-179.6%below the sector's middle half▲ 15.2pp
Current ratio10.69-9.86▼ 0.849.98above the sector's middle half▲ 0.13
Return on assets (ROA)-79.8%--24.6%▲ 55.2pp-17.8%below the sector's middle half▲ 6.8pp11.7%within the sector's middle half▲ 29.4pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €224,649, after a loss of €3,334 in 2024. It is the highest result since 2021.
Key figures and ratios
Debt ≤ 1 year
€4,153▼
2024 · €6,603
Income taxes
€1,051
The ratios are withheld because a balance sheet total of €1,839 is too small for a meaningful ratio.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €14,387 | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €227,300 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €7,136 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,482 | €3,482 | €3,482 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €468 | €122 | - | €934 | - | - |
| Gross operating margin9900 | -€160,755 | -€34,349 | -€27,079 | €7,251 | -€714 | -€2,466 | -€2,399 | €224,649 | - |
| Operating profit (loss)9901 | -€164,785 | -€38,322 | -€32,138 | €6,783 | -€835 | -€2,466 | -€3,334 | €224,649 | - |
| Financial income75/76B | - | - | - | €9,091 | €500 | - | - | - | - |
| Recurring financial income75 | - | - | - | €9,091 | €500 | - | - | - | - |
| Non-recurring financial income76B | - | - | - | €9,091 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €120 | €120 | €120 | €211 | €195 | ▼ 7.6% |
| Recurring financial charges65 | €194 | €255 | €164 | €120 | €120 | €120 | €211 | €195 | ▼ 7.6% |
| Profit (loss) for the period before taxes9903 | -€164,979 | -€40,318 | -€21,271 | €15,754 | -€455 | -€2,587 | -€3,545 | €224,454 | - |
| Income taxes67/77 | - | - | - | €1,526 | - | - | - | €1,051 | - |
| Profit (loss) for the period9904 | -€164,979 | -€40,318 | -€21,271 | €14,228 | -€455 | -€2,587 | -€3,545 | €223,403 | - |
| Profit (loss) for the period to be appropriated9905 | -€164,979 | -€40,318 | -€21,271 | €14,228 | -€455 | -€2,587 | -€3,545 | €223,403 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €206,804 | €164,224 | €119,777 | €122,009 | €748 | €4,893 | €1,156 | €1,839 | ▲ 59.1% |
| Fixed assets21/28 | €8,232 | €3,482 | - | - | - | - | - | - | - |
| Intangible fixed assets21 | €4,388 | €2,194 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2,576 | €1,288 | - | - | - | - | - | - | - |
| Financial fixed assets28 | €1,268 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €198,572 | €160,742 | €119,777 | €122,009 | €748 | €4,893 | €1,156 | €1,839 | ▲ 59.1% |
| Stocks and contracts in progress3 | €141,268 | €115,582 | €98,528 | €93,070 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €93,070 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €30,032 | €29,520 | €7,157 | €10,469 | €50 | €181 | €870 | €1,571 | ▲ 80.5% |
| Trade receivables40 | - | - | - | €6,738 | - | - | - | €509 | - |
| Other amounts receivable41 | - | - | - | €3,731 | €50 | €181 | €870 | €1,062 | ▲ 22.0% |
| Cash at bank and in hand54/58 | €26,882 | €15,639 | €14,092 | €18,470 | €698 | €4,713 | €286 | €269 | ▼ 6.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €206,804 | €164,224 | €119,777 | €122,009 | €748 | €4,893 | €1,156 | €1,839 | ▲ 59.1% |
| Equity10/15 | -€171,768 | -€212,087 | -€233,358 | -€219,130 | -€219,586 | -€222,172 | -€225,717 | -€2,314 | ▲ 99.0% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | - | - | - | €20,000 | - | - | - | - | - |
| Issued capital100 | - | - | - | €20,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€191,768 | -€232,087 | -€253,358 | -€239,130 | -€239,586 | -€242,172 | -€245,717 | -€22,314 | ▲ 90.9% |
| Amounts payable17/49 | €378,572 | €376,311 | €353,135 | €341,139 | €220,334 | €227,065 | €226,873 | €4,153 | ▼ 98.2% |
| Amounts payable after more than one year17 | €360,000 | €360,000 | €341,139 | €341,139 | €220,069 | €220,069 | €220,270 | - | - |
| Financial debts170/4 | - | - | - | €341,139 | €220,069 | €220,069 | €220,270 | - | - |
| Amounts payable within one year42/48 | €18,572 | €16,311 | €11,996 | - | €265 | €6,997 | €6,603 | €4,153 | ▼ 37.1% |
| Trade debts44 | €18,474 | €10,796 | €11,898 | - | €265 | €28 | €145 | €1,421 | ▲ 878% |
| Suppliers440/4 | - | - | - | - | €265 | €28 | €145 | €1,421 | ▲ 878% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €310 | - | €1,051 | - |
| Taxes450/3 | - | - | - | - | - | €310 | - | €1,051 | - |
| Other amounts payable47/48 | - | - | - | - | - | €6,659 | €6,458 | €1,682 | ▼ 74.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€164,979 | -€40,318 | -€21,271 | €14,228 | -€455 | -€2,587 | -€3,545 | €223,403 | - |
| + Depreciation and write-downs630 | €3,482 | €3,482 | €3,482 | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€161,497 | -€36,836 | -€17,789 | €14,228 | -€455 | -€2,587 | -€3,545 | €223,403 | - |
| Investment in fixed assets (approximation) | - | €1,268 | - | - | - | - | - | - | - |
| Change in cash | - | -€11,243 | -€1,547 | €4,378 | -€17,772 | €4,015 | -€4,427 | -€17 | ▲ 99.6% |
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, 3,632 companies had the same profile as Codigo Verde has now. Two years later, 91.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Codigo Verde itself: 1.0% within 12 months.
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 3,632 companies, not a prediction for Codigo Verde. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00469654 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00473390 | |
| 31-12-2023 | micro format | 26-09-2024 | 2024-00473967 | |
| 31-12-2022 | micro format | 26-08-2023 | 2023-00362298 | |
| 31-12-2021 | abbreviated format | 22-07-2022 | 2022-20211751 | |
| 31-12-2020 | abbreviated format | 22-07-2021 | 2021-39000453 | |
| 31-12-2019 | abbreviated format | 29-08-2020 | 2020-50000021 | |
| 31-12-2018 | abbreviated format | 19-06-2019 | 2019-19800172 | |
| 31-12-2017 | abbreviated format | 24-07-2018 | 2018-38400546 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-37300349 |