Losses
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The last five annual accounts were filed 23 to 30 days before the end of the period.
Lower net result than 87% of companies in real estate. Sector median €5,997 · 17,176 companies.
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 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 68, micro). It does better than 91% of them on solvency, 56% on liquidity, 53% on profitability and 40% on growth.
The bankruptcy probability was computed on 08-11-2026 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, 929 companies had the same profile as CODIPRO has now. Each dot stands for 3 companies, two years later.
The bankruptcy probability of CODIPRO itself is lower: 0.1% within 12 months. It rests on far more data about CODIPRO than the profile alone.
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 929 companies, not a prediction for CODIPRO. 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 tight, with a current ratio of 1.32 (1.19 in 2024), below the usual 1.5. Short-term debt is 5.5% and cash 0.8% of total assets. 7.2% 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 27 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| CODIPRO Wommelgem | €1.7m | €50,422 | 92.8% | - |
| JHN Ghent | €1.9m | €57,628 | 0.5% | - |
| Immo ZANZEN Waimes | €1.5m | €60,481 | 0.0% | - |
| MTB INVEST Woluwe-Saint-Pierre | €1.4m | €55,901 | 30.1% | - |
| SURBERGER Chaudfontaine | €1.5m | €59,289 | 98.9% | - |
| MAXX PROJECTS Roeselare | €1.5m | €49,769 | 17.5% | - |
| SUN BUSINESS Bornem | €1.4m | €60,691 | -4.2% | - |
These companies have the same main activity as CODIPRO: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €1.4m and €1.9m, founded between 2016 and 2019.
CODIPRO files the micro format. That format states no turnover. The gross margin fell from €203,842 in 2019 to €50,422 in 2025.
GROEP DE MAEYER holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €65,000. Estimated: probably between €56,000 and €83,000.
Higher than 94% of 17,185 companies in 2025.
Higher than 55% of 16,482 companies in 2025.
Higher than 27% of 16,861 companies in 2025.
Net result: bottom quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
1.7m | 1.8m | 1.9m | 2.0m | 2.2m | 2.3m | 2.3m | |
21/28 |
1.6m | 1.7m | 1.8m | 1.9m | 2.1m | 2.2m | 2.3m | |
22/27 |
1.6m | 1.7m | 1.8m | 1.9m | 2.1m | 2.2m | 2.3m | |
22 |
1.6m | 1.7m | 1.7m | 1.9m | 2.1m | 2.2m | 2.2m | |
23 |
21,363 | 19,441 | 20,483 | 23,350 | 9,806 | 12,854 | 24,570 | |
24 |
- | - | - | 316 | 632 | 948 | 1,623 | |
29/58 |
125,159 | 126,665 | 164,768 | 108,907 | 108,136 | 72,532 | 44,588 | |
40/41 |
110,959 | 80,806 | 65,806 | 5,928 | 5,288 | 78 | 616 | |
40 |
159 | - | - | 718 | - | - | 538 | |
41 |
110,800 | 80,806 | 65,806 | 5,210 | 5,288 | 78 | 78 | |
54/58 |
14,200 | 45,859 | 98,962 | 102,019 | 102,769 | 70,435 | 41,601 | |
490/1 |
- | - | - | 960 | 80 | 2,019 | 2,371 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
1.7m | 1.8m | 1.9m | 2.0m | 2.2m | 2.3m | 2.3m | |
10/15 |
1.6m | 1.6m | 1.6m | 1.6m | 1.2m | 1.2m | 1.1m | |
10/11 |
890,454 | 890,454 | 890,454 | 890,454 | 841,124 | 841,124 | - | |
10 |
- | - | - | - | - | - | 841,124 | |
100 |
- | - | - | - | - | - | 841,124 | |
13 |
710,219 | 738,907 | 759,222 | 702,073 | 374,199 | 344,402 | 357,175 | |
130/1 |
- | - | - | - | 49,330 | 49,330 | - | |
130 |
- | - | - | - | - | - | 49,330 | |
1311 |
- | - | - | - | 49,330 | 49,330 | - | |
132 |
30,792 | 46,663 | 62,533 | 78,404 | 110,145 | 110,145 | 126,015 | |
133 |
679,426 | 692,244 | 696,689 | 623,669 | 214,724 | 184,927 | 181,830 | |
14 |
- | - | - | - | - | - | -59,349 | |
16 |
29,343 | 43,995 | 58,646 | 73,298 | 87,949 | 102,601 | 117,252 | |
168 |
29,343 | 43,995 | 58,646 | 73,298 | 87,949 | 102,601 | 117,252 | |
17/49 |
95,090 | 124,384 | 209,973 | 322,685 | 892,031 | 967,945 | 1.1m | |
17 |
579 | 17,137 | 70,451 | 162,680 | 278,515 | 404,454 | 525,390 | |
170/4 |
- | 16,400 | 68,044 | 160,343 | 276,168 | 401,850 | 523,600 | |
178/9 |
579 | 737 | 2,407 | 2,337 | 2,347 | 2,604 | 1,790 | |
42/48 |
94,511 | 106,036 | 136,436 | 159,663 | 612,466 | 563,175 | 528,169 | |
42 |
16,400 | 51,644 | 92,299 | 115,825 | 125,682 | 121,750 | 117,973 | |
44 |
34,266 | 7,076 | 718 | 901 | 2,291 | 2,930 | - | |
440/4 |
34,266 | 7,076 | 718 | 901 | 2,291 | 2,930 | - | |
46 |
40,000 | 40,000 | 40,000 | 40,000 | 40,000 | - | - | |
45 |
3,845 | 7,316 | 3,420 | 2,908 | 19,279 | 13,281 | 3,864 | |
450/3 |
3,845 | 7,316 | 3,420 | 2,908 | 19,279 | 13,281 | 3,864 | |
47/48 |
- | - | - | 28 | 425,214 | 425,214 | 406,332 | |
492/3 |
- | 1,212 | 3,085 | 342 | 1,050 | 316 | 193 | |
| Income statement | ||||||||
76A |
- | - | 153,198 | 511,227 | - | - | 3,213 | |
9900 |
50,422 | 61,956 | 183,848 | 595,284 | 150,319 | 169,370 | 203,842 | |
630 |
80,448 | 82,452 | 84,749 | 87,492 | 98,082 | 106,345 | 104,469 | |
640/8 |
11,208 | 10,179 | 24,938 | 10,897 | 10,715 | 10,085 | 19,089 | |
9901 |
-41,234 | -30,675 | 74,161 | 496,895 | 41,522 | 52,939 | 80,284 | |
75/76B |
3 | 2 | 285 | 1 | 13 | 1 | 7,440 | |
75 |
3 | 2 | 285 | 1 | 13 | 1 | 19 | |
76B |
- | - | - | - | - | - | 7,421 | |
65/66B |
2,109 | 4,294 | 7,756 | 12,113 | 16,599 | 20,630 | 58,699 | |
65 |
2,109 | 4,294 | 7,756 | 12,113 | 16,599 | 20,630 | 58,699 | |
9903 |
-43,340 | -34,967 | 66,691 | 484,783 | 24,936 | 32,310 | 29,025 | |
780 |
14,652 | 14,652 | 14,652 | 14,652 | 14,652 | - | - | |
67/77 |
- | - | 24,194 | 122,230 | 9,790 | 386 | - | |
9904 |
-28,688 | -20,315 | 57,149 | 377,204 | 29,797 | 46,576 | 29,025 | |
789 |
15,871 | 15,871 | 15,871 | 31,741 | - | 15,871 | - | |
9905 |
-12,818 | -4,444 | 73,019 | 408,945 | 29,797 | 62,446 | 29,025 | |
| Appropriation of the result | ||||||||
9906 |
-12,818 | -4,444 | 73,019 | 408,945 | 29,797 | 3,097 | -89,871 | |
14P |
- | - | - | - | - | - | -118,896 | |
791/2 |
12,818 | 4,444 | - | - | - | - | 30,522 | |
691/2 |
- | - | 73,019 | 408,945 | 29,797 | 3,097 | - | |
6921 |
- | - | 73,019 | 408,945 | 29,797 | 3,097 | - | |
| Document | ||||||||
The notes to these accounts have 5 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 | micro format | 03-07-2026 | 2026-00263287 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00261183 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00232682 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00204300 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20136618 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-32100349 | |
| 31-12-2019 | micro format | 09-07-2020 | 2020-28600335 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 39,214 | 51,777 | 158,910 | 584,387 | 139,604 | 159,284 | 184,753 | ||
| 51,759 | 62,137 | 141,898 | 464,696 | 127,879 | 152,921 | 133,494 | ||
| 9,319 | 0 | 5,475 | 18,416 | 1,709 | 24,519 | 2.4m | ||
| -31,658 | -53,103 | -3,057 | -750 | 32,334 | 28,834 | - | ||
| 30,648 | 20,629 | 28,332 | -50,756 | -504,329 | -490,643 | -483,581 | ||
| 92.8% | 90.6% | 86.0% | 80.1% | 55.4% | 52.5% | 49.3% | ||
| 1.32 | 1.19 | 1.21 | 0.68 | 0.18 | 0.13 | 0.08 | ||
| 0.06 | 0.08 | 0.13 | 0.20 | 0.73 | 0.82 | 0.93 | ||
| -1.8% | -1.2% | 3.5% | 23.7% | 2.5% | 3.9% | 2.5% | ||
| -1.7% | -1.1% | 3.0% | 19.0% | 1.4% | 2.1% | 1.3% | ||
| 18.59 | 12.06 | 20.49 | 48.24 | 8.41 | - | 3.15 |
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 | €9,319 | - | €5,475 | €18,416 | €1,709 |
| €80,448 | €82,452 | €84,749 | €87,492 | €98,082 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €41,234, larger than the loss of €30,675 in 2024. It is the lowest result since 2019.
Debt's share of the balance-sheet total falls from 6.9% to 5.5%. Equity and debt are lower.
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of GROEP DE MAEYER. Every holding stands with its own latest accounts.
| GROEP DE MAEYER
registered office since 27-12-2011 · founded in 2011 |
total assets €24.5m (2025) 0842.236.350 |
| DE MAEYER - DE RYCK
registered office since 15-05-1979 · founded in 1979 |
3.6 FTE (2025) 0420.105.020 |
| Codimmo
registered office since 09-08-2018 · founded in 2018 |
total assets €690,645 (2025) 0700.763.533 |
| CODINVEST
registered office since 09-08-2018 · founded in 2018 |
total assets €593,126 (2025) 0700.764.325 |
| M.P.R. MARINE PACKING REPAIR
registered office since 28-07-1993 · founded in 1980 |
total assets €414,404 (2025) 0420.487.377 |
| VACCIFAR
registered office since 21-02-2014 · founded in 2014 |
total assets €404,293 (2025) 0547.918.554 |
| MAPISO
registered office since 11-05-2022 |
founded in 2022 0785.917.061 |
| BTWE CODI
registered office since 01-12-2009 |
founded in 2009 0820.325.238 |
The network starts from the directors of CODIPRO. 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 |
|---|---|---|
| Sint-Damiaanstraat 18 registered office 2160 Wommelgem | 09-08-2018 | 2.278.472.590 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11052C0366/00R000 | 464 m² | 1 · 279 m² | 15.0 m · 4 |
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