CODISPEED
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 26 filings
Turnover
≈ €2.0m
Estimated: probably between €1.4m and €3.3m
EBIT margin
Not included in this filing
Net result
€133,667▼ 29.9%
2024 · €190,778
Working capital
€681
2024 · -€8,060
In the rankings
#5 employer in Gesves#6 company by staff growth in the province of Namur, Food and beverage service sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€191,513
▼ 28.0%
2025
20182025
Net result
€133,667
▼ 29.9%
2025
highest quarter of the sector
20182025
Equity
€136,149
▲ 32.9%
2025
middle half of the sector
20182025
Total assets
€718,303
▲ 11.5%
2025
middle half of the sector
20182025
Debt
€582,154
▲ 7.5%
2025
20182025
Working capital
€681
2025
middle half of the sector
20182025
Solvency
19.0%
▲ 3.0pp
2025
middle half of the sector
20182025
Current ratio
1.00
▲ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
18.6%
▼ 11.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
24.7
▲ 1.2%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€73,796-€140,174▲ 89.9%€219,946▲ 56.9%€311,596▲ 41.7%€162,884▼ 47.7%€332,414▲ 104%€266,036▼ 20.0%€191,513▼ 28.0%
Net result€34,601-€93,822▲ 171%€158,908above the sector's middle half▲ 69.4%€233,667above the sector's middle half▲ 47.0%€114,266above the sector's middle half▼ 51.1%€239,596above the sector's middle half▲ 110%€190,778above the sector's middle half▼ 20.4%€133,667above the sector's middle half▼ 29.9%
Equity€86,445-€90,267▲ 4.4%€149,175above the sector's middle half▲ 65.3%€382,843above the sector's middle half▲ 157%€97,109within the sector's middle half▼ 74.6%€111,704within the sector's middle half▲ 15.0%€102,482within the sector's middle half▼ 8.3%€136,149within the sector's middle half▲ 32.9%
Total assets€469,887-€944,929▲ 101%€710,660above the sector's middle half▼ 24.8%€915,972above the sector's middle half▲ 28.9%€825,582above the sector's middle half▼ 9.9%€834,690above the sector's middle half▲ 1.1%€643,987within the sector's middle half▼ 22.8%€718,303within the sector's middle half▲ 11.5%
Debt€383,442-€854,662▲ 123%€561,485▼ 34.3%€533,130▼ 5.1%€728,473▲ 36.6%€722,986▼ 0.8%€541,505▼ 25.1%€582,154▲ 7.5%
Working capital€34,564-€23,496▼ 32.0%€54,543above the sector's middle half▲ 132%€329,980above the sector's middle half▲ 505%€28,116within the sector's middle half▼ 91.5%€8,719within the sector's middle half▼ 69.0%-€8,060within the sector's middle half€681within the sector's middle half
Solvency18.4%-9.6%▼ 8.8pp21.0%within the sector's middle half▲ 11.4pp41.8%within the sector's middle half▲ 20.8pp11.8%within the sector's middle half▼ 30.0pp13.4%within the sector's middle half▲ 1.6pp15.9%within the sector's middle half▲ 2.5pp19.0%within the sector's middle half▲ 3.0pp
Current ratio1.10-1.05▼ 0.061.20within the sector's middle half▲ 0.152.11within the sector's middle half▲ 0.911.05within the sector's middle half▼ 1.061.01within the sector's middle half▼ 0.040.98within the sector's middle half▼ 0.031.00within the sector's middle half▲ 0.02
Return on assets (ROA)7.4%-9.9%▲ 2.6pp22.4%above the sector's middle half▲ 12.4pp25.5%above the sector's middle half▲ 3.1pp13.8%above the sector's middle half▼ 11.7pp28.7%above the sector's middle half▲ 14.9pp29.6%above the sector's middle half▲ 0.9pp18.6%above the sector's middle half▼ 11.0pp
Staff (FTE)13.9-13.2▼ 5.0%13within the sector's middle half▼ 1.5%16above the sector's middle half▲ 23.1%16.3within the sector's middle half▲ 1.9%20.4above the sector's middle half▲ 25.2%24.4above the sector's middle half▲ 19.6%24.7above the sector's middle half▲ 1.2%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 28% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €718,303
Fixed assets
€229,862 ▲ 6.0%
Current assets
€488,441 ▲ 14.3%
Equity and liabilities €718,303
Equity
€136,149 ▲ 32.9%
Debt
€582,154 ▲ 7.5%
Debt's share of the balance-sheet total falls from 84.1% to 81.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€289,971▼
2024 · €375,264
Cash flow
€232,125▼
2024 · €300,006
Quick ratio
0.96▲
2024 · 0.95
Debt to equity
4.28▼
2024 · 5.28
ROE
98.2%▼
2024 · 186.2%
Interest coverage
33.19▼
2024 · 48.90
Debt ≤ 1 year
€487,760▲
2024 · €435,268
Debt > 1 year
€86,755▼
2024 · €100,875
Income taxes
€50,148▼
2024 · €69,620
Staff costs
€881,050▲
2024 · €834,788
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 33 | 22 | 22 | 20 | 22 |
| full-time | 3 | 3 | 11 | 11 | 12 |
| part-time | 30 | 19 | 11 | 9 | 10 |
| in full-time equivalents | 15.9 | 12.6 | 17.6 | 16.1 | 17.8 |
| Average over the year, in full-time equivalents | 16 | 15.6 | 20.4 | 24.4 | 24.7 |
| On a permanent contract | 13 | 15 | 10 | 9 | 10 |
| Joined | 1,230 | 2,267 | 1,969 | - | 2,806 |
| Left | 1,215 | 2,275 | 1,964 | - | 2,804 |
| Training hours | 3,809 | 3,017 | - | - | 2,897 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,252 | €61,607 | €72,894 | €98,363 | €111,541 |
| Financial fixed assets | €236 | - | - | - | - |
| Depreciation and write-downs of the year | €109,091 | €88,826 | €90,204 | €109,228 | €98,458 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0.01m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.06m | €0.1m | €0.1m | €0.09m | €0.09m | €0.1m | €0.1m | ▼ 9.9% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.005m | €0.005m | €0.008m | €0.007m | ▼ 18.7% |
| Non-recurring operating charges66A | - | - | - | - | €0.006m | - | - | - | - |
| Gross operating margin9900 | €0.8m | €0.9m | €0.9m | €1.1m | €1.0m | €1.3m | €1.2m | €1.2m | ▼ 3.3% |
| Operating profit (loss)9901 | €0.07m | €0.1m | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 28.0% |
| Financial income75/76B | - | - | - | - | - | €0.001m | €0.002m | €0.001m | ▼ 49.0% |
| Recurring financial income75 | €213 | €236 | €2 | - | - | €0.001m | €0.002m | €0.001m | ▼ 49.0% |
| Financial charges65/66B | - | - | - | €0.003m | €0.005m | €0.009m | €0.008m | €0.009m | ▲ 13.9% |
| Recurring financial charges65 | €0.007m | €0.002m | €0.008m | €0.003m | €0.005m | €0.009m | €0.008m | €0.009m | ▲ 13.9% |
| Profit (loss) for the period before taxes9903 | €0.07m | €0.1m | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 29.4% |
| Income taxes67/77 | €0.03m | €0.04m | €0.05m | €0.08m | €0.04m | €0.09m | €0.07m | €0.05m | ▼ 28.0% |
| Profit (loss) for the period9904 | €0.03m | €0.09m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 29.9% |
| Profit (loss) for the period to be appropriated9905 | €0.06m | €0.09m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 29.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €469,887 | €944,929 | €710,660 | €915,972 | €825,582 | €834,690 | €643,987 | €718,303 | ▲ 11.5% |
| Fixed assets21/28 | €100,266 | €400,940 | €380,920 | €289,318 | €262,098 | €227,645 | €216,780 | €229,862 | ▲ 6.0% |
| Tangible fixed assets22/27 | €81,530 | €380,761 | €360,741 | €268,902 | €241,683 | €224,373 | €213,508 | €226,590 | ▲ 6.1% |
| Plant, machinery and equipment23 | - | - | - | €42,531 | €66,536 | €63,108 | €67,311 | €57,291 | ▼ 14.9% |
| Furniture and vehicles24 | - | - | - | €29,520 | €21,035 | €39,726 | €71,325 | €58,186 | ▼ 18.4% |
| Other tangible fixed assets26 | - | - | - | €196,851 | €154,112 | €121,539 | €74,872 | €111,114 | ▲ 48.4% |
| Financial fixed assets28 | €18,736 | €20,179 | €20,179 | €20,415 | €20,415 | €3,272 | €3,272 | €3,272 | = |
| Current assets29/58 | €369,621 | €543,989 | €329,740 | €626,654 | €563,483 | €607,045 | €427,208 | €488,441 | ▲ 14.3% |
| Stocks and contracts in progress3 | €8,026 | €12,941 | €10,364 | €10,004 | €9,995 | €14,120 | €15,471 | €21,411 | ▲ 38.4% |
| Stocks30/36 | - | - | - | €10,004 | €9,995 | €14,120 | €15,471 | €21,411 | ▲ 38.4% |
| Amounts receivable within one year40/41 | €23,320 | €52,492 | €22,324 | €316,034 | €72,952 | €127,222 | €33,463 | €51,982 | ▲ 55.3% |
| Trade receivables40 | - | - | - | €1,631 | €15,282 | €1,863 | €2,204 | €5,774 | ▲ 162% |
| Other amounts receivable41 | - | - | - | €314,403 | €57,670 | €125,359 | €31,259 | €46,208 | ▲ 47.8% |
| Cash at bank and in hand54/58 | €336,077 | €476,987 | €294,855 | €292,774 | €479,418 | €450,058 | €365,645 | €377,721 | ▲ 3.3% |
| Deferred charges and accrued income490/1 | - | - | - | €7,843 | €1,119 | €15,645 | €12,629 | €37,327 | ▲ 196% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €469,887 | €944,929 | €710,660 | €915,972 | €825,582 | €834,690 | €643,987 | €718,303 | ▲ 11.5% |
| Equity10/15 | €86,445 | €90,267 | €149,175 | €382,843 | €97,109 | €111,704 | €102,482 | €136,149 | ▲ 32.9% |
| Contributions10/11 | €74,368 | €74,368 | €74,368 | €74,368 | €74,368 | €74,368 | €74,368 | €74,368 | = |
| Capital10 | - | - | - | €74,368 | €74,368 | €74,368 | €74,368 | €74,368 | = |
| Issued capital100 | - | - | - | €74,368 | €74,368 | €74,368 | €74,368 | €74,368 | = |
| Reserves13 | €7,437 | €7,437 | €67,437 | €307,437 | €7,437 | €7,437 | €7,437 | €7,437 | = |
| Non-distributable reserves130/1 | - | - | - | €7,437 | €7,437 | €7,437 | €7,437 | €7,437 | = |
| Legal reserve130 | - | - | - | €7,437 | €7,437 | €7,437 | €7,437 | €7,437 | = |
| Distributable reserves133 | - | - | - | €300,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | €4,640 | €8,462 | €7,370 | €1,038 | €15,304 | €29,899 | €20,677 | €54,344 | ▲ 163% |
| Amounts payable17/49 | €383,442 | €854,662 | €561,485 | €533,130 | €728,473 | €722,986 | €541,505 | €582,154 | ▲ 7.5% |
| Amounts payable after more than one year17 | €46,647 | €330,239 | €286,288 | €231,048 | €193,106 | €124,468 | €100,875 | €86,755 | ▼ 14.0% |
| Financial debts170/4 | - | - | - | €231,048 | €193,106 | €124,468 | €100,875 | €86,755 | ▼ 14.0% |
| Amounts payable within one year42/48 | €335,057 | €520,492 | €275,197 | €296,674 | €535,367 | €598,326 | €435,268 | €487,760 | ▲ 12.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €103,734 | €119,221 | €89,423 | €104,366 | €105,990 | ▲ 1.6% |
| Trade debts44 | €136,338 | €253,412 | €118,452 | €121,990 | €234,195 | €193,590 | €195,111 | €182,090 | ▼ 6.7% |
| Suppliers440/4 | - | - | - | €121,990 | €234,195 | €193,590 | €195,111 | €182,090 | ▼ 6.7% |
| Taxes, remuneration and social security45 | - | - | - | €69,615 | €74,777 | €80,946 | €80,985 | €98,348 | ▲ 21.4% |
| Taxes450/3 | - | - | - | €3,127 | €547 | €904 | €638 | €2,653 | ▲ 316% |
| Remuneration and social security454/9 | - | - | - | €66,488 | €74,231 | €80,042 | €80,347 | €95,695 | ▲ 19.1% |
| Other amounts payable47/48 | - | - | - | €1,335 | €107,174 | €234,367 | €54,806 | €101,332 | ▲ 84.9% |
| Accrued charges and deferred income492/3 | - | - | - | €5,407 | - | €192 | €5,362 | €7,639 | ▲ 42.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,601 | €93,822 | €158,908 | €233,667 | €114,266 | €239,596 | €190,778 | €133,667 | ▼ 29.9% |
| + Depreciation and write-downs630 | €47,475 | €58,192 | €140,845 | €109,091 | €88,826 | €90,204 | €109,228 | €98,458 | ▼ 9.9% |
| Operating cash flow (approximation) | €82,075 | €152,014 | €299,753 | €342,758 | €203,093 | €329,800 | €300,006 | €232,125 | ▼ 22.6% |
| Investment in fixed assets (approximation) | - | -€358,866 | -€120,824 | -€17,489 | -€61,607 | -€55,751 | -€98,363 | -€111,541 | ▼ 13.4% |
| Change in cash | - | €140,910 | -€182,132 | -€2,081 | €186,643 | -€29,359 | -€84,414 | €12,076 | - |
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, 2,613 companies had the same profile as CODISPEED has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CODISPEED itself: 0.2% 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 2,613 companies, not a prediction for CODISPEED. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00238709 | |
| 31-12-2024 | full format | 26-08-2025 | 2025-00408717 | |
| 31-12-2023 | full format | 15-07-2024 | 2024-00250164 | |
| 31-12-2022 | full format | 16-06-2023 | 2023-00136889 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20210508 | |
| 31-12-2020 | full format | 28-06-2021 | 2021-25600312 | |
| 31-12-2019 | full format | 16-06-2020 | 2020-17500109 | |
| 31-12-2018 | full format | 29-07-2019 | 2019-40200082 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-41600247 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-38500061 |