CODIVIAN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 03-04-2026 PDF all 49 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€10,527
2024 · €168,388
Working capital
€220,368▼ 2.5%
2024 · €226,039
In the rankings
#1 oldest company in Rixensart, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€22,750
2025
20182025
Net result
-€10,527
2025
middle half of the sector
20182025
Equity
€652,908
▼ 8.7%
2025
middle half of the sector
20182025
Total assets
€719,578
▼ 7.7%
2025
lowest quarter of the sector
20182025
Debt
€9,211
▲ 190%
2025
20182025
Working capital
€220,368
▼ 2.5%
2025
middle half of the sector
20182025
Solvency
90.7%
▼ 1.0pp
2025
highest quarter of the sector
20182025
Current ratio
24.93
▼ 47.27
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-1.5%
▼ 23.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€641--€4,332€4,820€2,181▼ 54.8%-€5,802€1,065€228,431▲ 215×-€22,750
Net result€647--€4,376€4,585within the sector's middle half€955within the sector's middle half▼ 79.2%-€5,840within the sector's middle half€790within the sector's middle half€168,388above the sector's middle half▲ 213×-€10,527within the sector's middle half
Equity€197,331-€192,955▼ 2.2%€197,540within the sector's middle half▲ 2.4%€198,494within the sector's middle half▲ 0.5%€192,654within the sector's middle half▼ 2.9%€193,444within the sector's middle half▲ 0.4%€714,829within the sector's middle half▲ 270%€652,908within the sector's middle half▼ 8.7%
Total assets€198,225-€196,938▼ 0.6%€198,522below the sector's middle half▲ 0.8%€201,226within the sector's middle half▲ 1.4%€222,484within the sector's middle half▲ 10.6%€194,587within the sector's middle half▼ 12.5%€779,214within the sector's middle half▲ 300%€719,578below the sector's middle half▼ 7.7%
Debt€894-€3,982▲ 345%€982▼ 75.3%€2,732▲ 178%€29,830▲ 992%€1,143▼ 96.2%€3,175▲ 178%€9,211▲ 190%
Working capital€51,371-€62,181▲ 21.0%€67,945within the sector's middle half▲ 9.3%€85,867within the sector's middle half▲ 26.4%€116,000within the sector's middle half▲ 35.1%€57,914within the sector's middle half▼ 50.1%€226,039within the sector's middle half▲ 290%€220,368within the sector's middle half▼ 2.5%
Solvency99.5%-98.0%▼ 1.6pp99.5%above the sector's middle half▲ 1.5pp98.6%above the sector's middle half▼ 0.9pp86.6%above the sector's middle half▼ 12.1pp99.4%above the sector's middle half▲ 12.8pp91.7%above the sector's middle half▼ 7.7pp90.7%above the sector's middle half▼ 1.0pp
Current ratio67.80-17.12▼ 50.6870.16above the sector's middle half▲ 53.0432.43above the sector's middle half▼ 37.7339.25above the sector's middle half▲ 6.8251.66above the sector's middle half▲ 12.4172.19above the sector's middle half▲ 20.5424.93above the sector's middle half▼ 47.27
Return on assets (ROA)0.3%--2.2%▼ 2.5pp2.3%within the sector's middle half▲ 4.5pp0.5%within the sector's middle half▼ 1.8pp-2.6%below the sector's middle half▼ 3.1pp0.4%within the sector's middle half▲ 3.0pp21.6%above the sector's middle half▲ 21.2pp-1.5%within the sector's middle half▼ 23.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 loss of €22,750, after a profit of €228,431 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2024 Net result +21,217% on 2023. The accounts now follow the full format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €719,578
Fixed assets
€490,000 ▼ 10.9%
Current assets
€229,578 ▲ 0.2%
Equity and liabilities €719,578
Equity
€652,908 ▼ 8.7%
Provisions
€57,460 ▼ 6.1%
Debt
€9,211 ▲ 190%
Debt's share of the balance-sheet total rises from 0.4% to 1.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€14,145▼
2024 · €237,797
Cash flow
-€1,921▼
2024 · €177,754
Debt to equity
0.01▲
2024 · 0.00
ROE
-1.6%▼
2024 · 23.6%
Interest coverage
-60.94▼
2024 · over 100
Debt ≤ 1 year
€9,211▲
2024 · €3,175
Income taxes
€263▼
2024 · €2,784
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,301 | €49,329 | - | - |
| Depreciation and write-downs of the year | €16,968 | €14,476 | €17,251 | €9,366 | €8,606 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,382 | €16,890 | €16,191 | €16,968 | €14,476 | €17,251 | €9,366 | €8,606 | ▼ 8.1% |
| Other operating charges640/8 | - | - | - | €3,729 | €3,810 | €4,181 | €4,337 | €4,285 | ▼ 1.2% |
| Gross operating margin9900 | €24,786 | €16,364 | €24,715 | €22,877 | €12,485 | €22,497 | €242,134 | -€9,860 | - |
| Operating profit (loss)9901 | €641 | -€4,332 | €4,820 | €2,181 | -€5,802 | €1,065 | €228,431 | -€22,750 | - |
| Financial income75/76B | - | - | - | - | - | €16 | €4,012 | €8,969 | ▲ 124% |
| Recurring financial income75 | €37 | - | - | - | - | €16 | €4,012 | €8,969 | ▲ 124% |
| Financial charges65/66B | - | - | - | €35 | €38 | €291 | €60 | €232 | ▲ 284% |
| Recurring financial charges65 | €31 | €44 | €41 | €35 | €38 | €291 | €60 | €232 | ▲ 284% |
| Profit (loss) for the period before taxes9903 | €647 | -€4,376 | €4,779 | €2,145 | -€5,840 | €790 | €232,383 | -€14,014 | - |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €3,750 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €61,210 | - | - |
| Income taxes67/77 | - | - | €194 | €1,191 | - | - | €2,784 | €263 | ▼ 90.5% |
| Profit (loss) for the period9904 | €647 | -€4,376 | €4,585 | €955 | -€5,840 | €790 | €168,388 | -€10,527 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €2,326 | €2,326 | €2,326 | €23,064 | €11,250 | ▼ 51.2% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €183,630 | - | - |
| Profit (loss) for the period to be appropriated9905 | €2,973 | -€2,050 | €6,911 | €3,280 | -€3,515 | €3,116 | €7,823 | €723 | ▼ 90.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €198,225 | €196,938 | €198,522 | €201,226 | €222,484 | €194,587 | €779,214 | €719,578 | ▼ 7.7% |
| Fixed assets21/28 | €146,085 | €130,900 | €129,595 | €112,627 | €103,452 | €135,530 | €550,000 | €490,000 | ▼ 10.9% |
| Tangible fixed assets22/27 | €146,085 | €130,900 | €129,595 | €112,627 | €103,452 | €135,530 | €550,000 | €490,000 | ▼ 10.9% |
| Land and buildings22 | - | - | - | €79,490 | €79,822 | €119,720 | €550,000 | €490,000 | ▼ 10.9% |
| Plant, machinery and equipment23 | - | - | - | €33,137 | €23,630 | €15,810 | - | - | - |
| Current assets29/58 | €52,140 | €66,038 | €68,927 | €88,599 | €119,032 | €59,058 | €229,214 | €229,578 | ▲ 0.2% |
| Amounts receivable within one year40/41 | €328 | €314 | - | - | €57 | - | €228,804 | €228,773 | = |
| Trade receivables40 | - | - | - | - | €57 | - | - | - | - |
| Other amounts receivable41 | - | - | - | - | - | - | €228,804 | €228,773 | = |
| Current investments50/53 | - | €65,420 | €68,927 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €51,787 | - | - | €88,599 | €118,975 | €58,564 | €22 | €489 | ▲ 22× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €493 | €387 | €316 | ▼ 18.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €198,225 | €196,938 | €198,522 | €201,226 | €222,484 | €194,587 | €779,214 | €719,578 | ▼ 7.7% |
| Equity10/15 | €197,331 | €192,955 | €197,540 | €198,494 | €192,654 | €193,444 | €714,829 | €652,908 | ▼ 8.7% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Revaluation surpluses12 | - | - | - | - | - | - | €462,997 | €411,602 | ▼ 11.1% |
| Reserves13 | €40,893 | €38,568 | €36,242 | €33,916 | €31,590 | €129,264 | €189,830 | €178,580 | ▼ 5.9% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | - | €27,716 | €25,390 | €23,064 | €183,630 | €172,380 | ▼ 6.1% |
| Distributable reserves133 | - | - | - | - | - | €100,000 | - | - | - |
| Profit (loss) carried forward14 | €94,438 | €92,388 | €99,298 | €102,579 | €99,064 | €2,180 | €3 | €726 | ▲ 267× |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €61,210 | €57,460 | ▼ 6.1% |
| Deferred taxes168 | - | - | - | - | - | - | €61,210 | €57,460 | ▼ 6.1% |
| Amounts payable17/49 | €894 | €3,982 | €982 | €2,732 | €29,830 | €1,143 | €3,175 | €9,211 | ▲ 190% |
| Amounts payable after more than one year17 | €125 | €125 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €769 | €3,857 | €982 | €2,732 | €3,033 | €1,143 | €3,175 | €9,211 | ▲ 190% |
| Trade debts44 | - | €2,193 | - | - | €14 | €154 | €387 | €8,947 | ▲ 23× |
| Suppliers440/4 | - | - | - | - | €14 | €154 | €387 | €8,947 | ▲ 23× |
| Taxes, remuneration and social security45 | - | - | - | €1,385 | €1,191 | - | €2,724 | €263 | ▼ 90.3% |
| Taxes450/3 | - | - | - | €1,385 | €1,191 | - | €2,724 | €263 | ▼ 90.3% |
| Other amounts payable47/48 | - | - | - | €1,347 | €1,828 | €989 | €64 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €26,798 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €647 | -€4,376 | €4,585 | €955 | -€5,840 | €790 | €168,388 | -€10,527 | - |
| + Depreciation and write-downs630 | €17,382 | €16,890 | €16,191 | €16,968 | €14,476 | €17,251 | €9,366 | €8,606 | ▼ 8.1% |
| Operating cash flow (approximation) | €18,029 | €12,514 | €20,776 | €17,922 | €8,636 | €18,041 | €177,754 | -€1,921 | - |
| Investment in fixed assets (approximation) | - | -€1,704 | -€14,887 | €0 | -€5,301 | -€49,329 | -€423,836 | €51,394 | - |
| Change in cash | - | - | - | - | €30,376 | -€60,411 | -€58,542 | €467 | - |
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, 8,617 companies had the same profile as CODIVIAN has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CODIVIAN itself: 0.3% 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 8,617 companies, not a prediction for CODIVIAN. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 03-04-2026 | 2026-00072304 | |
| 31-12-2024 | full format | 25-02-2025 | 2025-00039802 | |
| 31-12-2023 | micro format | 01-08-2024 | 2024-00319869 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00170336 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20367413 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-61700425 | |
| 31-12-2019 | full format | 24-09-2020 | 2020-55600244 | |
| 31-12-2018 | full format | 28-08-2019 | 2019-53100522 | |
| 31-12-2017 | full format | 30-07-2018 | 2018-40000074 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-38900095 |