COMODELL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 05-02-2026 PDF all 33 filings
Turnover
≈ €1.6m
Estimated: probably between €1.1m and €2.3m
Total assets
€4.5m▼ 27.4%
2024 · €6.2m
Net result
€5,935
2024 · -€93,143
Working capital
€425,467▼ 64.2%
2024 · €1.2m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€15,536
2025
20192025
Net result
€5,935
2025
middle half of the sector
20192025
Equity
€2.7m
▼ 7.3%
2025
highest quarter of the sector
20192025
Total assets
€4.5m
▼ 27.4%
2025
highest quarter of the sector
20192025
Debt
€1.8m
▼ 26.9%
2025
20192025
Working capital
€425,467
▼ 64.2%
2025
middle half of the sector
20192025
Solvency
59.8%
▲ 13.0pp
2025
middle half of the sector
20192025
Current ratio
2.23
▲ 0.40
2025
middle half of the sector
20192025
Return on assets (ROA)
0.1%
▲ 1.6pp
2025
middle half of the sector
20192025
Staff (FTE)
0.7
▼ 97.4%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.7m-€0.3m▼ 61.3%€0.3m▲ 10.1%€0.1m▼ 57.6%€0.1m▲ 7.3%-€0.05m€0.02m
Net result€0.6m-€0.2mabove the sector's middle half▼ 65.2%€0.2mabove the sector's middle half▲ 11.2%-€492below the sector's middle half€0.1mwithin the sector's middle half-€0.09mbelow the sector's middle half€0.006mwithin the sector's middle half
Equity€2.7m-€2.9mabove the sector's middle half▲ 7.2%€3.0mabove the sector's middle half▲ 0.3%€3.0mabove the sector's middle half=€3.1mabove the sector's middle half▲ 3.6%€2.9mabove the sector's middle half▼ 4.6%€2.7mabove the sector's middle half▼ 7.3%
Total assets€6.1m-€6.7mabove the sector's middle half▲ 9.7%€7.1mabove the sector's middle half▲ 5.8%€7.0mabove the sector's middle half▼ 1.0%€6.8mabove the sector's middle half▼ 2.5%€6.2mabove the sector's middle half▼ 9.0%€4.5mabove the sector's middle half▼ 27.4%
Debt€2.5m-€3.0m▲ 19.5%€3.4m▲ 11.4%€3.2m▼ 4.2%€3.0m▼ 8.2%€2.5m▼ 15.9%€1.8m▼ 26.9%
Working capital€0.7m-€0.8mabove the sector's middle half▲ 10.6%€0.9mabove the sector's middle half▲ 13.3%€1.1mabove the sector's middle half▲ 25.3%€1.4mabove the sector's middle half▲ 25.2%€1.2mabove the sector's middle half▼ 13.3%€0.4mwithin the sector's middle half▼ 64.2%
Solvency45.0%-43.9%within the sector's middle half▼ 1.0pp41.7%within the sector's middle half▼ 2.3pp42.1%within the sector's middle half▲ 0.4pp44.7%within the sector's middle half▲ 2.6pp46.9%within the sector's middle half▲ 2.2pp59.8%within the sector's middle half▲ 13.0pp
Current ratio1.46-1.53within the sector's middle half▲ 0.071.46within the sector's middle half▼ 0.071.58within the sector's middle half▲ 0.121.80within the sector's middle half▲ 0.221.84within the sector's middle half▲ 0.042.23within the sector's middle half▲ 0.40
Return on assets (ROA)9.3%-3.0%within the sector's middle half▼ 6.4pp3.1%within the sector's middle half▲ 0.2pp0.0%below the sector's middle half▼ 3.1pp1.6%within the sector's middle half▲ 1.6pp-1.5%below the sector's middle half▼ 3.1pp0.1%within the sector's middle half▲ 1.6pp
Staff (FTE)31.6-29.8above the sector's middle half▼ 5.7%27above the sector's middle half▼ 9.4%26.5above the sector's middle half▼ 1.9%28.2above the sector's middle half▲ 6.4%27.3above the sector's middle half▼ 3.2%0.7below the sector's middle half▼ 97.4%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €15,536, after a loss of €46,534 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.5m
Fixed assets
€3.7m ▲ 2.7%
Current assets
€771,053 ▼ 70.4%
Equity and liabilities €4.5m
Equity
€2.7m ▼ 7.3%
Provisions
€0 ▼ 100%
Debt
€1.8m ▼ 26.9%
Debt's share of the balance-sheet total rises from 39.9% to 40.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€294,807▲
2024 · €284,287
Cash flow
€285,206▲
2024 · €237,678
Debt to equity
0.67▼
2024 · 0.85
ROE
0.2%▲
2024 · -3.2%
Interest coverage
12.62▲
2024 · 3.18
Debt ≤ 1 year
€345,586▼
2024 · €1.4m
Debt > 1 year
€1.4m▲
2024 · €1.0m
Staff costs
€8,910▼
2024 · €1.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 32 | 34 | 32 |
| full-time | 12 | 12 | 8 |
| part-time | 20 | 22 | 24 |
| in full-time equivalents | 26.1 | 28.2 | 24.7 |
| Average over the year, in full-time equivalents | 26.5 | 26.5 | 27.3 |
| On a permanent contract | 31 | 32 | 30 |
| Joined | 68 | 198 | 380 |
| Left | 69 | 196 | 382 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Securities and guarantees
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €1.5m | €1.5m | €1.5m | €1.5m |
| Mortgages, amount registered | €1.5m | €1.5m | €1.5m | €1.5m |
| Carrying value of the mortgaged assets | €1.9m | €1.9m | €1.8m | €1.7m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €19,583 | €41,678 | €244,353 | €454,353 |
| Intangible fixed assets | €14,576 | - | - | - |
| Depreciation and write-downs of the year | €322,122 | €318,851 | €330,821 | €279,271 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1.3m | €1.4m | €1.5m | €0.009m | ▼ 99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.5m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 15.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.07m | -€0.02m | -€0.002m | - | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.04m | €0.05m | €0.02m | ▼ 71.7% |
| Gross operating margin9900 | €2.3m | €1.7m | €1.8m | €1.9m | €1.9m | €1.8m | €0.3m | ▼ 82.7% |
| Operating profit (loss)9901 | €0.7m | €0.3m | €0.3m | €0.1m | €0.1m | -€0.05m | €0.02m | - |
| Financial income75/76B | - | - | - | €22 | €0.001m | €0.04m | €0.01m | ▼ 65.7% |
| Recurring financial income75 | €0.001m | €41 | €192 | €22 | €0.001m | €0.04m | €0.01m | ▼ 65.7% |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.09m | €0.02m | ▼ 73.9% |
| Recurring financial charges65 | €0.01m | €0.03m | €0.03m | €0.03m | €0.03m | €0.09m | €0.02m | ▼ 73.9% |
| Profit (loss) for the period before taxes9903 | €0.7m | €0.2m | €0.3m | €0.1m | €0.1m | -€0.1m | €0.006m | - |
| Transfer from deferred taxes780 | - | - | - | €0.001m | €0.001m | €0.003m | - | - |
| Income taxes67/77 | €0.1m | €0.04m | €0.05m | €0.1m | - | - | - | - |
| Profit (loss) for the period9904 | €0.6m | €0.2m | €0.2m | -€492 | €0.1m | -€0.09m | €0.006m | - |
| Transfer from tax-exempt reserves789 | - | - | - | €0.002m | €0.002m | €0.005m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €0.2m | €0.2m | €0.001m | €0.1m | -€0.09m | €0.006m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €6.1m | €6.7m | €7.1m | €7.0m | €6.8m | €6.2m | €4.5m | ▼ 27.4% |
| Formation expenses20 | - | - | - | - | - | - | €0.04m | - |
| Fixed assets21/28 | €3.9m | €4.5m | €4.3m | €4.0m | €3.8m | €3.6m | €3.7m | ▲ 2.7% |
| Intangible fixed assets21 | - | - | - | €0.01m | €0.006m | €0.001m | - | - |
| Tangible fixed assets22/27 | €3.9m | €4.5m | €4.3m | €4.0m | €3.7m | €3.6m | €3.7m | ▲ 2.7% |
| Land and buildings22 | - | - | - | €2.1m | €1.9m | €1.7m | €1.6m | ▼ 7.1% |
| Plant, machinery and equipment23 | - | - | - | €0.09m | €0.09m | €0.1m | €0.03m | ▼ 68.0% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.003m | €0.002m | €0.09m | ▲ 38× |
| Assets under construction and advance payments27 | - | - | - | €1.9m | €1.7m | €1.8m | €2.0m | ▲ 11.2% |
| Current assets29/58 | €2.2m | €2.2m | €2.8m | €3.0m | €3.1m | €2.6m | €0.8m | ▼ 70.4% |
| Stocks and contracts in progress3 | €1.1m | €0.8m | €0.8m | €1.0m | €1.3m | €1.2m | - | - |
| Stocks30/36 | - | - | - | €1.0m | €1.3m | €1.2m | - | - |
| Amounts receivable within one year40/41 | €0.1m | €0.4m | €0.5m | €0.5m | €0.5m | €0.2m | €0.2m | ▼ 13.4% |
| Trade receivables40 | - | - | - | €0.4m | €0.4m | €0.2m | €0.1m | ▼ 18.1% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.07m | €0.05m | €0.05m | ▲ 2.9% |
| Current investments50/53 | - | - | - | - | - | €0.8m | - | - |
| Cash at bank and in hand54/58 | €1.0m | €1.0m | €1.4m | €1.5m | €1.3m | €0.4m | €0.4m | ▼ 9.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.05m | €0.03m | €0.2m | ▲ 479% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €6.1m | €6.7m | €7.1m | €7.0m | €6.8m | €6.2m | €4.5m | ▼ 27.4% |
| Equity10/15 | €2.7m | €2.9m | €3.0m | €3.0m | €3.1m | €2.9m | €2.7m | ▼ 7.3% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.5% |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 7.5% |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 7.5% |
| Contributions outside capital11 | - | - | - | €0.09m | €0.09m | €0.09m | €0.08m | ▼ 7.5% |
| Share premium1100/10 | - | - | - | €0.09m | €0.09m | €0.09m | €0.08m | ▼ 7.5% |
| Revaluation surpluses12 | - | - | - | €0.05m | €0.05m | - | - | - |
| Reserves13 | €1.8m | €1.8m | €1.8m | €2.6m | €2.6m | €2.6m | €2.4m | ▼ 7.5% |
| Non-distributable reserves130/1 | - | - | - | €1.5m | €1.5m | €1.5m | €1.4m | ▼ 7.5% |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 7.5% |
| Reserves not available under the articles1311 | - | - | - | €1.5m | €1.4m | €1.5m | €1.4m | ▼ 7.5% |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 7.5% |
| Distributable reserves133 | - | - | - | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 7.5% |
| Profit (loss) carried forward14 | €0.6m | €0.8m | €0.8m | €0.01m | €0.2m | - | €0.006m | - |
| Provisions and deferred taxes16 | €0.8m | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.8m | €0.8m | €0.8m | - | - |
| Major repairs and maintenance162 | - | - | - | €0.3m | €0.1m | - | - | - |
| Environmental obligations163 | - | - | - | - | €0.7m | €0.8m | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.6m | - | - | - | - |
| Deferred taxes168 | - | - | - | €0.004m | €0.003m | - | - | - |
| Amounts payable17/49 | €2.5m | €3.0m | €3.4m | €3.2m | €3.0m | €2.5m | €1.8m | ▼ 26.9% |
| Amounts payable after more than one year17 | €0.9m | €1.5m | €1.4m | €1.3m | €1.2m | €1.0m | €1.4m | ▲ 40.5% |
| Financial debts170/4 | - | - | - | €1.3m | €1.2m | €1.0m | €0.9m | ▼ 9.6% |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.5m | - |
| Amounts payable within one year42/48 | €1.5m | €1.4m | €1.9m | €1.9m | €1.7m | €1.4m | €0.3m | ▼ 75.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 27.0% |
| Trade debts44 | €0.6m | €0.7m | €1.2m | €1.2m | €1.2m | €0.8m | €0.2m | ▼ 71.4% |
| Suppliers440/4 | - | - | - | €1.2m | €1.2m | €0.8m | €0.2m | ▼ 71.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.4m | €0.4m | €0.01m | ▼ 97.4% |
| Taxes450/3 | - | - | - | €0.09m | €0.09m | €0.06m | €0.008m | ▼ 86.5% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.001m | ▼ 99.6% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.01m | €0.09m | €0.001m | ▼ 98.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0.09m | €0.05m | €0.04m | ▼ 14.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.6m | €0.2m | €0.2m | -€492 | €0.1m | -€0.09m | €0.006m | - |
| + Depreciation and write-downs630 | €0.5m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 15.6% |
| Operating cash flow (approximation) | €1.0m | €0.6m | €0.6m | €0.3m | €0.4m | €0.2m | €0.3m | ▲ 20.0% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€0.2m | -€0.03m | -€0.04m | -€0.2m | -€0.4m | ▼ 91.8% |
| Change in cash | - | -€0.04m | €0.5m | €0.06m | -€0.2m | -€0.8m | -€0.04m | ▲ 94.7% |
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, 17,041 companies had the same profile as COMODELL has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COMODELL itself: < 0.1% 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 17,041 companies, not a prediction for COMODELL. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | abbreviated format | 05-02-2026 | 2026-00033672 | |
| 31-07-2024 | abbreviated format | 21-10-2024 | 2024-00510597 | |
| 31-07-2023 | abbreviated format | 15-02-2024 | 2024-00030662 | |
| 31-07-2022 | abbreviated format | 24-01-2023 | 2023-00003884 | |
| 31-07-2021 | abbreviated format | 31-01-2022 | 2022-04000021 | |
| 31-07-2020 | abbreviated format | 28-01-2021 | 2021-02300263 | |
| 31-07-2019 | abbreviated format | 11-02-2020 | 2020-04800520 | |
| 31-07-2018 | abbreviated format | 31-01-2019 | 2019-03700206 | |
| 31-07-2017 | abbreviated format | 29-01-2018 | 2018-03200130 | |
| 31-07-2016 | abbreviated format | 18-01-2017 | 2017-01600576 |