CORDEE
ActiveSummary
CORDEE has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €40k and a net result of €46k. Equity is shrinking by ~3.8% per year across the filed fiscal years. Its solvency ranks better than 42% of 11389 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency57▼-21
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity tight (current ratio 1.11 against 1.49 in 2024; short-term debt: 68.2% and cash: 56.8% of total assets), and 68.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
31.8%
Return on assets
36.8%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 25-02-2026, 64 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
64 d early
2024
65 d early
2023
1 d early
2022
47 d early
2021
1 d early
2020
37 d early
2019
66 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€40k▼ 43.3%
2024 · €71k
2018: €59k
2019: €93k▲ +56.0% vs 2018
2020: €66k▼ -28.3% vs 2019
2021: €85k▲ +27.5% vs 2020
2022: €97k▲ +14.7% vs 2021highest in 8 years
2023: €81k▼ -17.1% vs 2022
2024: €71k▼ -12.0% vs 2023
2025: €40k▼ -43.3% vs 2024lowest in 8 years
2018 → 2025
Total assets
€126k▼ 5.1%
2024 · €133k
2018: €95klowest in 8 years
2019: €111k▲ +16.7% vs 2018
2020: €127k▲ +14.4% vs 2019
2021: €105k▼ -17.3% vs 2020
2022: €104k▼ -0.8% vs 2021
2023: €113k▲ +8.7% vs 2022
2024: €133k▲ +18.1% vs 2023highest in 8 years
2025: €126k▼ -5.1% vs 2024
2018 → 2025
Net result
€46k▲ 0.7%
2024 · €46k
2018: €20k
2019: €34k▲ +68.3% vs 2018
2020: €18k▼ -47.3% vs 2019
2021: €18k▲ +1.7% vs 2020
2022: €13k▼ -27.3% vs 2021lowest in 8 years
2023: €22k▲ +62.7% vs 2022
2024: €46k▲ +114% vs 2023
2025: €46k▲ +0.7% vs 2024highest in 8 years
2018 → 2025
Working capital
€9k▼ 68.9%
2024 · €29k
2018: €50k
2019: €86k▲ +72.3% vs 2018
2020: €58k▼ -32.5% vs 2019
2021: €80k▲ +37.7% vs 2020
2022: €89k▲ +11.7% vs 2021highest in 8 years
2023: €25k▼ -71.9% vs 2022
2024: €29k▲ +17.9% vs 2023
2025: €9k▼ -68.9% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€85k-€97k▲ 14.7%€81k▼ 17.1%€71k▼ 12.0%€40k▼ 43.3%
2021: €85k
2022: €97k▲ +14.7% vs 2021highest in 5 years
2023: €81k▼ -17.1% vs 2022
2024: €71k▼ -12.0% vs 2023
2025: €40k▼ -43.3% vs 2024lowest in 5 years
Operating result€25k-€19k▼ 24.9%€31k▲ 65.8%€54k▲ 73.7%€59k▲ 9.1%
2021: €25k
2022: €19k▼ -24.9% vs 2021lowest in 5 years
2023: €31k▲ +65.8% vs 2022
2024: €54k▲ +73.7% vs 2023
2025: €59k▲ +9.1% vs 2024highest in 5 years
Net result€18k-€13k▼ 27.3%€22k▲ 62.7%€46k▲ 114%€46k▲ 0.7%
2021: €18k
2022: €13k▼ -27.3% vs 2021lowest in 5 years
2023: €22k▲ +62.7% vs 2022
2024: €46k▲ +114% vs 2023
2025: €46k▲ +0.7% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 9% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €126k
Fixed assets
€31k ▼ 28.6%
Current assets
€95k ▲ 6.2%
Equity and liabilities €126k
Equity
€40k ▼ 43.3%
Debt
€86k ▲ 38.2%
Debt's share of the balance-sheet total rises from 46.8% to 68.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€72k▲
2024 · €66k
Cash flow
€59k▲
2024 · €58k
Current ratio
1.11▼
2024 · 1.49
Debt to equity
2.15▲
2024 · 0.88
ROE
115.7%▲
2024 · 65.1%
ROA
36.8%▲
2024 · 34.6%
Interest coverage
193.87▼
2024 · 331.36
Debt ≤ 1 year
€86k▲
2024 · €60k
Income taxes
€12k▼
2024 · €12k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€133k€126k▼
Fixed assets21/28€43k€31k▼
Tangible fixed assets22/27€43k€31k▼
Plant, machinery and equipment23€1k€813▼
Furniture and vehicles24€41k€30k▼
Other tangible fixed assets26€680€384▼
Current assets29/58€90k€95k▲
Amounts receivable within one year40/41€14k€23k▲
Trade receivables40€14k€19k▲
Other amounts receivable41€6€5k▲
Cash at bank and in hand54/58€74k€72k▼
Deferred charges and accrued income490/1€2k€210▼
Equity and liabilities
Total equity and liabilities10/49€133k€126k▼
Equity10/15€71k€40k▼
Contributions10/11€19k€19k=
Reserves13€52k€22k▼
Distributable reserves133€52k€22k▼
Amounts payable17/49€62k€86k▲
Amounts payable within one year42/48€60k€86k▲
Trade debts44€1k€339▼
Suppliers440/4€1k€339▼
Taxes, remuneration and social security45€12k€5k▼
Taxes450/3€12k€5k▼
Other amounts payable47/48€47k€81k▲
Accrued charges and deferred income492/3€2k-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12k€12k▲
Other operating charges640/8€525€731▲
Non-recurring operating charges66A€3k-
Gross operating margin9900€69k€72k▲
Operating profit (loss)9901€54k€59k▲
Financial income75/76B€5k€45▼
Recurring financial income75€5k€45▼
Non-recurring financial income76B€5k-
Financial charges65/66B€200€370▲
Recurring financial charges65€200€370▲
Profit (loss) for the period before taxes9903€59k€59k▲
Income taxes67/77€12k€12k▼
Profit (loss) for the period9904€46k€46k▲
Profit (loss) for the period to be appropriated9905€46k€46k▲
Appropriation of the result
Profit (loss) to be appropriated9906€46k€46k▲
Transfer from equity791/2€16k€31k▲
Profit to be distributed694/7€62k€77k▲
Return on contributions (dividend)694€62k€76k▲
Directors or managers695-€2k
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €3k | €4k | €12k | €12k | ▲ 3.2% |
| Other operating charges640/8 | €1k | €492 | €865 | €525 | €731 | ▲ 39.3% |
| Non-recurring operating charges66A | €0 | - | - | €3k | - | - |
| Gross operating margin9900 | €32k | €22k | €36k | €69k | €72k | ▲ 4.4% |
| Operating profit (loss)9901 | €25k | €19k | €31k | €54k | €59k | ▲ 9.1% |
| Financial income75/76B | €2k | €85 | €0 | €5k | €45 | ▼ 99.0% |
| Recurring financial income75 | €2k | €85 | €0 | €5k | €45 | ▼ 99.0% |
| Non-recurring financial income76B | - | - | - | €5k | - | - |
| Financial charges65/66B | €162 | €187 | €280 | €200 | €370 | ▲ 84.7% |
| Recurring financial charges65 | €162 | €187 | €280 | €200 | €370 | ▲ 84.7% |
| Profit (loss) for the period before taxes9903 | €27k | €19k | €31k | €59k | €59k | ▲ 0.5% |
| Income taxes67/77 | €9k | €5k | €9k | €12k | €12k | ▼ 0.2% |
| Profit (loss) for the period9904 | €18k | €13k | €22k | €46k | €46k | ▲ 0.7% |
| Transfer from tax-exempt reserves789 | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €18k | €13k | €22k | €46k | €46k | ▲ 0.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €105k | €104k | €113k | €133k | €126k | ▼ 5.1% |
| Fixed assets21/28 | €5k | €8k | €56k | €43k | €31k | ▼ 28.6% |
| Tangible fixed assets22/27 | €5k | €8k | €56k | €43k | €31k | ▼ 28.6% |
| Plant, machinery and equipment23 | - | €821 | €2k | €1k | €813 | ▼ 38.1% |
| Furniture and vehicles24 | €5k | €7k | €54k | €41k | €30k | ▼ 28.0% |
| Other tangible fixed assets26 | - | - | - | €680 | €384 | ▼ 43.4% |
| Current assets29/58 | €100k | €96k | €57k | €90k | €95k | ▲ 6.2% |
| Amounts receivable after more than one year29 | €0 | - | - | - | - | - |
| Other amounts receivable291 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1k | €2k | €3k | €14k | €23k | ▲ 66.0% |
| Trade receivables40 | - | - | - | €14k | €19k | ▲ 33.9% |
| Other amounts receivable41 | €1k | €2k | €3k | €6 | €5k | ▲ 74,714% |
| Cash at bank and in hand54/58 | €98k | €93k | €55k | €74k | €72k | ▼ 3.3% |
| Deferred charges and accrued income490/1 | - | €108 | €110 | €2k | €210 | ▼ 86.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €105k | €104k | €113k | €133k | €126k | ▼ 5.1% |
| Equity10/15 | €85k | €97k | €81k | €71k | €40k | ▼ 43.3% |
| Contributions10/11 | €14k | €14k | €14k | €19k | €19k | = |
| Reserves13 | €70k | €83k | €66k | €52k | €22k | ▼ 58.7% |
| Distributable reserves133 | €70k | €83k | €66k | €52k | €22k | ▼ 58.7% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - |
| Amounts payable17/49 | €20k | €7k | €32k | €62k | €86k | ▲ 38.2% |
| Amounts payable within one year42/48 | €20k | €7k | €32k | €60k | €86k | ▲ 42.8% |
| Current portion of amounts payable after more than one year42 | €660 | €0 | - | - | - | - |
| Trade debts44 | €519 | €0 | €119 | €1k | €339 | ▼ 72.4% |
| Suppliers440/4 | €519 | €0 | €119 | €1k | €339 | ▼ 72.4% |
| Taxes, remuneration and social security45 | €19k | €7k | €10k | €12k | €5k | ▼ 56.8% |
| Taxes450/3 | €19k | €7k | €10k | €12k | €5k | ▼ 56.8% |
| Other amounts payable47/48 | €0 | - | €22k | €47k | €81k | ▲ 71.5% |
| Accrued charges and deferred income492/3 | - | - | - | €2k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18k | €13k | €22k | €46k | €46k | ▲ 0.7% |
| + Depreciation and write-downs630 | €6k | €3k | €4k | €12k | €12k | ▲ 3.2% |
| Operating cash flow (approximation) | €24k | €16k | €26k | €58k | €59k | ▲ 1.2% |
| Investment in fixed assets (approximation) | - | €-6k | €-52k | €56 | €0 | ▼ 100% |
| Change in cash | - | €-5k | €-38k | €20k | €-2k | ▼ 113% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
25-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Highest result since 2018net €46k ▲0.7%
Operating result €59k, net result €46k, both a record.
24-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
14-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Weakest financial yearnet €13k ▼27.3%
Net result drops to €13k, the lowest in the series; recovery starts the following year.
30-09
Financial
Liquidity triplescurrent ratio 14.39
Current ratio from 4.99 to 14.39; short-term debt falls from €20k to €7k.
29-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Liquidity triplescurrent ratio 4.99
Current ratio from 1.96 to 4.99; short-term debt falls from €60k to €20k.
24-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
24-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Liquidity triplescurrent ratio 7.40
Current ratio from 2.85 to 7.40; short-term debt falls from €27k to €13k.
25-02
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merelbeke-Melle · 1 establishment unit since 2016
Ground area
750 m²
Building footprint
121 m²
Volume, LiDAR
664 m³
Parcel 44058B0210/00W004, Flanders · tallest building 7.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
CORDEE
since 20162.256.603.149
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44058B0210/00W004 | Flanders | 750 m² | 1 · 121 m² | 7.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 4,418 companies in sector 46180 we hold annual accounts for 1,885. 1,323 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-09-2016
Fiscal year end30-09
Activities, NACEBEL 2025
46180Agents specialised in the wholesale of other particular products
62200Computer consultancy and computer facilities management
70200Business and other management consultancy
73300Public relations and communication consultancy
79110Travel agency activities
79120Travel agency, tour operator and other reservation service and related activities
Scores and ratios are computed by Checked and are not a credit decision.