CORDES
ActiveSummary
The computed 12-month bankruptcy probability of CORDES is 2.7% (moderate). For CORDES, at least two filing cycles of the annual accounts are missing. The 2023 annual accounts show negative equity (-€55,371) and a net result of -€38,120. Equity is shrinking by ~97% per year across the filed fiscal years. Its solvency ranks better than 5% of 15220 sector peers (fiscal year 2023). The company has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
No current score
Figures too old
The available figures for FY 2023 are too old to assess current financial health.
Filing: At least two filing cycles are missing
Axes, FY 2023 · tick = 2022
Profitability0▼-30
Solvency0=
Growth22▼-16
Track record100
Bankruptcy probability, 12 months
2.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2023Solvency, return and age of the figures
Solvency
-379.5%
Return on assets
-261.2%
Age of the figures
33 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 →
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2024 close31-07-2025 deadline27-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 16-10-2024, 77 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
77 d late
2022
16 d late
2021
6 d early
2020
22 d early
2019
48 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 23 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2023, micro schema
Turnover
€15,845▼ 71.6%
2019 · €55,731
EBIT margin
-114.0%▼ 85.9pp
2019 · -28.1%
Net result
-€38,120▼ 1,068%
2022 · -€3,264
Working capital
-€20,581
2022 · €13,582
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20192020202120222023
Turnover€55,731▲ 136%€15,845▼ 71.6%
Operating result-€15,679▼ 179%-€18,067▼ 15.2%-€2,183▲ 87.9%-€1,963▲ 10.1%-€37,056▼ 1,788%
Net result-€16,845▼ 158%-€18,884▼ 12.1%-€4,072▲ 78.4%-€3,264▲ 19.9%-€38,120▼ 1,068%
EBIT margin-28.1%▼ 4.3pp-114.0%▼ 85.9pp
Equity€8,970▼ 65.3%-€9,914-€13,986▼ 41.1%-€17,250▼ 23.3%-€55,371▼ 221%
Total assets€63,744▼ 5.7%€54,273▼ 14.9%€53,362▼ 1.7%€68,389▲ 28.2%€14,592▼ 78.7%
Debt€20,095▲ 182%€29,508▲ 46.8%€32,670▲ 10.7%€50,961▲ 56.0%€35,284▼ 30.8%
Working capital€37,820▼ 35.1%€18,255▼ 51.7%€16,538▼ 9.4%€13,582▼ 17.9%-€20,581
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €37,056 in 2023 against €1,963 in 2022; the loss grows and 2023 has the lowest result in the available series.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €14,592
Fixed assets
€2,251 ▼ 63.7%
Current assets
€12,341 ▼ 80.2%
Key figures and ratios
EBITDA
-€33,099▼
2022 · €2,197
Cash flow
-€34,163▼
2022 · €896
Solvency
-379.5%▼
2022 · -25.2%
Current ratio
0.37▼
2022 · 1.28
Quick ratio
0.06▼
2022 · 1.11
Debt to equity
-0.64▲
2022 · -2.95
ROA
-261.2%▼
2022 · -4.8%
Interest coverage
-31.09▼
2022 · 2.01
Debt ≤ 1 year
€32,922▼
2022 · €48,599
Debt > 1 year
€2,362=
2022 · €2,362
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €55,731 | €15,845 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,523 | €3,802 | €3,896 | €4,160 | €3,957 | ▼ 4.9% |
| Other operating charges640/8 | - | - | €735 | €544 | €203 | ▼ 62.6% |
| Gross operating margin9900 | -€11,394 | -€13,381 | €2,448 | €2,741 | -€32,896 | ▼ 1,300% |
| Operating profit (loss)9901 | -€15,679 | -€18,067 | -€2,183 | -€1,963 | -€37,056 | ▼ 1,788% |
| Financial income75/76B | - | - | €21 | - | €0 | - |
| Recurring financial income75 | - | - | €21 | - | €0 | - |
| Financial charges65/66B | - | - | €1,743 | €1,094 | €1,065 | ▼ 2.7% |
| Recurring financial charges65 | €947 | €817 | €1,743 | €1,094 | €1,065 | ▼ 2.7% |
| Profit (loss) for the period before taxes9903 | -€16,626 | -€18,884 | -€3,906 | -€3,057 | -€38,120 | ▼ 1,147% |
| Income taxes67/77 | €219 | - | €166 | €207 | - | - |
| Profit (loss) for the period9904 | -€16,845 | -€18,884 | -€4,072 | -€3,264 | -€38,120 | ▼ 1,068% |
| Profit (loss) for the period to be appropriated9905 | -€16,845 | -€18,884 | -€4,072 | -€3,264 | -€38,120 | ▼ 1,068% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €63,744 | €54,273 | €53,362 | €68,389 | €14,592 | ▼ 78.7% |
| Fixed assets21/28 | €16,066 | €13,525 | €9,628 | €6,208 | €2,251 | ▼ 63.7% |
| Tangible fixed assets22/27 | €16,066 | €13,525 | €9,628 | €6,208 | €2,251 | ▼ 63.7% |
| Furniture and vehicles24 | - | - | €9,628 | €6,208 | €2,251 | ▼ 63.7% |
| Current assets29/58 | €47,678 | €40,748 | €43,734 | €62,181 | €12,341 | ▼ 80.2% |
| Stocks and contracts in progress3 | - | - | €4,121 | €8,063 | €10,252 | ▲ 27.1% |
| Stocks30/36 | - | - | €4,121 | €8,063 | €10,252 | ▲ 27.1% |
| Amounts receivable within one year40/41 | €10,376 | €2,024 | €521 | €1,423 | €732 | ▼ 48.6% |
| Trade receivables40 | - | - | €521 | €521 | €732 | ▲ 40.4% |
| Other amounts receivable41 | - | - | - | €902 | - | - |
| Deferred charges and accrued income490/1 | - | - | €39,092 | €52,695 | €1,357 | ▼ 97.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €63,744 | €54,273 | €53,362 | €68,389 | €14,592 | ▼ 78.7% |
| Equity10/15 | €8,970 | -€9,914 | -€13,986 | -€17,250 | -€55,371 | ▼ 221% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €67,397 | €67,397 | €67,397 | €67,397 | €67,397 | = |
| Non-distributable reserves130/1 | - | - | €50 | €50 | €50 | = |
| Reserves not available under the articles1311 | - | - | €50 | €50 | €50 | = |
| Tax-exempt reserves132 | - | - | €67,347 | €67,347 | €67,347 | = |
| Profit (loss) carried forward14 | -€77,027 | -€95,911 | -€99,983 | -€103,247 | -€141,368 | ▼ 36.9% |
| Provisions and deferred taxes16 | €34,679 | €34,679 | €34,679 | €34,679 | €34,679 | = |
| Deferred taxes168 | - | - | €34,679 | €34,679 | €34,679 | = |
| Amounts payable17/49 | €20,095 | €29,508 | €32,670 | €50,961 | €35,284 | ▼ 30.8% |
| Amounts payable after more than one year17 | €10,067 | €7,015 | €5,474 | €2,362 | €2,362 | = |
| Financial debts170/4 | - | - | €5,474 | €2,362 | €2,362 | = |
| Amounts payable within one year42/48 | €9,858 | €22,493 | €27,196 | €48,599 | €32,922 | ▼ 32.3% |
| Current portion of amounts payable after more than one year42 | - | - | €3,082 | €3,113 | €938 | ▼ 69.9% |
| Financial debts43 | - | - | €1,721 | €6,146 | €1,016 | ▼ 83.5% |
| Credit institutions430/8 | - | - | €1,721 | €6,146 | €1,016 | ▼ 83.5% |
| Trade debts44 | €4,137 | €3,487 | €1,285 | €14,232 | €12,698 | ▼ 10.8% |
| Suppliers440/4 | - | - | €1,285 | €14,232 | €12,698 | ▼ 10.8% |
| Advances received on contracts in progress46 | - | - | €2,037 | €2,037 | - | - |
| Taxes, remuneration and social security45 | - | - | €86 | €207 | €967 | ▲ 367% |
| Taxes450/3 | - | - | €86 | €207 | €967 | ▲ 367% |
| Other amounts payable47/48 | - | - | €18,985 | €22,864 | €17,303 | ▼ 24.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,845 | -€18,884 | -€4,072 | -€3,264 | -€38,120 | ▼ 1,068% |
| + Depreciation and write-downs630 | €3,523 | €3,802 | €3,896 | €4,160 | €3,957 | ▼ 4.9% |
| Operating cash flow (approximation) | -€13,322 | -€15,082 | -€176 | €896 | -€34,163 | ▼ 3,913% |
| Investment in fixed assets (approximation) | - | -€1,261 | €0 | -€739 | €0 | ▲ 100% |
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
2024
16-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 77 days late
2023
31-12
Financial
Weakest financial yearnet -€38,120
Net result drops to -€38,120, the lowest in the series.
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 16 days late
2022
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
17-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 48 days late
2019
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
11-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 11 days late
2016
17-05
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
2015
03-06
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Brussel · 1 establishment unit since 1992
Ground area
361 m²
Building footprint
100 m²
Volume, LiDAR
1,450 m³
Parcel 21805E0067/00D002, Brussels · tallest building 19.0 m, ±5 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Spastraat 21, 1000 Brussel
since 19922.058.761.256
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21805E0067/00D002 | Brussels | 361 m² | 1 · 100 m² | 19.0 m · 5 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 1,307 companies in sector 46423 we hold annual accounts for 810. 305 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
Founded26-12-1990
Fiscal year end31-12
Activities, NACEBEL 2025
46423Wholesale of clothing, excluding workwear and underwear
46425Wholesale trade
47711Retail sale of women's outerwear
47712Retail trade
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
What can you do?
Try sending from your invoicing software; if that fails, ask the customer whether they already receive via Peppol.
If the customer is not ready yet, you may send the invoice another way, for example as a PDF; if electronically, with their agreement on a secure alternative. That invoice is valid; the customer risks a penalty. FPS Finance
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.