D-CODE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-05-2026 PDF all 25 filings
Turnover
≈ €240,000
Estimated: probably between €180,000 and €470,000
Total assets
€353,518▼ 16.7%
2024 · €424,172
Net result
€14,687▲ 578%
2024 · €2,167
Working capital
€203,419▲ 18.0%
2024 · €172,335
In the rankings
#4 oldest company in Lincent, Professional and technical services sector#9 company by total assets in Lincent, Professional and technical services sector#9 company by equity in Lincent, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,060
▲ 726%
2025
20182025
Net result
€14,687
▲ 578%
2025
middle half of the sector
20182025
Equity
€176,273
▲ 9.1%
2025
highest quarter of the sector
20182025
Total assets
€353,518
▼ 16.7%
2025
highest quarter of the sector
20182025
Debt
€50,138
▼ 63.0%
2025
20182025
Working capital
€203,419
▲ 18.0%
2025
highest quarter of the sector
20182025
Solvency
49.9%
▲ 11.8pp
2025
middle half of the sector
20182025
Current ratio
5.06
▲ 2.79
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.2%
▲ 3.6pp
2025
middle half of the sector
20182025
Staff (FTE)
2.2
▼ 26.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,915--€2,745€8,709€109,055▲ 13×€84,422▼ 22.6%€17,085▼ 79.8%€2,309▼ 86.5%€19,060▲ 726%
Net result€463--€3,096€5,873within the sector's middle half€78,659above the sector's middle half▲ 13×€63,453above the sector's middle half▼ 19.3%€13,154within the sector's middle half▼ 79.3%€2,167within the sector's middle half▼ 83.5%€14,687within the sector's middle half▲ 578%
Equity€201,377-€198,281▼ 1.5%€204,154above the sector's middle half▲ 3.0%€232,812above the sector's middle half▲ 14.0%€246,266above the sector's middle half▲ 5.8%€209,419above the sector's middle half▼ 15.0%€161,586within the sector's middle half▼ 22.8%€176,273above the sector's middle half▲ 9.1%
Total assets€430,733-€373,181▼ 13.4%€390,819above the sector's middle half▲ 4.7%€456,763above the sector's middle half▲ 16.9%€472,066above the sector's middle half▲ 3.4%€546,860above the sector's middle half▲ 15.8%€424,172above the sector's middle half▼ 22.4%€353,518above the sector's middle half▼ 16.7%
Debt€102,249-€47,793▼ 53.3%€59,558▲ 24.6%€96,844▲ 62.6%€98,694▲ 1.9%€210,334▲ 113%€135,479▼ 35.6%€50,138▼ 63.0%
Working capital€119,369-€135,882▲ 13.8%€156,568above the sector's middle half▲ 15.2%€198,594above the sector's middle half▲ 26.8%€251,145above the sector's middle half▲ 26.5%€204,926above the sector's middle half▼ 18.4%€172,335above the sector's middle half▼ 15.9%€203,419above the sector's middle half▲ 18.0%
Solvency46.8%-53.1%▲ 6.4pp52.2%within the sector's middle half▼ 0.9pp51.0%within the sector's middle half▼ 1.3pp52.2%within the sector's middle half▲ 1.2pp38.3%within the sector's middle half▼ 13.9pp38.1%within the sector's middle half▼ 0.2pp49.9%within the sector's middle half▲ 11.8pp
Current ratio2.45-4.28▲ 1.833.63within the sector's middle half▼ 0.653.05within the sector's middle half▼ 0.584.27above the sector's middle half▲ 1.211.97within the sector's middle half▼ 2.292.27within the sector's middle half▲ 0.305.06above the sector's middle half▲ 2.79
Return on assets (ROA)0.1%--0.8%▼ 0.9pp1.5%within the sector's middle half▲ 2.3pp17.2%within the sector's middle half▲ 15.7pp13.4%within the sector's middle half▼ 3.8pp2.4%within the sector's middle half▼ 11.0pp0.5%within the sector's middle half▼ 1.9pp4.2%within the sector's middle half▲ 3.6pp
Staff (FTE)3-3=3above the sector's middle half=3.6▲ 20.0%3▼ 16.7%3.1▲ 3.3%3▼ 3.2%2.2▼ 26.7%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 nearly 8.3 times that of 2024 and the highest since 2022. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro 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 €353,518
Fixed assets
€99,961 ▼ 14.1%
Current assets
€253,557 ▼ 17.6%
Equity and liabilities €353,518
Equity
€176,273 ▲ 9.1%
Provisions
€127,107 =
Debt
€50,138 ▼ 63.0%
Debt's share of the balance-sheet total falls from 31.9% to 14.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€36,418▲
2024 · €19,901
Cash flow
€32,045▲
2024 · €19,759
Debt to equity
0.28▼
2024 · 0.84
ROE
8.3%▲
2024 · 1.3%
Interest coverage
over 100▲
2024 · 60.07
Debt ≤ 1 year
€50,138▼
2024 · €135,479
Income taxes
€5,861▲
2024 · €2,120
Staff costs
€85,437▼
2024 · €125,145
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 | 3 | 3 | 3 | 3 | 2 |
| full-time | 3 | 3 | 3 | 3 | 2 |
| in full-time equivalents | 3 | 3 | 3 | 3 | 2 |
| Average over the year, in full-time equivalents | 3.6 | 3 | 3.1 | 3 | 2.2 |
| On a permanent contract | 3 | 3 | 3 | 3 | 2 |
| Joined | 2 | - | - | - | 0 |
| Left | 2 | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,386 | - | €1,652 | €2,351 | €961 |
| Intangible fixed assets | - | - | €3,312 | - | - |
| Depreciation and write-downs of the year | €16,753 | €17,310 | €17,380 | €17,593 | €17,358 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €114,559 | €102,657 | €124,029 | €125,145 | €85,437 | ▼ 31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,260 | €33,407 | €24,404 | €16,753 | €17,310 | €17,380 | €17,593 | €17,358 | ▼ 1.3% |
| Other operating charges640/8 | - | - | - | €5,032 | €5,255 | €5,350 | €5,578 | €5,818 | ▲ 4.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €832 | - | - | - |
| Gross operating margin9900 | €129,509 | €127,858 | €134,890 | €245,399 | €209,644 | €164,675 | €150,624 | €127,673 | ▼ 15.2% |
| Operating profit (loss)9901 | €1,915 | -€2,745 | €8,709 | €109,055 | €84,422 | €17,085 | €2,309 | €19,060 | ▲ 726% |
| Financial income75/76B | - | - | - | €30 | €11 | €637 | €2,310 | €1,615 | ▼ 30.1% |
| Recurring financial income75 | €57 | €60 | - | €30 | €11 | €637 | €2,310 | €1,615 | ▼ 30.1% |
| Financial charges65/66B | - | - | - | €177 | €174 | €231 | €331 | €126 | ▼ 61.9% |
| Recurring financial charges65 | €961 | €413 | €291 | €177 | €174 | €231 | €331 | €126 | ▼ 61.9% |
| Profit (loss) for the period before taxes9903 | €1,010 | -€3,097 | €8,418 | €108,908 | €84,258 | €17,490 | €4,287 | €20,549 | ▲ 379% |
| Income taxes67/77 | €547 | -€1 | €2,546 | €30,249 | €20,805 | €4,337 | €2,120 | €5,861 | ▲ 176% |
| Profit (loss) for the period9904 | €463 | -€3,096 | €5,873 | €78,659 | €63,453 | €13,154 | €2,167 | €14,687 | ▲ 578% |
| Profit (loss) for the period to be appropriated9905 | €463 | -€3,096 | €5,873 | €78,659 | €63,453 | €13,154 | €2,167 | €14,687 | ▲ 578% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €430,733 | €373,181 | €390,819 | €456,763 | €472,066 | €546,860 | €424,172 | €353,518 | ▼ 16.7% |
| Fixed assets21/28 | €229,283 | €195,876 | €174,692 | €161,325 | €144,015 | €131,600 | €116,358 | €99,961 | ▼ 14.1% |
| Intangible fixed assets21 | - | - | - | - | - | €2,269 | €1,165 | €61 | ▼ 94.8% |
| Tangible fixed assets22/27 | €229,123 | €195,716 | €174,532 | €161,165 | €143,855 | €129,171 | €115,034 | €99,741 | ▼ 13.3% |
| Land and buildings22 | - | - | - | €156,903 | €142,003 | €127,104 | €112,204 | €97,304 | ▼ 13.3% |
| Furniture and vehicles24 | - | - | - | €4,262 | €1,852 | €2,068 | €2,829 | €2,436 | ▼ 13.9% |
| Financial fixed assets28 | €160 | €160 | €160 | €160 | €160 | €160 | €160 | €160 | = |
| Current assets29/58 | €201,450 | €177,306 | €216,126 | €295,438 | €328,051 | €415,260 | €307,813 | €253,557 | ▼ 17.6% |
| Amounts receivable within one year40/41 | €87,696 | €46,247 | €2,541 | €27,132 | €38,404 | €57,838 | €10,760 | €48,124 | ▲ 347% |
| Trade receivables40 | - | - | - | €25,412 | €12,538 | €27,161 | €2,188 | €48,124 | ▲ 22× |
| Other amounts receivable41 | - | - | - | €1,720 | €25,866 | €30,677 | €8,572 | - | - |
| Cash at bank and in hand54/58 | €111,940 | €128,676 | €210,976 | €265,506 | €289,071 | €325,246 | €291,851 | €199,554 | ▼ 31.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,799 | €576 | €32,176 | €5,203 | €5,878 | ▲ 13.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €430,733 | €373,181 | €390,819 | €456,763 | €472,066 | €546,860 | €424,172 | €353,518 | ▼ 16.7% |
| Equity10/15 | €201,377 | €198,281 | €204,154 | €232,812 | €246,266 | €209,419 | €161,586 | €176,273 | ▲ 9.1% |
| Contributions10/11 | €30,987 | €30,987 | - | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Reserves13 | €23,126 | €23,126 | €23,126 | €23,126 | €23,126 | €23,126 | €23,126 | €23,126 | = |
| Non-distributable reserves130/1 | - | - | - | €5,925 | €5,925 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,925 | €5,925 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €17,202 | €17,202 | €17,202 | €17,202 | €17,202 | = |
| Distributable reserves133 | - | - | - | - | - | €5,925 | €5,925 | €5,925 | = |
| Profit (loss) carried forward14 | €147,264 | €144,168 | €150,041 | €178,699 | €192,152 | €155,306 | €107,473 | €122,160 | ▲ 13.7% |
| Provisions and deferred taxes16 | €127,107 | €127,107 | €127,107 | €127,107 | €127,107 | €127,107 | €127,107 | €127,107 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €127,107 | €127,107 | €127,107 | €127,107 | €127,107 | = |
| Pensions and similar obligations160 | - | - | - | €127,107 | €127,107 | €127,107 | €127,107 | €127,107 | = |
| Amounts payable17/49 | €102,249 | €47,793 | €59,558 | €96,844 | €98,694 | €210,334 | €135,479 | €50,138 | ▼ 63.0% |
| Amounts payable after more than one year17 | €19,015 | €6,369 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €82,081 | €41,424 | €59,558 | €96,844 | €76,906 | €210,334 | €135,479 | €50,138 | ▼ 63.0% |
| Trade debts44 | €50,991 | €12,884 | €34,216 | €16,185 | €3,792 | €127,645 | €51,602 | €31,478 | ▼ 39.0% |
| Suppliers440/4 | - | - | - | €16,185 | €3,792 | €127,645 | €51,602 | €31,478 | ▼ 39.0% |
| Taxes, remuneration and social security45 | - | - | - | €26,991 | €19,990 | €29,564 | €31,562 | €16,345 | ▼ 48.2% |
| Taxes450/3 | - | - | - | €7,999 | €6,698 | €14,973 | €15,930 | €7,224 | ▼ 54.7% |
| Remuneration and social security454/9 | - | - | - | €18,992 | €13,291 | €14,592 | €15,631 | €9,121 | ▼ 41.6% |
| Other amounts payable47/48 | - | - | - | €53,667 | €53,124 | €53,124 | €52,315 | €2,315 | ▼ 95.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €21,788 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €463 | -€3,096 | €5,873 | €78,659 | €63,453 | €13,154 | €2,167 | €14,687 | ▲ 578% |
| + Depreciation and write-downs630 | €38,260 | €33,407 | €24,404 | €16,753 | €17,310 | €17,380 | €17,593 | €17,358 | ▼ 1.3% |
| Operating cash flow (approximation) | €38,723 | €30,311 | €30,276 | €95,412 | €80,763 | €30,533 | €19,759 | €32,045 | ▲ 62.2% |
| Investment in fixed assets (approximation) | - | €0 | -€3,221 | -€3,386 | €0 | -€4,964 | -€2,351 | -€961 | ▲ 59.1% |
| Change in cash | - | €16,736 | €82,300 | €54,530 | €23,565 | €36,176 | -€33,396 | -€92,296 | ▼ 176% |
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 D-CODE has now. Two years later, 94.4% 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
94.4%
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 D-CODE 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 D-CODE. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-05-2026 | 2026-00126473 | |
| 31-12-2024 | micro format | 11-06-2025 | 2025-00137418 | |
| 31-12-2023 | micro format | 07-08-2024 | 2024-00337709 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00208399 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20282444 | |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47700208 | |
| 31-12-2019 | micro format | 20-10-2020 | 2020-62100581 | |
| 31-12-2018 | micro format | 06-06-2019 | 2019-16600112 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-37800189 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-36100101 |