DCODED MANAGEMENT
ActiveFrom the official registers: KBO 7 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
DCODED MANAGEMENT has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €61,127 and a net result of €90,929. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 35% of 39,218 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Official details
KBO- Status
- Active since 07-11-2018 Normal situation
- Legal form
- Private limited company
- Registered office
- Fontaine au Chêne 23, 1332 Rixensart
- Activity
- Business and other management consultancy NACE 70200
- Establishment unit
- 2.281.556.202 1332 Rixensart, since 07-11-2018
- Financial year end
- 31 December
- Peppol
- Reachable since 10-01-2025
How it is doing
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €121,265
- ▲ 3.7%
- Turnover
- ≈ €210,000
- estimated
- Profit
- €90,929
- ▲ 4.3%
- Equity
- €61,127
- ▼ 28.1%
- Total assets
- €161,914
- ▼ 30.4%
Why 94lowers riskSector: Activities of head offices; management consultancy activities (NACE 70)Liquidity: current ratio 1.58, cash €154,377Size: total assets €161,914Equity €61,127 (37.8% of total assets)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro): better than 36% on solvency, 60% on liquidity, 84% on profitability and 19% on growth.
The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 15 days before the deadline; the sector median (NACE 70) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials · financial year 2025, micro format
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 29-06-2026
- Format
- micro format
- Reference
- 2026-00228308
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result recovers in 2025; 2025 is 4% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 26,972 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 94.9% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: < 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,972 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,482 | €972 | €1,536 | €1,622 | €2,958 | €2,852 | €2,826 | ▼ 0.9% |
| Other operating charges640/8 | - | - | €440 | €593 | €277 | €472 | €665 | ▲ 40.9% |
| Gross operating margin9900 | €25,181 | €40,773 | €64,953 | €87,030 | €118,771 | €116,894 | €121,265 | ▲ 3.7% |
| Operating profit (loss)9901 | €20,488 | €39,364 | €62,977 | €84,815 | €115,536 | €113,570 | €117,773 | ▲ 3.7% |
| Financial income75/76B | - | - | - | - | €0 | €0 | €36 | ▲ 99× |
| Recurring financial income75 | - | - | - | - | €0 | €0 | €36 | ▲ 99× |
| Non-recurring financial income76B | - | - | - | - | €0 | €0 | €36 | ▲ 99× |
| Financial charges65/66B | - | - | €226 | €103 | €60 | €62 | €1,037 | ▲ 17× |
| Recurring financial charges65 | €227 | €253 | €189 | €103 | €52 | €62 | €63 | ▲ 2.4% |
| Non-recurring financial charges66B | - | - | €37 | - | €8 | €0 | €974 | ▲ 4,638× |
| Profit (loss) for the period before taxes9903 | €20,236 | €39,111 | €62,751 | €84,712 | €115,476 | €113,508 | €116,773 | ▲ 2.9% |
| Income taxes67/77 | €6,827 | €11,803 | €17,864 | €20,932 | €25,657 | €26,360 | €25,844 | ▼ 2.0% |
| Profit (loss) for the period9904 | €13,409 | €27,307 | €44,888 | €63,780 | €89,818 | €87,148 | €90,929 | ▲ 4.3% |
| Profit (loss) for the period to be appropriated9905 | €13,409 | €27,307 | €44,888 | €63,780 | €89,818 | €87,148 | €90,929 | ▲ 4.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €36,596 | €71,709 | €117,674 | €194,393 | €235,224 | €232,662 | €161,914 | ▼ 30.4% |
| Fixed assets21/28 | €866 | €2,452 | €1,759 | €4,973 | €5,840 | €4,215 | €2,826 | ▼ 32.9% |
| Tangible fixed assets22/27 | €866 | €2,452 | €1,759 | €4,973 | €5,840 | €4,215 | €2,826 | ▼ 32.9% |
| Plant, machinery and equipment23 | - | - | €177 | €39 | - | - | - | - |
| Furniture and vehicles24 | - | - | €1,582 | €4,934 | €5,840 | €4,215 | €2,826 | ▼ 32.9% |
| Current assets29/58 | €35,730 | €69,257 | €115,915 | €189,420 | €229,384 | €228,447 | €159,088 | ▼ 30.4% |
| Amounts receivable within one year40/41 | €16,108 | €14,593 | €4,365 | €28,003 | €28,507 | €27,989 | €4,232 | ▼ 84.9% |
| Trade receivables40 | - | - | - | €28,003 | €24,164 | €23,647 | €76 | ▼ 99.7% |
| Other amounts receivable41 | - | - | €4,365 | - | €4,343 | €4,343 | €4,156 | ▼ 4.3% |
| Cash at bank and in hand54/58 | €19,622 | €54,664 | €111,550 | €161,417 | €200,877 | €199,979 | €154,377 | ▼ 22.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €479 | €479 | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €36,596 | €71,709 | €117,674 | €194,393 | €235,224 | €232,662 | €161,914 | ▼ 30.4% |
| Equity10/15 | €25,809 | €53,116 | €98,004 | €113,784 | €118,037 | €84,984 | €61,127 | ▼ 28.1% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | €12,400 | €12,400 | €18,600 | €18,600 | - | - |
| Other1109/19 | - | - | €12,400 | €12,400 | €18,600 | €18,600 | - | - |
| Reserves13 | €13,409 | €40,716 | €85,604 | €101,384 | €99,437 | €66,384 | €42,527 | ▼ 35.9% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €83,744 | €99,524 | €97,577 | €64,524 | €40,667 | ▼ 37.0% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €10,787 | €18,593 | €19,670 | €80,609 | €117,187 | €147,678 | €100,787 | ▼ 31.8% |
| Amounts payable within one year42/48 | €9,706 | €18,593 | €18,476 | €78,366 | €116,236 | €147,678 | €100,787 | ▼ 31.8% |
| Trade debts44 | €3,651 | €299 | €8,291 | €6,070 | €3,325 | €4,459 | €4,898 | ▲ 9.8% |
| Suppliers440/4 | - | - | €8,291 | €6,070 | €3,325 | €4,459 | €4,898 | ▲ 9.8% |
| Taxes, remuneration and social security45 | - | - | €10,130 | €20,753 | €21,507 | €27,411 | €24,366 | ▼ 11.1% |
| Taxes450/3 | - | - | €10,130 | €20,753 | €21,507 | €27,411 | €24,366 | ▼ 11.1% |
| Other amounts payable47/48 | - | - | €54 | €51,543 | €91,404 | €115,808 | €71,523 | ▼ 38.2% |
| Accrued charges and deferred income492/3 | - | - | €1,194 | €2,243 | €950 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,409 | €27,307 | €44,888 | €63,780 | €89,818 | €87,148 | €90,929 | ▲ 4.3% |
| + Depreciation and write-downs630 | €1,482 | €972 | €1,536 | €1,622 | €2,958 | €2,852 | €2,826 | ▼ 0.9% |
| Operating cash flow (approximation) | €14,891 | €28,280 | €46,424 | €65,401 | €92,777 | €90,001 | €93,756 | ▲ 4.2% |
| Investment in fixed assets (approximation) | - | -€2,558 | -€843 | -€4,836 | -€3,826 | -€1,226 | -€1,438 | ▼ 17.2% |
| Change in cash | - | €35,042 | €56,886 | €49,866 | €39,460 | -€898 | -€45,602 | ▼ 4,978% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00228308 | NBB |
| 31-12-2024 | micro format | 28-06-2025 | 2025-00213373 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00345192 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00258498 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20178701 | |
| 31-12-2020 | micro format | 14-07-2021 | 2021-35500592 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-34700148 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Frédéric DELEU |
|
How the board is organised
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation de durée, un ou plusieurs administrateurs”“Gratuitement ou non, frais généraux indépendamment des frais de représentation,voyages et déplacements”
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “En tout temps par décision de assemblée générale délibérant dans formes prévues pour modifications aux statuts”
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment, faculté de désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments”
Articles of association, deed of 05-12-2023 (in French)
Owners and capital
Capital and shareholders
- 05-12-2023 Converted to unavailable equity · €20,460
Shares according to the articles of association
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, registre des actions nominatives avec mentions requises par le Code des sociétés et des associations”
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- 2 provisions in the deed
- Share issue ruleHow and by whom new shares can be issued.
- “Apport en numéraire avec émission de nouvelles actions, actions restantes offertes par priorité aux actionnaires ayant exercé totalité du…”
Other provisionsRules from the articles on subjects other than the board, the shares, the purpose and the meetings.
Articles of association, deed of 05-12-2023 (in French)
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
05-12
Gazette deed
Resignation: Frédéric DELEU (manager)Reappointment: Frédéric DELEU (statutory director) · Capital conversion · Reserve release11 facts ▸
- General meeting, 30-11-2023
- Other provision, “adaptation des statuts au Code des sociétés et des associations et conservation de la forme SRL, adapter statuts et conserver forme société à responsabilité lim…” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Reserve release, “suppression du compte de capitaux propres statutairement indisponible, fonds disponibles pour distribution” (deed in French)
- Amendment of the articles
- Capital
- Board composition, Frédéric DELEU (statutory director)
- Director resignation, Frédéric DELEU (manager)
- Director discharge, Frédéric DELEU
- Director reappointment, Frédéric DELEU (statutory director)
- Registered office clause, “1132 Genval,Fontaine au Chêne,23” (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
Register details
Who it is
KBO recordWhere it is based
What it does
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBScores and ratios are computed by Checked and are not a credit decision.
Purpose, financial year and meetings according to the articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “La réalisation de prestations de services et de conseils dans le domaine aéronautique au sens large; La prestation de conseil en gestion en…”
5 activities
- La réalisation de prestations de services et de conseils dans le domaine aéronautique au sens large;
- La prestation de conseil en gestion en général,conseils techniques,informatiques et commerciaux,au sens le plus large;mais aussi la prestation de services,directement ou indirectement dans les domaines opérationnels,administratifs,la vente,la production,la planification et la finance,à l’exception de conseils en placement;
- Le développement,la vente,l’achat et la prise ou la vente de licence ou brevets,savoirfaire et de toute immobilisation incorporelle;
- L’achat et la vente,l’exportation et l’importation,le commissionnement et l’intermédiation dans toute transaction portant sur quelque forme de bien que ce soit;
- La recherche,le développement,la fabrication,la commercialisation de nouveaux produits,nouvelles formes de technologies et leurs applications;
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- DCODED MANAGEMENT
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, transférable en tout endroit de la Région wallonne ou de la région de langue française de Belgique par simple décision de…”
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Monday of May at 10:00
Articles of association, deed of 05-12-2023 (in French)
Sites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25033C0519/00A000 | Wallonia | 723 m² | 1 · 112 m² | 9.2 m · 2 |