InnoCoder
ActiveSummary
InnoCoder has been active since 2012 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €336,999 and a net result of €97,308. Equity is growing by about 51% per year across the filed financial years. Its solvency ranks better than 47% of 1,121 sector peers (NACE 18, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, micro format
Turnover
€131,056
EBIT margin
25.1%
Net result
€97,308▼ 3.9%
2024 · €101,281
Working capital
-€233,853▼ 20.8%
2024 · -€193,522
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 6% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€156,732
2025
Net result€97,308
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€710,929
2025
Equity€336,999
2025
Debt€373,930
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€233,853
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)13.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency47.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.21
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 18, Printing and reproduction of recorded media: 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€131,056-
Operating result€32,955-€17,875▼ 45.8%€23,888▲ 33.6%€53,015▲ 122%€103,497▲ 95.2%€89,749▼ 13.3%€167,412▲ 86.5%€156,732▼ 6.4%
Net result€26,862-€12,452▼ 53.6%€12,329within the sector's middle half▼ 1.0%€24,047above the sector's middle half▲ 95.0%€61,115above the sector's middle half▲ 154%€54,156above the sector's middle half▼ 11.4%€101,281above the sector's middle half▲ 87.0%€97,308above the sector's middle half▼ 3.9%
EBIT margin25.1%-
Equity€23,140-€35,592▲ 53.8%€47,921within the sector's middle half▲ 34.6%€71,968within the sector's middle half▲ 50.2%€133,083within the sector's middle half▲ 84.9%€187,238above the sector's middle half▲ 40.7%€288,519above the sector's middle half▲ 54.1%€336,999above the sector's middle half▲ 16.8%
Total assets€50,271-€169,601▲ 237%€732,007above the sector's middle half▲ 332%€731,610above the sector's middle half▼ 0.1%€718,229above the sector's middle half▼ 1.8%€695,310above the sector's middle half▼ 3.2%€702,062above the sector's middle half▲ 1.0%€710,929above the sector's middle half▲ 1.3%
Debt€27,131-€134,008▲ 394%€684,086▲ 410%€659,642▼ 3.6%€585,146▼ 11.3%€508,071▼ 13.2%€413,543▼ 18.6%€373,930▼ 9.6%
Working capital€1,690--€5,091-€96,161below the sector's middle half▼ 1,789%-€113,656below the sector's middle half▼ 18.2%-€156,455below the sector's middle half▼ 37.7%-€200,126below the sector's middle half▼ 27.9%-€193,522below the sector's middle half▲ 3.3%-€233,853below the sector's middle half▼ 20.8%
Solvency46.0%-21.0%▼ 25.0pp6.5%below the sector's middle half▼ 14.4pp9.8%below the sector's middle half▲ 3.3pp18.5%within the sector's middle half▲ 8.7pp26.9%within the sector's middle half▲ 8.4pp41.1%within the sector's middle half▲ 14.2pp47.4%within the sector's middle half▲ 6.3pp
Current ratio1.06-0.79▼ 0.270.24below the sector's middle half▼ 0.550.26below the sector's middle half▲ 0.010.29below the sector's middle half▲ 0.040.18below the sector's middle half▼ 0.110.21below the sector's middle half▲ 0.030.21below the sector's middle half=
Return on assets (ROA)53.4%-7.3%▼ 46.1pp1.7%within the sector's middle half▼ 5.7pp3.3%within the sector's middle half▲ 1.6pp8.5%within the sector's middle half▲ 5.2pp7.8%within the sector's middle half▼ 0.7pp14.4%within the sector's middle half▲ 6.6pp13.7%within the sector's middle half▼ 0.7pp
above
within
below
the middle half of NACE 18, Printing and reproduction of recorded media: 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €710,929
Fixed assets
€646,921 ▼ 0.3%
Current assets
€64,009 ▲ 20.9%
Equity and liabilities €710,929
Equity
€336,999 ▲ 16.8%
Debt
€373,930 ▼ 9.6%
Debt's share of the balance-sheet total falls from 58.9% to 52.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€158,943▼
2024 · €169,623
Cash flow
€99,519▼
2024 · €103,492
Debt to equity
1.11▼
2024 · 1.43
ROE
28.9%▼
2024 · 35.1%
Interest coverage
13.79▲
2024 · 9.55
Debt ≤ 1 year
€297,861▲
2024 · €246,452
Debt > 1 year
€76,069▼
2024 · €167,091
Income taxes
€47,901▼
2024 · €48,378
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €131,056 | - | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,501 | €8,042 | €8,042 | €2,540 | €1,972 | €2,211 | €2,211 | €2,211 | = |
| Other operating charges640/8 | - | - | - | - | €62 | €62 | €62 | €62 | = |
| Gross operating margin9900 | €39,195 | €26,405 | €32,358 | €56,101 | €105,531 | €92,022 | €169,685 | €159,005 | ▼ 6.3% |
| Operating profit (loss)9901 | €32,955 | €17,875 | €23,888 | €53,015 | €103,497 | €89,749 | €167,412 | €156,732 | ▼ 6.4% |
| Financial charges65/66B | - | - | - | - | €13,888 | €9,687 | €17,753 | €11,523 | ▼ 35.1% |
| Recurring financial charges65 | €92 | €120 | €5,326 | €15,636 | €13,888 | €9,687 | €17,753 | €11,523 | ▼ 35.1% |
| Profit (loss) for the period before taxes9903 | €32,862 | €17,756 | €18,562 | €37,378 | €89,609 | €80,062 | €149,659 | €145,209 | ▼ 3.0% |
| Income taxes67/77 | €6,000 | €5,303 | €6,233 | €13,332 | €28,494 | €25,906 | €48,378 | €47,901 | ▼ 1.0% |
| Profit (loss) for the period9904 | €26,862 | €12,452 | €12,329 | €24,047 | €61,115 | €54,156 | €101,281 | €97,308 | ▼ 3.9% |
| Profit (loss) for the period to be appropriated9905 | €26,862 | €12,452 | €12,329 | €24,047 | €61,115 | €54,156 | €101,281 | €97,308 | ▼ 3.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €50,271 | €169,601 | €732,007 | €731,610 | €718,229 | €695,310 | €702,062 | €710,929 | ▲ 1.3% |
| Fixed assets21/28 | €21,450 | €150,464 | €700,922 | €692,237 | €653,554 | €651,343 | €649,132 | €646,921 | ▼ 0.3% |
| Tangible fixed assets22/27 | €21,450 | €30,464 | €22,422 | €9,435 | €15,054 | €12,843 | €10,632 | €8,421 | ▼ 20.8% |
| Land and buildings22 | - | - | - | - | €6,120 | €5,465 | €4,810 | €4,154 | ▼ 13.6% |
| Plant, machinery and equipment23 | - | - | - | - | €2,497 | €2,014 | €1,531 | €1,048 | ▼ 31.5% |
| Furniture and vehicles24 | - | - | - | - | €6,437 | €5,364 | €4,291 | €3,218 | ▼ 25.0% |
| Financial fixed assets28 | - | €120,000 | €678,500 | €682,803 | €638,500 | €638,500 | €638,500 | €638,500 | = |
| Current assets29/58 | €28,821 | €19,137 | €31,085 | €39,373 | €64,675 | €43,967 | €52,930 | €64,009 | ▲ 20.9% |
| Amounts receivable within one year40/41 | €8,470 | €2,420 | €16,680 | €15,125 | €46,283 | €36,390 | €20,070 | €27,719 | ▲ 38.1% |
| Trade receivables40 | - | - | - | - | €46,283 | €36,390 | €20,070 | €20,570 | ▲ 2.5% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €7,149 | - |
| Cash at bank and in hand54/58 | €20,351 | €16,717 | €14,405 | €24,248 | €18,392 | €7,577 | €32,860 | €36,290 | ▲ 10.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €50,271 | €169,601 | €732,007 | €731,610 | €718,229 | €695,310 | €702,062 | €710,929 | ▲ 1.3% |
| Equity10/15 | €23,140 | €35,592 | €47,921 | €71,968 | €133,083 | €187,238 | €288,519 | €336,999 | ▲ 16.8% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | - | €12,400 | - | - | - | - |
| Issued capital100 | - | - | - | - | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | - | - | €6,200 | - | - | - | - |
| Reserves13 | €1,860 | €14,312 | €26,641 | €50,688 | €111,803 | €165,958 | €267,239 | €315,720 | ▲ 18.1% |
| Non-distributable reserves130/1 | - | - | - | - | €1,860 | €1,860 | - | €1,860 | - |
| Legal reserve130 | - | - | - | - | €1,860 | - | - | - | - |
| Other1319 | - | - | - | - | - | €1,860 | - | €1,860 | - |
| Distributable reserves133 | - | - | - | - | €109,943 | €164,098 | €267,239 | €313,860 | ▲ 17.4% |
| Profit (loss) carried forward14 | €8,880 | €8,880 | €8,880 | €8,880 | €8,880 | €8,880 | €8,880 | €8,880 | = |
| Amounts payable17/49 | €27,131 | €134,008 | €684,086 | €659,642 | €585,146 | €508,071 | €413,543 | €373,930 | ▼ 9.6% |
| Amounts payable after more than one year17 | - | €109,780 | €556,840 | €461,613 | €364,016 | €263,978 | €167,091 | €76,069 | ▼ 54.5% |
| Financial debts170/4 | - | - | - | - | €364,016 | €263,978 | €167,091 | €76,069 | ▼ 54.5% |
| Amounts payable within one year42/48 | €27,131 | €24,228 | €127,246 | €153,029 | €221,130 | €244,093 | €246,452 | €297,861 | ▲ 20.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €97,597 | €100,038 | €96,887 | €91,022 | ▼ 6.1% |
| Trade debts44 | €631 | - | €395 | €475 | €17,981 | €15,604 | €37,340 | €54,980 | ▲ 47.2% |
| Suppliers440/4 | - | - | - | - | €17,981 | €15,604 | €37,340 | €54,980 | ▲ 47.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €35,883 | €42,160 | €45,483 | €36,279 | ▼ 20.2% |
| Taxes450/3 | - | - | - | - | €35,883 | €42,160 | €45,483 | €36,279 | ▼ 20.2% |
| Other amounts payable47/48 | - | - | - | - | €69,669 | €86,291 | €66,742 | €115,581 | ▲ 73.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,862 | €12,452 | €12,329 | €24,047 | €61,115 | €54,156 | €101,281 | €97,308 | ▼ 3.9% |
| + Depreciation and write-downs630 | €5,501 | €8,042 | €8,042 | €2,540 | €1,972 | €2,211 | €2,211 | €2,211 | = |
| Operating cash flow (approximation) | €32,364 | €20,494 | €20,370 | €26,587 | €63,087 | €56,367 | €103,492 | €99,519 | ▼ 3.8% |
| Investment in fixed assets (approximation) | - | -€137,055 | -€558,500 | €6,145 | €36,711 | €0 | €0 | €0 | - |
| Change in cash | - | -€3,634 | -€2,312 | €9,843 | -€5,856 | -€10,816 | €25,283 | €3,430 | ▼ 86.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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Of the 2,851 companies in this sector, figures are known for 841. 568 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector