Kodecq
ActiveSummary
Kodecq has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20,173 and a net result of €47,832. Equity is shrinking by ~15% per year across the filed fiscal years. Its solvency ranks better than 28% of 31958 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency52▼-1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity tight (current ratio 1.37 against 0.99 in 2024; short-term debt: 72.8% and cash: 98.6% of total assets), and 73% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
27%
Return on assets
64%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-04-2026, 114 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
114 d early
2024
45 d early
2023
41 d early
2022
41 d early
2021
37 d early
2020
37 d early
2019
51 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 52 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 20 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
Equity
€20,173▼ 9.7%
2024 · €22,342
Total assets
€74,740▼ 7.6%
2024 · €80,911
Net result
€47,832▲ 36.8%
2024 · €34,957
Working capital
€20,070
2024 · -€624
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€105,887▼ 0.7%€104,993▼ 0.8%€137,792▲ 31.2%€45,329▼ 67.1%€61,861▲ 36.5%
Net result€80,822above the sector's middle half▼ 2.1%€81,526above the sector's middle half▲ 0.9%€105,476above the sector's middle half▲ 29.4%€34,957within the sector's middle half▼ 66.9%€47,832within the sector's middle half▲ 36.8%
Equity€26,883within the sector's middle half▼ 41.6%€26,909within the sector's middle half▲ 0.1%€22,385below the sector's middle half▼ 16.8%€22,342below the sector's middle half▼ 0.2%€20,173below the sector's middle half▼ 9.7%
Total assets€228,701within the sector's middle half▼ 32.7%€180,146within the sector's middle half▼ 21.2%€185,140within the sector's middle half▲ 2.8%€80,911within the sector's middle half▼ 56.3%€74,740below the sector's middle half▼ 7.6%
Debt€201,819▼ 31.3%€153,237▼ 24.1%€162,755▲ 6.2%€58,569▼ 64.0%€54,566▼ 6.8%
Working capital-€3,852below the sector's middle half€152below the sector's middle half-€3,009below the sector's middle half-€624below the sector's middle half▲ 79.2%€20,070within the sector's middle half
Solvency11.8%below the sector's middle half▼ 1.8pp14.9%below the sector's middle half▲ 3.2pp12.1%below the sector's middle half▼ 2.8pp27.6%within the sector's middle half▲ 15.5pp27.0%within the sector's middle half▼ 0.6pp
Current ratio0.97below the sector's middle half▼ 0.081.00below the sector's middle half▲ 0.030.98below the sector's middle half▼ 0.020.99below the sector's middle half▲ 0.011.37within the sector's middle half▲ 0.38
Return on assets (ROA)35.3%above the sector's middle half▲ 11.0pp45.3%above the sector's middle half▲ 9.9pp57.0%above the sector's middle half▲ 11.7pp43.2%above the sector's middle half▼ 13.8pp64.0%above the sector's middle half▲ 20.8pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 36% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €74,740
Fixed assets
€233 ▼ 99.0%
Current assets
€74,506 ▲ 28.7%
Equity and liabilities €74,740
Equity
€20,173 ▼ 9.7%
Debt
€54,566 ▼ 6.8%
Debt's share of the balance-sheet total rises from 72.4% to 73.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€84,636▲
2024 · €68,995
Cash flow
€70,607▲
2024 · €58,623
Debt to equity
2.70▲
2024 · 2.62
ROE
237.1%▲
2024 · 156.5%
Interest coverage
344.86▲
2024 · 156.48
Debt ≤ 1 year
€54,436▼
2024 · €58,526
Income taxes
€13,784▲
2024 · €9,931
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,713 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.8%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% 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 497,338 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 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% 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 6,713 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,785 | €24,499 | €23,962 | €23,666 | €22,775 | ▼ 3.8% |
| Other operating charges640/8 | €459 | €650 | €549 | €576 | €603 | ▲ 4.6% |
| Gross operating margin9900 | €132,131 | €130,141 | €162,303 | €69,572 | €85,239 | ▲ 22.5% |
| Operating profit (loss)9901 | €105,887 | €104,993 | €137,792 | €45,329 | €61,861 | ▲ 36.5% |
| Financial income75/76B | €0 | - | €1 | €0 | €0 | = |
| Recurring financial income75 | €0 | - | €1 | €0 | €0 | = |
| Financial charges65/66B | €1,045 | €841 | €639 | €441 | €245 | ▼ 44.3% |
| Recurring financial charges65 | €1,045 | €841 | €639 | €441 | €245 | ▼ 44.3% |
| Profit (loss) for the period before taxes9903 | €104,842 | €104,152 | €137,153 | €44,888 | €61,615 | ▲ 37.3% |
| Income taxes67/77 | €24,020 | €22,626 | €31,677 | €9,931 | €13,784 | ▲ 38.8% |
| Profit (loss) for the period9904 | €80,822 | €81,526 | €105,476 | €34,957 | €47,832 | ▲ 36.8% |
| Profit (loss) for the period to be appropriated9905 | €80,822 | €81,526 | €105,476 | €34,957 | €47,832 | ▲ 36.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €228,701 | €180,146 | €185,140 | €80,911 | €74,740 | ▼ 7.6% |
| Fixed assets21/28 | €93,954 | €69,455 | €46,675 | €23,009 | €233 | ▼ 99.0% |
| Tangible fixed assets22/27 | €93,954 | €69,455 | €46,675 | €23,009 | €233 | ▼ 99.0% |
| Furniture and vehicles24 | €93,954 | €69,455 | €46,675 | €23,009 | €233 | ▼ 99.0% |
| Current assets29/58 | €134,748 | €110,691 | €138,464 | €57,902 | €74,506 | ▲ 28.7% |
| Amounts receivable within one year40/41 | €20,504 | €23,749 | €26,156 | €1,129 | - | - |
| Trade receivables40 | €20,504 | €23,749 | €26,156 | - | - | - |
| Other amounts receivable41 | - | - | - | €1,129 | - | - |
| Cash at bank and in hand54/58 | €111,405 | €86,570 | €111,933 | €55,982 | €73,658 | ▲ 31.6% |
| Deferred charges and accrued income490/1 | €2,839 | €372 | €375 | €791 | €848 | ▲ 7.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €228,701 | €180,146 | €185,140 | €80,911 | €74,740 | ▼ 7.6% |
| Equity10/15 | €26,883 | €26,909 | €22,385 | €22,342 | €20,173 | ▼ 9.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €3,785 | €3,742 | €1,573 | ▼ 57.9% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | €3,785 | €3,742 | €1,573 | ▼ 57.9% |
| Profit (loss) carried forward14 | €6,423 | €6,449 | - | - | - | - |
| Amounts payable17/49 | €201,819 | €153,237 | €162,755 | €58,569 | €54,566 | ▼ 6.8% |
| Amounts payable after more than one year17 | €63,219 | €42,354 | €21,282 | - | - | - |
| Financial debts170/4 | €63,219 | €42,354 | €21,282 | - | - | - |
| Amounts payable within one year42/48 | €138,600 | €110,539 | €141,473 | €58,526 | €54,436 | ▼ 7.0% |
| Current portion of amounts payable after more than one year42 | €20,659 | €20,865 | €21,072 | €21,282 | - | - |
| Trade debts44 | €3,052 | €1,617 | €863 | €850 | €796 | ▼ 6.4% |
| Suppliers440/4 | €3,052 | €1,617 | €863 | €850 | €796 | ▼ 6.4% |
| Taxes, remuneration and social security45 | €14,853 | €6,074 | €18,967 | €931 | €3,058 | ▲ 228% |
| Taxes450/3 | €14,853 | €6,074 | €18,967 | €931 | €3,058 | ▲ 228% |
| Other amounts payable47/48 | €100,036 | €81,984 | €100,572 | €35,464 | €50,583 | ▲ 42.6% |
| Accrued charges and deferred income492/3 | - | €344 | - | €43 | €130 | ▲ 202% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €80,822 | €81,526 | €105,476 | €34,957 | €47,832 | ▲ 36.8% |
| + Depreciation and write-downs630 | €25,785 | €24,499 | €23,962 | €23,666 | €22,775 | ▼ 3.8% |
| Operating cash flow (approximation) | €106,607 | €106,025 | €129,437 | €58,623 | €70,607 | ▲ 20.4% |
| Investment in fixed assets (approximation) | - | €0 | -€1,182 | €0 | €0 | - |
| Change in cash | - | -€24,835 | €25,363 | -€55,952 | €17,677 | ▲ 132% |
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
08-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
16-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €105,476 ▲29.4%
Operating result €137,792, net result €105,476, both a record.
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Equity above €100,000Eq €113,529 ▲122%
2 profitable years in a row build equity to €113,529.
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Brugge · 1 establishment unit since 2017
Ground area
379 m²
Building footprint
113 m²
Volume, LiDAR
706 m³
Parcel 31002A0107/00T002, Flanders · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Kodecq
since 20172.265.278.810
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31002A0107/00T002 | Flanders | 379 m² | 1 · 113 m² | 10.4 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 82,646 companies in sector 70200 we hold annual accounts for 52,627. 30,632 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
Founded26-06-2017
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
46180Agents specialised in the wholesale of other particular products
46190Agents in non-specialised wholesale trade
64210Activities of holding companies
73300Public relations and communication consultancy
74201Photography, excluding press photography
74209Other photographic activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0677571328
Also
9925:BE0677571328
Registered
08-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.