Equity
€12.8m from €30.3m in 2023
Equity fell by 58% in 2 years.
ODOO
Lifetime
20 annual accounts with figures on one time axis, 23 filings since 2003peak €206.8m (2025)
€206.8m▲ 5.3%
lowest -€14.9m (2025)
-€14.9m▼ €12.3m
peak €30.3m (2023)
€12.8m▼ 53.9%
€212.4m▲ 22.2%
peak 1,266.7 FTE (2025)
1,266.7 FTE▲ 10.9%
Board14 names since 2010all names
5 directorsFabien Pinckaers and 4 others
Owners5 names in the annual accounts
9.91%SP Opal and 1 other
Documentsfilings and deeds
17-06-202644 days before the deadline
2025financial year
Loss of €14.9mStaff from 1,141.9 FTE to 1,266.7 FTE1 director appointed, 2 reappointments, 1 statutory auditor r… 04-09New administrateur ordinaire représentant les actionnaires or… 26-05Equity from €27.7m to €12.8mDebts from €173.8m to €212.4m
Key points
from the 2025 annual accountsResult
-€14.9m ▼ 467%
The result fell in 2025 from -€2.6m to -€14.9m.
Debts
€212.4m 94% of the balance sheet
Suppliers 22%Taxes and wages 11%Other 68%
Of this, €120.5m falls due within a year.
Payment terms
135 days to suppliers
ODOO pays its suppliers 68 days later than in 2024. Customers pay 10 days later.
Group
20 companies controlled
Heads a group.
Position in the sector
-€14.9m
Lower net result than 95% of companies in publishing. Sector median €24,823 · 196 companies.
Standalone figures, without subsidiaries
Checked score
55
Fair
Financially stronger than 39% of companies in publishing (NACE 58)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 10 companies (NACE 58, large).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025lowest value
03-2025: < 0.1%● unchanged vs 02-2025lowest value
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: 0.1%▲ +0.1 percentage points vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026
09-2026: 0.3%▲ +0.1 percentage points vs 08-2026highest value
10-2026: 0.2%▼ -0.1 percentage points vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Loss of €14.9m, the second in a row (financial year 2025)
Equity €12.8m (5.7% of total assets)
lowers risk
Size: turnover €206.8m, 1,266.7 FTE, total assets €225.1m, files consolidated accounts
Liquidity: current ratio 1.05, cash €55.2m
Calculation
The band follows from the bankruptcy probability. 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 58). It does better than 16% of them on solvency, 72% on liquidity, 31% on profitability and 38% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 102 companies had the same profile as ODOO has now. Each dot is one company, two years later.
97.1%
were still trading
1.0%
stopped another way
2.0%
went bankrupt
The bankruptcy probability of ODOO itself is lower: 0.2% within 12 months. It rests on far more data about ODOO than the profile alone.
Test of the method
The method was tested on the 497,447 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 102 companies, not a prediction for ODOO. 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.
Credit verdict
Credit of up to €700,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is tight, with a current ratio of 1.05 (1.28 in 2024), below the usual 1.5. Short-term debt is 53.5% and cash 24.5% of total assets. 94.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€14.9m
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 193 sector peers (2025).
NBB · sector comparisonPosition among 193 sector peers
Solvency
better than 21%
← weakest
strongest →
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 17-06-2026, 44 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
44 days early
2024
48 days early
2023
on the day
2022
46 days early
2021
40 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 36 days before the deadline. In the sector (NACE 58), the median for financial year 2024 was 7 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 17 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
S
SPARAXIS
Director, DamienLOURTIE, since 31-07-2024
- SP Opal 9.91%score 68equity €124.9m (2025) · 2025 annual accounts of SP Opal
- SP Opal II 5.95%score 66equity €133.9m (2025) · 2025 annual accounts of SP Opal II
- ODOO SPV 0.2%score 88equity €6.7m (2025) · 2024 annual accounts of ODOO SPV
Shares in 21 companies, including ANTHILL US and ERPODOO UNIPESSOAL LDA
Board & ownershipRecent changes
Reappointment: Fabien Pinckaers (managing director)
General meeting of 09-06-2026 · Gazette deed
1 director appointed, 2 reappointments, 1 statutory auditor reappointed
Reappointments: Anthony CLAVEL (class B director), Johannes SIKKENS (class A director) and RSM InterAudit SRL (statutory auditor) · Appointment: Alessandro MAZZOCCHETTI · Permanent representatives: Luis Laperal and Vincent Thyrion · General meeting of 10-06-2025 · Gazette deed
New administrateur ordinaire représentant les actionnaires ordinaires
Alessandro Mazzocchetti appointed, Harold Mechelynck resigned · Board meeting of 30-04-2025 · Gazette deed
1 director appointed, 1 resignation
Resignation: SAMANDA · Permanent representative: DamienLOURTIE · Appointment: SPARAXIS · General meeting of 31-07-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| ODOO Ramillies | €206.8m | -6.8% | 5.7% | 1,266.7 |
| WOLTERS KLUWER BELGIUM Mechelen | €169.8m | 4.1% | 18.0% | 545.6 |
| EB International Ottignies-Louvain-la-Neuve | €8.0m | 41.4% | 98.6% | - |
| SBS SOFTWARE BELGIUM Brussels | €59.6m | -1.3% | 29.4% | 207.4 |
| n-Side Ottignies-Louvain-la-Neuve | €29.7m | -3.6% | 29.9% | 161.1 |
| Clinisys Ghent | €38.4m | 50.5% | 69.6% | 99.8 |
| CHOICE Leuven | €0.6m | 85.5% | 96.5% | - |
Grey: the largest companies of the sector (publishing (NACE 58)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as ODOO: other software publishing (NACE 58290). They are comparable in size and age: total assets between €24m and €154m, founded between 1965 and 2020.
Official details
Source: KBO- Status
- Active since 06-05-2002Normal situation
- Activity
- Other software publishingNACE 58290and 1 other
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2021
- Establishment units
- 2.131.430.9831367 Ramillies, since 23-05-2002
- 2.195.569.1651348 Ottignies-Louvain-la-Neuve, since 24-01-2011and 3 others
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €225.1m▲ 10.6%
- Employeeson 31-12-2025
- 1,415▲ 19.1%
- Filing
- Filed on 17-06-2026, 44 days before the end of the filing period
Companies linked to ODOO
Subsidiaries and holdings
- odoo farms100%
- ODOO FINANCE100%
Insights on ODOO
ODOO has existed since 2002. The present size dates from 2021. Turnover rose that year from €43.9m to €95.0m and staff from 443.2 to 672.6 full-time equivalents.
Turnover has grown every year since. Solvency fell in 2025 from 13.6% to 5.7% because of the loss and higher debts to suppliers.
In August 2026, the Official Gazette published the appointment of Fabien Pinckaers as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about ODOO
- What is the company number of ODOO?
- The company number of ODOO is 0477.472.701. The VAT number is the same number with BE in front: BE 0477.472.701.
- Where is ODOO based?
- The registered office is at Chaussée de Namur 40, 1367 Ramillies.Company details
- What does ODOO do?
- According to the KBO register, the main activity is other software publishing (NACE 58290).
- What is the legal form of ODOO?
- ODOO is a public limited company (NV).
- When was ODOO founded?
- ODOO was founded on 06-05-2002.
- Is ODOO still active?
- Yes, ODOO is an active enterprise in the KBO register.
- How many employees does ODOO have?
- ODOO had an average of 1,266.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does ODOO fall under?
- In its 2021 annual accounts, ODOO states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of ODOO?
- The turnover of ODOO was €206.8m in financial year 2025, according to the filed annual accounts.
- Is ODOO profitable?
- In financial year 2025, ODOO made a loss of €14.9m.
- Where can I find the annual accounts of ODOO?
- ODOO filed 29 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of ODOO due?
- ODOO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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