Equity
OPCODES has made a profit in every financial year since 2012.
OPCODES has made a profit in every financial year since 2012.
The last five annual accounts were filed 29 to 177 days before the end of the period.
Higher solvency than 91% of companies in head offices and management consultancy. Sector median 52.4% · 10,855 companies.
The dashed line is the sector median: 0.1% across 48,568 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 70, micro). It does better than 86% of them on solvency, 97% on liquidity, 84% on profitability and 76% on growth.
The bankruptcy probability was computed on 07-11-2026 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).
In July 2024, 17,811 companies had the same profile as OPCODES has now. Each dot stands for 45 companies, two years later.
That fits the bankruptcy probability of OPCODES itself: < 0.1% within 12 months.
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 17,811 companies, not a prediction for OPCODES. 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.
Liquidity is ample, with a current ratio of 17.8 (25.03 in 2024), above the usual 1.5. Short-term debt is 5.6% and cash 45.6% of total assets. 5.6% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 52 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| OPCODES Rotselaar | €471,659 | €170,153 | 94.4% | - |
| Amerant Herent | €466,599 | €168,346 | 89.7% | - |
| ISAFRA Wezembeek-Oppem | €472,580 | €167,685 | 39.4% | - |
| LYKON Lubbeek | €507,332 | €180,447 | 75.5% | - |
| Reliacon Rotselaar | €482,321 | €151,610 | 92.5% | - |
| NETTOTIME Bertem | €550,321 | €169,215 | 88.2% | - |
| PROGESCO Beersel | €542,238 | €169,599 | 70.2% | - |
These companies have the same main activity as OPCODES: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €467,000 and €550,000, founded between 2009 and 2012.
OPCODES files the abbreviated format. That format states no turnover. The gross margin rose from €102,976 in 2012 to €170,153 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €270,000. Estimated: probably between €220,000 and €360,000.
Higher than 91% of 10,855 companies in 2025.
Higher than 93% of 10,477 companies in 2025.
Higher than 86% of 10,724 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
471,659 | 338,766 | 360,548 | 327,645 | 304,038 | 328,030 | 313,586 | 284,809 | 198,961 | 244,653 | 229,632 | 206,184 | 156,949 | 122,270 | |
21/28 |
2,488 | 4,127 | 6,566 | 5,883 | 13,795 | 24,208 | 35,927 | 41,158 | 2,395 | 3,292 | 1,794 | 3,506 | 8,183 | 13,248 | |
22/27 |
2,488 | 4,127 | 6,566 | 5,883 | 13,795 | 24,208 | 35,927 | 41,158 | 2,395 | 3,292 | 1,794 | 3,506 | 8,183 | 13,248 | |
23 |
970 | 2,001 | 3,834 | 2,240 | - | 261 | 1,462 | 2,248 | 1,300 | 1,832 | 1,794 | 1,014 | 705 | 785 | |
24 |
- | - | - | - | 9,545 | 19,090 | 29,000 | 38,910 | 1,095 | 1,460 | - | 2,493 | 7,478 | 12,464 | |
26 |
1,518 | 2,125 | 2,732 | 3,643 | 4,250 | 4,858 | 5,465 | - | - | - | - | - | - | - | |
29/58 |
469,171 | 334,639 | 353,982 | 321,762 | 290,242 | 303,822 | 277,660 | 243,651 | 196,566 | 241,361 | 227,838 | 202,677 | 148,766 | 109,021 | |
40/41 |
25,955 | 23,199 | 52,751 | 39,870 | 19,489 | 17,787 | 17,017 | 19,136 | 17,410 | 18,624 | 16,713 | 27,298 | 13,310 | 26,789 | |
40 |
25,955 | 23,199 | 23,810 | 38,115 | 18,634 | 17,787 | 15,621 | 15,972 | 16,466 | 15,440 | 15,173 | 27,298 | 13,310 | 26,789 | |
41 |
- | - | 28,942 | 1,755 | 855 | - | 1,396 | 3,164 | 944 | 3,185 | 1,539 | - | - | - | |
50/53 |
226,357 | 179,927 | 161,737 | 133,629 | 118,458 | 104,539 | 71,819 | 51,526 | 51,016 | 50,511 | 50,000 | - | - | - | |
54/58 |
215,039 | 129,940 | 139,494 | 148,263 | 152,013 | 181,496 | 188,783 | 167,979 | 128,140 | 168,226 | 160,792 | 175,303 | 135,427 | 82,165 | |
490/1 |
1,822 | 1,573 | - | - | 283 | - | 40 | 5,010 | 0 | 4,000 | 333 | 77 | 30 | 67 | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
471,659 | 338,766 | 360,548 | 327,645 | 304,038 | 328,030 | 313,586 | 284,809 | 198,961 | 244,653 | 229,632 | 206,184 | 156,949 | 122,270 | |
10/15 |
445,304 | 325,399 | 349,257 | 274,258 | 242,772 | 257,890 | 228,227 | 207,713 | 189,451 | 160,972 | 221,569 | 175,975 | 124,186 | 75,482 | |
10/11 |
- | - | 12,400 | 12,400 | 12,400 | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
11 |
- | - | - | - | - | 12,400 | - | - | - | - | - | - | - | - | |
1100/10 |
- | - | - | - | - | 12,400 | - | - | - | - | - | - | - | - | |
13 |
445,304 | 325,399 | 336,857 | 261,858 | 230,372 | 245,490 | 215,827 | 195,313 | 177,051 | 96,783 | 47,454 | 1,860 | 1,860 | 1,860 | |
130/1 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | - | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | |
1319 |
- | - | - | - | - | 1,860 | - | - | - | - | - | - | - | - | |
133 |
445,304 | 325,399 | 336,857 | 259,998 | 228,512 | 243,630 | 213,967 | 193,453 | 175,191 | 94,923 | 45,594 | - | - | - | |
14 |
- | - | - | - | - | - | - | - | - | 51,789 | 161,715 | 161,715 | 109,926 | 61,222 | |
17/49 |
26,355 | 13,367 | 11,291 | 53,387 | 61,266 | 70,140 | 85,359 | 77,097 | 9,511 | 83,681 | 8,063 | 30,209 | 32,763 | 46,788 | |
17 |
- | - | - | - | 8,024 | 16,722 | 25,365 | 33,951 | - | - | - | - | - | 4,067 | |
170/4 |
- | - | - | - | 8,024 | 16,722 | 25,365 | 33,951 | - | - | - | - | - | 4,067 | |
42/48 |
26,355 | 13,367 | 11,291 | 53,387 | 53,242 | 53,418 | 59,995 | 43,146 | 9,511 | 83,681 | 8,063 | 30,209 | 32,763 | 42,721 | |
42 |
- | - | - | 8,024 | 8,699 | 8,642 | 8,586 | 8,531 | - | - | - | - | 4,067 | 6,768 | |
44 |
1,421 | 219 | 2,114 | 35,660 | 35,797 | 33,769 | 41,654 | 28,241 | 163 | 858 | 63 | 1,119 | 280 | 285 | |
440/4 |
1,421 | 219 | 2,114 | 35,660 | 35,797 | 33,769 | 41,654 | 28,241 | 163 | 858 | 63 | 1,119 | 280 | 285 | |
45 |
23,901 | 11,524 | 8,377 | 8,416 | 7,648 | 10,184 | 4,882 | 6,015 | 9,226 | 7,870 | 7,632 | 28,575 | 28,040 | 35,249 | |
450/3 |
17,032 | 7,217 | - | 4,751 | 2,768 | 6,119 | 2,332 | - | 2,974 | 1,830 | 2,420 | 23,715 | 22,700 | 30,925 | |
454/9 |
6,869 | 4,306 | 8,377 | 3,665 | 4,879 | 4,066 | 2,550 | 6,015 | 6,252 | 6,040 | 5,213 | 4,860 | 5,340 | 4,324 | |
47/48 |
1,033 | 1,624 | 800 | 1,288 | 1,099 | 822 | 4,872 | 358 | 122 | 74,953 | 368 | 515 | 377 | 418 | |
| Income statement | |||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 189,210 | |
76A |
- | - | - | - | - | - | - | 1,810 | - | - | - | - | - | - | |
9900 |
170,153 | 154,054 | 106,326 | 51,387 | 52,612 | 54,949 | 42,784 | 39,806 | 53,331 | 26,279 | 73,591 | 78,437 | 74,798 | 102,976 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 90,019 | |
630 |
1,639 | 2,440 | 3,199 | 10,519 | 10,413 | 11,718 | 12,085 | 11,784 | 1,997 | 2,027 | 3,809 | 5,865 | 5,730 | 8,263 | |
640/8 |
827 | 804 | 1,464 | 722 | 720 | 136 | 715 | 979 | 979 | 859 | 855 | 851 | 498 | 1,546 | |
9901 |
167,687 | 150,811 | 101,663 | 40,147 | 41,479 | 43,095 | 29,984 | 27,044 | 50,355 | 23,394 | 68,927 | 71,721 | 68,570 | 93,166 | |
75/76B |
3,384 | 35,014 | 3,558 | 4,099 | 1,481 | 2,331 | 722 | 683 | 966 | 1,537 | 1,388 | 1,842 | 1,265 | 358 | |
75 |
3,384 | 35,014 | 3,558 | 4,099 | 1,481 | 2,331 | 722 | 683 | 966 | 1,537 | 1,388 | 1,842 | 1,265 | 358 | |
65/66B |
110 | 292 | 226 | 147 | -248 | 2,584 | 744 | 69 | 40 | 71 | 32 | 70 | 294 | 862 | |
65 |
110 | 292 | 226 | 147 | -248 | 2,584 | 744 | 69 | 40 | 71 | 32 | 70 | 294 | 862 | |
9903 |
170,961 | 185,533 | 104,995 | 44,098 | 43,208 | 42,841 | 29,962 | 27,658 | 51,281 | 24,860 | 70,283 | 73,493 | 69,542 | 92,662 | |
67/77 |
50,223 | 48,072 | 29,196 | 11,813 | 11,932 | 12,367 | 8,648 | 9,397 | 22,802 | 12,853 | 24,689 | 21,703 | 20,838 | 29,580 | |
9904 |
120,738 | 137,461 | 75,799 | 32,286 | 31,275 | 30,475 | 21,315 | 18,262 | 28,478 | 12,006 | 45,594 | 51,789 | 48,704 | 63,082 | |
9905 |
120,738 | 137,461 | 75,799 | 32,286 | 31,275 | 30,475 | 21,315 | 18,262 | 28,478 | 12,006 | 45,594 | 51,789 | 48,704 | 63,082 | |
| Appropriation of the result | |||||||||||||||
9906 |
120,738 | 137,461 | 75,799 | 32,286 | 31,275 | 30,475 | 21,315 | 18,262 | 80,268 | 173,721 | 207,309 | 161,715 | 109,926 | 63,082 | |
791/2 |
- | 148,919 | 800 | - | 45,594 | - | - | - | - | - | - | - | - | - | |
691/2 |
119,905 | 137,461 | 75,799 | 31,486 | 30,475 | 29,663 | 20,515 | 18,262 | 80,268 | 49,329 | 45,594 | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
119,905 | 137,461 | 75,799 | 31,486 | 30,475 | 29,663 | 20,515 | 18,262 | 80,268 | 49,329 | 45,594 | - | - | - | |
694/7 |
833 | 148,919 | 800 | 800 | 46,394 | 812 | 800 | - | - | 72,603 | - | - | - | - | |
694 |
833 | 148,919 | 800 | 800 | 46,394 | 812 | 800 | - | - | 72,603 | - | - | - | - | |
| Document | |||||||||||||||
The notes to these accounts have 3 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 04-02-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-02-2026 | 2026-00031643 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00184347 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00216103 | |
| 30-06-2022 | micro format | 30-12-2022 | 2023-20551431 | |
| 30-06-2021 | micro format | 31-12-2021 | 2021-82400289 | |
| 30-06-2020 | micro format | 28-12-2020 | 2020-77300416 | |
| 30-06-2019 | micro format | 02-01-2020 | 2020-00200196 | |
| 30-06-2018 | micro format | 31-12-2018 | 2018-76100236 | |
| 30-06-2017 | micro format | 29-12-2017 | 2017-73600103 | |
| 30-06-2016 | abbreviated format | 12-01-2017 | 2017-01200461 | |
| 30-06-2015 | abbreviated format | 15-01-2016 | 2016-01800237 | |
| 30-06-2014 | abbreviated format | 30-12-2014 | 2014-71000278 | |
| 30-06-2013 | abbreviated format | 26-01-2014 | 2014-01800164 | |
| 30-06-2012 | abbreviated format | 28-12-2012 | 2012-68200586 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 169,326 | 153,250 | 104,862 | 50,666 | 51,891 | 54,813 | 42,069 | 38,828 | 52,352 | 25,420 | 72,736 | 77,585 | 74,300 | 101,429 | ||
| 122,377 | 139,901 | 78,999 | 42,805 | 41,688 | 42,193 | 33,400 | 30,046 | 30,476 | 14,033 | 49,403 | 57,654 | 54,434 | 71,345 | ||
| 0 | 0 | 3,883 | 2,606 | 0 | 0 | 6,854 | 50,547 | 1,100 | 3,525 | 2,097 | 1,188 | 664 | 21,511 | ||
| 85,098 | -9,554 | -8,769 | -3,750 | -29,483 | -7,288 | 20,804 | 39,839 | -40,086 | 7,434 | -14,510 | 39,876 | 53,262 | - | ||
| 442,816 | 321,272 | 342,691 | 268,375 | 237,000 | 250,404 | 217,665 | 200,506 | 187,056 | 157,680 | 219,775 | 172,468 | 116,003 | 66,300 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | 49.2% | ||
| 94.4% | 96.1% | 96.9% | 83.7% | 79.8% | 78.6% | 72.8% | 72.9% | 95.2% | 65.8% | 96.5% | 85.3% | 79.1% | 61.7% | ||
| 17.80 | 25.03 | 31.35 | 6.03 | 5.45 | 5.69 | 4.63 | 5.65 | 20.67 | 2.88 | 28.26 | 6.71 | 4.54 | 2.55 | ||
| 0.06 | 0.04 | 0.03 | 0.19 | 0.25 | 0.27 | 0.37 | 0.37 | 0.05 | 0.52 | 0.04 | 0.17 | 0.26 | 0.62 | ||
| 27.1% | 42.2% | 21.7% | 11.8% | 12.9% | 11.8% | 9.3% | 8.8% | 15.0% | 7.5% | 20.6% | 29.4% | 39.2% | 83.6% | ||
| 25.6% | 40.6% | 21.0% | 9.9% | 10.3% | 9.3% | 6.8% | 6.4% | 14.3% | 4.9% | 19.9% | 25.1% | 31.0% | 51.6% | ||
| over 100 | over 100 | over 100 | over 100 | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | 52 days | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | 1 day |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €3,883 | €2,606 |
| €1,639 | €2,440 | €3,199 | €10,519 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 11% higher than in 2024 and the highest since 2012. It is the third rise in a row, after the fall in 2022.
Debt's share of the balance-sheet total rises from 3.9% to 5.6%. Equity and debt are higher.
OPCODES has no parent and no holdings in its annual accounts. CUSTERS Robin is the only director. OPCODES shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Aarschotsesteenweg 279 registered office 3111 Rotselaar | ||
| Opcodes BVBA Aarschotsesteenweg 279, 3110 Rotselaar | 12-01-2011 | 2.195.362.594 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 24123B0013/00M002 | 1,461 m² | 1 · 131 m² | 9.0 m · 2 |
If something looks wrong or is missing, please tell us.