Recode

Active

Private limited companyfounded 20233 yrs activeGemeentestraat 232, 3010 Leuven, BelgiumKBO/BCE: BE 0797.928.235

Summary

Recode has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €174,493 and a net result of €71,271. Equity is growing by ~72.1% per year across the filed fiscal years. Its solvency ranks better than 85% of 17123 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Risk analysis Watch Report Compare

RecodeActiveChecked score 94/100

Risk analysis Report Compare

Checked score

Score 2025

94 / 100

Excellent

Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability100=

Solvency100=

Growth78=

Track record94

Bankruptcy probability, 12 months

0.4% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €16,000 at 30 days acceptable

Liquidity ample (current ratio 8.8 against 4.87 in 2024; short-term debt: 11.3% and cash: 98.8% of total assets), and 11.7% of the assets are financed with debt.

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Signals

Four signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 62

Relative position

BE, all sectors

reference

Computer programming, consultancy and related activities (NACE 62)

about 64% fewer bankruptcies

← fewer bankruptcies more bankruptcies →

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

88.3%

Return on assets

36.1%

Age of the figures

12 mo

Latest accounts filed on time

The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 31-03-2026, 30 days ahead of the deadline.

NBB · 3 filings

Deviation from the deadline

2025

30 d early

2024

30 d early

2023

30 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 3 accounts on average 30 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.

Checked, nothing found (2)

The next deadline is still running

The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

26-09-2026 today30-09-2026 close30-04-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

On 2 February 2023, Recode was incorporated as a Private limited company.¹ Total assets went from EUR 39,608 in 2023 to EUR 197,570 in 2025.²

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How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication

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Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, micro schema

Equity

€174,493▲ 69.0%

2024 · €103,223

Total assets

€197,570▲ 51.6%

2024 · €130,354

Net result

€71,271▼ 9.1%

2024 · €78,426

Working capital

€173,630▲ 68.6%

2024 · €102,955

Trend over the years

Chart Table

Click a name to add, emphasise or remove a line.

Every figure with its change against the fiscal year before

favourable unfavourable

Line202320242025

Operating result€29,018-€98,514▲ 239%€88,583▼ 10.1%

Net result€23,096-€78,426▲ 240%€71,271▼ 9.1%

Equity€25,596-€103,223▲ 303%€174,493▲ 69.0%

Total assets€39,608-€130,354▲ 229%€197,570▲ 51.6%

Debt€14,012-€27,131▲ 93.6%€23,076▼ 14.9%

Working capital€25,029-€102,955▲ 311%€173,630▲ 68.6%

Turnover and EBIT margin not published: the micro schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result falls in 2025; 2025 is 10% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €197,570

99.2%

Fixed assets €1,672 ▲ 109%

Current assets €195,898 ▲ 51.2%

Equity and liabilities €197,570

88.3%

12%

Equity €174,493 ▲ 69.0%

Debt €23,076 ▼ 14.9%

Debt's share of the balance-sheet total falls from 20.8% to 11.7%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€89,453▼

2024 · €98,930

Cash flow

€72,141▼

2024 · €78,843

Current ratio

8.80▲

2024 · 4.87

Debt to equity

0.13▼

2024 · 0.26

ROE

40.8%▼

2024 · 76.0%

ROA

36.1%▼

2024 · 60.2%

Interest coverage

894.09▼

2024 · 2826.58

Debt ≤ 1 year

€22,268▼

2024 · €26,600

Income taxes

€18,398▼

2024 · €20,059

Staff costs

€1,908▲

2024 · €1,428

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 38 lines

Balance sheet Code20242025

Assets

Total assets20/58€130,354€197,570▲

Fixed assets21/28€799€1,672▲

Tangible fixed assets22/27€799€1,672▲

Furniture and vehicles24€799€1,672▲

Current assets29/58€129,555€195,898▲

Cash at bank and in hand54/58€129,486€195,252▲

Deferred charges and accrued income490/1€69€646▲

Equity and liabilities

Total equity and liabilities10/49€130,354€197,570▲

Equity10/15€103,223€174,493▲

Contributions10/11€2,500€2,500=

Outside capital11€2,500€2,500=

Other1109/19€2,500€2,500=

Profit (loss) carried forward14€100,723€171,993▲

Amounts payable17/49€27,131€23,076▼

Amounts payable within one year42/48€26,600€22,268▼

Trade debts44€3,298€2,378▼

Suppliers440/4€3,298€2,378▼

Taxes, remuneration and social security45€21,702€19,890▼

Taxes450/3€21,702€19,890▼

Other amounts payable47/48€1,600€0▼

Accrued charges and deferred income492/3€531€808▲

Income statement Code20242025

Remuneration, social security and pensions62€1,428€1,908▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€417€870▲

Other operating charges640/8€64€130▲

Gross operating margin9900€100,423€91,491▼

Operating profit (loss)9901€98,514€88,583▼

Financial income75/76B€6€1,186▲

Recurring financial income75€6€1,186▲

Financial charges65/66B€35€100▲

Recurring financial charges65€35€100▲

Profit (loss) for the period before taxes9903€98,485€89,669▼

Income taxes67/77€20,059€18,398▼

Profit (loss) for the period9904€78,426€71,271▼

Profit (loss) for the period to be appropriated9905€78,426€71,271▼

Appropriation of the result

Profit (loss) to be appropriated9906€101,523€171,993▲

Profit (loss) brought forward from the previous period14P€23,096€100,723▲

Profit to be distributed694/7€800-

Return on contributions (dividend)694€800-

The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2023	2024	2025	Change
Remuneration, social security and pensions62	€829	€1,428	€1,908	▲ 33.6%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€35	€417	€870	▲ 109%
Other operating charges640/8	€100	€64	€130	▲ 103%
Gross operating margin9900	€29,982	€100,423	€91,491	▼ 8.9%
Operating profit (loss)9901	€29,018	€98,514	€88,583	▼ 10.1%
Financial income75/76B	-	€6	€1,186	▲ 18,636%
Recurring financial income75	-	€6	€1,186	▲ 18,636%
Financial charges65/66B	-	€35	€100	▲ 186%
Recurring financial charges65	-	€35	€100	▲ 186%
Profit (loss) for the period before taxes9903	€29,018	€98,485	€89,669	▼ 9.0%
Income taxes67/77	€5,922	€20,059	€18,398	▼ 8.3%
Profit (loss) for the period9904	€23,096	€78,426	€71,271	▼ 9.1%
Profit (loss) for the period to be appropriated9905	€23,096	€78,426	€71,271	▼ 9.1%

Line	2023	2024	2025	Change
Assets
Total assets20/58	€39,608	€130,354	€197,570	▲ 51.6%
Fixed assets21/28	€1,215	€799	€1,672	▲ 109%
Tangible fixed assets22/27	€1,215	€799	€1,672	▲ 109%
Furniture and vehicles24	€1,215	€799	€1,672	▲ 109%
Current assets29/58	€38,393	€129,555	€195,898	▲ 51.2%
Amounts receivable within one year40/41	€3,146	-	-	-
Trade receivables40	€3,146	-	-	-
Cash at bank and in hand54/58	€35,153	€129,486	€195,252	▲ 50.8%
Deferred charges and accrued income490/1	€94	€69	€646	▲ 842%
Equity and liabilities
Total equity and liabilities10/49	€39,608	€130,354	€197,570	▲ 51.6%
Equity10/15	€25,596	€103,223	€174,493	▲ 69.0%
Contributions10/11	€2,500	€2,500	€2,500	=
Outside capital11	€2,500	€2,500	€2,500	=
Other1109/19	€2,500	€2,500	€2,500	=
Profit (loss) carried forward14	€23,096	€100,723	€171,993	▲ 70.8%
Amounts payable17/49	€14,012	€27,131	€23,076	▼ 14.9%
Amounts payable within one year42/48	€13,364	€26,600	€22,268	▼ 16.3%
Trade debts44	€3,329	€3,298	€2,378	▼ 27.9%
Suppliers440/4	€3,329	€3,298	€2,378	▼ 27.9%
Taxes, remuneration and social security45	€10,035	€21,702	€19,890	▼ 8.3%
Taxes450/3	€10,035	€21,702	€19,890	▼ 8.3%
Other amounts payable47/48	-	€1,600	€0	▼ 100.0%
Accrued charges and deferred income492/3	€648	€531	€808	▲ 52.1%

Line	2023	2024	2025	Change
Profit (loss) for the period9904	€23,096	€78,426	€71,271	▼ 9.1%
+ Depreciation and write-downs630	€35	€417	€870	▲ 109%
Operating cash flow (approximation)	€23,131	€78,843	€72,141	▼ 8.5%
Investment in fixed assets (approximation)	-	€0	-€1,743	-
Change in cash	-	€94,333	€65,765	▼ 30.3%

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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Timeline · acts, filings and financial milestones

All 6Financial 3Filings 3

Next filing, fiscal year 2026, expected by 30-04-2027

2026

31-03

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

30-09

Financial Equity above €150,000Eq €174,493 ▲69%

3 profitable years in a row build equity to €174,493.

31-03

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

30-09

Financial Highest result since 2023net €78,426 ▲240%

Operating result €98,514, net result €78,426, both a record.

30-09

Financial Equity above €100,000Eq €103,223 ▲303%

2 profitable years in a row build equity to €103,223.

31-03

NBB filing Annual accounts filed

fiscal year 2023 · 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, Leuven · 1 establishment unit since 2023

seat establishment The establishment unit on the map

Ground area

427 m²

Building footprint

96 m²

Volume, LiDAR

519 m³

Parcel 24482F0162/00X002, Flanders · tallest building 10.3 m, ±1 floor. Linked by address, not a title deed.

2 companies at this address See who is registered here

1 establishment unit

Recode

Gemeentestraat 232, 3010 LeuvenComputer programming, consultancy and related activities

since 20232.341.323.840

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
24482F0162/00X002	Flanders	427 m²	1 · 96 m²	10.3 m · 1 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.

Similar companies · same sector, comparable size

VEGA BELGIUM

BE 0467.115.574

Wezembeek-Oppem · Eq €174,503

ORDONIX CONSULTANCY

BE 0458.119.914

Hemiksem · Eq €174,515

Soul4Service

BE 0672.642.837

Sint-Truiden · Eq €174,426

Wingene · Eq €174,409

Of 30,002 companies in sector 62200 we hold annual accounts for 18,394. 15,166 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

Founded02-02-2023

Fiscal year end30-09

Activities, NACEBEL 2025

62200Computer consultancy and computer facilities management

Scores and ratios are computed by Checked and are not a credit decision.