Equity
€174,493 ▲ 69.0%
Equity rose in 2025 from €103,223 to €174,493.
Recode
Overview
Lifetime
3 annual accounts with figures on one time axispeak €100,423 (2024)
€91,491▼ 8.9%
peak €78,426 (2024)
€71,271▼ 9.1%
peak €174,493 (2025)
€174,493▲ 69.0%
€23,076▼ 14.9%
Board1 name since 2023
1 directorVolders Pim Jozef Marcel Eddy
Documentsfilings and deeds
31-03-202630 days before the deadline
2025micro format
Equity from €103,223 to €174,493Investments €1,743Cash from €129,486 to €195,252
Key points
from the 2025 annual accountsTurnover
≈ €170,000 estimated
The micro format states no turnover.
Investments
€1,743 2.0 × depreciation
Green is investment, beige is depreciation.
Liquidity
8.80 was 4.87 in 2024
Short-term debts fell from €26,600 to €22,268.
Starting capital
€2,500 100 shares
Position in the sector
88.3%
Higher solvency than 85% of companies in computer programming and consultancy. Sector median 60.0% · 21,208 companies.
Checked score
98
Excellent
Financially stronger than 86% of micro companies in computer programming and consultancy (NACE 62)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).
Fewer than 1 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 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025highest value
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged 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: < 0.1%● unchanged vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026
10-2026: < 0.1%● unchanged vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
lowers risk
Liquidity: current ratio 8.80, cash €195,252
Sector: Computer programming, consultancy and related activities (NACE 62)
Size: total assets €197,570
Equity €174,493 (88.3% of total assets)
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 62, micro). It does better than 85% of them on solvency, 91% on liquidity, 82% on profitability and 84% 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 30-09-2025.
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, 39,278 companies had the same profile as Recode has now. Each dot stands for 99 companies, two years later.
95.8%
were still trading
2.3%
stopped another way
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Recode itself is lower: < 0.1% within 12 months. It rests on far more data about Recode 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 39,278 companies, not a prediction for Recode. 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 €17,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 8.8 (4.87 in 2024), above the usual 1.5. Short-term debt is 11.3% and cash 98.8% of total assets. 11.7% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
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.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
neutral · 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 filingsDeviation from the deadline
2025
30 days early
2024
30 days early
2023
30 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 30 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 31 March (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end10-11-2026 today30-04-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0797928235
Incorporation
Founding capital of €2,500, 100 shares · Founder: Volders Pim Jozef Marcel Eddy · Appointment: Volders Pim Jozef Marcel Eddy (director) · published on 06-02-2023 · Gazette deed
First establishment
Gemeentestraat 232, Leuven
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Recode Leuven | €197,570 | €91,491 | 88.3% | - |
| Wart Spitaels IT Ternat | €195,760 | €90,902 | 63.5% | - |
| FIX-IT FELIX Grimbergen | €203,381 | €97,550 | 89.5% | - |
| Het is wat het is Rotselaar | €185,479 | €88,261 | 62.1% | - |
| Nofel Boortmeerbeek | €185,122 | €91,955 | 90.6% | - |
| Bytebrew Halle | €195,712 | €96,087 | 92.7% | - |
| Lovanium Analytica Leuven | €195,888 | €83,811 | 91.4% | - |
These companies have the same main activity as Recode: computer consultancy and computer facilities management (NACE 62200). They are comparable in size and age: total assets between €185,000 and €203,000, founded between 2022 and 2023.
Official details
Source: KBO- Status
- Active since 02-02-2023Normal situation
- Activity
- Computer consultancy and computer facilities managementNACE 62200
- Establishment unit
- 2.341.323.8403010 Leuven, since 02-02-2023
- Financial year end
- 30 September
- Peppol
- Reachable since 28-07-2024
Annual accounts to 30-09-2025
- €91,491▼ 8.9%
- €71,271▼ 9.1%
- €174,493▲ 69.0%
- €197,570▲ 51.6%
- Filing
- Filed on 31-03-2026, 30 days before the end of the filing period
Insights on Recode
Recode files the micro format. That format states no turnover. The gross margin rose from €29,982 in 2023 to €91,491 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 31-03-2026, 30 days before the deadline€91,491
▼ 8.9%
€88,583
▼ 10.1%
€71,271
▼ 9.1%
€173,630
▲ 68.6%
88.3%
▲ 9.1 percentage points
8.80
▲ 3.93
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €170,000. Estimated: probably between €160,000 and €230,000.
Balance sheet
balance sheet total €197,570 on 30-09-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
88.3%
Higher than 86% of 21,208 companies in 2025.
8.80
Higher than 87% of 20,571 companies in 2025.
36.1%
Higher than 74% of 20,746 companies in 2025.
Recode
Middle half of the sector
80% of the sector
Micro accounts in computer programming and consultancy (NACE 62)
Net result: top quarter · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
197,570 | 130,354 | 39,608 | |
21/28 |
1,672 | 799 | 1,215 | |
22/27 |
1,672 | 799 | 1,215 | |
24 |
1,672 | 799 | 1,215 | |
29/58 |
195,898 | 129,555 | 38,393 | |
40/41 |
- | - | 3,146 | |
40 |
- | - | 3,146 | |
54/58 |
195,252 | 129,486 | 35,153 | |
490/1 |
646 | 69 | 94 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
197,570 | 130,354 | 39,608 | |
10/15 |
174,493 | 103,223 | 25,596 | |
10/11 |
2,500 | 2,500 | 2,500 | |
11 |
2,500 | 2,500 | 2,500 | |
1109/19 |
2,500 | 2,500 | 2,500 | |
14 |
171,993 | 100,723 | 23,096 | |
17/49 |
23,076 | 27,131 | 14,012 | |
42/48 |
22,268 | 26,600 | 13,364 | |
44 |
2,378 | 3,298 | 3,329 | |
440/4 |
2,378 | 3,298 | 3,329 | |
45 |
19,890 | 21,702 | 10,035 | |
450/3 |
19,890 | 21,702 | 10,035 | |
47/48 |
0 | 1,600 | - | |
492/3 |
808 | 531 | 648 | |
| Income statement | ||||
9900 |
91,491 | 100,423 | 29,982 | |
62 |
1,908 | 1,428 | 829 | |
630 |
870 | 417 | 35 | |
640/8 |
130 | 64 | 100 | |
9901 |
88,583 | 98,514 | 29,018 | |
75/76B |
1,186 | 6 | - | |
75 |
1,186 | 6 | - | |
65/66B |
100 | 35 | - | |
65 |
100 | 35 | - | |
9903 |
89,669 | 98,485 | 29,018 | |
67/77 |
18,398 | 20,059 | 5,922 | |
9904 |
71,271 | 78,426 | 23,096 | |
9905 |
71,271 | 78,426 | 23,096 | |
| Appropriation of the result | ||||
9906 |
171,993 | 101,523 | 23,096 | |
14P |
100,723 | 23,096 | - | |
694/7 |
- | 800 | - | |
694 |
- | 800 | - | |
| Document | ||||
The notes to these accounts have 4 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 31-03-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 89,453 | 98,930 | 29,053 | ||
| 72,141 | 78,843 | 23,131 | ||
| 1,743 | 0 | 1,250 | ||
| 65,765 | 94,333 | - | ||
| 173,630 | 102,955 | 25,029 | ||
| 88.3% | 79.2% | 64.6% | ||
| 8.80 | 4.87 | 2.87 | ||
| 0.13 | 0.26 | 0.55 | ||
| 40.8% | 76.0% | 90.2% | ||
| 36.1% | 60.2% | 58.3% | ||
| over 100 | over 100 | - |
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.
Investments
fixed assets acquired| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 |
|---|---|---|---|
| Tangible fixed assets | €1,743 | - | €1,250 |
| €870 | €417 | €35 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Insights on Recode
The operating result for 2025 is 10% lower than in 2024.
Debt's share of the balance-sheet total falls from 20.8% to 11.7%. Equity is higher and debt is lower.
Board & ownership
Board
1 director, since incorporationDirector
appointed by deed of 06-02-2023
term without a fixed end
listed in the 2025 annual accounts, filed on 31-03-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 06-02-2023
Mandates through the years
1 name, the dashed line is todayVolders Pim Jozef Marcel Eddy
Director
Director
Board
Mandates as a list
- Volders Pim Jozef Marcel Eddy
- Director, appointed by deed of 06-02-2023, still in office
Control
Capital
- Contribution
- €2,500
- Shares
- 100
- Contribution per share
- €25
- Equity per share
- €1,745 in 2025
- Source
- deed of 06-02-2023
Articles of association
deed of 06-02-2023 (in Dutch)- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Second Wednesday of March at 19:00
Shareholders
At incorporation
deed of 06-02-2023 ↗
- Volders Pim Jozef Marcel Eddy 100 shares (100%)
Network & group
No group
Recode has no parent and no holdings in its annual accounts. Volders Pim Jozef Marcel Eddy is the only director. Recode shares no director with another company.
At the same address
Gemeentestraat 232, 3010 Leuven · 1 other company| Almagro Frades, Maria de las Mercedes (sole trader)
establishment since 25-05-2020 |
founded in 2020 0747.696.784 |
Timeline
Timeline
9 events since 2023Filings
Financial
Establishments
2023202420252026
Deadline for the 2026 accounts: 30-04-2027
2026
Annual accounts 2025 filed PDFmicro format · 30 days before the deadline
2025
Equity above €150,000 equity €174,493 ▲69% With a profit in every financial year since 2023, equity grows to €174,493.
Annual accounts 2024 filed PDFmicro format · 30 days before the deadline
2024
Highest result from 2023 to 2025 net €78,426 ▲240% The operating result of €98,514 and the net result of €78,426 are both a record.
Equity above €100,000 equity €103,223 ▲303% With a profit in every financial year since 2023, equity grows to €103,223.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0797928235
Annual accounts 2023 filed PDFmicro format · 30 days before the deadline
2023
IncorporationFounding capital of €2,500, 100 shares · Founder: Volders Pim Jozef Marcel Eddy · Appointment: Volders Pim Jozef Marcel Eddy (director) · published on 06-02-20234 points ▸
- Founder, Volders Pim Jozef Marcel Eddy
- Founding capital, euro 2.500, 100 shares
- Volders Pim Jozef Marcel Eddy holds 100 shares
- Director appointment, Volders Pim Jozef Marcel Eddy
- The deed holds 3 more points.
First establishment Gemeentestraat 232, Leuven
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 2 February 2023, Recode was incorporated as a private limited company by one natural person, with a starting capital of €2,500.12 Volders Pim Jozef Marcel Eddy is director of the company, appointed by deed of 06-02-2023.2 Total assets went from €39,608 in 2023 to €197,570 in 2025.3
Company details
Identity
- Enterprise number
- 0797.928.235
- VAT number
- BE 0797.928.235
- Peppol ID
- 0208:0797928235
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 02-02-2023
- Financial year
- ends on 30 September
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Second Wednesday of March at 19:00deed of 06-02-2023 (in Dutch)
- Peppol
- Reachable since 28-07-2024Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- Recode in Dutch
- Entity type
- Legal entity
Activities
NACEBEL 202562200
Computer consultancy and computer facilities management main activity
Codes under NACEBEL 2008
62020
IT consultancy main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Overige uitgeverijen van software; Ontwerpen en programmeren van computerprogramma's; Computerconsultancy-activiteiten; Activiteiten van…”deed of 06-02-2023 (in Dutch)
30 activities
- Overige uitgeverijen van software
- Ontwerpen en programmeren van computerprogramma's
- Computerconsultancy-activiteiten
- Activiteiten van systeemintegrators
- Overige diensten op het gebied van informatietechnologie en computer
- Al dan niet permanent verwerken van gegevens met behulp van een eigen programma of een programma van de klant : - invoeren van gegevens - volledige verwerking van gegevens
- Permanent beheren van en werken met de gegevensverwerkende apparatuur van derden
- Samenstelling van databanken door samenbrengen en al dan niet interpreteren van bestaande gegevens uit verschillende bronnen: uurroosters, industriële catalogi, wetenschappelijke gegevens, enz.
- Opslag van gegevens door middel van een computerrecord in een bepaald formaat
- Terbeschikking stellen van databank : leveren van gegevens voor gebruikers (individueel of in groep), in een bepaalde volgorde, door on-line terugzoeken of door toegankelijkheid van de gegevens
- Webportalen
- Overige dienstverlenende activiteiten op het gebied van informatie, n.e. g.
- Managementsactiviteiten van holdings : tussenkomen in het dagelijks bestuur, vertegenwoordigen van bedrijven op grond van bezit van of controle over het maatschappelijk kapitaal, enz.
- Op lange termijn aanhouden van aandelen die afkomstig zijn van verschillende andere bedrijven uit verscheidene economische sectoren.
- Diverse administratieve activiteiten ten behoeve van kantoren
- Organisatie van congressen en beurzen
- Overige zakelijke dienstverlening, n.e.g.
- Overige vormen van onderwijs
- Handelsbemiddeling in goederen, algemeen assortiment
- Het verwerven van participaties in eender welke vorm in alle bestaande of op te richten rechtspersonen en vennootschappen, het stimuleren, de planning, de coördinatie, de ontwikkeling van en de investering in rechtspersonen en ondernemingen waarin zij al of niet een participatie aanhoudt.
- Het toestaan van leningen en kredietopeningen aan rechtspersonen en ondernemingen of particulieren, onder om het even welke vorm; in dit kader kan zij zich ook borg stellen of haar aval verlenen, in de meest ruime zin, alle handels- en financiële operaties verrichten behalve die wettelijk voorbehouden zijn aan kredietinstellingen.
- Het verlenen van adviezen van financiële, technische, commerciële of administratieve aard; in de ruimste zin, met uitzondering van adviezen inzake beleggingen en geldplaatsingen; bijstand en diensten verlenen, rechtstreeks of onrechtstreeks op het vlak van administratie en financiën, verkoop, productie en algemeen bestuur.
- Het waarnemen van alle bestuursopdrachten en opdrachten van vereffenaars, het uitoefenen van opdrachten en functies.
- Het ontwikkelen, kopen, verkopen, in licentie nemen of geven van octrooien, knowhow en aanverwante immateriële duurzame activa.
- Het verlenen van administratieve prestaties en computerservices.
- De aan- en verkoop, in- en uitvoer, commissiehandel en vertegenwoordiging van om het even welke goederen, in ‘t kort tussenpersoon in de handel.
- Het onderzoek, de ontwikkeling, de vervaardiging of commercialisering van nieuwe producten, nieuwe vormen van technologie en hun toepassingen.
- Het aanleggen, het oordeelkundig uitbouwen en beheren van een onroerend vermogen; alle verrichtingen met betrekking tot onroerende goederen en onroerende zakelijke rechten zoals de huurfinanciering van onroerende goederen aan derden, het aankopen, verkopen, ruilen, bouwen, verbouwen, onderhouden, verhuren, huren, verkavelen, prospecteren en uitbaten van onroerende goederen.
- Het aanleggen, het oordeelkundig uitbouwen en beheren van een roerend patrimonium, alle verrichtingen met betrekking tot roerende goederen en rechten, van welke aard ook, zoals de aan- en verkoop, huur en verhuur van roerende goederen, het verwerven door inschrijving of aankoop en het beheren van aandelen, obligaties, kasbons of andere roerende waarden, van welke vorm ook, van Belgische of buitenlandse, bestaande of nog op te richten rechtspersonen en ondernemingen.
- Alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de opbrengst van de roerende en onroerende goederen te bevorderen, alsmede zich borg te stellen voor het goede verloop van verbintenissen door derde personen aangegaan die het genot zouden hebben van deze roerende en onroerende goederen.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Gemeentestraat 232 registered office 3010 Leuven | 02-02-2023 | 2.341.323.840 |
Buildings and parcels at the address
- Ground area
- 427 m²
- Buildings
- 96 m²
- Volume, LiDAR
- 519 m³
- Tallest building
- 10.3 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 24482F0162/00X002 | 427 m² | 1 · 96 m² | 10.3 m · 1 |