Result
-€318,961 -€318,961
From profit to loss in 2024, after a profit of €462,993 in 2023.
Belgocodex
Lifetime
19 annual accounts with figures on one time axis, 48 filings since 1977peak €1.2m (2023)
-€103,202▼ €1.3m
lowest -€3.5m (2008)
-€318,961▼ €781,955
peak €19.2m (2021)
€15.3m▼ 17.0%
€8.4m▲ 11.0%
peak 1 FTE (2023)
1 FTEunchanged
Board6 names since 2018
5 directorsCharles-Emmanuel Delwart and 4 others
Owners2 names in the annual accounts
18.96%BELGOBIO
Documentsfilings and deeds
31-07-2025on the last day
2024financial year
Gross margin from €1.2m to -€103,202Loss of €318,961Registered office moved from Waterlo to Waterloo 28-11Equity from €18.4m to €15.3mCash from €514,198 to €694,649
Key points
from the 2024 annual accountsFilings
48 annual accounts 102 days past the deadline
2025 accounts not filed: deadline was 31-07-2026.
Restructuring
2
2 restructurings in 2026. Latest: merger with BIOTEC.
Checked score
48
Fair
Financially stronger than 31% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
3.6% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 48,572 companies (NACE 70, micro).
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.3%▲ +0.1 percentage points vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 0.3%● unchanged vs 06-2025
08-2025: 0.4%▲ +0.1 percentage points vs 07-2025
09-2025: 0.1%▼ -0.3 percentage points vs 08-2025lowest value
10-2025: 0.1%● unchanged vs 09-2025lowest value
11-2025: 0.1%● unchanged vs 10-2025lowest value
12-2025: 0.1%● unchanged vs 11-2025lowest value
01-2026: 0.1%● unchanged vs 12-2025lowest value
02-2026: 0.1%● unchanged vs 01-2026lowest value
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 1.0%▲ +0.9 percentage points vs 03-2026
05-2026: 1.0%● unchanged vs 04-2026
06-2026: 1.0%● unchanged vs 05-2026
07-2026: 1.1%▲ +0.1 percentage points vs 06-2026
08-2026: 1.7%▲ +0.6 percentage points vs 07-2026
09-2026: 2.3%▲ +0.6 percentage points vs 08-2026
10-2026: 3.6%▲ +1.3 percentage points vs 09-2026highest value
11-2026: 3.6%● unchanged vs 10-2026highest value
Financial strengthAverage
Score breakdown
raises risk
2 changes of registered office in 24 months
Figures for financial year 2024 (filed on 02-08-2025)
Liquidity: current ratio 2.03, cash €694,649
lowers risk
Founded in 1956
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 70, micro). It does better than 60% of them on solvency, 28% on liquidity, 13% on profitability and 24% on growth.
The bankruptcy probability was computed on 10-11-2026 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 31-12-2024.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% 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).
Credit verdict
Credit of up to €700,000 on 30-day terms, only on tighter conditions: an expected filing is missing beyond Checked's processing allowance
Liquidity is ample, with a current ratio of 2.03 (2.47 in 2023), above the usual 1.5. Short-term debt is 19.8% and cash 2.9% of total assets. 35.4% 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
Six signals.
lowers riskraises riskneutral
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 102 days later.
NBB · 10 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline10-11-2026 today
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-07-2025, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not filed
2024
on the day
2023
9 days early
2022
11 days late
2021
101 days late
2020
15 days early
2019
20 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 18 days after 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.
Searched, nothing found (1)
Board and ownership
- BELGOBIO 18.96%equity €11.6m (2025) · deed of 19-06-2026
Shares in 4 companies, including BIOTEC and CLUANIE
Board & ownershipRecent changes
Merger: BELGOCODEX takes over BELGOBIO
Capital increase of €29,400 to €5,818,400 · Capital from €5,789,000 to €5,818,400, 31,599 new shares · Permanent representative: Duraku Vanessa · General meeting of 28-07-2026 · Gazette deed
Merger proposal: BELGOCODEX takes over BELGOBIO
Charles-Emmanuel Delwart holds 980 shares · Nathalie Delwart holds 980 shares · Olivia Delwart holds 980 shares · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Belgocodex Lasne | €23.7m | -€0.1m | 64.6% | 1 |
| Gijbels Fruit Laakdal | €37.5m | -€0.8m | 95.1% | 2.7 |
| Beheers- en Advieskantoor Van Vaerenbergh en Co Zoersel | €15.9m | -€0.09m | 97.0% | 0.9 |
| ARTWALL Woluwe-Saint-Lambert | €31.9m | -€0.2m | 85.2% | 0.4 |
| AMITEX Sint-Martens-Latem | €15.8m | -€0.1m | 99.2% | 0.2 |
| ROMAPE Herentals | €22.6m | -€0.01m | 68.5% | 1.6 |
| FAMDES Lievegem | €24.2m | -€1.1m | 10.2% | 1.5 |
These companies have the same main activity as Belgocodex: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €16m and €38m, founded between 1973 and 1992.
Official details
Source: KBO- Status
- Active since 24-03-1956Normal situation
- Activity
- Business and other management consultancyNACE 70200
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2024
- Establishment unit
- 2.039.720.0571410 Waterloo, since 06-10-1992
- Financial year end
- 31 December
- Peppol
- Reachable since 15-10-2025
Insights on Belgocodex
Solvency fell in 2024 from 70.9% to 64.6% because of the loss.
In April 2025, the Official Gazette published the appointment of Nathalie Delwart 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 Belgocodex
- What is the company number of Belgocodex?
- The company number of Belgocodex is 0404.755.066. The VAT number is the same number with BE in front: BE 0404.755.066.
- Where is Belgocodex based?
- The registered office is at Chaussée de Louvain 656, 1380 Lasne.Company details
- What does Belgocodex do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of Belgocodex?
- Belgocodex is a public limited company (NV).
- When was Belgocodex founded?
- Belgocodex was founded on 24-03-1956.
- Is Belgocodex still active?
- Yes, Belgocodex is an active enterprise in the KBO register.
- How many employees does Belgocodex have?
- Belgocodex had an average of 1 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
- Which joint committee does Belgocodex fall under?
- In its 2024 annual accounts, Belgocodex states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Belgocodex?
- The annual accounts for financial year 2024 state no turnover.
- Is Belgocodex profitable?
- In financial year 2024, Belgocodex made a loss of €318,961.
- Where can I find the annual accounts of Belgocodex?
- Belgocodex filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
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