Summary
BRACODEV is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.36M and a net result of €101k. Equity is growing by ~15.1% per year across the filed fiscal years. Its solvency ranks better than 50% of 1482 sector peers (fiscal year 2025). The company has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-08-2026, 5 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
5 d late
2024
36 d late
2023
30 d late
2022
11 d late
2021
68 d late
2020
125 d late
2019
61 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€1.36M▲ 8.0%
2024 · €1.26M
2018: €279k
2019: €262k▼ -6.2% vs 2018lowest in 8 years
2020: €323k▲ +23.6% vs 2019
2021: €339k▲ +4.9% vs 2020
2022: €392k▲ +15.7% vs 2021
2023: €428k▲ +9.0% vs 2022
2024: €1.26M▲ +194% vs 2023
2025: €1.36M▲ +8.0% vs 2024highest in 8 years
2018 → 2025
Net result
€101k▲ 449%
2024 · €18k
2018: €12k
2019: €-17k▼ -241% vs 2018lowest in 8 years
2020: €20k▲ +218% vs 2019
2021: €16k▼ -22.8% vs 2020
2022: €53k▲ +239% vs 2021
2023: €35k▼ -33.8% vs 2022
2024: €18k▼ -48.1% vs 2023
2025: €101k▲ +449% vs 2024highest in 8 years
2018 → 2025
Total assets
€3.46M▲ 13.4%
2024 · €3.05M
2018: €1.36Mlowest in 8 years
2019: €1.67M▲ +22.6% vs 2018
2020: €1.73M▲ +3.4% vs 2019
2021: €1.74M▲ +0.7% vs 2020
2022: €1.77M▲ +1.6% vs 2021
2023: €1.80M▲ +1.6% vs 2022
2024: €3.05M▲ +70.1% vs 2023
2025: €3.46M▲ +13.4% vs 2024highest in 8 years
2018 → 2025
Solvency
39.2%▼ 1.9pp
2024 · 41.1%
2018: 20.5%
2019: 15.7%▼ -23.5% vs 2018lowest in 8 years
2020: 18.7%▲ +19.5% vs 2019
2021: 19.5%▲ +4.1% vs 2020
2022: 22.2%▲ +13.8% vs 2021
2023: 23.8%▲ +7.2% vs 2022
2024: 41.1%▲ +72.7% vs 2023highest in 8 years
2025: 39.2%▼ -4.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€339k-€392k▲ 15.7%€428k▲ 9.0%€1.26M▲ 194%€1.36M▲ 8.0%
2021: €339klowest in 5 years
2022: €392k▲ +15.7% vs 2021
2023: €428k▲ +9.0% vs 2022
2024: €1.26M▲ +194% vs 2023
2025: €1.36M▲ +8.0% vs 2024highest in 5 years
Operating result€64k-€119k▲ 85.7%€95k▼ 19.8%€1.09M▲ 1,041%€213k▼ 80.4%
2021: €64klowest in 5 years
2022: €119k▲ +85.7% vs 2021
2023: €95k▼ -19.8% vs 2022
2024: €1.09M▲ +1041% vs 2023highest in 5 years
2025: €213k▼ -80.4% vs 2024
Net result€16k-€53k▲ 239%€35k▼ 33.8%€18k▼ 48.1%€101k▲ 449%
2021: €16klowest in 5 years
2022: €53k▲ +239% vs 2021
2023: €35k▼ -33.8% vs 2022
2024: €18k▼ -48.1% vs 2023
2025: €101k▲ +449% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 80% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.46M
Fixed assets
€3.11M ▲ 21.6%
Current assets
€357k ▼ 28.6%
Equity and liabilities €3.46M
Equity
€1.36M ▲ 8.0%
Provisions
€214k ▲ 5.1%
Debt
€1.89M ▲ 18.7%
Debt's share of the balance-sheet total rises from 52.2% to 54.6%. Equity and debt are higher.
Key figures and ratios
ROE
7.4%▲
2024 · 1.5%
ROA
2.9%▲
2024 · 0.6%
Debt ≤ 1 year
€293k▼
2024 · €329k
Debt > 1 year
€1.60M▲
2024 · €1.26M
Income taxes
€31k▲
2024 · €11k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.05M€3.46M▲
Fixed assets21/28€2.55M€3.11M▲
Tangible fixed assets22/27€2.55M€3.11M▲
Land and buildings22€2.55M€3.10M▲
Plant, machinery and equipment23€145-
Furniture and vehicles24€2k€1k▼
Current assets29/58€499k€357k▼
Amounts receivable within one year40/41€62k€62k=
Trade receivables40€62k€62k=
Cash at bank and in hand54/58€437k€295k▼
Equity and liabilities
Total equity and liabilities10/49€3.05M€3.46M▲
Equity10/15€1.26M€1.36M▲
Contributions10/11€217k€217k=
Reserves13€1.01M€1.03M▲
Tax-exempt reserves132€810k€826k▲
Distributable reserves133€203k€203k=
Profit (loss) carried forward14€26k€111k▲
Provisions and deferred taxes16€203k€214k▲
Deferred taxes168€203k€214k▲
Amounts payable17/49€1.59M€1.89M▲
Amounts payable after more than one year17€1.26M€1.60M▲
Financial debts170/4€1.26M€1.60M▲
Amounts payable within one year42/48€329k€293k▼
Current portion of amounts payable after more than one year42€51k€68k▲
Trade debts44€75k€8k▼
Suppliers440/4€75k€8k▼
Taxes, remuneration and social security45€28k€86k▲
Taxes450/3€28k€86k▲
Other amounts payable47/48€175k€131k▼
Accrued charges and deferred income492/3-€1k
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€99k€55k▼
Other operating charges640/8€3k€4k▲
Gross operating margin9900€1.19M€272k▼
Operating profit (loss)9901€1.09M€213k▼
Financial income75/76B€247€6k▲
Recurring financial income75€247€6k▲
Financial charges65/66B€43k€77k▲
Recurring financial charges65€43k€77k▲
Profit (loss) for the period before taxes9903€1.04M€142k▼
Transfer from deferred taxes780€4k€930▼
Transfer to deferred taxes680€1.02M€11k▼
Income taxes67/77€11k€31k▲
Profit (loss) for the period9904€18k€101k▲
Transfer from tax-exempt reserves789-€30k
Transfer to tax-exempt reserves689-€45k
Profit (loss) for the period to be appropriated9905€18k€85k▲
Appropriation of the result
Profit (loss) to be appropriated9906€44k€111k▲
Profit (loss) brought forward from the previous period14P€26k€26k=
Transfer to equity691/2€18k-
To other reserves6921€18k-
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €72k | €74k | €74k | €99k | €55k | ▼ 44.3% |
| Other operating charges640/8 | €931 | €2k | €2k | €3k | €4k | ▲ 21.8% |
| Gross operating margin9900 | €137k | €194k | €172k | €1.19M | €272k | ▼ 77.1% |
| Operating profit (loss)9901 | €64k | €119k | €95k | €1.09M | €213k | ▼ 80.4% |
| Financial income75/76B | €455 | €12 | €358 | €247 | €6k | ▲ 2,432% |
| Recurring financial income75 | €455 | €12 | €358 | €247 | €6k | ▲ 2,432% |
| Financial charges65/66B | €41k | €42k | €43k | €43k | €77k | ▲ 80.6% |
| Recurring financial charges65 | €41k | €42k | €43k | €43k | €77k | ▲ 80.6% |
| Profit (loss) for the period before taxes9903 | €23k | €76k | €53k | €1.04M | €142k | ▼ 86.4% |
| Transfer from deferred taxes780 | - | - | - | €4k | €930 | ▼ 73.8% |
| Transfer to deferred taxes680 | - | - | - | €1.02M | €11k | ▼ 98.9% |
| Income taxes67/77 | €8k | €23k | €18k | €11k | €31k | ▲ 180% |
| Profit (loss) for the period9904 | €16k | €53k | €35k | €18k | €101k | ▲ 449% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €30k | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €45k | - |
| Profit (loss) for the period to be appropriated9905 | €16k | €53k | €35k | €18k | €85k | ▲ 365% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.74M | €1.77M | €1.80M | €3.05M | €3.46M | ▲ 13.4% |
| Fixed assets21/28 | €1.66M | €1.59M | €1.52M | €2.55M | €3.11M | ▲ 21.6% |
| Tangible fixed assets22/27 | €1.66M | €1.59M | €1.52M | €2.55M | €3.11M | ▲ 21.6% |
| Land and buildings22 | €1.66M | €1.59M | €1.52M | €2.55M | €3.10M | ▲ 21.6% |
| Plant, machinery and equipment23 | - | €713 | €429 | €145 | - | - |
| Furniture and vehicles24 | €3k | €3k | €2k | €2k | €1k | ▼ 42.4% |
| Current assets29/58 | €74k | €178k | €272k | €499k | €357k | ▼ 28.6% |
| Amounts receivable within one year40/41 | €103 | €75k | €87k | €62k | €62k | = |
| Trade receivables40 | - | €71k | €82k | €62k | €62k | = |
| Other amounts receivable41 | €103 | €5k | €5k | - | - | - |
| Cash at bank and in hand54/58 | €70k | €102k | €183k | €437k | €295k | ▼ 32.6% |
| Deferred charges and accrued income490/1 | €3k | €278 | €2k | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.74M | €1.77M | €1.80M | €3.05M | €3.46M | ▲ 13.4% |
| Equity10/15 | €339k | €392k | €428k | €1.26M | €1.36M | ▲ 8.0% |
| Contributions10/11 | €217k | €217k | €217k | €217k | €217k | = |
| Reserves13 | €96k | €149k | €185k | €1.01M | €1.03M | ▲ 1.5% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €810k | €826k | ▲ 1.9% |
| Distributable reserves133 | €94k | €147k | €185k | €203k | €203k | = |
| Profit (loss) carried forward14 | €26k | €26k | €26k | €26k | €111k | ▲ 332% |
| Provisions and deferred taxes16 | - | - | - | €203k | €214k | ▲ 5.1% |
| Deferred taxes168 | - | - | - | €203k | €214k | ▲ 5.1% |
| Amounts payable17/49 | €1.40M | €1.37M | €1.37M | €1.59M | €1.89M | ▲ 18.7% |
| Amounts payable after more than one year17 | €1.14M | €1.11M | €1.07M | €1.26M | €1.60M | ▲ 26.2% |
| Financial debts170/4 | €1.14M | €1.11M | €1.07M | €1.26M | €1.60M | ▲ 26.2% |
| Amounts payable within one year42/48 | €254k | €246k | €277k | €329k | €293k | ▼ 10.9% |
| Current portion of amounts payable after more than one year42 | €38k | €39k | €40k | €51k | €68k | ▲ 32.8% |
| Trade debts44 | €21k | €17k | €14k | €75k | €8k | ▼ 88.7% |
| Suppliers440/4 | €21k | €17k | €14k | €75k | €8k | ▼ 88.7% |
| Taxes, remuneration and social security45 | €21k | €17k | €28k | €28k | €86k | ▲ 202% |
| Taxes450/3 | €21k | €17k | €28k | €28k | €86k | ▲ 202% |
| Other amounts payable47/48 | €173k | €172k | €196k | €175k | €131k | ▼ 25.1% |
| Accrued charges and deferred income492/3 | - | €23k | €24k | - | €1k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16k | €53k | €35k | €18k | €101k | ▲ 449% |
| + Depreciation and write-downs630 | €72k | €74k | €74k | €99k | €55k | ▼ 44.3% |
| Operating cash flow (approximation) | €87k | €127k | €110k | €118k | €156k | ▲ 32.6% |
| Investment in fixed assets (approximation) | - | €2k | €-9k | €-1.13M | €-607k | ▲ 46.4% |
| Change in cash | - | €32k | €81k | €254k | €-143k | ▼ 156% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-08
State Gazette act
Incorporation · Founder
Corporate purpose · Founding capital
05-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 5 days late
2025
31-12
Financial
Highest result since 2018net €101k ▲449%
Net result €101k, the highest in the series.
05-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 36 days late
2024
31-12
Financial
Equity above €1MEq €1.26M ▲194%
5 profitable years in a row build equity to €1.26M.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
11-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 11 days late
2022
07-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 68 days late
2021
03-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 125 days late
2020
31-12
Financial
Back to profitnet €20k
Net result €20k after one loss-making year.
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 61 days late
2019
31-12
Financial
Weakest financial yearnet €-17k
Net result drops to €-17k, the lowest in the series; recovery starts the following year.
Show earlier events
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 61 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are 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, Sint-Martens-Latem · 1 establishment unit since 2013
Ground area
4,339 m²
Building footprint
573 m²
Volume, LiDAR
3,967 m³
2 parcels, Flanders · tallest building 19.2 m, ±5 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
BRACODEV
since 20132.217.267.768
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44064B0534/00D000 | Flanders | 4,050 m² | 1 · 473 m² | 19.2 m · 2 fl. |
| 44804D2709/00A004 | Flanders | 289 m² | 1 · 99 m² | 19.0 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
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Of 1,681 companies in sector 66191 we hold annual accounts for 1,229. 788 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
Founded26-02-2013
Fiscal year end31-12
Activities, NACEBEL 2025
66191Agents and brokers in banking services
Scores and ratios are computed by Checked and are not a credit decision.