Code Zebra
ActiveSummary
Code Zebra has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €45k and a net result of €-17k. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 64% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-76
Solvency95▼-4
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity ample (current ratio 3.11 against 3.23 in 2024; short-term debt: 28.3% and cash: 43.1% of total assets), and 30.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
69.6%
Return on assets
-25.9%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-05-2026, 84 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
84 d early
2024
69 d early
2023
34 d early
2022
30 d late
2021
32 d late
2020
31 d late
2019
68 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, micro schema
Equity
€45k▼ 27.2%
2024 · €61k
2018: €60k
2019: €81k▲ +34.5% vs 2018highest in 8 years
2020: €29k▼ -64.3% vs 2019lowest in 8 years
2021: €33k▲ +15.1% vs 2020
2022: €44k▲ +31.2% vs 2021
2023: €56k▲ +27.9% vs 2022
2024: €61k▲ +9.1% vs 2023
2025: €45k▼ -27.2% vs 2024
2018 → 2025
Total assets
€64k▼ 22.8%
2024 · €83k
2018: €92k
2019: €99k▲ +7.7% vs 2018highest in 8 years
2020: €40k▼ -59.0% vs 2019lowest in 8 years
2021: €66k▲ +64.0% vs 2020
2022: €68k▲ +2.7% vs 2021
2023: €97k▲ +41.7% vs 2022
2024: €83k▼ -14.2% vs 2023
2025: €64k▼ -22.8% vs 2024
2018 → 2025
Net result
€-17k
2024 · €5k
2018: €39khighest in 8 years
2019: €21k▼ -46.9% vs 2018
2020: €-52k▼ -351% vs 2019lowest in 8 years
2021: €4k▲ +108% vs 2020
2022: €10k▲ +137% vs 2021
2023: €18k▲ +74.3% vs 2022
2024: €5k▼ -71.9% vs 2023
2025: €-17k▼ -426% vs 2024
2018 → 2025
Working capital
€38k▼ 21.1%
2024 · €48k
2018: €57k
2019: €80k▲ +40.9% vs 2018highest in 8 years
2020: €29k▼ -64.2% vs 2019
2021: €27k▼ -6.4% vs 2020lowest in 8 years
2022: €37k▲ +36.9% vs 2021
2023: €44k▲ +19.7% vs 2022
2024: €48k▲ +10.5% vs 2023
2025: €38k▼ -21.1% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€33k-€44k▲ 31.2%€56k▲ 27.9%€61k▲ 9.1%€45k▼ 27.2%
2021: €33klowest in 5 years
2022: €44k▲ +31.2% vs 2021
2023: €56k▲ +27.9% vs 2022
2024: €61k▲ +9.1% vs 2023highest in 5 years
2025: €45k▼ -27.2% vs 2024
Operating result€6k-€12k▲ 98.2%€23k▲ 93.8%€10k▼ 54.4%€-16k
2021: €6k
2022: €12k▲ +98.2% vs 2021
2023: €23k▲ +93.8% vs 2022highest in 5 years
2024: €10k▼ -54.4% vs 2023
2025: €-16k▼ -249% vs 2024lowest in 5 years
Net result€4k-€10k▲ 137%€18k▲ 74.3%€5k▼ 71.9%€-17k
2021: €4k
2022: €10k▲ +137% vs 2021
2023: €18k▲ +74.3% vs 2022highest in 5 years
2024: €5k▼ -71.9% vs 2023
2025: €-17k▼ -426% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €16k after €10k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €64k
Fixed assets
€8k ▼ 39.4%
Current assets
€56k ▼ 19.8%
Equity and liabilities €64k
Equity
€45k ▼ 27.2%
Debt
€19k ▼ 10.4%
Debt's share of the balance-sheet total rises from 26.2% to 30.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-9k▼
2024 · €17k
Cash flow
€-10k▼
2024 · €11k
Current ratio
3.11▼
2024 · 3.23
Debt to equity
0.44▲
2024 · 0.36
ROE
-37.3%▼
2024 · 8.3%
ROA
-25.9%▼
2024 · 6.1%
Interest coverage
-9.63▼
2024 · 15.99
Debt ≤ 1 year
€18k▼
2024 · €22k
Income taxes
€524▼
2024 · €5k
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 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€83k€64k▼
Fixed assets21/28€13k€8k▼
Intangible fixed assets21€423€85▼
Tangible fixed assets22/27€12k€8k▼
Plant, machinery and equipment23€2k€1k▼
Furniture and vehicles24€10k€6k▼
Current assets29/58€70k€56k▼
Amounts receivable within one year40/41€29k€24k▼
Trade receivables40€23k€9k▼
Other amounts receivable41€5k€15k▲
Cash at bank and in hand54/58€37k€28k▼
Deferred charges and accrued income490/1€4k€5k▲
Equity and liabilities
Total equity and liabilities10/49€83k€64k▼
Equity10/15€61k€45k▼
Contributions10/11€15k€15k=
Reserves13€65k€65k=
Distributable reserves133€65k€65k=
Profit (loss) carried forward14€-19k€-35k▼
Amounts payable17/49€22k€19k▼
Amounts payable after more than one year17€0-
Financial debts170/4€0-
Amounts payable within one year42/48€22k€18k▼
Current portion of amounts payable after more than one year42€4k€0▼
Financial debts43€3k€4k▲
Credit institutions430/8€3k€4k▲
Trade debts44€3k€4k▲
Suppliers440/4€3k€4k▲
Taxes, remuneration and social security45€10k€9k▼
Taxes450/3€9k€6k▼
Remuneration and social security454/9€834€3k▲
Other amounts payable47/48€671€746▲
Accrued charges and deferred income492/3€0€1k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€6k▲
Other operating charges640/8€1k€1k▲
Gross operating margin9900€18k€-8k▼
Operating profit (loss)9901€10k€-16k▼
Financial income75/76B€350€457▲
Recurring financial income75€350€457▲
Financial charges65/66B€1k€971▼
Recurring financial charges65€1k€971▼
Profit (loss) for the period before taxes9903€10k€-16k▼
Income taxes67/77€5k€524▼
Profit (loss) for the period9904€5k€-17k▼
Profit (loss) for the period to be appropriated9905€5k€-17k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-19k€-35k▼
Profit (loss) brought forward from the previous period14P€-24k€-19k▲
Transfer from equity791/2€0-
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
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 | €1k | €4k | €6k | €6k | €6k | ▲ 0.1% |
| Other operating charges640/8 | €862 | €1k | €1k | €1k | €1k | ▲ 11.4% |
| Gross operating margin9900 | €8k | €18k | €30k | €18k | €-8k | ▼ 145% |
| Operating profit (loss)9901 | €6k | €12k | €23k | €10k | €-16k | ▼ 249% |
| Financial income75/76B | €43 | €109 | €32 | €350 | €457 | ▲ 30.8% |
| Recurring financial income75 | €43 | €109 | €32 | €350 | €457 | ▲ 30.8% |
| Financial charges65/66B | €836 | €1k | €951 | €1k | €971 | ▼ 6.8% |
| Recurring financial charges65 | €836 | €1k | €951 | €1k | €971 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | €5k | €11k | €22k | €10k | €-16k | ▼ 264% |
| Income taxes67/77 | €794 | €491 | €4k | €5k | €524 | ▼ 88.8% |
| Profit (loss) for the period9904 | €4k | €10k | €18k | €5k | €-17k | ▼ 426% |
| Profit (loss) for the period to be appropriated9905 | €4k | €10k | €18k | €5k | €-17k | ▼ 426% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €66k | €68k | €97k | €83k | €64k | ▼ 22.8% |
| Fixed assets21/28 | €20k | €16k | €17k | €13k | €8k | ▼ 39.4% |
| Intangible fixed assets21 | - | - | €761 | €423 | €85 | ▼ 80.0% |
| Tangible fixed assets22/27 | €20k | €16k | €17k | €12k | €8k | ▼ 38.0% |
| Plant, machinery and equipment23 | €0 | - | €3k | €2k | €1k | ▼ 32.1% |
| Furniture and vehicles24 | €20k | €16k | €14k | €10k | €6k | ▼ 39.2% |
| Current assets29/58 | €46k | €52k | €79k | €70k | €56k | ▼ 19.8% |
| Amounts receivable within one year40/41 | €28k | €32k | €40k | €29k | €24k | ▼ 15.8% |
| Trade receivables40 | €16k | €29k | €37k | €23k | €9k | ▼ 60.8% |
| Other amounts receivable41 | €12k | €3k | €3k | €5k | €15k | ▲ 177% |
| Cash at bank and in hand54/58 | €10k | €18k | €35k | €37k | €28k | ▼ 26.4% |
| Deferred charges and accrued income490/1 | €8k | €2k | €4k | €4k | €5k | ▲ 14.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €66k | €68k | €97k | €83k | €64k | ▼ 22.8% |
| Equity10/15 | €33k | €44k | €56k | €61k | €45k | ▼ 27.2% |
| Contributions10/11 | €15k | €15k | €15k | €15k | €15k | = |
| Reserves13 | €71k | €71k | €65k | €65k | €65k | = |
| Non-distributable reserves130/1 | €2k | €2k | €0 | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €0 | - | - | - |
| Distributable reserves133 | €69k | €69k | €65k | €65k | €65k | = |
| Profit (loss) carried forward14 | €-52k | €-42k | €-24k | €-19k | €-35k | ▼ 89.0% |
| Amounts payable17/49 | €33k | €24k | €41k | €22k | €19k | ▼ 10.4% |
| Amounts payable after more than one year17 | €14k | €9k | €4k | €0 | - | - |
| Financial debts170/4 | €14k | €9k | €4k | €0 | - | - |
| Amounts payable within one year42/48 | €19k | €15k | €35k | €22k | €18k | ▼ 16.7% |
| Current portion of amounts payable after more than one year42 | €5k | €5k | €5k | €4k | €0 | ▼ 100% |
| Financial debts43 | €0 | - | - | €3k | €4k | ▲ 16.4% |
| Credit institutions430/8 | €0 | - | - | €3k | €4k | ▲ 16.4% |
| Trade debts44 | €8k | €3k | €5k | €3k | €4k | ▲ 30.2% |
| Suppliers440/4 | €8k | €3k | €5k | €3k | €4k | ▲ 30.2% |
| Taxes, remuneration and social security45 | €7k | €8k | €20k | €10k | €9k | ▼ 11.1% |
| Taxes450/3 | €7k | €8k | €17k | €9k | €6k | ▼ 39.8% |
| Remuneration and social security454/9 | - | - | €3k | €834 | €3k | ▲ 313% |
| Other amounts payable47/48 | - | - | €6k | €671 | €746 | ▲ 11.2% |
| Accrued charges and deferred income492/3 | - | - | €1k | €0 | €1k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4k | €10k | €18k | €5k | €-17k | ▼ 426% |
| + Depreciation and write-downs630 | €1k | €4k | €6k | €6k | €6k | ▲ 0.1% |
| Operating cash flow (approximation) | €6k | €15k | €24k | €11k | €-10k | ▼ 192% |
| Investment in fixed assets (approximation) | - | €0 | €-7k | €-1k | €-1k | ▲ 12.4% |
| Change in cash | - | €7k | €17k | €3k | €-10k | ▼ 465% |
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
08-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
23-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
01-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 32 days late
2021
31-12
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €-52k
Net result drops to €-52k, the lowest in the series; recovery starts the following year.
07-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 68 days late
2019
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Dendermonde · 1 establishment unit since 2013
Ground area
397 m²
Building footprint
107 m²
Volume, LiDAR
939 m³
Parcel 42006C0001/00W016, Flanders · tallest building 12.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Code Zebra
since 20132.221.988.995
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42006C0001/00W016 | Flanders | 397 m² | 1 · 107 m² | 12.1 m · 3 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 2 entries · 3,010 EUR awarded · 3,010 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,146 EUR | 2,146 EUR |
| 2022 | 1 | 864 EUR | 864 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,575. 37,442 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
Founded12-06-2013
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
62200Computer consultancy and computer facilities management
73120Media representation
73300Public relations and communication consultancy
Contact
Website
www.codezebra.be
E-mail
info@codezebra.be
E-mail
ignace@oliviajulius.beDendermonde
Phone
0475/32 69 90Dendermonde
Scores and ratios are computed by Checked and are not a credit decision.