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CODIPACK

Active
Public limited companyfounded 199035 yrs activeIndustrielaan 8, 2250 Olen, BelgiumKBO/BCE: BE 0442.051.566
Summary

CODIPACK has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.43M and a net result of €2.02M. Equity is growing by ~19.1% per year across the filed fiscal years. Its solvency ranks better than 62% of 4178 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Checked score

Score 2025
Axes · tick = 2024
Profitability75▼-2
Solvency72▼-1
Growth71=
Track record100
Bankruptcy probability, 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500k at 30 days acceptable
Liquidity ample (current ratio 1.8 against 1.8 in 2024; short-term debt: 50.4% and cash: 11.3% of total assets), but 52.8% of the assets are financed with debt.
Credit check for your own amount and term

Signals

Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 35 years 0 40 y
lowers risk · 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
47.2%
Return on assets
12.8%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies more bankruptcies →
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
on the day
2024
14 d early
2023
on the day
2022
11 d late
2021
2 d early
2020
5 d early
2019
1 d early
← 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 months
Position in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · 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

Financials · fiscal year 2025, full schema

Turnover
€32.03M▲ 7.1%
2024 · €29.90M
2018: €19.41Mlowest in 8 years 2019: €19.78M▲ +1.9% vs 2018 2020: €19.74M▼ -0.2% vs 2019 2021: €23.16M▲ +17.3% vs 2020 2022: €28.30M▲ +22.2% vs 2021 2023: €28.47M▲ +0.6% vs 2022 2024: €29.90M▲ +5.0% vs 2023 2025: €32.03M▲ +7.1% vs 2024highest in 8 years
2018 → 2025
EBIT margin
7.2%▼ 0.9pp
2024 · 8.1%
2018: 5.2% 2019: 6.0%▲ +14.1% vs 2018 2020: 5.4%▼ -9.7% vs 2019 2021: 5.5%▲ +2.0% vs 2020 2022: 5.0%▼ -9.9% vs 2021lowest in 8 years 2023: 7.3%▲ +47.4% vs 2022 2024: 8.1%▲ +10.3% vs 2023highest in 8 years 2025: 7.2%▼ -11.0% vs 2024
2018 → 2025
Net result
€2.02M▲ 11.1%
2024 · €1.82M
2018: €703klowest in 8 years 2019: €814k▲ +15.8% vs 2018 2020: €769k▼ -5.5% vs 2019 2021: €982k▲ +27.7% vs 2020 2022: €1.13M▲ +15.3% vs 2021 2023: €1.80M▲ +58.6% vs 2022 2024: €1.82M▲ +1.4% vs 2023 2025: €2.02M▲ +11.1% vs 2024highest in 8 years
2018 → 2025
Working capital
€6.35M▲ 20.0%
2024 · €5.29M
2018: €1.73Mlowest in 8 years 2019: €2.51M▲ +45.5% vs 2018 2020: €2.11M▼ -15.9% vs 2019 2021: €2.62M▲ +23.9% vs 2020 2022: €3.84M▲ +46.7% vs 2021 2023: €5.20M▲ +35.4% vs 2022 2024: €5.29M▲ +1.8% vs 2023 2025: €6.35M▲ +20.0% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20212022202320242025Trend
Turnover€23.16M-€28.30M▲ 22.2%€28.47M▲ 0.6%€29.90M▲ 5.0%€32.03M▲ 7.1% 2021: €23.16Mlowest in 5 years 2022: €28.30M▲ +22.2% vs 2021 2023: €28.47M▲ +0.6% vs 2022 2024: €29.90M▲ +5.0% vs 2023 2025: €32.03M▲ +7.1% vs 2024highest in 5 years
Equity€3.59M-€4.72M▲ 31.6%€5.89M▲ 24.8%€6.51M▲ 10.5%€7.43M▲ 14.2% 2021: €3.59Mlowest in 5 years 2022: €4.72M▲ +31.6% vs 2021 2023: €5.89M▲ +24.8% vs 2022 2024: €6.51M▲ +10.5% vs 2023 2025: €7.43M▲ +14.2% vs 2024highest in 5 years
Operating result€1.27M-€1.40M▲ 10.2%€2.08M▲ 48.3%€2.41M▲ 15.8%€2.30M▼ 4.7% 2021: €1.27Mlowest in 5 years 2022: €1.40M▲ +10.2% vs 2021 2023: €2.08M▲ +48.3% vs 2022 2024: €2.41M▲ +15.8% vs 2023highest in 5 years 2025: €2.30M▼ -4.7% vs 2024
Net result€982k-€1.13M▲ 15.3%€1.80M▲ 58.6%€1.82M▲ 1.4%€2.02M▲ 11.1% 2021: €982klowest in 5 years 2022: €1.13M▲ +15.3% vs 2021 2023: €1.80M▲ +58.6% vs 2022 2024: €1.82M▲ +1.4% vs 2023 2025: €2.02M▲ +11.1% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
€0€1.00M€2.00MOperating result 2021: €1.27M€1.27MNet result 2021: €982k€982kOperating result 2022: €1.40M€1.40MNet result 2022: €1.13M€1.13MOperating result 2023: €2.08M€2.08MNet result 2023: €1.80M€1.80MOperating result 2024: €2.41M€2.41MNet result 2024: €1.82M€1.82MOperating result 2025: €2.30M€2.30MNet result 2025: €2.02M€2.02M20212022202320242025€0€1M€2MOperating result 2023: €2.08M€2.1MNet result 2023: €1.80M€1.8MOperating result 2024: €2.41M€2.4MNet result 2024: €1.82M€1.8MOperating result 2025: €2.30M€2.3MNet result 2025: €2.02M€2M202320242025
The operating result falls in 2025; 2025 is 5% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.75M
Fixed assets €1.46M ▼ 6.2%
Current assets €14.29M ▲ 19.6%
Equity and liabilities €15.75M
Equity €7.43M ▲ 14.2%
Debt €8.32M ▲ 18.9%
Debt's share of the balance-sheet total rises from 51.8% to 52.8%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€2.89M▼
2024 · €2.99M
Cash flow
€2.62M▲
2024 · €2.40M
Current ratio
1.80▲
2024 · 1.80
Quick ratio
1.19▼
2024 · 1.21
Debt to equity
1.12▲
2024 · 1.07
ROE
27.2%▼
2024 · 28.0%
ROA
12.8%▼
2024 · 13.5%
Interest coverage
83.61▼
2024 · 98.42
Debt ≤ 1 year
€7.94M▲
2024 · €6.65M
Debt > 1 year
€378k▲
2024 · €340k
Income taxes
€760k▲
2024 · €692k
Staff costs
€4.65M▲
2024 · €4.19M
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 · 79 lines
Balance sheet Code20242025
Assets
Total assets20/58€13.50M€15.75M▲
Fixed assets21/28€1.55M€1.46M▼
Tangible fixed assets22/27€1.55M€1.46M▼
Plant, machinery and equipment23€225k€197k▼
Furniture and vehicles24€1.33M€1.26M▼
Financial fixed assets28€1k€0▼
Other financial fixed assets284/8€1k€0▼
Amounts receivable and cash guarantees285/8€1k€0▼
Current assets29/58€11.94M€14.29M▲
Stocks and contracts in progress3€3.86M€4.85M▲
Stocks30/36€3.86M€4.85M▲
Raw materials and consumables30/31€0-
Goods purchased for resale34€3.86M€4.85M▲
Amounts receivable within one year40/41€6.61M€7.66M▲
Trade receivables40€6.60M€7.65M▲
Other amounts receivable41€10k€4k▼
Cash at bank and in hand54/58€1.46M€1.78M▲
Deferred charges and accrued income490/1€14k€4k▼
Equity and liabilities
Total equity and liabilities10/49€13.50M€15.75M▲
Equity10/15€6.51M€7.43M▲
Contributions10/11€97k€97k=
Capital10€97k€97k=
Issued capital100€97k€97k=
Reserves13€6.41M€7.33M▲
Non-distributable reserves130/1€10k€10k=
Legal reserve130€10k€10k=
Tax-exempt reserves132€74k€74k=
Distributable reserves133€6.33M€7.25M▲
Amounts payable17/49€6.99M€8.32M▲
Amounts payable after more than one year17€340k€378k▲
Financial debts170/4€340k€378k▲
Credit institutions173€69k€107k▲
Other loans174€271k€271k=
Amounts payable within one year42/48€6.65M€7.94M▲
Current portion of amounts payable after more than one year42€80k€66k▼
Financial debts43€135k€113k▼
Credit institutions430/8€135k€113k▼
Trade debts44€2.74M€4.33M▲
Suppliers440/4€2.74M€4.33M▲
Advances received on contracts in progress46€867k€847k▼
Taxes, remuneration and social security45€1.46M€1.30M▼
Taxes450/3€985k€762k▼
Remuneration and social security454/9€473k€540k▲
Other amounts payable47/48€1.37M€1.27M▼
Income statement Code20242025
Operating income70/76A€30.20M€32.30M▲
Turnover70€29.90M€32.03M▲
Other operating income74€294k€257k▼
Non-recurring operating income76A€4k€10k▲
Operating charges60/66A€27.79M€30.00M▲
Goods for resale, raw materials and consumables60€19.23M€20.85M▲
Purchases600/8€19.37M€21.84M▲
Change in stocks: decrease (increase)609€-146k€-986k▼
Services and other goods61€3.77M€3.82M▲
Remuneration, social security and pensions62€4.19M€4.65M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€581k€596k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-15k€8k▲
Other operating charges640/8€31k€65k▲
Non-recurring operating charges66A€196€0▼
Operating profit (loss)9901€2.41M€2.30M▼
Financial income75/76B€168k€552k▲
Recurring financial income75€168k€552k▲
Income from current assets751€0-
Other financial income752/9€168k€552k▲
Financial charges65/66B€64k€65k▲
Recurring financial charges65€64k€65k▲
Debt charges650€30k€35k▲
Other financial charges652/9€34k€30k▼
Profit (loss) for the period before taxes9903€2.51M€2.78M▲
Income taxes67/77€692k€760k▲
Taxes670/3€700k€764k▲
Tax adjustments and reversals of tax provisions77€8k€4k▼
Profit (loss) for the period9904€1.82M€2.02M▲
Profit (loss) for the period to be appropriated9905€1.82M€2.02M▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.82M€2.02M▲
Transfer to equity691/2€620k€923k▲
To other reserves6921€620k€923k▲
Profit to be distributed694/7€1.20M€1.10M▼
Return on contributions (dividend)694€1.20M€1.10M▼
Social balance
Average headcount (FTE)908751.956.7▲

The notes to these accounts (64 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Accounts by statement
Line20212022202320242025Change
Operating income70/76A€23.33M€28.48M€28.71M€30.20M€32.30M▲ 7.0%
Turnover70€23.16M€28.30M€28.47M€29.90M€32.03M▲ 7.1%
Other operating income74€165k€164k€223k€294k€257k▼ 12.6%
Non-recurring operating income76A€6k€8k€19k€4k€10k▲ 163%
Operating charges60/66A€22.05M€27.07M€26.63M€27.79M€30.00M▲ 8.0%
Goods for resale, raw materials and consumables60€15.67M€19.87M€19.23M€19.23M€20.85M▲ 8.5%
Purchases600/8€16.16M€21.47M€19.03M€19.37M€21.84M▲ 12.7%
Change in stocks: decrease (increase)609€-494k€-1.60M€207k€-146k€-986k▼ 574%
Services and other goods61€2.53M€2.71M€2.84M€3.77M€3.82M▲ 1.5%
Remuneration, social security and pensions62€3.46M€3.93M€3.97M€4.19M€4.65M▲ 10.9%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€369k€530k€548k€581k€596k▲ 2.7%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€859€17k€4k€-15k€8k▲ 152%
Other operating charges640/8€16k€17k€26k€31k€65k▲ 110%
Non-recurring operating charges66A€0-€2k€196€0▼ 100%
Operating profit (loss)9901€1.27M€1.40M€2.08M€2.41M€2.30M▼ 4.7%
Financial income75/76B€127k€221k€475k€168k€552k▲ 229%
Recurring financial income75€127k€221k€475k€168k€552k▲ 229%
Income from current assets751--€38k€0--
Other financial income752/9€127k€221k€437k€168k€552k▲ 229%
Financial charges65/66B€34k€55k€62k€64k€65k▲ 0.9%
Recurring financial charges65€34k€55k€62k€64k€65k▲ 0.9%
Debt charges650€10k€30k€38k€30k€35k▲ 13.9%
Other financial charges652/9€24k€25k€24k€34k€30k▼ 10.7%
Profit (loss) for the period before taxes9903€1.37M€1.57M€2.49M€2.51M€2.78M▲ 10.7%
Income taxes67/77€384k€437k€698k€692k€760k▲ 9.7%
Taxes670/3€384k€437k€698k€700k€764k▲ 9.1%
Tax adjustments and reversals of tax provisions77€0--€8k€4k▼ 51.2%
Profit (loss) for the period9904€982k€1.13M€1.80M€1.82M€2.02M▲ 11.1%
Profit (loss) for the period to be appropriated9905€982k€1.13M€1.80M€1.82M€2.02M▲ 11.1%
Line20212022202320242025Change
Assets
Total assets20/58€9.68M€13.17M€13.74M€13.50M€15.75M▲ 16.6%
Fixed assets21/28€1.16M€1.18M€1.11M€1.55M€1.46M▼ 6.2%
Tangible fixed assets22/27€1.16M€1.18M€1.11M€1.55M€1.46M▼ 6.2%
Plant, machinery and equipment23€44k€188k€168k€225k€197k▼ 12.6%
Furniture and vehicles24€1.11M€991k€939k€1.33M€1.26M▼ 5.1%
Financial fixed assets28-€1k€1k€1k€0▼ 100%
Other financial fixed assets284/8-€1k€1k€1k€0▼ 100%
Amounts receivable and cash guarantees285/8-€1k€1k€1k€0▼ 100%
Current assets29/58€8.52M€11.99M€12.63M€11.94M€14.29M▲ 19.6%
Stocks and contracts in progress3€2.32M€3.93M€3.72M€3.86M€4.85M▲ 25.5%
Stocks30/36€2.32M€3.93M€3.72M€3.86M€4.85M▲ 25.5%
Raw materials and consumables30/31--€1k€0--
Goods purchased for resale34€2.32M€3.93M€3.72M€3.86M€4.85M▲ 25.5%
Amounts receivable within one year40/41€5.28M€6.47M€6.88M€6.61M€7.66M▲ 15.9%
Trade receivables40€5.28M€6.47M€6.87M€6.60M€7.65M▲ 16.0%
Other amounts receivable41€474€871€4k€10k€4k▼ 55.6%
Cash at bank and in hand54/58€901k€1.49M€1.94M€1.46M€1.78M▲ 21.7%
Deferred charges and accrued income490/1€17k€102k€101k€14k€4k▼ 70.9%
Equity and liabilities
Total equity and liabilities10/49€9.68M€13.17M€13.74M€13.50M€15.75M▲ 16.6%
Equity10/15€3.59M€4.72M€5.89M€6.51M€7.43M▲ 14.2%
Contributions10/11€97k€97k€97k€97k€97k=
Capital10€97k€97k€97k€97k€97k=
Issued capital100€97k€97k€97k€97k€97k=
Reserves13€3.49M€4.62M€5.79M€6.41M€7.33M▲ 14.4%
Non-distributable reserves130/1€10k€10k€10k€10k€10k=
Legal reserve130€10k€10k€10k€10k€10k=
Tax-exempt reserves132€74k€74k€74k€74k€74k=
Distributable reserves133€3.41M€4.54M€5.71M€6.33M€7.25M▲ 14.6%
Amounts payable17/49€6.10M€8.45M€7.85M€6.99M€8.32M▲ 18.9%
Amounts payable after more than one year17€191k€237k€420k€340k€378k▲ 11.2%
Financial debts170/4€191k€237k€420k€340k€378k▲ 11.2%
Credit institutions173€191k€237k€149k€69k€107k▲ 55.3%
Other loans174--€271k€271k€271k=
Amounts payable within one year42/48€5.91M€8.15M€7.43M€6.65M€7.94M▲ 19.3%
Current portion of amounts payable after more than one year42€86k€134k€144k€80k€66k▼ 18.5%
Financial debts43€100k€234k€235k€135k€113k▼ 16.1%
Credit institutions430/8€100k€234k€235k€135k€113k▼ 16.1%
Trade debts44€3.17M€4.80M€3.81M€2.74M€4.33M▲ 58.3%
Suppliers440/4€3.17M€4.80M€3.81M€2.74M€4.33M▲ 58.3%
Advances received on contracts in progress46€705k€884k€1.15M€867k€847k▼ 2.4%
Taxes, remuneration and social security45€814k€1.05M€1.29M€1.46M€1.30M▼ 10.7%
Taxes450/3€389k€538k€786k€985k€762k▼ 22.6%
Remuneration and social security454/9€425k€511k€509k€473k€540k▲ 14.2%
Other amounts payable47/48€1.03M€1.05M€794k€1.37M€1.27M▼ 7.0%
Accrued charges and deferred income492/3-€67k€0---
Line20212022202320242025Change
Profit (loss) for the period9904€982k€1.13M€1.80M€1.82M€2.02M▲ 11.1%
+ Depreciation and write-downs630€369k€530k€548k€581k€596k▲ 2.7%
Operating cash flow (approximation)€1.35M€1.66M€2.34M€2.40M€2.62M▲ 9.1%
Investment in fixed assets (approximation)-€-552k€-475k€-1.03M€-500k▲ 51.4%
Change in cash-€592k€443k€-477k€316k▲ 166%

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

Next filing, fiscal year 2026, expected by 31-07-2027
2026
19-08
State Gazette act Reappointment: Imber (director)
Permanent representative: Walter Imberechts6 facts ▸
  • General meeting, 30-06-2025
  • Director reappointment, Imber (director)
  • Permanent representative, Walter Imberechts
  • Board meeting, 30-06-2025
  • Director reappointment, Imber (managing director)
  • Director reappointment, Imber (chair of the board)
31-07
NBB filing Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial Highest result since 2018net €2.02M ▲11.1%
Net result €2.02M, the highest in the series.
17-07
NBB filing Annual accounts filed
fiscal year 2024 · full schema
2024
31-07
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial Equity above €5MEq €5.89M ▲24.8%
6 profitable years in a row build equity to €5.89M.
11-08
NBB filing Annual accounts filed
fiscal year 2022 · full schema · 11 days late
2022
29-07
NBB filing Annual accounts filed
fiscal year 2021 · full schema
2021
26-07
NBB filing Annual accounts filed
fiscal year 2020 · full schema
2020
30-07
NBB filing Annual accounts filed
fiscal year 2019 · full schema
2019
04-07
NBB filing Annual accounts filed
fiscal year 2018 · full schema
2018
04-07
NBB filing Annual accounts filed
fiscal year 2017 · full schema
2017
28-07
NBB filing Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 12 acts read
About the unread acts

Of the 12 Belgian State Gazette acts we know for this company, 1 has been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.

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Directors · office · real estate

Directors
1 director, last change in 2025
IMBER
Director · since 30-06-2025 · Private limited company · perm. rep.: Walter Imberechts
Current
30-06-2025 Mandate renewed as Director
30-06-2025 Mandate renewed as Managing director
30-06-2025 Mandate renewed as Chair of the board
Not every act has been read: a resignation may be missing here
11 of this company's 12 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Olen · 1 establishment unit since 1990
seat establishment The establishment unit on the map
Ground area
1.4 ha
Building footprint
3,149 m²
Volume, LiDAR
22,227 m³
Parcel 13029F0680/00H000, Flanders · tallest building 10.2 m, ±2 floors. Linked by address, not a title deed.
5 companies at this address See who is registered here
1 establishment unit
CODIPACK NV
Industrielaan 8, 2250 OlenOther professional, scientific and technical activities
since 19902.102.800.147
1 parcel
Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
13029F0680/00H000 Flanders 1.4 ha 1 · 3,149 m² 10.2 m · 2 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.

Structure & network

Public money · subsidies and aid

Flemish government

2022 to 2025 · 3 entries · 10,713 EUR awarded · 4,614 EUR paid
Year Entries awardedpaid
2025 1 6,288 EUR2,289 EUR
2024 1 2,100 EUR0 EUR
2022 1 2,325 EUR2,325 EUR
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
3 entries · 10,713 EUR · 4,614 EUR paid · Fonds voor Innoveren en Ondernemen

Recognitions · licences · registrations

Legal Entity Identifier

967600I3MFQZ7QOFGO07
no longer live in the LEI register

Similar companies · same sector, comparable size

Of 4,241 companies in sector 47789 we hold annual accounts for 1,019. 128 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification
Legal formPublic limited company
Founded06-12-1990
Fiscal year end31-12
Activities, NACEBEL 2025
46649Wholesale of other machinery and equipment
47789Other retail sale of new goods

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