ACTIVE

RED CODE

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Financial year 2025 · closed on 31/12/2025

Net result

195,2 k €

+4.9% YoY

Gross margin

176,3 k €

-51.0% YoY

Equity

7,1 M €

+2.8% YoY

What does RED CODE do?

RED CODE is a Public limited company incorporated in 1990. Its main activity is: Wholesale of textiles. Its registered office is in Merchtem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0440.165.412

Incorporation

26/02/1990

Legal form

Public limited company

Registered office

Kwekelaarstraat 3
1785 Merchtem · FlandreSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Activities (NACE)

46412Wholesale of textiles· main 46412Wholesale of textiles 70200Management consultancy activities 70220Business and other management consultancy activities

Joint committees (2)

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	176,3 k €	-51.0%	359,6 k €	+313%	87,1 k €	+68.7%	51,6 k €	-82.9%	301,8 k €	+63.7%	184,3 k €	+21.8%	151,4 k €	-9.0%	166,3 k €	-65.4%	481,4 k €	+42.8%	337,0 k €	+53.6%	219,5 k €	+39.0%	157,9 k €	+13.5%	139,2 k €	+10.3%	126,2 k €	+13.1%	111,5 k €	+36.4%	81,8 k €	-55.6%	184,3 k €	+11.8%	164,9 k €	-21.8%	210,9 k €
EBITDA	96,8 k €	-67.8%	300,3 k €	+1752%	-18,2 k €	-370%	-3,9 k €	-102%	251,0 k €	+115%	116,9 k €	+32.7%	88,1 k €	-22.3%	113,3 k €	-70.8%	388,2 k €	+19.3%	325,3 k €	+51.9%	214,1 k €	+37.8%	155,4 k €	+13.7%	136,6 k €	+15.2%	118,5 k €	+11.5%	106,3 k €	+31.9%	80,6 k €	-55.1%	179,3 k €	+11.9%	160,2 k €	-23.6%	209,7 k €
Operating result	-37,7 k €	-122%	169,6 k €	+229%	-131,5 k €	-16.5%	-112,9 k €	-172%	157,5 k €	+2757%	5,5 k €	+107%	-78,7 k €	-602%	15,7 k €	-90.6%	166,3 k €	-35.1%	256,1 k €	+63.9%	156,3 k €	+117%	72,0 k €	+27.0%	56,7 k €	+86.1%	30,5 k €	-37.2%	48,5 k €	-30.9%	70,1 k €	-58.7%	169,6 k €	+12.9%	150,2 k €	-26.7%	204,9 k €
Net result	195,2 k €	+4.9%	186,0 k €	+378%	-67,0 k €	-269%	39,7 k €	-69.2%	128,8 k €	+2490%	5,0 k €	-98.9%	458,8 k €	+18375%	2,5 k €	-100.0%	5,7 M €	+3570%	156,0 k €	+71.8%	90,8 k €	+111%	43,1 k €	+22.1%	35,3 k €	+40.3%	25,1 k €	-40.2%	42,1 k €	-31.5%	61,4 k €	-50.7%	124,6 k €	+11.0%	112,3 k €	-18.2%	137,3 k €
Balance sheet
Equity	7,1 M €	+2.8%	6,9 M €	+2.8%	6,7 M €	-1.0%	6,8 M €	+0.6%	6,7 M €	+2.0%	6,6 M €	+0.1%	6,6 M €	+7.5%	6,1 M €	+0.0%	6,1 M €	+52.8%	4,0 M €	+4.1%	3,8 M €	+490%	651,6 k €	-2.0%	664,6 k €	+5.6%	629,4 k €	+4.2%	604,2 k €	+7.5%	562,2 k €	+12.3%	500,8 k €	+33.1%	376,1 k €	+42.6%	263,8 k €
Total assets	10,4 M €	+40.5%	7,4 M €	+5.1%	7,0 M €	-0.6%	7,1 M €	+0.0%	7,1 M €	+5.3%	6,7 M €	-1.6%	6,8 M €	+2.5%	6,7 M €	-0.5%	6,7 M €	+45.2%	4,6 M €	+2.4%	4,5 M €	+252%	1,3 M €	+7.1%	1,2 M €	+0.3%	1,2 M €	+5.4%	1,1 M €	+78.5%	631,0 k €	+12.1%	563,2 k €	+31.2%	429,1 k €	+38.1%	310,8 k €
Cash	513,8 k €	+1586%	30,5 k €	-69.2%	98,8 k €	-87.1%	766,2 k €	-30.2%	1,1 M €	-17.8%	1,3 M €	-61.4%	3,5 M €	+59.3%	2,2 M €	-13.7%	2,5 M €	+1248%	186,6 k €	-14.7%	218,8 k €	+346%	49,0 k €	-75.7%	201,5 k €	-52.1%	421,0 k €	-35.9%	656,9 k €	+37.1%	479,3 k €	+407%	94,5 k €	+251%	26,9 k €	-36.9%	42,6 k €
Debts	3,3 M €	+585%	478,8 k €	+58.2%	302,7 k €	+9.3%	276,9 k €	-11.0%	311,3 k €	+151%	124,1 k €	-47.7%	237,3 k €	-55.3%	530,3 k €	-6.8%	569,3 k €	-4.2%	594,5 k €	-7.3%	641,3 k €	+4.1%	615,7 k €	+17.1%	525,9 k €	-5.5%	556,6 k €	+6.6%	522,2 k €	+658%	68,9 k €	+10.4%	62,4 k €	+17.8%	53,0 k €	+24.6%	42,5 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		0,1 ETP		–		–		–		–		–		–		0,1 ETP	-90.0%	1,0 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 5 ended

Active mandates

Annie Vandewalle

Director

Active

CHRISTOPHE REYNAERT

Director

Active

Ended mandates

Annie Vandewalle

Director · since 27 décembre 2006

Ended

Annie Vandewalle

Mandate

Ended

CHRISTOPHE REYNAERT

Mandate

Ended

CHRISTOPHE REYNAERT

Managing director

Ended

At this address

Other companies at this address

Company	CBE no.
BEWELL INNOVATIONS● Active	0827.599.743
BeWell Invest● Active	0804.237.985
Bricks4Living● Active	0747.916.916
Chateau Exclusif● Active	0686.967.658
MOONBAG I● Active	0770.279.671
MOONBAG II● Active	0775.888.449

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/06/2026	29/08/2025	30/08/2024	31/08/2023	28/08/2022	30/08/2021
General meeting	05/06/2026	06/06/2025	07/06/2024	02/06/2023	03/06/2022	04/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	05/06/2026	30/06/2026	Dutch	PDF
Micro model	31/12/2024	06/06/2025	29/08/2025	Dutch	PDF
Micro model	31/12/2023	07/06/2024	30/08/2024	Dutch	PDF
Micro model	31/12/2022	02/06/2023	31/08/2023	Dutch	PDF
Micro model	31/12/2021	03/06/2022	28/08/2022	Dutch	PDF
Micro model	31/12/2020	04/06/2021	30/08/2021	Dutch	PDF
Micro modelCorrection	31/12/2019	31/07/2020	30/11/2020	Dutch	PDF
Micro model	31/12/2019	31/07/2020	31/10/2020	Dutch	PDF
Micro model	31/12/2018	07/06/2019	29/08/2019	Dutch	PDF
Micro model	31/12/2017	01/06/2018	02/08/2018	Dutch	PDF
Abridged model	31/07/2016	04/11/2016	18/01/2017	Dutch	PDF
Abridged model	31/07/2015	06/11/2015	14/01/2016	Dutch	PDF
Abridged model	31/07/2014	07/11/2014	14/01/2015	Dutch	PDF
Abridged model	31/07/2013	09/01/2014	24/02/2014	Dutch	PDF
Abridged model	31/07/2012	11/01/2013	13/02/2013	Dutch	PDF
Abridged model	31/07/2011	09/01/2012	02/02/2012	Dutch	PDF
Abridged model	31/07/2010	17/12/2010	13/01/2011	Dutch	PDF
Abridged model	31/07/2009	18/12/2009	12/01/2010	Dutch	PDF
Abridged model	31/07/2008	28/11/2008	11/12/2008	Dutch	PDF
Abridged model	31/07/2007	25/01/2008	13/02/2008	Dutch	PDF
Abridged model	31/07/2006	26/01/2007	16/02/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 5 ended

Active mandates

Annie Vandewalle

Director

Active

CHRISTOPHE REYNAERT

Director

Active

Ended mandates

Annie Vandewalle

Director · since 27 décembre 2006

Ended

Annie Vandewalle

Mandate

Ended

CHRISTOPHE REYNAERT

Mandate

Ended

CHRISTOPHE REYNAERT

Managing director

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates06/08/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/04/2019
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares27/12/2017
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other17/08/2017
ALGEMENE VERGADERING - BOEKJAAR - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Capital / shares17/08/2015
DOEL - KAPITAAL - AANDELEN
PDF
Capital / shares08/08/2014
KAPITAAL - AANDELEN
PDF
Mandates14/01/2013
MAATSCHAPPELIJKE ZETEL - DOEL - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/01/2007
MAATSCHAPPELIJKE ZETEL - BENAMING - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025195,2 k €↑
2024
Annual accounts 2024186,0 k €↑
2023
Annual accounts 2023-67,0 k €↓
2022
Annual accounts 202239,7 k €↓
2021
Annual accounts 2021128,8 k €↑
2020
Annual accounts 20205,0 k €↓
2019
Annual accounts 2019458,8 k €↑
2018
Annual accounts 20182,5 k €↓
2017
Annual accounts 20175,7 M €↑
2016
Annual accounts 2016156,0 k €↑
2015
Annual accounts 201590,8 k €↑
2014
Annual accounts 201443,1 k €↑
2013
Annual accounts 201335,3 k €↑
2012
Annual accounts 201225,1 k €↓
2011
Annual accounts 201142,1 k €↓
2010
Annual accounts 201061,4 k €↓
2009
Annual accounts 2009124,6 k €↑
2008
Annual accounts 2008112,3 k €↓
2007
Annual accounts 2007137,3 k €
26/02/1990
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

RED CODE

Overview

What does RED CODE do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline