ACTIVE

icode

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Financial year 2025 · closed on 31/12/2025

Net result

45,4 k €

+30.3% YoY

Gross margin

74 k €

+4.9% YoY

Equity

22,9 k €

+1.7% YoY

What does icode do?

icode is a Private limited company incorporated in 1999. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Walhain.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0469.114.665

Incorporation

31/12/1999

Legal form

Private limited company

Registered office

Rue Saint-Martin(NSV) 28
1457 Walhain · WallonieSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2025

Activities (NACE)

72109Research and experimental development on natural sciences and engineering· main 72190Other research and experimental development on natural sciences and engineering 73100Advertising 70200Management consultancy activities 70220Business and other management consultancy activities 72200Research and experimental development on social sciences and humanities+6

Signals

ProfitableLow riskPositive cashflowPositive EBITDA

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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	74 k €	+4.9%	70,5 k €	-19.9%	88,1 k €	+23.1%	71,5 k €	+47.6%	48,5 k €	-49.9%	96,8 k €	+143%	39,8 k €	-16.8%	47,8 k €	-49.5%	94,7 k €	+68.2%	56,3 k €	-15.1%	66,3 k €	+17.0%	56,7 k €	+32.0%	42,9 k €	+17.2%	36,6 k €	+298%	9,2 k €	-90.1%	93,1 k €	+219%	29,2 k €	+1078%	-3 k €	-182%	3,6 k €
EBITDA	72,7 k €	+4.9%	69,3 k €	-20.9%	87,6 k €	+23.7%	70,8 k €	+48.2%	47,8 k €	-50.2%	96 k €	+145%	39,2 k €	-17.3%	47,4 k €	-49.8%	94,4 k €	+68.6%	56 k €	-15.1%	66 k €	+17.1%	56,3 k €	+32.2%	42,6 k €	+29.2%	33 k €	+278%	8,7 k €	-90.6%	92,6 k €	+227%	28,3 k €	+877%	-3,6 k €	-220%	3 k €
Operating result	63,3 k €	+4.6%	60,5 k €	-22.2%	77,8 k €	+29.4%	60,1 k €	+58.8%	37,9 k €	-57.1%	88,3 k €	+183%	31,1 k €	-18.1%	38 k €	-54.4%	83,5 k €	+108%	40,1 k €	-28.0%	55,7 k €	+21.5%	45,8 k €	+81.7%	25,2 k €	+46.7%	17,2 k €	+367%	-6,4 k €	-108%	78,6 k €	+701%	-13,1 k €	-63.1%	-8 k €	-1228%	-603 €
Net result	45,4 k €	+30.3%	34,8 k €	-27.4%	48 k €	+19.3%	40,2 k €	+54.4%	26 k €	-58.1%	62,2 k €	+122%	28 k €	+34.4%	20,8 k €	-60.4%	52,6 k €	+133%	22,6 k €	-34.1%	34,3 k €	+22.8%	28 k €	+115%	13 k €	+84.1%	7,1 k €	+178%	-9 k €	-213%	7,9 k €	+157%	-14 k €	-61.2%	-8,7 k €	-1076%	-739 €
Balance sheet
Equity	22,9 k €	+1.7%	22,5 k €	+1.5%	22,2 k €	-0.0%	22,2 k €	+0.4%	22,1 k €	+2.5%	21,5 k €	+3.1%	20,9 k €	+1.3%	20,6 k €	-0.8%	20,8 k €	+0.5%	20,7 k €	-12.3%	23,6 k €	+6.0%	22,2 k €	+4.5%	21,3 k €	+4.9%	20,3 k €	+2352%	827 €	-91.6%	9,8 k €	+421%	1,9 k €	-88.1%	15,9 k €	-35.3%	24,6 k €
Total assets	79,4 k €	+5.9%	74,9 k €	+19.4%	62,8 k €	-20.2%	78,7 k €	+20.2%	65,4 k €	-35.4%	101,3 k €	+71.1%	59,2 k €	-7.4%	63,9 k €	-38.6%	104,2 k €	+71.9%	60,6 k €	-36.0%	94,7 k €	-18.1%	115,7 k €	+36.4%	84,8 k €	+17.9%	72 k €	+5.1%	68,5 k €	-21.8%	87,6 k €	-38.5%	142,4 k €	+12.5%	126,7 k €	+6.1%	119,3 k €
Cash	36,3 k €	+27.9%	28,4 k €	+8.6%	26,1 k €	+38.0%	18,9 k €	+217%	6 k €	-83.7%	36,6 k €	+204%	12 k €		–		41,6 k €	+121%	18,9 k €	-51.0%	38,5 k €	-49.6%	76,4 k €	+135%	32,5 k €	+281%	8,5 k €	+237%	2,5 k €	-90.7%	27,2 k €	+2945%	892 €	-13.9%	1 k €	+34433%	3 €
Debts	56,5 k €	+7.7%	52,5 k €	+29.1%	40,6 k €	-28.1%	56,5 k €	+30.2%	43,4 k €	-45.6%	79,7 k €	+116%	36,9 k €	-14.8%	43,3 k €	-48.1%	83,4 k €	+109%	39,9 k €	-43.9%	71,2 k €	-23.8%	93,4 k €	+47.0%	63,6 k €	+22.9%	51,7 k €	-23.6%	67,7 k €	-13.0%	77,7 k €	-44.7%	140,6 k €	+26.9%	110,8 k €	+16.9%	94,7 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 6 ended

Active mandates

Françoise DE VIRON

Director · since 29 novembre 2023

Active

IMMOBILIERE SAINT MARTIN

Director · since 29 novembre 2023 · 0431.960.004

Represented by Dominique de Ville de Goyet

Active

Ended mandates

IMMOBILIERE SAINT MARTIN

Director · since 03 janvier 2012 · 0431.960.004

Represented by Maëlle DE VILLE DE GOYET

Ended

IMMOBILIERE SAINT MARTIN

Manager · since 03 janvier 2012 · 0431.960.004

Represented by Dominique DE VILLE DE GOYET

Ended

Dominique de Ville de Goyet

Manager · since 12 janvier 2006

Ended

Dominique DE VILLET DE GOYET

Manager · since 12 janvier 2006

Ended

At this address

Other companies at this address

Company	CBE no.
IMMOBILIERE SAINT MARTIN● Active	0431.960.004

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	12/06/2026	17/07/2025	13/06/2024	03/07/2023	23/08/2022	11/08/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	05/06/2026	12/06/2026	French	PDF
Abridged model	31/12/2024	06/06/2025	17/07/2025	French	PDF
Abridged model	31/12/2023	07/06/2024	13/06/2024	French	PDF
Abridged model	31/12/2022	02/06/2023	03/07/2023	French	PDF
Abridged model	31/12/2021	03/06/2022	23/08/2022	French	PDF
Abridged model	31/12/2020	04/06/2021	11/08/2021	French	PDF
Abridged model	31/12/2019	05/06/2020	10/08/2020	French	PDF
Abridged model	31/12/2018	07/06/2019	05/08/2019	French	PDF
Abridged model	31/12/2017	01/06/2018	11/07/2018	French	PDF
Abridged model	31/12/2016	02/06/2017	06/06/2017	French	PDF
Abridged model	30/06/2015	08/10/2015	23/12/2015	French	PDF
Abridged model	30/06/2014	09/10/2014	05/01/2015	French	PDF
Abridged model	30/06/2013	10/10/2013	10/12/2013	French	PDF
Abridged model	30/06/2012	10/10/2012	18/12/2012	French	PDF
Abridged model	30/06/2011	10/10/2011	21/12/2011	French	PDF
Abridged model	30/06/2010	10/10/2010	09/12/2010	French	PDF
Abridged model	30/06/2009	10/10/2009	26/11/2009	French	PDF
Abridged model	30/06/2008	10/10/2008	04/12/2008	French	PDF
Abridged model	30/06/2007	10/10/2007	19/12/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

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 · 6 ended

Active mandates

Françoise DE VIRON

Director · since 29 novembre 2023

Active

IMMOBILIERE SAINT MARTIN

Director · since 29 novembre 2023 · 0431.960.004

Represented by Dominique de Ville de Goyet

Active

Ended mandates

IMMOBILIERE SAINT MARTIN

Director · since 03 janvier 2012 · 0431.960.004

Represented by Maëlle DE VILLE DE GOYET

Ended

IMMOBILIERE SAINT MARTIN

Manager · since 03 janvier 2012 · 0431.960.004

Represented by Dominique DE VILLE DE GOYET

Ended

Dominique de Ville de Goyet

Manager · since 12 janvier 2006

Ended

Dominique DE VILLET DE GOYET

Manager · since 12 janvier 2006

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/02/2024
MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Other25/07/2016
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other24/04/2012
OBJET
PDF
Mandates13/04/2012
DEMISSIONS, NOMINATIONS
PDF
Registered office12/10/2006
SIEGE SOCIAL
PDF
Mandates28/03/2006
DEMISSIONS, NOMINATIONS
PDF
Mandates20/01/2006
DEMISSIONS, NOMINATIONS
PDF
Mandates04/08/2003
DEMISSIONS, NOMINATIONS - DENOMINATION
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 202545,4 k €↑
2024
Annual accounts 202434,8 k €↓
2023
Annual accounts 202348 k €↑
2022
Annual accounts 202240,2 k €↑
2021
Annual accounts 202126 k €↓
2020
Annual accounts 202062,2 k €↑
2019
Annual accounts 201928 k €↑
2018
Annual accounts 201820,8 k €↓
2017
Annual accounts 201752,6 k €↑
2016
Annual accounts 201622,6 k €↓
2015
Annual accounts 201534,3 k €↑
2014
Annual accounts 201428 k €↑
2013
Annual accounts 201313 k €↑
2012
Annual accounts 20127,1 k €↑
2011
Annual accounts 2011-9 k €↓
2010
Annual accounts 20107,9 k €↑
2009
Annual accounts 2009-14 k €↓
2008
Annual accounts 2008-8,7 k €↓
2007
Annual accounts 2007-739 €
31/12/1999
IncorporationPrivate 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

icode

Overview

What does icode 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