ACTIVE

ECODE23

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Financial year 2025 · closed on 31/12/2025

Net result

37,9 k €

+19.8% YoY

Gross margin

75,4 k €

+3.3% YoY

Equity

120,9 k €

+18.4% YoY

What does ECODE23 do?

ECODE23 is a Private limited company incorporated in 2010. Its main activity is: Data processing, hosting and related activities; web portals. Its registered office is in Waterloo.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0827.697.733

Incorporation

02/07/2010

Legal form

Private limited company

Registered office

Avenue Prince d'Orange 36
1410 Waterloo · WallonieSee on map

Contributed capital

14 260,00 €

Latest accounts

31/12/2025

Activities (NACE)

63100Data processing, hosting and related activities; web portals· main 63110Data processing, hosting and related activities 62090Other information technology and computer service activities 62900Computer programming, consultancy and related activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011
Income statement
Gross margin	75,4 k €	+3.3%	73 k €	+26.4%	57,8 k €	+310%	14,1 k €	-40.0%	23,5 k €	+133%	10,1 k €	-46.3%	18,8 k €	+98.4%	9,5 k €	+173%	-13 k €	-161%	21,4 k €	+286%	5,6 k €	-1.3%	5,6 k €	-25.5%	7,6 k €	+3.2%	7,3 k €	-86.1%	52,7 k €
EBITDA	75 k €	+3.3%	72,6 k €	+26.6%	57,4 k €	+309%	14 k €	-39.2%	23,1 k €	+240%	6,8 k €	-63.1%	18,4 k €	+108%	8,8 k €	+159%	-14,9 k €	-183%	18 k €	+279%	4,8 k €	-1.6%	4,8 k €	-28.6%	6,8 k €	+39.6%	4,8 k €	-89.7%	46,8 k €
Operating result	74,4 k €	+39.3%	53,4 k €	-6.8%	57,3 k €	+309%	14 k €	-39.3%	23,1 k €	+246%	6,7 k €	-63.3%	18,2 k €	+111%	8,6 k €	+143%	-19,9 k €	-288%	10,6 k €	+354%	-4,2 k €	-428%	1,3 k €	-36.1%	2 k €	+240%	-1,4 k €	-104%	37,9 k €
Net result	37,9 k €	+19.8%	31,6 k €	-15.0%	37,2 k €	+391%	7,6 k €	-46.0%	14 k €	+444%	2,6 k €	-80.1%	13 k €	+106%	6,3 k €	+130%	-21,3 k €	-433%	6,4 k €	+174%	-8,7 k €	-929%	-842,9 €	-122%	-380,3 €	+88.7%	-3,4 k €	-114%	24,9 k €
Balance sheet
Equity	120,9 k €	+18.4%	102,1 k €	+44.8%	70,5 k €	+112%	33,3 k €	+25.5%	26,6 k €	+99.1%	13,3 k €	+23.9%	10,8 k €	+588%	-2,2 k €	+74.1%	-8,5 k €	-166%	12,8 k €	+100.0%	6,4 k €	-57.5%	15,1 k €	-41.8%	25,9 k €	-1.4%	26,3 k €	-26.3%	35,7 k €
Total assets	191,1 k €	+28.2%	149,1 k €	+41.0%	105,7 k €	+65.3%	64 k €	+44.0%	44,4 k €	+85.3%	24 k €	+25.8%	19 k €	+27.8%	14,9 k €	-27.4%	20,5 k €	-49.1%	40,3 k €	+44.3%	28 k €	-4.2%	29,2 k €	-29.7%	41,5 k €	+1.3%	41 k €	-33.6%	61,7 k €
Cash	1,7 k €	-63.5%	4,7 k €	-59.7%	11,6 k €	+17.1%	9,9 k €	+275%	2,6 k €	-55.2%	5,9 k €	+5.0%	5,6 k €	-46.7%	10,5 k €	+16551%	63,4 €	-32.2%	93,5 €	-98.6%	6,8 k €	-29.7%	9,7 k €	+10.0%	8,9 k €	-13.7%	10,3 k €	-63.4%	28,1 k €
Debts	50,4 k €	+81.7%	27,7 k €	-21.2%	35,2 k €	+14.9%	30,6 k €	+71.6%	17,8 k €	+68.1%	10,6 k €	+28.3%	8,3 k €	-51.6%	17,1 k €	-41.1%	29 k €	+5.4%	27,5 k €	+27.8%	21,6 k €	+52.7%	14,1 k €	-9.5%	15,6 k €	+6.2%	14,7 k €	-43.7%	26,1 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 · 1 active · 2 ended

Active mandates

STEPHANE VANTROYEN

Director

Active

Ended mandates

STEPHANE VANTROYEN

Mandate

Ended

STEPHANE VANTROYEN

Manager

Ended

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	28/05/2026	02/07/2025	02/08/2024	23/08/2023	30/08/2022	20/05/2021
General meeting	25/05/2026	24/03/2025	30/06/2024	23/06/2023	15/07/2022	20/05/2021
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

16 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	25/05/2026	28/05/2026	French	PDF
Micro model	31/12/2024	24/03/2025	02/07/2025	French	PDF
Micro model	31/12/2023	30/06/2024	02/08/2024	French	PDF
Micro model	31/12/2022	23/06/2023	23/08/2023	French	PDF
Micro model	31/12/2021	15/07/2022	30/08/2022	French	PDF
Micro model	31/12/2020	20/05/2021	20/05/2021	French	PDF
Micro model	31/12/2019	08/10/2020	08/10/2020	French	PDF
Micro model	31/12/2018	18/03/2019	19/08/2019	French	PDF
Micro modelCorrection	31/12/2017	19/03/2018	11/09/2018	French	PDF
Micro model	31/12/2017	19/03/2018	31/08/2018	French	PDF
Micro model	31/12/2016	18/03/2017	31/08/2017	French	PDF
Abridged model	31/12/2015	18/03/2016	27/07/2016	French	PDF
Abridged model	31/12/2014	18/03/2015	31/08/2015	French	PDF
Abridged model	31/12/2013	18/03/2014	20/08/2014	French	PDF
Abridged model	31/12/2012	28/08/2013	30/08/2013	French	PDF
Abridged model	31/12/2011	23/08/2012	30/08/2012	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 · 1 active · 2 ended

Active mandates

STEPHANE VANTROYEN

Director

Active

Ended mandates

STEPHANE VANTROYEN

Mandate

Ended

STEPHANE VANTROYEN

Manager

Ended

Shareholders

Ownership and network

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Competition

Similar companies

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

See the Business plan

2025
Annual accounts 202537,9 k €↑
2024
Annual accounts 202431,6 k €↓
2023
Annual accounts 202337,2 k €↑
2022
Annual accounts 20227,6 k €↓
2021
Annual accounts 202114 k €↑
2020
Annual accounts 20202,6 k €↓
2019
Annual accounts 201913 k €↑
2018
Annual accounts 20186,3 k €↑
2017
Annual accounts 2017-21,3 k €↓
2016
Annual accounts 20166,4 k €↑
2015
Annual accounts 2015-8,7 k €↓
2014
Annual accounts 2014-842,9 €↓
2013
Annual accounts 2013-380,3 €↑
2012
Annual accounts 2012-3,4 k €↓
2011
Annual accounts 201124,9 k €
02/07/2010
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

ECODE23

Overview

What does ECODE23 do?

Trend over 15 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Similar companies

Similar companies

Timeline