ACTIVE

CODEL

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Financial year 2025 · closed on 31/12/2025
Net result
383,7 k €
+130.3% YoY
Revenue
26,8 M €
-6.1% YoY
Equity
2,3 M €
+20.3% YoY
Workforce
2,0 ETP
0.0% YoY

What does CODEL do?

CODEL is a Private limited company incorporated in 2003. Its main activity is: Trade of electricity. Its registered office is in Liège. It employs on average 2,0 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0860.787.106
Incorporation
30/09/2003
Legal form
Private limited company
Registered office
Bld Emile-de-Laveleye 191
4020 Liège · WallonieSee on map
Contributed capital
3 025 000,00 €
Latest accounts
31/12/2025
Average workforce
2,0 ETP
Activities (NACE)
35140Trade of electricity· main35150Electric power generation, transmission and distribution46710Wholesale of solid, liquid and gaseous fuels and related products46810Wholesale trade, except of motor vehicles and motorcycles35140Trade of electricity35150Electric power generation, transmission and distribution
Joint committees (2)
  • 207
  • 326
Signals
ProfitableGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 19 financial years

2025202420232022202120202019201820172016201520132012201120102009200820072006
Income statement
Revenue26,8 M €28,6 M €16,5 M €17,7 M €23,6 M €16,3 M €17,0 M €14,7 M €14,9 M €––––––––––
EBITDA384,0 k €-1,2 M €-472,6 k €800,0 k €55,0 k €115,1 k €628,5 k €146,2 k €260,9 k €237,2 k €106,1 k €170,6 k €112,7 k €12,7 k €27,8 k €33,4 k €39,5 k €28,8 k €-100,3 k €
Operating result398,5 k €-1,2 M €-503,8 k €743,0 k €66,0 k €76,1 k €546,0 k €152,4 k €260,9 k €209,8 k €96,4 k €189,1 k €92,8 k €11,8 k €27,5 k €33,0 k €39,2 k €28,0 k €-104,6 k €
Net result383,7 k €-1,3 M €-637,6 k €522,6 k €33,7 k €46,2 k €363,2 k €100,8 k €170,3 k €128,5 k €52,9 k €124,8 k €57,8 k €7,8 k €16,7 k €31,9 k €34,7 k €21,7 k €-90,3 k €
Balance sheet
Equity2,3 M €1,9 M €151,9 k €789,6 k €746,9 k €713,3 k €667,1 k €304,0 k €303,1 k €262,9 k €194,4 k €89,2 k €89,2 k €31,4 k €23,6 k €6,9 k €-25,0 k €-59,7 k €-81,3 k €
Total assets10,6 M €11,3 M €10,6 M €9,7 M €10,0 M €6,5 M €8,1 M €7,3 M €5,2 M €3,8 M €2,4 M €1,2 M €1,1 M €155,1 k €35,1 k €83,3 k €54,4 k €91,9 k €167,3 k €
Cash880,3 k €318,5 k €650,5 k €1,4 M €876,6 k €1,6 M €465,1 k €369,1 k €688,2 k €242,4 k €630,0 k €148,3 k €208,2 k €19,8 k €3,8 k €75,8 k €10,7 k €12,1 k €63,8 k €
Debts6,9 M €8,1 M €8,5 M €7,2 M €7,3 M €4,1 M €4,7 M €5,2 M €4,8 M €3,1 M €2,1 M €1,1 M €1,0 M €123,7 k €11,5 k €76,4 k €79,4 k €151,6 k €248,6 k €
Other
Workforce2,0 ETP2,0 ETP1,0 ETP––––––––0,1 ETP––––––1,7 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€
See the valuation
Governance

Board of directors

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

Active mandates

CONSULFIN

Director · since 15 septembre 2025 · until 15 septembre 2031 · 1008.347.662

Represented by Denis QUETIN

Active
CORETEC ENERGY

Director · since 15 septembre 2025 · until 15 septembre 2031 · 0667.749.186

Represented by Sébastien UGONA

Active

Ended mandates

DYNARIS

Director · since 05 octobre 2020 · 0459.804.249

Represented by Pierre-yves Dozo

Ended
DYNARIS

Managing director · since 05 octobre 2020 · 0459.804.249

Represented by Pierre-Yves Dozo

Ended
Pierre-Yves DOZO

Manager · since 30 septembre 2003

Ended
Jean-Michel EVRARD

Manager · until 13 octobre 2006

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date08/06/202629/07/202522/08/202403/01/202430/08/202208/09/2021
General meeting31/05/202603/06/202509/08/202416/08/202323/06/202201/07/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202531/05/202608/06/2026FrenchPDF
Full model31/12/202403/06/202529/07/2025FrenchPDF
Full model31/12/202309/08/202422/08/2024FrenchPDF
Full modelCorrection31/12/202216/08/202303/01/2024FrenchPDF
Full model31/12/202214/08/202330/08/2023FrenchPDF
Full model31/12/202123/06/202230/08/2022FrenchPDF
Full model31/12/202001/07/202108/09/2021FrenchPDF
Full model31/12/201925/06/202031/07/2020FrenchPDF
Abridged model31/12/201830/04/201903/07/2019FrenchPDF
Abridged model31/12/201706/05/201821/08/2018FrenchPDF
Abridged model31/12/201606/06/201725/08/2017FrenchPDF
Abridged model31/12/201528/04/201624/08/2016FrenchPDF
Abridged model31/12/201402/06/201523/07/2015FrenchPDF
Abridged model31/12/201303/06/201421/08/2014FrenchPDF
Abridged model31/12/201204/06/201318/07/2013FrenchPDF
Abridged model31/12/201105/06/201204/07/2012FrenchPDF
Abridged model31/12/201007/06/201128/06/2011FrenchPDF
Abridged model31/12/200901/06/201004/06/2010FrenchPDF
Abridged model31/12/200802/06/200927/07/2009FrenchPDF
Abridged model31/12/200703/06/200808/07/2008FrenchPDF
Abridged model31/12/200605/06/200723/07/2007FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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

CONSULFIN

Director · since 15 septembre 2025 · until 15 septembre 2031 · 1008.347.662

Represented by Denis QUETIN

Active
CORETEC ENERGY

Director · since 15 septembre 2025 · until 15 septembre 2031 · 0667.749.186

Represented by Sébastien UGONA

Active

Ended mandates

DYNARIS

Director · since 05 octobre 2020 · 0459.804.249

Represented by Pierre-yves Dozo

Ended
DYNARIS

Managing director · since 05 octobre 2020 · 0459.804.249

Represented by Pierre-Yves Dozo

Ended
Pierre-Yves DOZO

Manager · since 30 septembre 2003

Ended
Jean-Michel EVRARD

Manager · until 13 octobre 2006

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates25/09/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates22/07/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Other28/08/2024
    DIVERS
    PDF
  • Mandates24/11/2023
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DENOMINATION - SIEGE SOCIAL
    PDF
  • Mandates08/06/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates17/12/2020
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates24/10/2019
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - MODIFICATION FORME JURIDIQUE - DIVERS - DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares08/11/2017
    CAPITAL, ACTIONS
    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

Timeline

  1. 2025
    Annual accounts 2025383,7 k €↑
  2. 2024
    Annual accounts 2024-1,3 M €↓
  3. 2023
    Annual accounts 2023-637,6 k €↓
  4. 2023
    Name changeCODEL SRL
  5. 2022
    Annual accounts 2022522,6 k €↑
  6. 2021
    Annual accounts 202133,7 k €↓
  7. 2021
    Name changeCORETEC TRADING
  8. 2020
    Annual accounts 202046,2 k €↓
  9. 2019
    Annual accounts 2019363,2 k €↑
  10. 2018
    Annual accounts 2018100,8 k €↓
  11. 2017
    Annual accounts 2017170,3 k €↑
  12. 2016
    Annual accounts 2016128,5 k €↑
  13. 2015
    Annual accounts 201552,9 k €↓
  14. 2013
    Annual accounts 2013124,8 k €↑
  15. 2012
    Annual accounts 201257,8 k €↑
  16. 2011
    Annual accounts 20117,8 k €↓
  17. 2010
    Annual accounts 201016,7 k €↓
  18. 2009
    Annual accounts 200931,9 k €↓
  19. 2008
    Annual accounts 200834,7 k €↑
  20. 2007
    Annual accounts 200721,7 k €↑
  21. 2006
    Annual accounts 2006-90,3 k €
  22. 30/09/2003
    IncorporationPrivate limited company