Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 42 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Code Breakers from Dendermonde, company number BE0643652804, closed financial year 2025 with a result of € 60,494 after tax. For that financial year Code Breakers recorded a gross margin of € 105,776 and equity of € 18,600. Compared with financial year 2024, the result moved from € 76,795 to € 60,494. The company is profitable. The buffer shrank hard: equity is 59 % below last year. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on December 18, 2025.
€ 18,600
▼ 59% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 60,494
▼ 21% vs 2024
Profit after tax over the fiscal year.
€ 83,673
▲ 11% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 87,516 paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
€ 14,838
▼ 30% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 207,619
▼ 10% vs 2024
€ 24,681 is repaid this year. At this pace the long-term loan is gone in ≈ 8 years.
€ 727
▲ € 722 vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 25,051
▼ 21% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 87,395 | € 67,155 | € 128,626 | € 105,776 | ▼ 18% |
| Profit after taxes | € 37,267 | € 31,576 | € 76,795 | € 60,494 | ▼ 21% |
| Equity | € 195,686 | € 126,487 | € 45,621 | € 18,600 | ▼ 59% |
| Total debts | € 252,799 | € 287,350 | € 379,898 | € 402,144 | ▲ 6% |
| Cash | € 171,262 | € 92,051 | € 75,549 | € 83,673 | ▲ 11% |
| Land & buildings | € 223,683 | € 257,911 | € 294,763 | € 287,348 | ▼ 3% |
| Retained profit | € 177,086 | € 107,887 | € 27,021 | € 0 | ▼ 100% |
| Dividend | € 0 | € 100,775 | € 157,661 | € 87,516 | ▼ 44% |
| Bank debt | € 223,193 | € 252,970 | € 231,609 | € 207,619 | ▼ 10% |
| Balance sheet total | € 448,485 | € 413,837 | € 425,519 | € 420,744 | ▼ 1% |
Key figures of Code Breakers, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 April 2027.
What happened to Code Breakers?
What happened at Code Breakers in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 60,494 (▼ 21% vs 2024). Source: NBB ↗
- Lien Van den Broeck became a director. NBB
- Jan Pannecoeck became a director. NBB
- New establishment in Dendermonde. KBO
- Start of the company according to the CBE. KBO
In short
From € 37,267 profit in 2022 to € 60,494 profit in 2025.
Paid € 57,716 in corporate taxes since 2022.
Best year ever: 2024, with € 76,795 profit.
Paid out € 345,952 in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind Code Breakers are Lien Van den Broeck and Jan Pannecoeck.
Directors
According to the 2025 annual accounts
Lien Van den Broeck
Director
since 2021
Jan Pannecoeck
Director
since 2021
Establishments
Establishment units
Physical locations of this company
Gentsesteenweg (DEN) 50
9200 Dendermonde
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Google Workspace
Hosting
AMAZON-02 - Amazon.com, Inc., US
DNS
AWS Route 53
Website info
Features
Security
Network
Details
- Company number
- 0643.652.804
- VAT number
- BE 0643.652.804
- Registered office
- Gentsesteenweg (DEN) 50, 9200 Dendermonde
- Names & denominations
- Code Breakers
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 26 November 2015
- Peppol
- Active · Active since 24 Nov 2023
- Contact
- codebreakers.be [email protected]
- Activities · NACE
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