AENIGMA
ActiveSummary
AENIGMA has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €181k and a net result of €23k. Equity is shrinking by ~7.1% per year across the filed fiscal years. Its solvency ranks better than 73% of 12738 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▼-5
Solvency100▲+13
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15k at 30 days acceptable
Liquidity ample (current ratio 2.77 against 2.67 in 2024; short-term debt: 23.1% and cash: 3.6% of total assets), and 23.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
76.9%
Return on assets
9.7%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €181k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-06-2026, 56 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
56 d early
2024
5 d late
2023
on the day
2022
53 d early
2021
39 d early
2020
39 d early
2019
41 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€181k▲ 14.5%
2024 · €158k
2018: €265khighest in 8 years
2019: €233k▼ -12.3% vs 2018
2020: €253k▲ +8.8% vs 2019
2021: €228k▼ -10.0% vs 2020
2022: €94k▼ -59.0% vs 2021lowest in 8 years
2023: €123k▲ +31.1% vs 2022
2024: €158k▲ +29.3% vs 2023
2025: €181k▲ +14.5% vs 2024
2018 → 2025
Total assets
€236k▼ 8.1%
2024 · €257k
2018: €415k
2019: €348k▼ -16.2% vs 2018
2020: €377k▲ +8.4% vs 2019
2021: €481k▲ +27.6% vs 2020highest in 8 years
2022: €286k▼ -40.6% vs 2021
2023: €260k▼ -8.9% vs 2022
2024: €257k▼ -1.5% vs 2023
2025: €236k▼ -8.1% vs 2024lowest in 8 years
2018 → 2025
Net result
€23k▼ 36.0%
2024 · €36k
2018: €30k
2019: €-33k▼ -209% vs 2018
2020: €20k▲ +163% vs 2019
2021: €-25k▼ -225% vs 2020
2022: €-134k▼ -428% vs 2021lowest in 8 years
2023: €67k▲ +150% vs 2022highest in 8 years
2024: €36k▼ -46.5% vs 2023
2025: €23k▼ -36.0% vs 2024
2018 → 2025
Working capital
€96k▼ 2.4%
2024 · €99k
2018: €35k
2019: €51k▲ +45.8% vs 2018
2020: €51k▼ -0.7% vs 2019
2021: €179k▲ +250% vs 2020highest in 8 years
2022: €88k▼ -50.9% vs 2021
2023: €4k▼ -95.0% vs 2022lowest in 8 years
2024: €99k▲ +2135% vs 2023
2025: €96k▼ -2.4% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€228k-€94k▼ 59.0%€123k▲ 31.1%€158k▲ 29.3%€181k▲ 14.5%
2021: €228khighest in 5 years
2022: €94k▼ -59.0% vs 2021lowest in 5 years
2023: €123k▲ +31.1% vs 2022
2024: €158k▲ +29.3% vs 2023
2025: €181k▲ +14.5% vs 2024
Operating result€-17k-€-84k▼ 397%€112k€55k▼ 51.3%€37k▼ 32.6%
2021: €-17k
2022: €-84k▼ -397% vs 2021lowest in 5 years
2023: €112k▲ +234% vs 2022highest in 5 years
2024: €55k▼ -51.3% vs 2023
2025: €37k▼ -32.6% vs 2024
Net result€-25k-€-134k▼ 428%€67k€36k▼ 46.5%€23k▼ 36.0%
2021: €-25k
2022: €-134k▼ -428% vs 2021lowest in 5 years
2023: €67k▲ +150% vs 2022highest in 5 years
2024: €36k▼ -46.5% vs 2023
2025: €23k▼ -36.0% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 33% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €236k
Fixed assets
€85k ▼ 13.9%
Current assets
€151k ▼ 4.4%
Equity and liabilities €236k
Equity
€181k ▲ 14.5%
Debt
€54k ▼ 44.6%
Debt's share of the balance-sheet total falls from 38.2% to 23.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€56k▼
2024 · €74k
Cash flow
€42k▼
2024 · €55k
Current ratio
2.77▲
2024 · 2.67
Quick ratio
2.59▲
2024 · 2.50
Debt to equity
0.30▼
2024 · 0.62
ROE
12.7%▼
2024 · 22.6%
ROA
9.7%▼
2024 · 14.0%
Interest coverage
47.54▲
2024 · 36.33
Debt ≤ 1 year
€54k▼
2024 · €59k
Debt > 1 year
€0▼
2024 · €39k
Income taxes
€15k▼
2024 · €18k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€257k€236k▼
Fixed assets21/28€99k€85k▼
Tangible fixed assets22/27€99k€85k▼
Land and buildings22€48k€41k▼
Plant, machinery and equipment23€14k€15k▲
Furniture and vehicles24€4k€3k▼
Other tangible fixed assets26€33k€27k▼
Financial fixed assets28€0-
Current assets29/58€158k€151k▼
Stocks and contracts in progress3€10k€10k=
Stocks30/36€10k€10k=
Amounts receivable within one year40/41€19k€18k▼
Trade receivables40€19k€17k▼
Other amounts receivable41€263€900▲
Current investments50/53€111k€111k=
Cash at bank and in hand54/58€14k€9k▼
Deferred charges and accrued income490/1€4k€4k▼
Equity and liabilities
Total equity and liabilities10/49€257k€236k▼
Equity10/15€158k€181k▲
Contributions10/11€6k€6k=
Reserves13€165k€175k▲
Distributable reserves133€165k€175k▲
Profit (loss) carried forward14€-13k€0▲
Amounts payable17/49€98k€54k▼
Amounts payable after more than one year17€39k€0▼
Financial debts170/4€39k€0▼
Amounts payable within one year42/48€59k€54k▼
Current portion of amounts payable after more than one year42€46k€44k▼
Financial debts43€0-
Other loans439€0-
Trade debts44€5k€2k▼
Suppliers440/4€5k€2k▼
Taxes, remuneration and social security45€6k€9k▲
Taxes450/3€6k€9k▲
Other amounts payable47/48€2k€25▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€19k€19k▼
Other operating charges640/8€763€1k▲
Non-recurring operating charges66A€679€0▼
Gross operating margin9900€75k€57k▼
Operating profit (loss)9901€55k€37k▼
Financial income75/76B€2k€3k▲
Recurring financial income75€2k€3k▲
Financial charges65/66B€2k€1k▼
Recurring financial charges65€2k€1k▼
Profit (loss) for the period before taxes9903€54k€38k▼
Income taxes67/77€18k€15k▼
Profit (loss) for the period9904€36k€23k▼
Profit (loss) for the period to be appropriated9905€36k€23k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-13k€10k▲
Profit (loss) brought forward from the previous period14P€-49k€-13k▲
Transfer from equity791/2€0-
Transfer to equity691/2€0€10k▲
To other reserves6921€0€10k▲
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €17k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48k | €42k | €29k | €19k | €19k | ▼ 3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €38k | €0 | - | - | - |
| Other operating charges640/8 | €934 | €31k | €893 | €763 | €1k | ▲ 34.3% |
| Non-recurring operating charges66A | - | - | - | €679 | €0 | ▼ 100% |
| Gross operating margin9900 | €32k | €27k | €142k | €75k | €57k | ▼ 25.1% |
| Operating profit (loss)9901 | €-17k | €-84k | €112k | €55k | €37k | ▼ 32.6% |
| Financial income75/76B | €84 | €6 | €0 | €2k | €3k | ▲ 82.8% |
| Recurring financial income75 | €84 | €6 | €0 | €2k | €3k | ▲ 82.8% |
| Non-recurring financial income76B | - | €6 | €0 | - | - | - |
| Financial charges65/66B | €9k | €6k | €3k | €2k | €1k | ▼ 42.7% |
| Recurring financial charges65 | €1k | €6k | €3k | €2k | €1k | ▼ 42.7% |
| Non-recurring financial charges66B | €7k | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €-25k | €-90k | €110k | €54k | €38k | ▼ 28.9% |
| Income taxes67/77 | - | €44k | €43k | €18k | €15k | ▼ 15.0% |
| Profit (loss) for the period9904 | €-25k | €-134k | €67k | €36k | €23k | ▼ 36.0% |
| Profit (loss) for the period to be appropriated9905 | €-25k | €-134k | €67k | €36k | €23k | ▼ 36.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €481k | €286k | €260k | €257k | €236k | ▼ 8.1% |
| Fixed assets21/28 | €216k | €126k | €198k | €99k | €85k | ▼ 13.9% |
| Tangible fixed assets22/27 | €216k | €126k | €115k | €99k | €85k | ▼ 13.9% |
| Land and buildings22 | €159k | €89k | €71k | €48k | €41k | ▼ 14.5% |
| Plant, machinery and equipment23 | €24k | €19k | €29k | €14k | €15k | ▲ 3.1% |
| Furniture and vehicles24 | €33k | €18k | €15k | €4k | €3k | ▼ 27.8% |
| Other tangible fixed assets26 | - | - | - | €33k | €27k | ▼ 18.7% |
| Financial fixed assets28 | - | - | €83k | €0 | - | - |
| Current assets29/58 | €265k | €160k | €62k | €158k | €151k | ▼ 4.4% |
| Stocks and contracts in progress3 | €20k | €11k | €10k | €10k | €10k | = |
| Stocks30/36 | €20k | €11k | €10k | €10k | €10k | = |
| Amounts receivable within one year40/41 | €86k | €37k | €16k | €19k | €18k | ▼ 7.0% |
| Trade receivables40 | €57k | €20k | €11k | €19k | €17k | ▼ 10.5% |
| Other amounts receivable41 | €29k | €17k | €5k | €263 | €900 | ▲ 242% |
| Current investments50/53 | €10k | €45k | €0 | €111k | €111k | = |
| Cash at bank and in hand54/58 | €148k | €66k | €34k | €14k | €9k | ▼ 39.8% |
| Deferred charges and accrued income490/1 | €470 | €470 | €3k | €4k | €4k | ▼ 0.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €481k | €286k | €260k | €257k | €236k | ▼ 8.1% |
| Equity10/15 | €228k | €94k | €123k | €158k | €181k | ▲ 14.5% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €222k | €147k | €165k | €165k | €175k | ▲ 6.2% |
| Non-distributable reserves130/1 | €2k | €2k | €0 | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €0 | - | - | - |
| Distributable reserves133 | €220k | €145k | €165k | €165k | €175k | ▲ 6.2% |
| Profit (loss) carried forward14 | - | €-60k | €-49k | €-13k | €0 | ▲ 100% |
| Amounts payable17/49 | €253k | €192k | €138k | €98k | €54k | ▼ 44.6% |
| Amounts payable after more than one year17 | €167k | €120k | €80k | €39k | €0 | ▼ 100% |
| Financial debts170/4 | €167k | €120k | €80k | €39k | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €86k | €72k | €58k | €59k | €54k | ▼ 7.9% |
| Current portion of amounts payable after more than one year42 | €70k | - | €40k | €46k | €44k | ▼ 4.2% |
| Financial debts43 | - | €52k | €4k | €0 | - | - |
| Credit institutions430/8 | - | €52k | €4k | - | - | - |
| Other loans439 | - | - | - | €0 | - | - |
| Trade debts44 | €6k | €4k | €9k | €5k | €2k | ▼ 68.5% |
| Suppliers440/4 | €6k | €4k | €9k | €5k | €2k | ▼ 68.5% |
| Taxes, remuneration and social security45 | €9k | €16k | €5k | €6k | €9k | ▲ 50.4% |
| Taxes450/3 | €9k | €16k | €5k | €6k | €9k | ▲ 50.4% |
| Other amounts payable47/48 | €500 | €327 | €0 | €2k | €25 | ▼ 98.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-25k | €-134k | €67k | €36k | €23k | ▼ 36.0% |
| + Depreciation and write-downs630 | €48k | €42k | €29k | €19k | €19k | ▼ 3.6% |
| Operating cash flow (approximation) | €22k | €-93k | €96k | €55k | €42k | ▼ 24.6% |
| Investment in fixed assets (approximation) | - | €49k | €-101k | €80k | €-5k | ▼ 106% |
| Change in cash | - | €-82k | €-33k | €-19k | €-6k | ▲ 71.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
05-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
05-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 5 days late
2024
31-12
Financial
Liquidity doublescurrent ratio 2.67
Current ratio from 1.08 to 2.67.
31-12
Financial
Equity above €150kEq €158k ▲29.3%
2 profitable years in a row build equity to €158k.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €67k
Net result €67k after 2 loss-making years.
31-12
Financial
Equity above €100kEq €123k ▲31.1%
Equity rises from €94k to €123k.
08-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €-134k
Net result drops to €-134k, the lowest in the series; recovery starts the following year.
22-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €20k
Net result €20k after one loss-making year.
Show earlier events
20-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
12-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ichtegem · 1 establishment unit since 2012
Ground area
1,898 m²
Building footprint
155 m²
Volume, LiDAR
1,008 m³
Parcel 35006C0800/00M000, Flanders · tallest building 9.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
AENIGMA
since 20122.206.266.879
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35006C0800/00M000 | Flanders | 1,898 m² | 1 · 155 m² | 9.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 540 EUR awarded · 540 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 540 EUR | 540 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 2,762 companies in sector 69109 we hold annual accounts for 1,208. 925 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded03-01-2012
Fiscal year end31-12
Activities, NACEBEL 2025
69109Other legal services
01430Raising of horses and other equines
Contact
Phone
0492582260Ichtegem
Scores and ratios are computed by Checked and are not a credit decision.