DENDROGENIX
ActiveSummary
DENDROGENIX has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.3m and a net result of -€2.3m. Equity is growing by ~53.2% per year across the filed fiscal years. Its solvency ranks better than 58% of 195 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency87▼-11
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €230,000 at 30 days acceptable
Liquidity ample (current ratio 9.26 against 15.91 in 2024; short-term debt: 8.7% and cash: 62.3% of total assets), and 37.6% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 72
Relative position
BE, all sectors
reference
Scientific research and development (NACE 72)
about 30% 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
62.4%
Return on assets
-43.5%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€2.3m
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 02-07-2026, 29 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
29 d early
2024
41 d early
2023
49 d early
2022
83 d early
2021
26 d early
2020
32 d early
2019
26 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 33 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 32% of the sector filed late.
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. Usually files around 20 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€2.3m▼ 3.2%
2024 · -€2.2m
Working capital
€3.8m▼ 38.6%
2024 · €6.2m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 72, Scientific research and development, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€2.2m▼ 42.7%-€3.9m▼ 77.0%-€3.5m▲ 10.3%-€3.6m▼ 1.2%-€3.7m▼ 2.7%
Net result-€1.6mbelow the sector's middle half▼ 62.4%-€3.5mbelow the sector's middle half▼ 124%-€2.8mbelow the sector's middle half▲ 19.5%-€2.2mbelow the sector's middle half▲ 21.6%-€2.3mbelow the sector's middle half▼ 3.2%
Equity€1.1mwithin the sector's middle half▲ 497%€3.5mwithin the sector's middle half▲ 233%€7.7mabove the sector's middle half▲ 119%€5.6mabove the sector's middle half▼ 27.1%€3.3mwithin the sector's middle half▼ 41.1%
Total assets€3.8mwithin the sector's middle half▲ 92.5%€4.5mwithin the sector's middle half▲ 18.7%€10.4mwithin the sector's middle half▲ 128%€7.7mwithin the sector's middle half▼ 25.8%€5.3mwithin the sector's middle half▼ 31.3%
Debt€2.8m▲ 53.0%€1.0m▼ 62.7%€2.7m▲ 160%€2.1m▼ 22.1%€2.0m▼ 4.8%
Working capital€1.4mwithin the sector's middle half▲ 223%€3.0mabove the sector's middle half▲ 111%€8.6mabove the sector's middle half▲ 187%€6.2mabove the sector's middle half▼ 28.5%€3.8mwithin the sector's middle half▼ 38.6%
Solvency27.6%within the sector's middle half▲ 18.7pp77.3%within the sector's middle half▲ 49.7pp74.1%above the sector's middle half▼ 3.2pp72.8%within the sector's middle half▼ 1.3pp62.4%within the sector's middle half▼ 10.5pp
Current ratio2.09within the sector's middle half▼ 0.147.64above the sector's middle half▲ 5.5416.30above the sector's middle half▲ 8.6615.91above the sector's middle half▼ 0.399.26above the sector's middle half▼ 6.65
Return on assets (ROA)-41.1%below the sector's middle half▲ 7.6pp-77.7%below the sector's middle half▼ 36.5pp-27.4%below the sector's middle half▲ 50.3pp-29.0%below the sector's middle half▼ 1.6pp-43.5%below the sector's middle half▼ 14.5pp
Staff (FTE)6.8within the sector's middle half▲ 38.8%8.2within the sector's middle half▲ 20.6%11.6within the sector's middle half▲ 41.5%10.9within the sector's middle half▼ 6.0%8within the sector's middle half▼ 26.6%
above
within
below
the middle half (P25 to P75) of NACE 72, Scientific research and development, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €3.7m in 2025 against €3.6m in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.3m
Fixed assets
€1.0m ▼ 6.0%
Current assets
€4.2m ▼ 35.4%
Equity and liabilities €5.3m
Equity
€3.3m ▼ 41.1%
Debt
€2.0m ▼ 4.8%
Debt's share of the balance-sheet total rises from 27.2% to 37.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€1.6m▲
2024 · -€1.8m
Cash flow
-€214,919▲
2024 · -€413,222
Debt to equity
0.60▲
2024 · 0.37
ROE
-69.7%▼
2024 · -39.8%
Interest coverage
-367.96▼
2024 · -162.80
Debt ≤ 1 year
€458,818▲
2024 · €413,632
Debt > 1 year
€1.5m▼
2024 · €1.7m
Income taxes
-€106,144▼
2024 · -€94,935
Staff costs
€935,766▼
2024 · €1.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,592 companies that looked in July 2024 the way this one looks now, 3.0% went bankrupt within 24 months and 87% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
3.0%
went bankrupt
9.5%
stopped otherwise
87%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,592 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €699,145 | €765,512 | €1.1m | €1.0m | €935,766 | ▼ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.3m | €2.2m | €938,545 | €1.8m | €2.1m | ▲ 14.9% |
| Other operating charges640/8 | €17,793 | €24,207 | €15,556 | €18,121 | €22,074 | ▲ 21.8% |
| Non-recurring operating charges66A | €0 | - | - | €5,930 | €0 | ▼ 100% |
| Gross operating margin9900 | -€222,110 | -€916,676 | -€1.5m | -€687,488 | -€626,490 | ▲ 8.9% |
| Operating profit (loss)9901 | -€2.2m | -€3.9m | -€3.5m | -€3.6m | -€3.7m | ▼ 2.7% |
| Financial income75/76B | €635,594 | €367,116 | €613,628 | €1.3m | €1.3m | ▲ 0.5% |
| Recurring financial income75 | €635,594 | €367,116 | €613,628 | €1.3m | €1.3m | ▲ 0.5% |
| Financial charges65/66B | €26,730 | €31,498 | €8,252 | €10,800 | €4,306 | ▼ 60.1% |
| Recurring financial charges65 | €26,730 | €31,498 | €8,252 | €10,800 | €4,306 | ▼ 60.1% |
| Profit (loss) for the period before taxes9903 | -€1.6m | -€3.6m | -€2.9m | -€2.3m | -€2.4m | ▼ 3.5% |
| Income taxes67/77 | -€40,100 | -€71,849 | -€85,090 | -€94,935 | -€106,144 | ▼ 11.8% |
| Profit (loss) for the period9904 | -€1.6m | -€3.5m | -€2.8m | -€2.2m | -€2.3m | ▼ 3.2% |
| Profit (loss) for the period to be appropriated9905 | -€1.6m | -€3.5m | -€2.8m | -€2.2m | -€2.3m | ▼ 3.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.8m | €4.5m | €10.4m | €7.7m | €5.3m | ▼ 31.3% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.2m | €1.1m | €1.0m | ▼ 6.0% |
| Intangible fixed assets21 | €1.0m | €973,193 | €1.0m | €972,716 | €946,271 | ▼ 2.7% |
| Tangible fixed assets22/27 | €44,670 | €103,293 | €162,055 | €122,110 | €82,288 | ▼ 32.6% |
| Plant, machinery and equipment23 | €43,878 | €100,991 | €158,586 | €116,849 | €79,957 | ▼ 31.6% |
| Furniture and vehicles24 | €792 | €2,302 | €3,469 | €5,261 | €2,330 | ▼ 55.7% |
| Financial fixed assets28 | €535 | €535 | €535 | €535 | €535 | = |
| Current assets29/58 | €2.7m | €3.5m | €9.2m | €6.6m | €4.2m | ▼ 35.4% |
| Amounts receivable after more than one year29 | €161,277 | €233,126 | €322,360 | €341,573 | €403,634 | ▲ 18.2% |
| Other amounts receivable291 | €161,277 | €233,126 | €322,360 | €341,573 | €403,634 | ▲ 18.2% |
| Amounts receivable within one year40/41 | €1.1m | €378,363 | €1.5m | €697,944 | €539,178 | ▼ 22.7% |
| Trade receivables40 | €146,429 | €24,825 | €80,265 | €31,819 | €27,012 | ▼ 15.1% |
| Other amounts receivable41 | €920,578 | €353,538 | €1.5m | €666,125 | €512,165 | ▼ 23.1% |
| Current investments50/53 | - | - | - | €4.0m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €1.5m | €2.8m | €7.3m | €1.4m | €3.3m | ▲ 127% |
| Deferred charges and accrued income490/1 | €7,735 | €18,658 | €15,547 | €93,435 | €16,635 | ▼ 82.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.8m | €4.5m | €10.4m | €7.7m | €5.3m | ▼ 31.3% |
| Equity10/15 | €1.1m | €3.5m | €7.7m | €5.6m | €3.3m | ▼ 41.1% |
| Contributions10/11 | €4.9m | €10.9m | €10.5m | €5.4m | €5.4m | = |
| Capital10 | €4.9m | €10.9m | €10.5m | €5.4m | €5.4m | = |
| Issued capital100 | €4.9m | €10.9m | €10.5m | €5.4m | €5.4m | = |
| Reserves13 | - | - | - | €2,785 | €2,785 | = |
| Non-distributable reserves130/1 | - | - | - | €2,785 | €2,785 | = |
| Legal reserve130 | - | - | - | €2,785 | €2,785 | = |
| Profit (loss) carried forward14 | -€3.8m | -€7.4m | -€2.8m | €52,921 | -€2.2m | ▼ 4,334% |
| Investment grants15 | - | - | - | €142,825 | €136,916 | ▼ 4.1% |
| Amounts payable17/49 | €2.8m | €1.0m | €2.7m | €2.1m | €2.0m | ▼ 4.8% |
| Amounts payable after more than one year17 | €1.4m | €578,423 | €2.1m | €1.7m | €1.5m | ▼ 8.6% |
| Financial debts170/4 | €670,000 | €0 | - | - | - | - |
| Other amounts payable178/9 | €753,110 | €578,423 | €2.1m | €1.7m | €1.5m | ▼ 8.6% |
| Amounts payable within one year42/48 | €1.3m | €453,309 | €563,633 | €413,632 | €458,818 | ▲ 10.9% |
| Financial debts43 | €650,000 | €0 | - | - | - | - |
| Credit institutions430/8 | €400,000 | €0 | - | - | - | - |
| Other loans439 | €250,000 | €0 | - | - | - | - |
| Trade debts44 | €508,299 | €327,541 | €357,684 | €228,600 | €361,404 | ▲ 58.1% |
| Suppliers440/4 | €508,299 | €327,541 | €357,684 | €228,600 | €361,404 | ▲ 58.1% |
| Taxes, remuneration and social security45 | €145,628 | €125,768 | €205,949 | €185,032 | €97,414 | ▼ 47.4% |
| Taxes450/3 | - | €15,494 | €15,665 | €23,647 | €0 | ▼ 100% |
| Remuneration and social security454/9 | €145,628 | €110,273 | €190,285 | €161,384 | €97,414 | ▼ 39.6% |
| Accrued charges and deferred income492/3 | €42,437 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.6m | -€3.5m | -€2.8m | -€2.2m | -€2.3m | ▼ 3.2% |
| + Depreciation and write-downs630 | €1.3m | €2.2m | €938,545 | €1.8m | €2.1m | ▲ 14.9% |
| Operating cash flow (approximation) | -€290,085 | -€1.3m | -€1.9m | -€413,222 | -€214,919 | ▲ 48.0% |
| Investment in fixed assets (approximation) | - | -€2.2m | -€1.0m | -€1.7m | -€2.0m | ▼ 15.7% |
| Change in cash | - | €1.3m | €4.5m | -€5.9m | €1.8m | ▲ 131% |
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
14-07
State Gazette act
Reappointments: NOSHAQ SPIN-OFFS SA (director) and Stéphane Silvente (director)Permanent representative: Patrick Stragier4 facts ▸
State Gazette act
Reappointments: NOSHAQ SPIN-OFFS SA (director) and Stéphane Silvente (director)
Permanent representative: Patrick Stragier4 facts ▸
- General meeting, 09-06-2026
- Director reappointment, NOSHAQ SPIN-OFFS SA (director)
- Permanent representative, Patrick Stragier (representative)
- Director reappointment, Stéphane Silvente (director)
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
18-05
State Gazette act
Reappointments: EmileLoria (director) and PhilippeLefèbvre (director)3 facts ▸
State Gazette act
Reappointments: EmileLoria (director) and PhilippeLefèbvre (director)
3 facts ▸
- General meeting, 13-05-2024
- Director reappointment, EmileLoria (director)
- Director reappointment, PhilippeLefèbvre (director)
2025
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
12-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity doublescurrent ratio 16.30
Current ratio from 7.64 to 16.30.
31-12
Financial
Equity above €5mEq €7.7m ▲119%
Equity rises from €3.5m to €7.7m.
09-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet -€3.5m
Net result drops to -€3.5m, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity quadruplescurrent ratio 7.64
Current ratio from 2.09 to 7.64; short-term debt falls from €1.3m to €453,309.
31-12
Financial
Equity above €2mEq €3.5m ▲233%
Equity rises from €1.1m to €3.5m.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
Show earlier events
2021
31-12
Financial
Equity above €1mEq €1.1m ▲497%
Equity rises from €176,501 to €1.1m.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 26 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 14 acts read
About the unread acts
Of the 14 Belgian State Gazette acts we know for this company, 2 have been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 directors
Board 4
NOSHAQ SPIN-OFFS SA
CurrentDirector · Legal entity · perm. rep.: Patrick Stragier
Stéphane Silvente
CurrentDirector
EmileLoria
CurrentDirector · from a recent act
PhilippeLefèbvre
CurrentDirector · from a recent act
Permanent representatives 1
Patrick Stragier
CurrentPermanent representative · for NOSHAQ SPIN-OFFS SA
"From a recent act": read from a Gazette act not yet processed into our list of directors.
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
12 of this company's 14 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2018
Ground area
1.4 ha
Building footprint
2.3 ha
Volume, LiDAR
538,905 m³
Parcel 62826D0504/00R002, Wallonia · tallest building 48.9 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
DENDROGENIX
since 20182.278.411.719
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62826D0504/00R002 ProtectedMonument |
Wallonia | 1.4 ha | 1 · 2.3 ha | 48.9 m · 8 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Mandate history
4 people since 2026, 4 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| EmileLoriafrom an act |
|
| PhilippeLefèbvrefrom an act |
|
| NOSHAQ SPIN-OFFS SA |
|
| Stéphane Silvente |
|
Structure & network
Owners and holdings
2 ownersOwners 2
-
15.12%
-
10.12%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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Identification & contact
Identification
Legal formPublic limited company
Founded02-08-2018
Fiscal year end31-12
Activities, NACEBEL 2025
72101Research and development on biotechnology
72109Other research and development on natural sciences
E-invoicing
Reachable via Peppol
Peppol ID
0208:0700613677
Registered
31-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.