Engima
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-04-2026 PDF all 4 filings
Turnover
≈ €370,000
Estimated: probably between €250,000 and €570,000
Total assets
€273,745▲ 50.2%
2024 · €182,194
Net result
€20,259▲ 36.1%
2024 · €14,884
Working capital
€106,923▲ 15.9%
2024 · €92,263
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€30,933
▲ 33.9%
2025
20222025
Net result
€20,259
▲ 36.1%
2025
middle half of the sector
20222025
Equity
€92,928
▲ 27.9%
2025
middle half of the sector
20222025
Total assets
€273,745
▲ 50.2%
2025
middle half of the sector
20222025
Debt
€180,816
▲ 65.1%
2025
20222025
Working capital
€106,923
▲ 15.9%
2025
highest quarter of the sector
20222025
Solvency
33.9%
▼ 5.9pp
2025
middle half of the sector
20222025
Current ratio
1.71
▼ 0.45
2025
middle half of the sector
20222025
Return on assets (ROA)
7.4%
▼ 0.8pp
2025
middle half of the sector
20222025
Staff (FTE)
1.7
▲ 70.0%
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€24,797-€40,142▲ 61.9%€23,098▼ 42.5%€30,933▲ 33.9%
Net result€20,047within the sector's middle half-€27,738within the sector's middle half▲ 38.4%€14,884within the sector's middle half▼ 46.3%€20,259within the sector's middle half▲ 36.1%
Equity€30,047within the sector's middle half-€57,785within the sector's middle half▲ 92.3%€72,669within the sector's middle half▲ 25.8%€92,928within the sector's middle half▲ 27.9%
Total assets€163,333within the sector's middle half-€235,205within the sector's middle half▲ 44.0%€182,194within the sector's middle half▼ 22.5%€273,745within the sector's middle half▲ 50.2%
Debt€133,286-€177,420▲ 33.1%€109,525▼ 38.3%€180,816▲ 65.1%
Working capital€23,368within the sector's middle half-€99,890above the sector's middle half▲ 327%€92,263above the sector's middle half▼ 7.6%€106,923above the sector's middle half▲ 15.9%
Solvency18.4%below the sector's middle half-24.6%within the sector's middle half▲ 6.2pp39.9%within the sector's middle half▲ 15.3pp33.9%within the sector's middle half▼ 5.9pp
Current ratio1.18within the sector's middle half-1.78within the sector's middle half▲ 0.612.16within the sector's middle half▲ 0.381.71within the sector's middle half▼ 0.45
Return on assets (ROA)12.3%within the sector's middle half-11.8%within the sector's middle half▼ 0.5pp8.2%within the sector's middle half▼ 3.6pp7.4%within the sector's middle half▼ 0.8pp
Staff (FTE)0.2-1▲ 400%1=1.7▲ 70.0%
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 34% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €273,745
Fixed assets
€16,006 ▲ 53.8%
Current assets
€257,739 ▲ 50.0%
Equity and liabilities €273,745
Equity
€92,928 ▲ 27.9%
Debt
€180,816 ▲ 65.1%
Debt's share of the balance-sheet total rises from 60.1% to 66.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€37,255▲
2024 · €27,793
Cash flow
€26,582▲
2024 · €19,579
Quick ratio
1.64▼
2024 · 2.01
Debt to equity
1.95▲
2024 · 1.51
ROE
21.8%▲
2024 · 20.5%
Interest coverage
19.22▲
2024 · 14.96
Debt ≤ 1 year
€150,816▲
2024 · €79,525
Debt > 1 year
€30,000=
2024 · €30,000
Income taxes
€9,007▲
2024 · €6,419
Staff costs
€109,690▲
2024 · €67,558
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 2 |
| full-time | 1 | 1 | 1 | 2 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 0 | 1 | 1 | 2 |
| Average over the year, in full-time equivalents | 0.2 | 1 | 1 | 1.7 |
| On a permanent contract | 1 | 1 | 1 | 2 |
| Joined | 1 | 0 | - | 11 |
| Left | 0 | 0 | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,529 | €5,030 | €4,161 | €8,877 |
| Intangible fixed assets | €3,601 | - | €3,045 | €3,045 |
| Depreciation and write-downs of the year | €451 | €3,814 | €4,695 | €6,323 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €6,952 | €67,857 | €67,558 | €109,690 | ▲ 62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €451 | €3,814 | €4,695 | €6,323 | ▲ 34.7% |
| Other operating charges640/8 | - | - | €341 | €487 | ▲ 42.9% |
| Gross operating margin9900 | €32,200 | €111,813 | €95,692 | €147,432 | ▲ 54.1% |
| Operating profit (loss)9901 | €24,797 | €40,142 | €23,098 | €30,933 | ▲ 33.9% |
| Financial income75/76B | €9 | €188 | €62 | €272 | ▲ 337% |
| Recurring financial income75 | €9 | €188 | €62 | €272 | ▲ 337% |
| Financial charges65/66B | €0 | €279 | €1,858 | €1,939 | ▲ 4.3% |
| Recurring financial charges65 | €0 | €279 | €1,858 | €1,939 | ▲ 4.3% |
| Profit (loss) for the period before taxes9903 | €24,805 | €40,051 | €21,302 | €29,266 | ▲ 37.4% |
| Income taxes67/77 | €4,758 | €12,313 | €6,419 | €9,007 | ▲ 40.3% |
| Profit (loss) for the period9904 | €20,047 | €27,738 | €14,884 | €20,259 | ▲ 36.1% |
| Profit (loss) for the period to be appropriated9905 | €20,047 | €27,738 | €14,884 | €20,259 | ▲ 36.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €163,333 | €235,205 | €182,194 | €273,745 | ▲ 50.2% |
| Fixed assets21/28 | €6,679 | €7,895 | €10,406 | €16,006 | ▲ 53.8% |
| Intangible fixed assets21 | €3,295 | €2,095 | €3,646 | €5,021 | ▲ 37.7% |
| Tangible fixed assets22/27 | €3,384 | €5,800 | €6,760 | €10,985 | ▲ 62.5% |
| Plant, machinery and equipment23 | €3,384 | €5,800 | €4,857 | €6,762 | ▲ 39.2% |
| Furniture and vehicles24 | - | - | - | €2,514 | - |
| Other tangible fixed assets26 | - | - | €1,904 | €1,709 | ▼ 10.2% |
| Current assets29/58 | €156,654 | €227,310 | €171,788 | €257,739 | ▲ 50.0% |
| Stocks and contracts in progress3 | - | - | €11,574 | €9,658 | ▼ 16.6% |
| Stocks30/36 | - | - | €11,574 | €9,658 | ▼ 16.6% |
| Amounts receivable within one year40/41 | €45,724 | €195,446 | €88,463 | €97,888 | ▲ 10.7% |
| Trade receivables40 | €44,393 | €195,402 | €88,410 | €93,045 | ▲ 5.2% |
| Other amounts receivable41 | €1,331 | €44 | €53 | €4,843 | ▲ 92× |
| Current investments50/53 | - | - | €30,000 | - | - |
| Cash at bank and in hand54/58 | €110,424 | €25,231 | €35,922 | €136,174 | ▲ 279% |
| Deferred charges and accrued income490/1 | €506 | €6,634 | €5,829 | €14,019 | ▲ 140% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €163,333 | €235,205 | €182,194 | €273,745 | ▲ 50.2% |
| Equity10/15 | €30,047 | €57,785 | €72,669 | €92,928 | ▲ 27.9% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €20,047 | €47,785 | €62,669 | €82,928 | ▲ 32.3% |
| Distributable reserves133 | €20,047 | €47,785 | €62,669 | €82,928 | ▲ 32.3% |
| Amounts payable17/49 | €133,286 | €177,420 | €109,525 | €180,816 | ▲ 65.1% |
| Amounts payable after more than one year17 | - | €50,000 | €30,000 | €30,000 | = |
| Financial debts170/4 | - | €50,000 | €30,000 | €30,000 | = |
| Amounts payable within one year42/48 | €133,286 | €127,420 | €79,525 | €150,816 | ▲ 89.6% |
| Financial debts43 | €569 | €805 | €564 | €1,450 | ▲ 157% |
| Credit institutions430/8 | €569 | €805 | €564 | €1,450 | ▲ 157% |
| Trade debts44 | €101,496 | €90,462 | €63,391 | €99,537 | ▲ 57.0% |
| Suppliers440/4 | €101,496 | €90,462 | €63,391 | €99,537 | ▲ 57.0% |
| Taxes, remuneration and social security45 | €16,161 | €36,149 | €15,512 | €49,789 | ▲ 221% |
| Taxes450/3 | €13,158 | €25,405 | €2,996 | €29,843 | ▲ 896% |
| Remuneration and social security454/9 | €3,003 | €10,744 | €12,516 | €19,946 | ▲ 59.4% |
| Other amounts payable47/48 | €15,060 | €4 | €58 | €41 | ▼ 30.0% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,047 | €27,738 | €14,884 | €20,259 | ▲ 36.1% |
| + Depreciation and write-downs630 | €451 | €3,814 | €4,695 | €6,323 | ▲ 34.7% |
| Operating cash flow (approximation) | €20,498 | €31,552 | €19,579 | €26,582 | ▲ 35.8% |
| Investment in fixed assets (approximation) | - | -€5,030 | -€7,206 | -€11,922 | ▼ 65.4% |
| Change in cash | - | -€85,193 | €10,691 | €100,252 | ▲ 838% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 39,278 companies had the same profile as Engima has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Engima itself is lower: 0.3% within 12 months. It rests on far more data about Engima than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 39,278 companies, not a prediction for Engima. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.