ENIGMA
ActiveSummary
ENIGMA has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €226k and a net result of €68k. Equity is growing by ~11.5% per year across the filed fiscal years. Its solvency ranks better than 30% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▼-2
Solvency54▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16k at 30 days acceptable
Liquidity ample (current ratio 1.67 against 1.66 in 2024; short-term debt: 21.1% and cash: 1.6% of total assets), but 70.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · 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
29.2%
Return on assets
8.7%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 19-10-2025, 12 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
12 d early
2024
1 d early
2023
54 d early
2022
61 d early
2021
31 d early
2020
28 d late
2019
58 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 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€226k▲ 13.9%
2024 · €198k
Total assets
€775k▼ 4.3%
2024 · €810k
Net result
€68k▼ 23.0%
2024 · €88k
Working capital
€110k▲ 11.1%
2024 · €99k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€-573€15k€74k▲ 410%€106k▲ 42.5%€87k▼ 18.0%
Net result€217▼ 97.9%€13k▲ 5,823%€61k▲ 372%€88k▲ 44.8%€68k▼ 23.0%
Equity€125k▲ 0.2%€130k▲ 3.9%€156k▲ 19.8%€198k▲ 27.5%€226k▲ 13.9%
Total assets€378k▼ 14.7%€555k▲ 46.8%€966k▲ 74.1%€810k▼ 16.2%€775k▼ 4.3%
Debt€253k▼ 20.5%€425k▲ 68.1%€810k▲ 90.7%€611k▼ 24.5%€549k▼ 10.2%
Working capital€-24k▲ 63.7%€-102k▼ 332%€-42k▲ 59.1%€99k€110k▲ 11.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 18% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €775k
Fixed assets
€502k ▼ 10.5%
Current assets
€273k ▲ 9.8%
Equity and liabilities €775k
Equity
€226k ▲ 13.9%
Debt
€549k ▼ 10.2%
Debt's share of the balance-sheet total falls from 75.5% to 70.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€111k▼
2024 · €130k
Cash flow
€92k▼
2024 · €112k
Current ratio
1.67▲
2024 · 1.66
Debt to equity
2.43▼
2024 · 3.08
ROE
29.9%▼
2024 · 44.3%
ROA
8.7%▼
2024 · 10.8%
Interest coverage
7.56▼
2024 · 9.44
Debt ≤ 1 year
€163k▲
2024 · €150k
Debt > 1 year
€385k▼
2024 · €462k
Income taxes
€7k▼
2024 · €12k
Staff costs
€3k=
2024 · €3k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €3k | €3k | €3k | €3k | = |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13k | €17k | €22k | €24k | €24k | = |
| Other operating charges640/8 | - | €13k | €27k | €3k | €3k | ▲ 3.2% |
| Gross operating margin9900 | €14k | €47k | €126k | €137k | €118k | ▼ 13.9% |
| Operating profit (loss)9901 | €-573 | €15k | €74k | €106k | €87k | ▼ 18.0% |
| Financial income75/76B | - | €2k | €5k | €7k | €3k | ▼ 63.6% |
| Recurring financial income75 | €5k | €2k | €5k | €7k | €3k | ▼ 63.6% |
| Financial charges65/66B | - | €3k | €12k | €14k | €15k | ▲ 6.6% |
| Recurring financial charges65 | €4k | €3k | €12k | €14k | €15k | ▲ 6.6% |
| Profit (loss) for the period before taxes9903 | €217 | €14k | €67k | €99k | €75k | ▼ 24.7% |
| Income taxes67/77 | - | €1k | €6k | €12k | €7k | ▼ 37.9% |
| Profit (loss) for the period9904 | €217 | €13k | €61k | €88k | €68k | ▼ 23.0% |
| Profit (loss) for the period to be appropriated9905 | €217 | €13k | €61k | €88k | €68k | ▼ 23.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €378k | €555k | €966k | €810k | €775k | ▼ 4.3% |
| Fixed assets21/28 | €285k | €378k | €555k | €561k | €502k | ▼ 10.5% |
| Tangible fixed assets22/27 | €249k | €343k | €520k | €496k | €472k | ▼ 4.9% |
| Land and buildings22 | - | €340k | €516k | €494k | €471k | ▼ 4.6% |
| Plant, machinery and equipment23 | - | €3k | €2k | €1k | €200 | ▼ 80.0% |
| Furniture and vehicles24 | - | €0 | €2k | €1k | €577 | ▼ 59.1% |
| Financial fixed assets28 | €35k | €35k | €35k | €65k | €30k | ▼ 53.6% |
| Current assets29/58 | €93k | €177k | €410k | €249k | €273k | ▲ 9.8% |
| Amounts receivable within one year40/41 | €8k | €25k | €171k | €18k | €36k | ▲ 98.2% |
| Trade receivables40 | - | €20k | €46k | €4k | €16k | ▲ 293% |
| Other amounts receivable41 | - | €4k | €125k | €14k | €21k | ▲ 44.1% |
| Current investments50/53 | €24k | €25k | €24k | €24k | €225k | ▲ 828% |
| Cash at bank and in hand54/58 | €61k | €127k | €215k | €206k | €12k | ▼ 94.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €378k | €555k | €966k | €810k | €775k | ▼ 4.3% |
| Equity10/15 | €125k | €130k | €156k | €198k | €226k | ▲ 13.9% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Revaluation surpluses12 | - | €31k | €31k | €31k | €31k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €73k | €78k | €104k | €147k | €174k | ▲ 18.8% |
| Amounts payable17/49 | €253k | €425k | €810k | €611k | €549k | ▼ 10.2% |
| Amounts payable after more than one year17 | €136k | €146k | €358k | €462k | €385k | ▼ 16.6% |
| Financial debts170/4 | - | €146k | €358k | €462k | €385k | ▼ 16.6% |
| Amounts payable within one year42/48 | €117k | €279k | €452k | €150k | €163k | ▲ 9.0% |
| Current portion of amounts payable after more than one year42 | - | €16k | €19k | €49k | €64k | ▲ 30.8% |
| Trade debts44 | €947 | €3k | €4k | €26k | €17k | ▼ 35.5% |
| Suppliers440/4 | - | €3k | €4k | €26k | €17k | ▼ 35.5% |
| Taxes, remuneration and social security45 | - | €700 | €5k | €7k | €837 | ▼ 88.2% |
| Taxes450/3 | - | €700 | €5k | €7k | €837 | ▼ 88.2% |
| Other amounts payable47/48 | - | €259k | €425k | €68k | €82k | ▲ 20.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €500 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €217 | €13k | €61k | €88k | €68k | ▼ 23.0% |
| + Depreciation and write-downs630 | €13k | €17k | €22k | €24k | €24k | = |
| Operating cash flow (approximation) | €13k | €29k | €83k | €112k | €92k | ▼ 18.0% |
| Investment in fixed assets (approximation) | - | €-110k | €-199k | €-30k | €35k | ▲ 217% |
| Change in cash | - | €66k | €88k | €-9k | €-194k | ▼ 2,142% |
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
2025
19-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Equity above €200kEq €226k ▲13.9%
7 profitable years in a row build equity to €226k.
2024
30-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Highest result since 2019net €88k ▲44.8%
Operating result €106k, net result €88k, both a record.
2023
07-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Equity above €150kEq €156k ▲19.8%
5 profitable years in a row build equity to €156k.
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Weakest financial yearnet €217 ▼97.9%
Net result drops to €217, the lowest in the series; recovery starts the following year.
2020
28-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 28 days late
2019
03-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
04-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
16-11
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 16 days late
2016
09-08
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 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Dendermonde · 1 establishment unit since 2000
Ground area
1,029 m²
Building footprint
149 m²
Volume, LiDAR
849 m³
Parcel 42002B0267/00H000, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Cyriel De Baerestraat(BAA) 14, 9200 Dendermonde
since 20002.097.705.271
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42002B0267/00H000 | Flanders | 1,029 m² | 1 · 149 m² | 8.4 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.
Similar companies · same sector, comparable size
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,575. 39,335 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
Founded15-11-2000
Fiscal year end31-03
Activities, NACEBEL 2025
70200Business and other management consultancy
77229Renting and leasing of other personal and household goods
Scores and ratios are computed by Checked and are not a credit decision.