Equity
€226,106 ▲ 13.9%
ENIGMA has made a profit without a break since 2009.
ENIGMA
Lifetime
19 annual accounts with figures on one time axis, 24 filings since 2002peak €136,526 (2024)
€117,522▼ 13.9%
lowest -€834 (2007)
€67,673▼ 23.0%
peak €226,106 (2025)
€226,106▲ 13.9%
€549,060▼ 10.2%
Board2 names since 2002
2 directorsBusschaert Andries and 1 other
Documentsfilings and deeds
19-10-202512 days before the deadline
2025micro format
Gross margin from €136,526 to €117,522Equity from €198,433 to €226,106Cash from €206,143 to €12,034
Key points
from the 2025 annual accountsChecked score
86
Excellent
Financially stronger than 41% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%lowest value
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025lowest value
03-2025: < 0.1%● unchanged vs 02-2025lowest value
04-2025: < 0.1%● unchanged vs 03-2025lowest value
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: 0.1%▲ +0.1 percentage points vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.2%▲ +0.1 percentage points vs 09-2026
11-2026: 0.3%▲ +0.1 percentage points vs 10-2026highest value
Financial strengthStrong
Score breakdown
raises risk
Figures for financial year 2025 (filed on 19-10-2025)
Liquidity: current ratio 1.67, cash €12,034, halved
lowers risk
Size: total assets €775,166
Sector: Activities of head offices; management consultancy activities (NACE 70)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 30% of them on solvency, 25% on liquidity, 46% on profitability and 61% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-03-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 2,613 companies had the same profile as ENIGMA has now. Each dot stands for 7 companies, two years later.
97.3%
were still trading
2.0%
stopped another way
0.7%
went bankrupt
That fits the bankruptcy probability of ENIGMA itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,447 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 2,613 companies, not a prediction for ENIGMA. 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.
Credit verdict
Credit of up to €19,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.67 (1.66 in 2024), above the usual 1.5. Short-term debt is 21.1% and cash 1.6% of total assets. However, 70.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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
2026
not filed
2025
12 days early
2024
1 day early
2023
54 days early
2022
61 days early
2021
31 days early
2020
28 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 22 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (1)
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0473281113
Amendment of the articles · Legal-form change · Resignations & appointments
Change of role: Busschaert Andries, from manager to director · Appointment: Rahe Sabine (director) · General meeting of 11-09-2023 · Gazette deed
First establishment
Cyriel De Baerestraat 14, Dendermonde
Incorporation
published on 25-11-2000 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| ENIGMA Dendermonde | €775,166 | €117,522 | 29.2% | - |
| DEBRAE Dendermonde | €733,726 | €95,869 | 55.7% | - |
| M.C.C. TEXTILES Ghent | €809,049 | €117,362 | 31.7% | - |
| JT Sint-Niklaas | €707,132 | €117,910 | 64.9% | - |
| LISTO Waasmunster | €666,748 | €126,779 | 54.7% | - |
| DE CLIPPELEIR SERVICES Hamme (Vl.) | €707,322 | €123,238 | 73.3% | - |
| KEEP IT WORKING Nazareth-De Pinte | €870,671 | €133,404 | 11.7% | - |
These companies have the same main activity as ENIGMA: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €667,000 and €871,000, founded between 1999 and 2003.
Official details
Source: KBO- Status
- Active since 15-11-2000Normal situation
- Activity
- Business and other management consultancyNACE 70200and 1 other
- Establishment unit
- 2.097.705.2719200 Dendermonde, since 28-12-2000
- Financial year end
- 31 March
- Peppol
- Reachable since 08-02-2026
Annual accounts to 31-03-2025
- ≈ €200,000estimated
- €775,166▼ 4.3%
- ≈ 0.1 FTEestimated
- Filing
- Filed on 19-10-2025
Insights on ENIGMA
ENIGMA files the micro format. That format states no turnover. The gross margin rose from €31,397 in 2007 to €117,522 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about ENIGMA
- What is the company number of ENIGMA?
- The company number of ENIGMA is 0473.281.113. The VAT number is the same number with BE in front: BE 0473.281.113.
- Where is ENIGMA based?
- The registered office is at Cyriel De Baerestraat 14, 9200 Dendermonde.Company details
- What does ENIGMA do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of ENIGMA?
- ENIGMA is a private limited company (BV).
- When was ENIGMA founded?
- ENIGMA was founded on 15-11-2000.
- Is ENIGMA still active?
- Yes, ENIGMA is an active enterprise in the KBO register.
- What is the turnover of ENIGMA?
- The turnover in financial year 2025 is ≈ €200,000. This figure is estimated from the gross margin of €117,522 and 109 comparable companies (NACE 70200). It probably lies between €170,000 and €240,000.Financials
- Is ENIGMA profitable?
- In financial year 2025, ENIGMA made a profit of €67,673.
- Where can I find the annual accounts of ENIGMA?
- ENIGMA filed 24 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
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