Enigma
ActiveEnigma has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €181k and a net result of €-32k. Equity is shrinking by ~11.1% per year across the filed fiscal years. Its solvency ranks better than 58% of 18173 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
51
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability13▼-13
Solvency68▼-5
Growth52=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9k at 30 days acceptable
Liquidity ample (current ratio 2.51 against 2.78 in 2024; short-term debt: 15.9% and cash: 2.1% of total assets), but 56.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
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
18202122232425
2018 to 2025 · latest year €-32k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
22 d late
2023
9 d early
2022
7 d early
2021
24 d early
2020
39 d early
2019
24 d early
← before the deadline
after the deadline →
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
19-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€181k▼ 15.1%
2024 · €213k
2018: €33k
2020: €341k
2021: €323k
2022: €318k
2023: €236k
2024: €213k
2018 → 2025
Total assets
€419k▼ 5.7%
2024 · €445k
2018: €106k
2020: €385k
2021: €373k
2022: €427k
2023: €373k
2024: €445k
2018 → 2025
Net result
€-32k▼ 41.7%
2024 · €-23k
2018: €919
2020: €24k
2021: €-17k
2022: €-5k
2023: €-82k
2024: €-23k
2018 → 2025
Working capital
€101k▼ 5.6%
2024 · €107k
2018: €21k
2020: €239k
2021: €201k
2022: €115k
2023: €54k
2024: €107k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€323k-€318k▼ 1.6%€236k▼ 25.8%€213k▼ 9.7%€181k▼ 15.1%
Operating result€-17k-€-5k▲ 71.5%€-82k▼ 1,570%€-18k▲ 77.7%€-20k▼ 11.0%
Net result€-17k-€-5k▲ 70.6%€-82k▼ 1,498%€-23k▲ 72.2%€-32k▼ 41.7%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €20k in 2025 against €18k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €419k
Fixed assets
€252k▼ 9.5%
Current assets
€167k▲ 0.5%
Equity and liabilities €419k
Equity
€181k▼ 15.1%
Debt
€238k▲ 2.9%
The debt ratio rises from 52.1% to 56.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€6k▼
2024 · €8k
Cash flow
€-6k▼
2024 · €3k
Solvency
43.1%▼
2024 · 47.9%
Current ratio
2.51▼
2024 · 2.78
Quick ratio
0.66▲
2024 · 0.64
Debt / equity
1.32▲
2024 · 1.09
ROE
-17.9%▼
2024 · -10.7%
ROA
-7.7%▼
2024 · -5.1%
Interest coverage
0.51▼
2024 · 1.68
Debt
€238k▲
2024 · €232k
Debt ≤ 1 year
€66k▲
2024 · €60k
Debt > 1 year
€171k=
2024 · €171k
Staff costs
€133▼
2024 · €41k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€445k€419k▼
Fixed assets21/28€279k€252k▼
Intangible fixed assets21€33k€30k▼
Tangible fixed assets22/27€239k€216k▼
Plant, machinery and equipment23€173k€158k▼
Furniture and vehicles24€0-
Other tangible fixed assets26€66k€58k▼
Financial fixed assets28€7k€7k=
Current assets29/58€166k€167k▲
Stocks and contracts in progress3€128k€124k▼
Stocks30/36€128k€124k▼
Amounts receivable within one year40/41€29k€33k▲
Trade receivables40€23k€32k▲
Other amounts receivable41€7k€1k▼
Cash at bank and in hand54/58€6k€9k▲
Deferred charges and accrued income490/1€3k€2k▼
Equity and liabilities
Total equity and liabilities10/49€445k€419k▼
Equity10/15€213k€181k▼
Contributions10/11€303k€303k=
Reserves13€38k€38k=
Distributable reserves133€38k€38k=
Profit (loss) carried forward14€-127k€-160k▼
Amounts payable17/49€232k€238k▲
Amounts payable after more than one year17€171k€171k=
Financial debts170/4€171k€171k=
Amounts payable within one year42/48€60k€66k▲
Financial debts43€14€28▲
Other loans439€14€28▲
Trade debts44€13k€44k▲
Suppliers440/4€13k€44k▲
Advances received on contracts in progress46€0-
Taxes, remuneration and social security45€29k€6k▼
Taxes450/3€1k€4k▲
Remuneration and social security454/9€27k€3k▼
Other amounts payable47/48€18k€16k▼
Accrued charges and deferred income492/3€1k€1k=
Income statement
Code20242025
Remuneration, social security and pensions62€41k€133▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€26k€26k▲
Other operating charges640/8€12k€14k▲
Non-recurring operating charges66A€1k€0▼
Gross operating margin9900€62k€20k▼
Operating profit (loss)9901€-18k€-20k▼
Financial income75/76B€30€1▼
Recurring financial income75€30€1▼
Financial charges65/66B€5k€12k▲
Recurring financial charges65€5k€12k▲
Profit (loss) for the period before taxes9903€-23k€-32k▼
Profit (loss) for the period9904€-23k€-32k▼
Profit (loss) for the period to be appropriated9905€-23k€-32k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-127k€-160k▼
Profit (loss) brought forward from the previous period14P€-105k€-127k▼
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 22 days late
2024
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €-82k
Net result drops to €-82k, the lowest in the series; recovery starts the following year.
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
07-07
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
Highest result since 2018net €24k ▲2547%
Operating result €29k, net result €24k, both a record.
31-12
Financial
Liquidity times 5current ratio 6.52
Current ratio from 1.30 to 6.52; short-term debt falls from €71k to €43k.
31-12
Financial
Equity above €200kEq €341k ▲934%
2 profitable years in a row build equity to €341k.
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-06
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.
Directors · office · real estate
Directors
4 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, Heusden-Zolder · 2 establishment units since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Schreverland 223550 Heusden-ZolderGround area
2,426 m²
Building footprint
1,897 m²
Volume, LiDAR
8,330 m³
2 parcels, Flanders · tallest building 15.0 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
Enigma
since 20152.247.467.531
Brouwerij
since 20222.335.589.358
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24020B0265/00N000 | Flanders | 1,968 m² | 1 · 1,802 m² | 15.0 m · 1 fl. |
| 71025A1257/00X000 | Flanders | 459 m² | 1 · 95 m² | 6.4 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteDiest2.335.589.358
Similar companies · same sector, comparable size
GUYVIN
BE 0478.740.926
Koksijde · Eq €181k
MAISON DEMOULIN
BE 0477.742.717
Fexhe-le-Haut-Clocher · Eq €181k
Bieren Foulon
BE 0467.987.089
Ledegem · Eq €179k
MEDIA DE WAND
BE 0676.802.850
Brussel · Eq €178k
VEND-UP
BE 0896.566.545
Bilzen-Hoeselt · Eq €178k
Of 1,508 companies in sector 47252 we hold annual accounts for 651. 507 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded09-11-2015
Fiscal year end31-12
Activities, NACEBEL
46349Wholesale of beverages, general range
47252Retail sale of beverages, general range
11050Manufacture of beer
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.