ENIGMA PARTNERS

Active

Private limited companyfounded 201411 yrs activeKapellemarkt 6, 1000 Brussel, BelgiumKBO/BCE: BE 0505.887.563

ENIGMA PARTNERS has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €339k and a net result of €51k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 67% of 898 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).

Watch Print / PDF

Checked score

Score 2025

77 / 100

Excellent

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability78▼-3

Solvency76▲+6

Growth81=

Track record100

Bankruptcy probability, 12 months

0.7% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €25k at 30 days acceptable

Liquidity tight (current ratio 1.16 against 1.07 in 2024; short-term debt: 33.8% and cash: 36.6% of total assets), and 49% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Nine signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 93

Relative position

BE, all sectors

reference

Sector 93

lower

← fewer bankruptcies more bankruptcies →

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

51%

Return on assets

7.6%

Age of the figures

9 mo

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Growing equity

Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year €339k

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-09-2026, 42 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 filings

Deviation from the deadline

2025

42 d late

2024

69 d late

2023

37 d late

2022

56 d late

2021

73 d late

2020

89 d late

2019

39 d late

← before the deadline after the deadline →

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 months

Position in the running window

22-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, abbreviated schema

Turnover

€1.10M▲ 49.8%

2022 · €732k

2018: €508k 2019: €603k 2020: €376k 2021: €482k 2022: €732k

2018 → 2023

EBIT margin

5.7%▼ 0.6pp

2022 · 6.3%

2018: -0.7% 2019: 4.2% 2020: -14.5% 2021: 13.9% 2022: 6.3%

2018 → 2023

Net result

€51k▼ 21.9%

2024 · €65k

2018: €-2k 2019: €23k 2020: €-59k 2021: €58k 2022: €34k 2023: €38k 2024: €65k

2018 → 2025

Working capital

€35k▲ 107%

2024 · €17k

2018: €-33k 2019: €-135k 2020: €-183k 2021: €-52k 2022: €-39k 2023: €-74k 2024: €17k

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€482k-€732k▲ 51.9%€1.10M▲ 49.8%

Equity€8k-€55k▲ 627%€93k▲ 69.7%€301k▲ 223%€339k▲ 12.6%

Operating result€67k-€46k▼ 31.4%€62k▲ 35.5%€305k▲ 391%€57k▼ 81.3%

Net result€58k-€34k▼ 41.4%€38k▲ 12.2%€65k▲ 69.6%€51k▼ 21.9%

Result per fiscal year

Operating resultNet result

The operating result falls in 2025; 2025 is 81% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €665k

60.9%

39.1%

Fixed assets €404k▼ 3.0%

Current assets €260k▲ 1.2%

Equity and liabilities €665k

51.0%

43.9%

Equity €339k▲ 12.6%

Provisions €34k▼ 7.0%

Debt €292k▼ 13.3%

The debt ratio falls from 49.9% to 43.9%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€128k▼

2024 · €373k

Cash flow

€122k▼

2024 · €133k

Solvency

51.0%▲

2024 · 44.7%

Current ratio

1.16▲

2024 · 1.07

Quick ratio

1.16▲

2024 · 1.07

Debt / equity

0.86▼

2024 · 1.12

ROE

14.9%▼

2024 · 21.5%

ROA

7.6%▼

2024 · 9.6%

Interest coverage

15.28▼

2024 · 48.76

Debt

€292k▼

2024 · €336k

Debt ≤ 1 year

€225k▼

2024 · €240k

Debt > 1 year

€66k▼

2024 · €96k

Income taxes

€13k▼

2024 · €53k

Staff costs

€272k▲

2024 · €270k

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€674k€665k▼

Fixed assets21/28€417k€404k▼

Tangible fixed assets22/27€410k€397k▼

Plant, machinery and equipment23€164k€192k▲

Furniture and vehicles24€13k€17k▲

Leasing and similar rights25€5k€2k▼

Other tangible fixed assets26€228k€186k▼

Financial fixed assets28€7k€7k=

Current assets29/58€257k€260k▲

Amounts receivable within one year40/41€23k€17k▼

Other amounts receivable41€23k€17k▼

Cash at bank and in hand54/58€234k€243k▲

Equity and liabilities

Total equity and liabilities10/49€674k€665k▼

Equity10/15€301k€339k▲

Contributions10/11€19k€19k=

Reserves13€233k€220k▼

Non-distributable reserves130/1€90k€90k=

Own shares acquired1312€90k€90k=

Tax-exempt reserves132€143k€130k▼

Profit (loss) carried forward14€49k€100k▲

Provisions and deferred taxes16€36k€34k▼

Provisions for liabilities and charges160/5€36k€34k▼

Taxes161€36k€34k▼

Amounts payable17/49€336k€292k▼

Amounts payable after more than one year17€96k€66k▼

Financial debts170/4€96k€66k▼

Amounts payable within one year42/48€240k€225k▼

Current portion of amounts payable after more than one year42€52k€37k▼

Financial debts43€4k€4k▼

Credit institutions430/8€4k€4k▼

Trade debts44€15k€67k▲

Suppliers440/4€15k€67k▲

Taxes, remuneration and social security45€23k-

Taxes450/3€23k-

Other amounts payable47/48€146k€116k▼

Accrued charges and deferred income492/3-€744

Income statement Code20242025

Non-recurring operating income76A€197k-

Remuneration, social security and pensions62€270k€272k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€68k€71k▲

Other operating charges640/8€14k€14k▼

Gross operating margin9900€657k€414k▼

Operating profit (loss)9901€305k€57k▼

Financial charges65/66B€8k€8k▲

Recurring financial charges65€8k€8k▲

Profit (loss) for the period before taxes9903€297k€49k▼

Transfer from deferred taxes780€13k€15k▲

Transfer to deferred taxes680€192k-

Income taxes67/77€53k€13k▼

Profit (loss) for the period9904€65k€51k▼

Profit (loss) for the period to be appropriated9905€65k€51k▼

Appropriation of the result

Profit (loss) to be appropriated9906€89k€100k▲

Profit (loss) brought forward from the previous period14P€25k€49k▲

Transfer to equity691/2€40k-

To other reserves6921€40k-

The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

All 15Financial 5Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

11-09

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema · 42 days late

2025

08-10

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 69 days late

2024

31-12

Financial Highest result since 2018net €65k ▲69.6%

Operating result €305k, net result €65k, both a record.

31-12

Financial Equity above €200kEq €301k ▲223%

4 profitable years in a row build equity to €301k.

06-09

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 37 days late

2023

25-09

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 56 days late

2022

12-10

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 73 days late

2021

31-12

Financial Back to profitnet €58k

Net result €58k after one loss-making year.

28-10

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 89 days late

2020

31-12

Financial Weakest financial yearnet €-59k ▼361%

Net result drops to €-59k, the lowest in the series; recovery starts the following year.

08-09

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 39 days late

2019

31-12

Financial Back to profitnet €23k

Net result €23k after one loss-making year.

30-09

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 61 days late

2018

01-08

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 1 day late

2017

11-08

NBB filing Annual accounts filed

fiscal year 2016 · micro schema · 11 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

no sitting director, no change since 2023

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

27-11-2023 EDWARDS Armand Olivier: Resigned as Manager

27-11-2023 VANDENITTE Julien Luc Tewdwr Lloyd Etienne: Resigned as Manager

Location & real-estate footprint

Registered office, Brussel · 3 establishment units since 2014

establishment All 3 establishment units on the map

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.

Kapellemarkt 61000 Brussel

Ground area

1.3 ha

Building footprint

9,088 m²

Volume, LiDAR

254,392 m³

3 parcels, Brussels · tallest building 40.4 m, ±11 floors. Linked by address, not a title deed.

3 establishment units

Kapellemarkt 6, 1000 Brussel

Finishing of textiles

since 20142.237.146.137

Keizerslaan 27, 1000 Brussel

Sports, amusement and recreation activities

since 20182.279.468.920

Bomb Squad

Ravensteinstraat 27, 1000 BrusselCafés and bars

since 20232.345.452.575

3 parcels

Brussels 3 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21804D0744/00T000	Brussels	1.1 ha	1 · 7,675 m²	40.4 m · 11 fl.
21809K2019/00C000	Brussels	1,004 m²	1 · 622 m²	24.5 m · 6 fl.
21809K1704/00S000	Brussels	873 m²	1 · 791 m²	16.6 m · 3 fl.