Summary
ENODIA is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.19bn and a net result of €29.6m. Equity remains stable across the filed financial years (±0.1% per year). Its solvency ranks better than 76% of 3,016 sector peers (NACE 64, financial year 2025). The company has been active since 1923 and the Belgian Official Gazette contains no insolvency or warning signals.
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “La Société peut effectuer, au bénéfice de ses associés, toutes prestations de services, d'accompagnement, de conseil et de mise en commun de…” (deed in French)deed of 22-02-2024
3 activities (deed in French)
- La Société peut effectuer, au bénéfice de ses associés, toutes prestations de services, d'accompagnement, de conseil et de mise en commun de projets (de la conception à la mise en œuvre), notamment en matière administrative, technique, financière, juridique, de stratégie, d'organisation, de gestion et de communication.
- La Société peut, dans le cadre de la gestion de ses participations actuelles ou anciennes, directes ou indirectes, affecter du personnel à d'autres sociétés.
- La Société intercommunale est substituée aux associés pour ce qui concerne son objet
- Name clauseThe name the company operates under according to its articles.
- PUBLIFINdeed of 20-07-2015
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Liège,rue Louvrex,95, Conseil d'Administration” (deed in French)deed of 20-07-2015
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “12, 7 représentants des Communes associées, 5 représentants de la Province de Liège” (deed in French)deed of 29-07-2025
- Power of attorneyA special mandate allowing someone to perform one or more acts on the company's behalf.
- One provision in the deeddeed of 02-10-2025
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- One provision in the deeddeed of 22-02-2024
- Profit allocationHow profit is distributed; a BV may only pay out after a balance-sheet and liquidity test.
- “Mode de répartition des dividendes d'ENODIA, 49 des statuts d'ENODIA” (deed in French)“Assemblée générale, Conseil d'administration” (deed in French)deed of 22-02-2024
- Membership ruleWho can become a member or partner, and on what terms.
- “Toute personne morale de droit public pure” (deed in French)deed of 20-07-2015
Meetings and financial year
- Voting ruleWhich majority the meeting decides by, for example a simple or a special majority.
- “Majorité des voix, tant des représentants des communes associées que des représentants de la Province de Liège; majorité absolue, majorité…” (deed in French)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- One provision in the deeddeed of 22-02-2024
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “50, réglé selon législation sociale” (deed in French)deed of 03-04-2024