Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Of this, €44,857 falls due within a year.
Board changed. Latest change 11-03-2026 · 2 in office.
Lower solvency than 95% of companies in computer programming and consultancy. Sector median 60.0% · 21,208 companies.
The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 62, micro). It does better than 3% of them on solvency, 5% on liquidity, 5% on profitability and 8% 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 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% 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).
In July 2024, 7,639 companies had the same profile as ENOXY has now. Each dot stands for 20 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ENOXY itself: 3.8% within 12 months.
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 7,639 companies, not a prediction for ENOXY. 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.
Liquidity is insufficient, with a current ratio of 0.04 (0.29 in 2024), below 1. Short-term debt is 250.9% and cash 9% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 3 accounts on average 13 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| ENOXY Liège | €17,875 | -€143 | -175.8% | - |
| QUAL'IT SOLUTIONS Liège | €19,027 | -€4,711 | 18.0% | - |
| ELIVARD Clavier | €16,813 | -€54,876 | -800.4% | - |
| MANDARIM Visé | €15,369 | -€8,841 | -12.4% | - |
| ME BUSINESS CONSULTING Schaerbeek | €17,682 | -€14,189 | -58.8% | - |
| CRUMB Uccle | €18,189 | -€5,085 | -411.9% | - |
| BAC Solutions Antwerp | €18,991 | -€19,181 | -3.9% | - |
These companies have the same main activity as ENOXY: computer programming (NACE 62100). They are comparable in size and age: total assets between €15,400 and €19,000, founded in 2023.
ENOXY files the micro format. That format states no turnover. The gross margin rose from -€15,041 in 2023 to -€143 in 2025.
In March 2026, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Lower than 95% of 21,208 companies in 2025.
Lower than 95% of 20,571 companies in 2025.
Lower than 95% of 20,746 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
17,875 | 31,585 | 10,783 | |
21/28 |
16,058 | 21,090 | 1,146 | |
21 |
15,726 | 20,351 | - | |
22/27 |
332 | 739 | 1,146 | |
24 |
332 | 739 | 1,146 | |
29/58 |
1,817 | 10,495 | 9,638 | |
40/41 |
205 | 10,205 | 3,169 | |
40 |
198 | 701 | 954 | |
41 |
7 | 9,504 | 2,215 | |
54/58 |
1,612 | 238 | 6,082 | |
490/1 |
0 | 53 | 387 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
17,875 | 31,585 | 10,783 | |
10/15 |
-31,418 | -17,487 | 4,052 | |
10/11 |
20,000 | 20,000 | 20,000 | |
14 |
-51,418 | -37,487 | -15,948 | |
17/49 |
49,293 | 49,072 | 6,731 | |
17 |
4,436 | 12,977 | - | |
170/4 |
4,436 | 12,977 | - | |
42/48 |
44,857 | 36,095 | 6,731 | |
42 |
8,541 | 8,118 | - | |
43 |
0 | 19,285 | - | |
430/8 |
0 | 19,285 | - | |
44 |
4,881 | 5,137 | 6,042 | |
440/4 |
4,881 | 5,137 | 6,042 | |
46 |
408 | - | - | |
45 |
571 | 2,249 | - | |
450/3 |
571 | 32 | - | |
454/9 |
0 | 2,217 | - | |
47/48 |
30,456 | 1,307 | 690 | |
| Income statement | ||||
9900 |
-143 | -11,463 | -15,041 | |
62 |
4,931 | 4,604 | - | |
630 |
5,032 | 3,181 | 75 | |
640/8 |
400 | 387 | 384 | |
9901 |
-10,506 | -19,636 | -15,501 | |
75/76B |
0 | 0 | - | |
75 |
0 | 0 | - | |
65/66B |
3,425 | 1,904 | 447 | |
65 |
3,425 | 1,904 | 447 | |
9903 |
-13,931 | -21,539 | -15,948 | |
9904 |
-13,931 | -21,539 | -15,948 | |
9905 |
-13,931 | -21,539 | -15,948 | |
| Appropriation of the result | ||||
9906 |
-51,418 | -37,487 | -15,948 | |
14P |
-37,487 | -15,948 | - | |
| Document | ||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 17-07-2026.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| -5,474 | -16,455 | -15,425 | ||
| -8,899 | -18,358 | -15,873 | ||
| 0 | 23,125 | 1,221 | ||
| 1,375 | -5,845 | - | ||
| -43,040 | -25,600 | 2,907 | ||
| -175.8% | -55.4% | 37.6% | ||
| 0.04 | 0.29 | 1.43 | ||
| - | - | 1.66 | ||
| - | - | -393.6% | ||
| -77.9% | -68.2% | -147.9% | ||
| -1.60 | -8.64 | -34.50 |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | - | - | €1,221 |
| Intangible fixed assets | - | €23,125 | - |
| €5,032 | €3,181 | €75 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €10,506, smaller than the loss of €19,636 in 2024.
Equity is negative. Debt (€49,293) exceeds the balance-sheet total (€17,875).
ENOXY has no parent and no holdings in its annual accounts.
| GRAND - POSTE
establishment since 08-11-2006 · founded in 2006 · group NOSHAQ |
total assets €34.9m (2025) 0884.938.621 |
| GRAFTYS
registered office since 01-01-2022 · founded in 2017 |
4.4 FTE (2021) 0676.661.805 |
| BLOOM TECHNOLOGIES
registered office since 01-03-2023 · founded in 2014 |
7.7 FTE (2025) 0550.861.515 |
| ABV ENVIRONMENT
establishment since 01-10-2015 · founded in 2008 |
27 FTE (2025) 0898.749.144 |
| Qity
establishment since 01-07-2026 · founded in 2021 |
total assets €2.6m (2025) 0767.822.603 |
| ACTION SPORTS SPRL
registered office since 22-04-1996 · founded in 1996 · negative equity (2025) |
9.2 FTE (2025) 0457.603.042 |
| GRAND POSTE EAT & DRINK
registered office since 01-01-2021 · founded in 2020 · negative equity (2025) |
14 FTE (2025) 0758.987.782 |
| LA NICHE
establishment since 06-09-2021 · founded in 2020 |
5.4 FTE (2025) 0741.538.472 |
| Voxdale Belgium
registered office since 21-12-2023 · founded in 2023 |
1.9 FTE (2025) 1003.771.143 |
| BRASSERIES DE LIEGE
establishment since 18-12-2018 · founded in 2018 |
total assets €240,025 (2025) 0715.926.316 |
| AMONY via HAZEE Amandine Marie-Ange Monique, at ENOXY until 2026 · Director (not named in the articles) · deed of 20-03-2025 founded in 2025 |
total assets €43,685 (2025) |
| ViAm via HAZEE Amandine Marie-Ange Monique, at ENOXY until 2026 · Director · deed of 17-04-2026 |
founded in 2026 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Quai Sur Meuse 19 registered office 4000 Liège | 01-08-2023 | 2.348.234.990 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62063A0748/00D000 ProtectedMonumentFaçades et toitures de l'Hôtel des Postes, sis rue de la Régence, 61 à Liège (M) et établissement d'une zone de protection (ZP)Source ↗ | 2,628 m² | 1 · 2,281 m² | 29.8 m · 3 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
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