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INFINITY SYSTEM

In bankruptcy Public limited companyfounded 2017Rue Natalis 2, 4020 LiègeKBO/BCE: BE 0685.584.716 subsidiary of ALL THERMIC SOLUTIONS

Overview

Information for creditors

Enterprise Court of Liège, Liège division · Official Gazette of 24-11-2025
Appeal or third-party opposition 09-12-2025Filing the claim in RegSol 17-12-2025First verification report 31-12-2025Late claim until 17-11-2026
Steps, deadlines and articles of law

The procedure

Supervising judge
AURéLIE Bruyere
Official Gazette
24-11-2025search the document for 2025/148244

Deadlines

Appeal or third-party opposition
passed on 9 December 2025art. XX.108, Code of Economic Law
Filing the claim in RegSol
passed on 17 December 2025art. XX.104 and XX.155, Code of Economic Law
First verification report
passed on 31 December 2025art. XX.104 and XX.194, Code of Economic Law
Late claim until
17 November 2026A late claim shares only in what has not yet been paid out. You bear the costs of that claim.art. XX.165, Code of Economic Law

Trustee

Steps for a creditor

  1. Stop delivering on credit unless the trustee agrees.
  2. Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
  3. The ordinary term has passed. File a late claim in RegSol (regsol.be) until 17 November 2026, yourself with eID or itsme, or through your lawyer. It shares only in what has not yet been paid out, and you bear the costs.
  4. Ask your accountant about the VAT on the unpaid invoices. In a bankruptcy it can be recovered, subject to conditions.
  5. Follow the file in RegSol. The verification report (admitted or disputed) and the trustee's reports appear there.

These deadlines come from the publication of the judgment. Check them in RegSol before you file anything. Once a deadline has passed, it is too late for that step.

If this company owes you money, you are not paid automatically. You file your claim yourself, within the deadline the judgment sets.

Follow Follow this bankruptcy and you are notified the next morning if it is closed or reversed.

This is general information, not legal advice. If in doubt, the trustee, your lawyer or your accountant can help.

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Lifetime

7 annual accounts with figures on one time axis
peak €313,875 (2018)
-€152,048▼ €146,050
lowest -€330,373 (2018)
-€150,489▼ €146,082
peak -€130,373 (2018)
-€504,803▼ €150,489
€646,649▲ 30.6%
peak 1.9 FTE (2020)
-not published
Board5 names since 2018
2 directorsMINGUET Laurent and 1 other
Owners2 names in the annual accounts
Documentsfilings and deeds
29-08-202529 days late
2024financial year
Gross margin from -€5,998 to -€152,048Loss of €150,4892 directors appointed, 1 resignation 27-02Equity from -€354,314 to -€504,803Debts from €495,222 to €646,649Cash from €296 to €127

Key points

from the 2024 annual accounts, the last ones filed

Result

-€150,489 ▼ 3,315%
-€4,4102023-€150,0002024

The result fell in 2024 from -€4,407 to -€150,489.

Debts

€646,649 456% of the balance sheet
After one year 0%Within one year 100%

Of this, €646,612 falls due within a year.

Filings

7 annual accounts 7 late
AprilJune31 JulyOctober2018202020222024

The 2019 accounts came latest: 69 days after the end of the period.

No score

Board and ownership

ML
Managing director
ST
Daily manager
IM
Director, Florent MINGUET, since 12-11-2020
Board & ownership

Recent changes

Bankruptcy published Enterprise Court of Liège, Liège division · judgment of 17-11-2025 · Bankruptcy
2 directors appointed, 1 resignation Resignation: GERIKHANOV Zaourbek Saïdaminovitch · Appointments: MINGUET Laurent (director and managing director) and INVEST MINGUET GESTION (director) · Permanent representative: Florent MINGUET · General meeting of 25-01-2024 · Gazette deed
New day-to-day manager Steffi Thonon appointed, Barbara Gennarí resigned · General meeting of 11-07-2023 · Gazette deed
1 director appointed, 2 reappointments Permanent representative: Florent MINGUET · Reappointments: Laurent MINGUET (managing director) and INVEST MINGUET GESTION · Appointment: Barbara GENNARI (daily management delegate) · General meeting of 12-11-2020 · Gazette deed
All 15 events

Official details

Source: KBO
Status
In bankruptcydeclared bankrupt on 17-11-2025
Registered office
64 active companies are registered at this addressSource: KBO register, as of 8 November 2026.
Activity
Electricity, gas, steam and air conditioning supplyNACE 35150and 1 other
Joint committee
200Auxiliary committee for white-collar workers · annual accounts 2024
Establishment unit
2.271.172.5494020 Liège, since 04-12-2017
Financial year end
31 December
Peppol
Reachable since 20-11-2020
Company details

Annual accounts 2024

€0
€150,489▲ 34×
-€504,803▼ 42.5%
€141,846▲ 0.7%
Filing
Filed on 29-08-2025
Financials

Companies linked to INFINITY SYSTEM

Insights on INFINITY SYSTEM

On 17 November 2025 the court declared INFINITY SYSTEM bankrupt.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2024

full format, filed on 29-08-2025, 29 days late
€0
-€152,655
▼ €145,968
-
-
-355.9%
▼ 104.4 percentage points
0.22
▼ 0.07

Money flows

no detail for 2024

Balance sheet

balance sheet total €141,846 on 31-12-2024
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

-355.9%

Lower than 95% of 356 companies in 2024.

0.22

Higher than 10% of 331 companies in 2024.

-106.1%

Lower than 95% of 336 companies in 2024.

INFINITY SYSTEM Middle half of the sector 80% of the sector Full accounts in electricity, gas and steam (NACE 35)

Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter

Staff

Staff costs divided by the average number of full-time equivalents.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2024202320222021202020192018
Balance sheet: assets
20/58 141,846140,908145,757248,07410,54630,27116,897
21/28 0-851,1172,14800
21 0----00
22/27 0-851,1172,148--
24 0-851,1172,148--
29/58 141,846140,908145,672246,9578,39730,27116,897
40/41 141,719140,426140,034244,4617,97527,5215,975
40 3096751,90021,2451,34519,0212,065
41 141,410139,751138,134223,2166,6308,5003,910
54/58 1272965,3812,3382362,75010,347
490/1 01852581591860575
Balance sheet: equity and liabilities
10/49 141,846140,908145,757248,07410,54630,27116,897
10/15 -504,803-354,314-349,907-302,394-414,873-256,461-130,373
10/11 200,000200,000200,000200,000200,000200,000200,000
10 200,000200,000200,000200,000---
100 200,000200,000200,000200,000200,000200,000200,000
14 -704,803-554,314-549,907-502,394-614,873-456,461-330,373
17/49 646,649495,222495,664550,468425,419286,732147,270
17 ------0
178/9 ------0
42/48 646,612495,185495,652550,468425,419286,732147,270
44 146,0231,6852,1527912,51913,63014,444
440/4 146,0231,6852,1527912,51913,63014,444
45 0--56,17711,3095,4487,474
450/3 0--50,1631,37001,303
454/9 0--6,0149,9405,4486,171
47/48 500,589493,500493,500493,500411,591267,655125,352
492/3 383612-0--
Income statement
70 0----14,3491,316
76A ------402,000
9900 -152,048-5,998-9,520163,242-75,728-79,959313,875
60/61 152,048----94,30889,441
62 0-32,81748,32172,94641,67442,294
630 -851,0321,032946-200,000
640/8 607604568568568568348
66A ------400,000
9901 -152,655-6,687-43,935113,321-150,188-122,200-328,767
75/76B 2,8182,772----0
75 2,8182,772----0
65/66B 6524923,5778427,1123,8891,606
65 6524923,5778427,1123,8891,606
9903 -150,489-4,407-47,513112,479-157,301-126,089-330,373
67/77 ----1,111--
9904 -150,489-4,407-47,513112,479-158,412-126,089-330,373
9905 -150,489-4,407-47,513112,479-158,412-126,089-330,373
Appropriation of the result
9906 -704,803-554,314-549,907-502,394-614,873-456,461-330,373
14P -554,314-549,907-502,394-614,873---
Social balance sheet
9087 --0.81.21.910.9
Hours worked1013 --15,6562,1723,2401,7521,620
Document PDFPDFPDFPDFPDFPDFPDF

The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2024 (PDF), filed on 29-08-2025.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

2024 annual accounts filed 29 days after the deadline. Filed on 29 August 2025, deadline 31 July 2025 (7 months after the close on 31 December 2024, Companies Code art. 3:10). Source: NBB, 2025-00441669.

Financial year Type Filed Reference Document
31-12-2024 full format 29-08-2025 2025-00441669 PDF
31-12-2023 full format 30-08-2024 2024-00418535 PDF
31-12-2022 full format 31-08-2023 2023-00400109 PDF
31-12-2021 full format 24-08-2022 2022-20311061 PDF
31-12-2020 full format 24-08-2021 2021-52800433 PDF
31-12-2019 full format 08-10-2020 2020-60400370 PDF
31-12-2018 full format 29-08-2019 2019-56800532 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2024202320222021202020192018
--6,602-42,904114,353-149,242--128,767
--4,322-46,481113,511-157,465--130,373
-000403,0950200,000
-169-5,0853,0432,101-2,513-7,597-
-504,766-354,277-349,980-303,511-417,021-256,461-130,373
-355.9%-251.5%-240.1%-121.9%--847.2%-771.6%
0.220.280.290.450.020.110.11
-106.1%-3.1%-32.6%45.3%--416.5%-
--13.43-11.99over 100---
-----484 days573 days
351 days----53 days59 days

EBIT margin. Not meaningful: turnover is only a small part of operating income.

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.

Social balance sheet

Item31-12-202231-12-2021
Employees at the balance-sheet date-1
full-time-1
in full-time equivalents-1
0.81.2
On a permanent contract-1
Joined00
Left11

Source: social balance sheet in the 2021 to 2022 annual accounts

Insights on INFINITY SYSTEM

The operating result for 2024 is a loss of €152,655, larger than the loss of €6,687 in 2023. It is the lowest result since 2018.

Equity is negative. Debt (€646,649) exceeds the balance-sheet total (€141,846).

Board & ownership

Curator

the curator has managed the company since 17-11-2025
Curator, Rue Des Champs, 58, 4020 Liege 2
Also on 105 other cases

Last board

2 directors, 2 in day-to-day management, last change in 2024
Director (not named in the articles), permanent representative Florent MINGUET
since 12-11-2020 term until 12-11-2026
listed in the 2024 annual accounts, filed on 29-08-2025
Director (not named in the articles) and managing director
director (not named in the articles) and managing director since 12-11-2020 director (not named in the articles) and managing director in office according to the deed of 30-04-2021 term until 12-11-2026
listed in the 2024 annual accounts, filed on 29-08-2025
Day-to-day manager
appointed by deed of 20-09-2023
MINGUET Laurent, Steffi Thonon
Permanent representatives 1
Florent MINGUET
Permanent representative, for INVEST MINGUET GESTION
in office according to the deed of 30-04-2021

Office holders in the KBO →

Mandates through the years

5 names, the dashed line is today
MINGUET Laurent
Managing director
Steffi Thonon
Day-to-day manager
Barbara Gennarí
Daily management delegate
LeadershipBoardEarliermandate already running before its first mentionBankruptcy 17-11-2025
Mandates as a list
  • MINGUET Laurent
    • Managing director, from 02-07-2018, until the bankruptcy of 17-11-2025
    • Managing director, from before 12-11-2020, until the bankruptcy of 17-11-2025
  • INVEST MINGUET GESTION
    • Director, from before 12-11-2020, until the bankruptcy of 17-11-2025
  • Steffi Thonon
    • Day-to-day manager, appointed by deed of 20-09-2023, until the bankruptcy of 17-11-2025
  • GERIKHANOV Zaourbek Saïdaminovitch
    • Director, until 27-02-2024
  • Barbara Gennarí
    • Daily management delegate, appointed by deed of 30-04-2021, until 01-07-2023

See the board, name and registered office on a given date →

Control

Parent
Equity -€27,543
Profit €100,464 in 2025 (loss €482,087 in 2024)
Checked score 53
100%
This company
INFINITY SYSTEM
Equity -€504,803
Loss €150,489 in 2024

Further up the chainInvest Minguet Gestion 100%

and 1 other shareholder

Capital

Capital
€200,000
Shares
2,000
Contribution per share
€100
Equity per share
-€252 in 2024
Source
deed of 27-02-2024

Owners through the years

as the annual accounts name them
1% until 2019
Owners as a list

Source: shareholder structure in its own accounts, lists of holdings in the owners' accounts

Articles of association

deed of 27-02-2024 (in French)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
Term of at most 6 years
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Monday of June

Shareholders

2 owners

Owners 2

Network & group

Group

ALL THERMIC SOLUTIONS has 1 direct subsidiary (2025 accounts)
ParentALL THERMIC SOLUTIONS1 holding, 1 country 2025 accounts

Belgium 1 Equity Result

  • BE INFINITY SAopen bankruptcy -€504,803 result -€150,489

Source: list of holdings in the 2025 accounts of ALL THERMIC SOLUTIONS. Every holding stands with its own latest accounts.

Part of the group Invest Minguet Gestion Group, risk and exposure

At the same address

Rue Natalis 2, 4020 Liège · 63 other companies
Power Online
registered office since 11-06-2013 · founded in 2013 · group La Deuxième Phase
turnover €574.7m (2025)
0535.615.192
MEGA GROUP INTERNATIONAL SA
registered office since 15-10-2019 · founded in 2019 · group La Deuxième Phase
21 FTE (2025)
0734.648.009
Invest Minguet Gestion
registered office since 30-08-2002 · founded in 2000 · accounts filed late
9.5 FTE (2024)
0472.499.470
MIMOB
registered office since 07-05-2010 · founded in 2010 · accounts filed late
6.7 FTE (2024)
0825.749.023
HORIZON PLEIADES
registered office since 01-10-2004 · founded in 2004 · group MIMOB · accounts filed late
7 FTE (2024)
0867.447.640
HORIZON CONSTRUCT
registered office since 26-05-2004 · founded in 2004 · negative equity (2025) · group MIMOB · accounts filed late
total assets €9.6m (2025)
0865.493.881
HAPPY BEES
registered office since 22-11-2016 · founded in 2016 · group La Deuxième Phase
87 FTE (2025)
0666.412.467
GREEN INVEST HOLDING
establishment since 02-08-2018 · founded in 2018
total assets €8.1m (2025)
0700.603.878
HAVETTE CONSTRUCT
registered office since 04-02-2020 · founded in 2020 · negative equity (2025) · group MIMOB
total assets €7.0m (2025)
0742.872.025
INVEST MINGUET HOTEL
registered office since 25-09-2006 · founded in 2006 · group Invest Minguet Gestion
22 FTE (2025)
0883.713.352
and 53 more

Connections & network

2 last directors
Depth

The network starts from the directors of INFINITY SYSTEM. Every other company they run is a node.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

Timeline

Timeline

15 events since 2017
2025
Bankruptcy published Enterprise Court of Liège, Liège division · judgment of 17-11-2025
Annual accounts 2024 filed PDFfull format · 29 days late
2024
Annual accounts 2023 filed PDFfull format · 30 days late
2 directors appointed, 1 resignationResignation: GERIKHANOV Zaourbek Saïdaminovitch · Appointments: MINGUET Laurent (director and managing director) and INVEST MINGUET GESTION (director) · Permanent representative: Florent MINGUET · General meeting of 25-01-20247 points ▸
  • General meeting, 25-01-2024
  • Capital, €200,000, 2,000 shares
  • Registered office clause, Rue Natalis 2, 4020 Liège
  • Director resignation, GERIKHANOV Zaourbek Saïdaminovitch
  • Director appointment, MINGUET Laurent (director (not named in the articles) and managing director)
  • Director appointment, INVEST MINGUET GESTION (director (not named in the articles))
  • Permanent representative, Florent MINGUET
  • The deed holds 4 more points.

Open the deed in the Belgian Official Gazette

2023
New day-to-day managerSteffi Thonon appointed, Barbara Gennarí resigned · General meeting of 11-07-20233 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2022 filed PDFfull format · 31 days late
2022
Annual accounts 2021 filed PDFfull format · 24 days late
2021
Back to profit net €112,479 The net result is €112,479, after 3 loss-making years.
Annual accounts 2020 filed PDFfull format · 24 days late
1 director appointed, 2 reappointmentsPermanent representative: Florent MINGUET · Reappointments: Laurent MINGUET (managing director) and INVEST MINGUET GESTION · Appointment: Barbara GENNARI (daily management delegate) · General meeting of 12-11-20205 points ▸

Open the deed in the Belgian Official Gazette

2020
Listed in the Peppol Directory
Annual accounts 2019 filed PDFfull format · 69 days late
2019
Annual accounts 2018 filed PDFfull format · 29 days late
2017
Incorporation PDF5 publications in the Belgian Official Gazette, the last on 27-02-2024 · published on 06-12-2017
First establishment Rue Natalis 2, Liège

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 4 December 2017, INFINITY SYSTEM was incorporated.1 Total assets went from €16,897 in 2018 to €141,846 in 2024 and headcount from 0.9 full-time equivalents in 2018 to 0.8 in 2022.2 The company was declared bankrupt on 17 November 2025.3

  1. 1KBO register
  2. 2National Bank, annual accounts 2018, 2022 and 2024
  3. 3Belgian Official Gazette, 24-11-2025

Company details

Identity

Enterprise number
0685.584.716
VAT number
BE 0685.584.716
Peppol ID
0208:0685584716
Other Peppol ID
9925:BE0685584716
Legal form
Public limited company
Status
In bankruptcy, since 17-11-2025
Founded
04-12-2017
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Monday of June
deed of 27-02-2024 (in French)
Peppol
Listed since 20-11-2020The listing only disappears when the Peppol service provider removes it.
Name
INFINITY SYSTEM in French
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 27-02-2024 (in French)

Activities

NACEBEL 2025
Joint committees annual accounts 2024
JC 200 Auxiliary committee for white-collar workers
Codes under NACEBEL 2008
35140 Electricity, gas, steam and air conditioning supply main activity
72190 Scientific research and development
PurposeThe purpose describes the activities the company may carry out under its articles.
“De logiciels / applications informatiques; De sites web,des bases de données; D’œuvres graphiques,design industriel et autres activités…”
35 activities
  1. De logiciels / applications informatiques
  2. De sites web,des bases de données
  3. D’œuvres graphiques,design industriel et autres activités spécialisées de design
  4. De produits électroniques,mécaniques et mécatroniques
  5. Création/conception,design,développement et commercialisation (par voie électronique et autres)
  6. De composants et cartes électroniques
  7. D’ordinateurs et d’équipements périphériques
  8. D’équipements de communication
  9. De produits électroniques grand public
  10. D’instruments et d’appareils de mesure
  11. D’autres matériels électriques
  12. Fabrication et commercialisation (par voie électronique et autres)
  13. L’installation de machines et d’équipements industriels
  14. De l’installation et du déploiement et/ou mise en ligne de logiciels,sites web et des bases de données
  15. De la maintenance et télémaintenance de logiciels,sites web,bases de données et parc informatique
  16. De prestations de services en consultance informatique : programmation,conseils,maintenance,gestion,support et autres activités informatiques
  17. Les services d’information : de traitement de données,hébergement et activités connexes ; portails Internet
  18. Les services de télécommunications filaires,sans fil,par satellite et autres activités de télécommunication
  19. Installation,programmation,information,télécommunications,e-commerce
  20. De produits électroniques
  21. De logiciels et de sites web
  22. Des œuvres graphiques
  23. Des licences
  24. Les activités d’import et d’export de produits (électroniques,électriques,mécaniques,informatiques)
  25. Les activités de Recherche-développement scientifique (ingénierie et technologie)
  26. Les autres activités spécialisées,scientifiques et techniques
  27. Les activités liées aux systèmes de sécurité
  28. Les activités de réparation d’ordinateurs,d’équipements périphériques,d’équipements de communication et de produits électroniques grand public
  29. Intermédiaires du commerce en machines,équipements industriels
  30. D’appareils électroménagers
  31. D’ordinateurs,d’équipements informatiques périphériques et de logiciels
  32. De composants et d’équipements électroniques et de télécommunication
  33. Gros d’autres équipements industriels
  34. Activités des sociétés holding
  35. Commerce,recherche et services
deed of 27-02-2024 (in French)

Registered office and establishments

1 establishment
Establishment Since Unit number
Rue Natalis 2 registered office 4020 Liège 58290 Other software publishing 04-12-2017 2.271.172.549

Buildings and parcels at the address

Ground area
5,447 m²
Buildings
1,275 m²
Volume, LiDAR
27,669 m³
Tallest building
29.4 m
Buildings to scale, each on its own parcel
1,275 m², 29.4 m 1,275 m², 29.4 m

Location

registered office establishment The establishment unit on the map
64 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
62817B0482/00Z0035,447 m² 1 · 1,275 m² 29.4 m · 7