NINX
ActiveSummary
NINX has been active since 2003 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€1.7m) and a net result of €5,543. Equity has been shrinking by about 6.1% per year since 2019. Its solvency ranks better than 5% of 39,275 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 23-12-2003 Normal situation
- Activity
- Business and other management consultancy NACE 70200
- Establishment unit
- 2.135.533.786 8510 Kortrijk, since 23-12-2003
- Financial year end
- 30 June
- Peppol
- Reachable since 27-10-2026
Board and ownership
- BAERT Marie-Hélène Julie AndréeDirector
- DEPUYDT Luc Frans RemiDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.3%
- Gross margin
- €305,228
- ▲ 12.1%
- Turnover
- ≈ €440,000
- estimated
- Profit
- €5,543
- Equity
- -€1.7m
- ▲ 0.3%
- Total assets
- €2.5m
- ▼ 6.6%
- Negative equity on 30-06-2025
Score breakdownraises riskCapped at 59: negative equityNegative equity -€1.7mLiquidity: current ratio 0.71, cash €33,297lowers riskSize: total assets €2.5mSector: Activities of head offices; management consultancy activities (NACE 70)Show the evidence
Checked score
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 70, small). It does better than 1% of them on solvency, 32% on liquidity, 42% on profitability and 34% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 4 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 12-01-2026 PDF all 21 filings
Every figure per financial year
The operating result for 2025 is over 3.4 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
- 2023 Net result -838% on 2022. The accounts now follow the micro format, last year the abbreviated format.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €1.6m | - | - | - |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | €2.8m | €2.8m | €2.8m | €2.8m |
| Carrying value of the mortgaged assets | €2.6m | €2.4m | €2.3m | €2.1m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €142,367 | €72,137 | €25,496 | €14,149 |
| Depreciation and write-downs of the year | €199,676 | €199,014 | €202,416 | €199,745 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.03m | €7 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.3% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 4.8% |
| Non-recurring operating charges66A | - | - | - | - | €0.2m | €0.01m | €0 | ▼ 100% |
| Gross operating margin9900 | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 12.1% |
| Operating profit (loss)9901 | €0.08m | €0.03m | -€0.04m | -€0.009m | -€0.2m | €0.02m | €0.07m | ▲ 245% |
| Financial income75/76B | - | - | - | €0 | €3.5m | €5 | €197 | ▲ 36× |
| Recurring financial income75 | €47 | €0 | €4 | €0 | €19 | €5 | €197 | ▲ 36× |
| Non-recurring financial income76B | - | - | - | - | €3.5m | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.01m | €3.5m | €0.08m | €0.06m | ▼ 16.7% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.02m | €0.01m | €0.04m | €0.08m | €0.06m | ▼ 16.7% |
| Non-recurring financial charges66B | - | - | - | - | €3.5m | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €0.06m | -€1.8m | -€0.06m | -€0.02m | -€0.2m | -€0.06m | €0.004m | - |
| Transfer from deferred taxes780 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Income taxes67/77 | €0.005m | €0.007m | -€3 | €210 | €459 | €368 | €305 | ▼ 17.3% |
| Profit (loss) for the period9904 | €0.06m | -€1.8m | -€0.06m | -€0.02m | -€0.2m | -€0.05m | €0.006m | - |
| Transfer from tax-exempt reserves789 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Profit (loss) for the period to be appropriated9905 | €0.06m | -€1.8m | -€0.05m | -€0.01m | -€0.2m | -€0.05m | €0.01m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €5.1m | €3.2m | €3.1m | €3.1m | €2.8m | €2.7m | €2.5m | ▼ 6.6% |
| Fixed assets21/28 | €4.8m | €2.8m | €2.7m | €2.6m | €2.5m | €2.3m | €2.1m | ▼ 8.0% |
| Intangible fixed assets21 | €0.07m | €0.05m | €0.02m | €0.005m | €0 | - | - | - |
| Tangible fixed assets22/27 | €2.9m | €2.7m | €2.7m | €2.6m | €2.5m | €2.3m | €2.1m | ▼ 8.0% |
| Land and buildings22 | - | - | - | €2.6m | €2.4m | €2.3m | €2.1m | ▼ 7.6% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.08m | €0.05m | €0.03m | ▼ 28.7% |
| Other tangible fixed assets26 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Financial fixed assets28 | €1.8m | €0 | - | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | €0.4m | ▲ 2.8% |
| Amounts receivable within one year40/41 | €0.3m | €0.4m | €0.4m | €0.5m | €0.3m | €0.3m | €0.3m | ▼ 3.6% |
| Trade receivables40 | - | - | - | €0.3m | €0.06m | €0.05m | €0.03m | ▼ 44.9% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 4.3% |
| Current investments50/53 | €20 | €20 | €20 | €20 | €20 | €0 | - | - |
| Cash at bank and in hand54/58 | €0.009m | €0.006m | €0.009m | €0.01m | €0.04m | €0.009m | €0.03m | ▲ 271% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.009m | €0.02m | €0.02m | ▼ 11.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €5.1m | €3.2m | €3.1m | €3.1m | €2.8m | €2.7m | €2.5m | ▼ 6.6% |
| Equity10/15 | €0.4m | -€1.4m | -€1.5m | -€1.5m | -€1.7m | -€1.7m | -€1.7m | ▲ 0.3% |
| Contributions10/11 | €1.8m | - | - | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | €0.08m | ▼ 8.6% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.09m | €0.08m | €0.08m | ▼ 8.8% |
| Distributable reserves133 | - | - | - | - | - | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | -€1.5m | -€3.4m | -€3.4m | -€3.4m | -€3.6m | -€3.7m | -€3.6m | ▲ 0.4% |
| Provisions and deferred taxes16 | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 11.3% |
| Deferred taxes168 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 11.3% |
| Amounts payable17/49 | €4.7m | €4.6m | €4.5m | €4.6m | €4.5m | €4.4m | €4.2m | ▼ 4.1% |
| Amounts payable after more than one year17 | €4.5m | €4.4m | €4.2m | €4.1m | €4.0m | €3.8m | €3.7m | ▼ 3.7% |
| Financial debts170/4 | - | - | - | €3.5m | €3.4m | €3.3m | €3.1m | ▼ 4.4% |
| Other amounts payable178/9 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.3m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 6.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 4.5% |
| Trade debts44 | €282 | €316 | €0.04m | €0.05m | €0.01m | €0.02m | €0.01m | ▼ 51.2% |
| Suppliers440/4 | - | - | - | €0.05m | €0.01m | €0.02m | €0.01m | ▼ 51.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.1m | €0.1m | €0.09m | ▼ 16.2% |
| Taxes450/3 | - | - | - | €0.002m | €0.008m | €0.007m | €0.006m | ▼ 22.0% |
| Remuneration and social security454/9 | - | - | - | €0.08m | €0.09m | €0.1m | €0.08m | ▼ 15.8% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 0.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.06m | -€1.8m | -€0.06m | -€0.02m | -€0.2m | -€0.05m | €0.006m | - |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.3% |
| Operating cash flow (approximation) | €0.2m | -€1.6m | €0.1m | €0.2m | €0.002m | €0.1m | €0.2m | ▲ 38.7% |
| Investment in fixed assets (approximation) | - | €1.8m | -€0.09m | -€0.1m | -€0.07m | -€0.02m | -€0.01m | ▲ 16.0% |
| Change in cash | - | -€0.003m | €0.002m | €0.006m | €0.03m | -€0.04m | €0.02m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 519 companies had the same profile as NINX has now. Two years later, 91.7% were still going and 2.9% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
Another 1.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NINX itself is lower: 0.3% within 12 months. It rests on far more data about NINX than the profile alone.
Test of the method
The method was tested on the 497,446 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 519 companies, not a prediction for NINX. 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.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 12-01-2026 | 2026-00007591 | |
| 30-06-2024 | micro format | 21-01-2025 | 2025-00007753 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00022751 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00024281 | |
| 30-06-2021 | abbreviated format | 28-01-2022 | 2022-03200264 | |
| 30-06-2020 | abbreviated format | 29-01-2021 | 2021-02800515 | |
| 30-06-2019 | abbreviated format | 06-02-2020 | 2020-04500544 | |
| 30-06-2018 | abbreviated format | 31-01-2019 | 2019-04300435 | |
| 30-06-2017 | abbreviated format | 09-01-2018 | 2018-01100529 | |
| 30-06-2016 | abbreviated format | 27-01-2017 | 2017-02500408 |
Board & ownership
Directors
Owners and capital
Owners
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| BAERT Marie-Hélène Julie Andrée |
|
| DEPUYDT Luc Frans Remi |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Algemene vergadering bepaalt aantal, duur opdracht en bij meerdere bestuurders bevoegdheid, één of meer bestuurders, natuurlijke personen of…”“Iedere bestuurder vertegenwoordigt vennootschap jegens derden en in rechte als eiser of verweerder, indien meer dan één bestuurder mag…”
Articles of association, deed of 18-01-2024 (in Dutch)
Network & group
Board mandates elsewhere
1 board mandateConnections & network
2 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Timeline
Acts, filings and financial milestones
18-01
Gazette deed
2 directors resigning, 2 reappointedResignations: DEPUYDT Luc Frans Remi (director) and BAERT Marie-Hélène Julie Andrée (director) · Reappointments: DEPUYDT Luc Frans Remi (director) and BAERT Marie-Hélène Julie Andrée (director) · Amendment of the articles13 points ▸
- Amendment of the articles, mentioned 3 times in the deed
- Legal-form conversion, “besloten vennootschap (BV)” (deed in Dutch)
- Other provision, “uitkeringen netto-actieftest en liquiditeitstest, hoofdelijke aansprakelijkheid bestuurders (art 5:144 WVV)” (deed in Dutch)
- Transfer restriction, “herformulering overdrachtsbeperkingen, artikel 10 van de nieuwe statuten” (deed in Dutch)
- Director resignation, DEPUYDT Luc Frans Remi (director)
- Director resignation, BAERT Marie-Hélène Julie Andrée (director)
- Director reappointment, DEPUYDT Luc Frans Remi (director (not named in the articles))
- Director reappointment, BAERT Marie-Hélène Julie Andrée (director (not named in the articles))
- Registered office clause, “Vlaams Gewest, 8510 Kortrijk(Bellegem),Leuzestraat 96” (deed in Dutch)
- Power of attorney, Stéphane SAEY
- Power of attorney
- Director discharge, DEPUYDT Luc Frans Remi
- The act holds 1 more point.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34005B0241/00F000 | Flanders | 2,349 m² | 1 · 336 m² | 8.5 m · 2 |