ACTIVE

ENIGMA

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Financial year 2025 · closed on 31/03/2025

Net result

67,7 k €

-23.0% YoY

Gross margin

117,5 k €

-13.9% YoY

Equity

226,1 k €

+13.9% YoY

What does ENIGMA do?

ENIGMA is a Private limited company incorporated in 2000. Its main activity is: Management consultancy activities. Its registered office is in Dendermonde.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0473.281.113

Incorporation

15/11/2000

Legal form

Private limited company

Registered office

Cyriel De Baerestraat(BAA) 14
9200 Dendermonde · FlandreSee on map

Contributed capital

18 750,00 €

Latest accounts

31/03/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 71408Architectural and engineering activities; technical testing and analysis 77229Rental of video tapes and disks 77299Rental and leasing of other personal and household goods

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	117,5 k €	-13.9%	136,5 k €	+8.2%	126,2 k €	+168%	47,2 k €	+235%	14,1 k €	-33.2%	21,1 k €	-15.8%	25 k €	-62.7%	67,1 k €	+54.9%	43,3 k €	+17.9%	36,7 k €	-8.3%	40,1 k €	-11.0%	45 k €	+61.6%	27,8 k €	+6.2%	26,2 k €	+0.3%	26,2 k €	-62.3%	69,4 k €	+33.7%	51,9 k €	+51.2%	34,3 k €	+9.2%	31,4 k €
EBITDA	111,1 k €	-14.7%	130,2 k €	+34.8%	96,6 k €	+210%	31,1 k €	+148%	12,5 k €	-36.8%	19,8 k €	-14.1%	23,1 k €	-62.7%	61,8 k €	+43.7%	43 k €	+28.6%	33,4 k €	-10.7%	37,4 k €	-13.6%	43,3 k €	+75.7%	24,7 k €	+0.3%	24,6 k €	-13.8%	28,5 k €	-55.2%	63,6 k €	+28.3%	49,6 k €	+54.0%	32,2 k €	+10.1%	29,2 k €
Operating result	87 k €	-18.0%	106,1 k €	+42.5%	74,4 k €	+410%	14,6 k €	+2646%	-573 €	-108%	7,2 k €	-25.9%	9,7 k €	-76.2%	40,9 k €	+73.4%	23,6 k €	+118%	10,8 k €	-24.9%	14,4 k €	-47.9%	27,6 k €	+151%	11 k €	-23.9%	14,5 k €	+25.3%	11,5 k €	-76.1%	48,2 k €	+45.1%	33,2 k €	+163%	12,6 k €	-11.5%	14,2 k €
Net result	67,7 k €	-23.0%	87,9 k €	+44.8%	60,7 k €	+372%	12,9 k €	+5823%	217 €	-97.9%	10,4 k €	+86.5%	5,6 k €	-78.7%	26,2 k €	+61.7%	16,2 k €	+463%	2,9 k €	-43.7%	5,1 k €	-66.8%	15,4 k €	+402%	3,1 k €	-16.0%	3,7 k €	+854%	383 €	-98.5%	25,9 k €	+779%	2,9 k €	+4431%	-68 €	+91.8%	-834 €
Balance sheet
Equity	226,1 k €	+13.9%	198,4 k €	+27.5%	155,6 k €	+19.8%	129,9 k €	+3.9%	125,1 k €	+0.2%	124,8 k €	+3.7%	120,4 k €	+2.2%	117,8 k €	+16.0%	101,6 k €	+13.7%	89,4 k €	+3.3%	86,5 k €	+3.7%	83,4 k €	+14.3%	73 k €	+4.4%	69,9 k €	+5.5%	66,3 k €	+0.6%	65,9 k €	+43.3%	46 k €	+6.8%	43,1 k €	-0.2%	43,1 k €
Total assets	775,2 k €	-4.3%	809,9 k €	-16.2%	965,9 k €	+74.1%	554,7 k €	+46.8%	377,8 k €	-14.7%	442,6 k €	+2.3%	432,8 k €	+17.4%	368,8 k €	-2.4%	377,8 k €	-2.7%	388,3 k €	-1.1%	392,6 k €	+16.9%	335,9 k €	-7.3%	362,4 k €	+58.5%	228,6 k €	-4.6%	239,7 k €	-5.9%	254,7 k €	+1.9%	250 k €	-3.9%	260,2 k €	+4.7%	248,4 k €
Cash	12 k €	-94.2%	206,1 k €	-4.0%	214,8 k €	+69.6%	126,6 k €	+107%	61,1 k €	+3290%	1,8 k €	+94.0%	929 €	-92.8%	12,9 k €	+2046%	601 €	-25.4%	806 €	-86.3%	5,9 k €	-71.9%	20,8 k €	+2221%	898 €	-92.9%	12,7 k €	+134%	5,4 k €	-76.4%	23 k €	+3616%	619 €	-50.2%	1,2 k €	+301%	310 €
Debts	548,6 k €	-10.3%	611,4 k €	-24.5%	810,3 k €	+90.7%	424,8 k €	+68.1%	252,7 k €	-20.0%	315,9 k €	+1.7%	310,5 k €	+24.7%	249,1 k €	-9.2%	274,3 k €	-7.2%	295,6 k €	-2.8%	304,2 k €	+21.4%	250,6 k €	-12.5%	286,2 k €	+80.4%	158,7 k €	-8.5%	173,4 k €	-6.1%	184,8 k €	-9.4%	204 k €	-4.8%	214,3 k €	+4.4%	205,3 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/03/2025 · 2 active · 2 ended

Active mandates

Sabine Rahe

Director · since 11 septembre 2023

Active

Andries Busschaert

Director · since 19 juillet 2002

Active

Ended mandates

Andries Busschaert

Director

Ended

Andries Busschaert

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
ELM - CONSULT● Active	0446.590.572
SUSTAINABLE INVEST● Active	0890.891.154

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/04/2024	01/04/2023	01/04/2022	01/04/2021	01/04/2020	01/04/2019
Closing of the financial year	31/03/2025	31/03/2024	31/03/2023	31/03/2022	31/03/2021	31/03/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	19/10/2025	30/10/2024	07/09/2023	31/08/2022	30/09/2021	28/11/2020
General meeting	05/09/2025	06/09/2024	04/08/2023	05/08/2022	06/08/2021	07/08/2020
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/03/2025	05/09/2025	19/10/2025	Dutch	PDF
Micro model	31/03/2024	06/09/2024	30/10/2024	Dutch	PDF
Micro model	31/03/2023	04/08/2023	07/09/2023	Dutch	PDF
Micro model	31/03/2022	05/08/2022	31/08/2022	Dutch	PDF
Micro model	31/03/2021	06/08/2021	30/09/2021	Dutch	PDF
Micro model	31/03/2020	07/08/2020	28/11/2020	Dutch	PDF
Micro model	31/03/2019	02/08/2019	03/09/2019	Dutch	PDF
Micro model	31/03/2018	03/08/2018	04/10/2018	Dutch	PDF
Micro model	31/03/2017	05/11/2017	16/11/2017	Dutch	PDF
Abridged model	31/03/2016	05/08/2016	09/08/2016	Dutch	PDF
Abridged model	31/03/2015	07/08/2015	25/09/2015	Dutch	PDF
Abridged model	31/03/2014	01/08/2014	30/09/2014	Dutch	PDF
Abridged model	31/03/2013	02/08/2013	14/10/2013	Dutch	PDF
Abridged model	31/03/2012	03/08/2012	06/08/2012	Dutch	PDF
Abridged model	31/03/2011	05/08/2011	31/10/2011	Dutch	PDF
Abridged model	31/03/2010	06/08/2010	21/10/2010	Dutch	PDF
Abridged model	31/03/2009	07/08/2009	30/09/2009	Dutch	PDF
Abridged model	31/03/2008	01/08/2008	24/11/2008	Dutch	PDF
Abridged model	31/03/2007	03/08/2007	20/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/03/2025 · 2 active · 2 ended

Active mandates

Sabine Rahe

Director · since 11 septembre 2023

Active

Andries Busschaert

Director · since 19 juillet 2002

Active

Ended mandates

Andries Busschaert

Director

Ended

Andries Busschaert

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/09/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202567,7 k €↓
2024
Annual accounts 202487,9 k €↑
2023
Annual accounts 202360,7 k €↑
2022
Annual accounts 202212,9 k €↑
2021
Annual accounts 2021217 €↓
2020
Annual accounts 202010,4 k €↑
2019
Annual accounts 20195,6 k €↓
2018
Annual accounts 201826,2 k €↑
2017
Annual accounts 201716,2 k €↑
2016
Annual accounts 20162,9 k €↓
2015
Annual accounts 20155,1 k €↓
2014
Annual accounts 201415,4 k €↑
2013
Annual accounts 20133,1 k €↓
2012
Annual accounts 20123,7 k €↑
2011
Annual accounts 2011383 €↓
2010
Annual accounts 201025,9 k €↑
2009
Annual accounts 20092,9 k €↑
2008
Annual accounts 2008-68 €↑
2007
Annual accounts 2007-834 €
15/11/2000
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

ENIGMA

Overview

What does ENIGMA do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline