ELMADA
ActiveSummary
ELMADA has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €37,509 and a net result of €53,534. Equity is shrinking by ~3.1% per year across the filed fiscal years. Its solvency ranks better than 22% of 17179 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency46▼-50
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days acceptable
Liquidity tight (current ratio 1.09 against 2.83 in 2024; short-term debt: 78.9% and cash: 61.9% of total assets), and 78.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
21.1%
Return on assets
30.1%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 17179 sector peers (2025).
NBB · sector comparisonPosition among 17179 sector peers
Solvency
better than 22%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-05-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
27 d late
2024
16 d late
2023
29 d late
2022
30 d late
2021
4 d early
2020
31 d late
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 18 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€37,509▼ 63.9%
2024 · €103,975
Total assets
€177,954▲ 20.9%
2024 · €147,221
Net result
€53,534▲ 0.5%
2024 · €53,254
Working capital
€12,260▼ 84.4%
2024 · €78,838
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€44,844▼ 27.0%€4,731▼ 89.5%€44,940▲ 850%€67,831▲ 50.9%€69,203▲ 2.0%
Net result€33,102▼ 26.9%€4,969▼ 85.0%€34,289▲ 590%€53,254▲ 55.3%€53,534▲ 0.5%
Equity€169,863▲ 24.2%€87,232▼ 48.6%€81,521▼ 6.5%€103,975▲ 27.5%€37,509▼ 63.9%
Total assets€210,644▲ 19.6%€205,330▼ 2.5%€131,186▼ 36.1%€147,221▲ 12.2%€177,954▲ 20.9%
Debt€40,781▲ 3.6%€118,098▲ 190%€49,665▼ 57.9%€43,246▼ 12.9%€140,445▲ 225%
Working capital€163,883▲ 27.0%€79,061▼ 51.8%€51,954▼ 34.3%€78,838▲ 51.7%€12,260▼ 84.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 2% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €177,954
Fixed assets
€25,257 =
Current assets
€152,697 ▲ 25.2%
Equity and liabilities €177,954
Equity
€37,509 ▼ 63.9%
Debt
€140,445 ▲ 225%
Debt's share of the balance-sheet total rises from 29.4% to 78.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€76,655▲
2024 · €74,239
Cash flow
€60,986▲
2024 · €59,662
Current ratio
1.09▼
2024 · 2.83
Debt to equity
3.74▲
2024 · 0.42
ROE
142.7%▲
2024 · 51.2%
ROA
30.1%▼
2024 · 36.2%
Interest coverage
1093.82▲
2024 · 888.14
Debt ≤ 1 year
€140,436▲
2024 · €43,132
Income taxes
€16,177▲
2024 · €14,494
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,703 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.7%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,703 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,743 | €8,959 | €8,940 | €6,408 | €7,452 | ▲ 16.3% |
| Other operating charges640/8 | €1,762 | €1,959 | €2,220 | €1,081 | €1,026 | ▼ 5.1% |
| Gross operating margin9900 | €56,349 | €15,649 | €56,100 | €75,321 | €77,681 | ▲ 3.1% |
| Operating profit (loss)9901 | €44,844 | €4,731 | €44,940 | €67,831 | €69,203 | ▲ 2.0% |
| Financial income75/76B | - | €778 | €2 | - | €578 | - |
| Recurring financial income75 | - | €778 | €2 | - | €578 | - |
| Financial charges65/66B | €760 | €530 | €425 | €84 | €70 | ▼ 16.2% |
| Recurring financial charges65 | €760 | €530 | €241 | €84 | €70 | ▼ 16.2% |
| Non-recurring financial charges66B | - | - | €184 | - | - | - |
| Profit (loss) for the period before taxes9903 | €44,084 | €4,979 | €44,517 | €67,748 | €69,711 | ▲ 2.9% |
| Income taxes67/77 | €10,983 | €9 | €10,228 | €14,494 | €16,177 | ▲ 11.6% |
| Profit (loss) for the period9904 | €33,102 | €4,969 | €34,289 | €53,254 | €53,534 | ▲ 0.5% |
| Profit (loss) for the period to be appropriated9905 | €33,102 | €4,969 | €34,289 | €53,254 | €53,534 | ▲ 0.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €210,644 | €205,330 | €131,186 | €147,221 | €177,954 | ▲ 20.9% |
| Fixed assets21/28 | €17,478 | €8,519 | €30,619 | €25,251 | €25,257 | = |
| Tangible fixed assets22/27 | €17,478 | €8,519 | €30,619 | €25,251 | €25,257 | = |
| Furniture and vehicles24 | €963 | €261 | €30,619 | €25,251 | €25,257 | = |
| Leasing and similar rights25 | €16,515 | €8,258 | - | - | - | - |
| Current assets29/58 | €193,166 | €196,811 | €100,567 | €121,970 | €152,697 | ▲ 25.2% |
| Amounts receivable after more than one year29 | €15,559 | €47,463 | - | - | €23,712 | - |
| Trade receivables290 | - | €47,463 | - | - | - | - |
| Other amounts receivable291 | €15,559 | - | - | - | €23,712 | - |
| Amounts receivable within one year40/41 | €6,250 | €8,416 | €5,492 | €29,057 | €14,950 | ▼ 48.6% |
| Trade receivables40 | €5,643 | €8,416 | €295 | €28,946 | €14,300 | ▼ 50.6% |
| Other amounts receivable41 | €607 | - | €5,197 | €111 | €650 | ▲ 484% |
| Cash at bank and in hand54/58 | €171,356 | €140,932 | €93,697 | €89,867 | €110,125 | ▲ 22.5% |
| Deferred charges and accrued income490/1 | - | - | €1,377 | €3,046 | €3,911 | ▲ 28.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €210,644 | €205,330 | €131,186 | €147,221 | €177,954 | ▲ 20.9% |
| Equity10/15 | €169,863 | €87,232 | €81,521 | €103,975 | €37,509 | ▼ 63.9% |
| Contributions10/11 | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €6,200 | €18,600 | €18,600 | - | - | - |
| Issued capital100 | €18,600 | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | €12,400 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €161,803 | €66,772 | €61,061 | €83,515 | €17,049 | ▼ 79.6% |
| Amounts payable17/49 | €40,781 | €118,098 | €49,665 | €43,246 | €140,445 | ▲ 225% |
| Amounts payable after more than one year17 | €11,379 | - | - | - | - | - |
| Financial debts170/4 | €11,379 | - | - | - | - | - |
| Amounts payable within one year42/48 | €29,283 | €117,750 | €48,613 | €43,132 | €140,436 | ▲ 226% |
| Current portion of amounts payable after more than one year42 | €7,581 | €11,379 | - | - | - | - |
| Trade debts44 | €2,720 | €3,085 | €843 | €1,576 | €974 | ▼ 38.2% |
| Suppliers440/4 | €2,720 | €3,085 | €843 | €1,576 | €974 | ▼ 38.2% |
| Taxes, remuneration and social security45 | €18,982 | €3,285 | €3,613 | €7,779 | €19,462 | ▲ 150% |
| Taxes450/3 | €18,982 | €3,285 | €3,613 | €7,779 | €19,462 | ▲ 150% |
| Other amounts payable47/48 | - | €100,001 | €44,156 | €33,777 | €120,000 | ▲ 255% |
| Accrued charges and deferred income492/3 | €119 | €348 | €1,052 | €114 | €9 | ▼ 92.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,102 | €4,969 | €34,289 | €53,254 | €53,534 | ▲ 0.5% |
| + Depreciation and write-downs630 | €9,743 | €8,959 | €8,940 | €6,408 | €7,452 | ▲ 16.3% |
| Operating cash flow (approximation) | €42,845 | €13,928 | €43,229 | €59,662 | €60,986 | ▲ 2.2% |
| Investment in fixed assets (approximation) | - | €0 | -€31,041 | -€1,040 | -€7,459 | ▼ 617% |
| Change in cash | - | -€30,424 | -€47,235 | -€3,830 | €20,258 | ▲ 629% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
2025
30-09
Financial
Highest result since 2018net €53,534 ▲0.5%
Operating result €69,203, net result €53,534, both a record.
16-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 16 days late
2024
30-09
Financial
Equity above €100,000Eq €103,975 ▲27.5%
7 profitable years in a row build equity to €103,975.
29-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
30-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
30-09
Financial
Weakest financial yearnet €4,969 ▼85%
Net result drops to €4,969, the lowest in the series; recovery starts the following year.
26-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Equity above €150,000Eq €169,863 ▲24.2%
4 profitable years in a row build equity to €169,863.
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
30-09
Financial
Equity above €100,000Eq €136,761 ▲49.5%
3 profitable years in a row build equity to €136,761.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Lambrechts-Woluwe · 1 establishment unit since 2017
Ground area
1,426 m²
Building footprint
913 m²
Volume, LiDAR
13,613 m³
Parcel 21018A0008/00A002, Brussels · tallest building 20.6 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
Calabriëlaan 31B, 1200 Sint-Lambrechts-Woluwe
since 20172.264.088.480
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21018A0008/00A002 | Brussels | 1,426 m² | 1 · 913 m² | 20.6 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 30,007 companies in sector 62200 we hold annual accounts for 18,396. 14,859 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded31-03-2017
Fiscal year end30-09
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0673752102
Registered
11-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.