EM²
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-10-2025 PDF all 12 filings
Turnover
€181,381▲ 5.9%
2024 · €171,206
EBIT margin
63.9%▲ 0.3pp
2024 · 63.6%
Net result
€69,740▲ 13.3%
2024 · €61,531
Working capital
-€156,028▲ 25.7%
2024 · -€209,951
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€181,381
▲ 5.9%
2025
20192025
Operating result
€115,955
▲ 6.5%
2025
20192025
Net result
€69,740
▲ 13.3%
2025
20192025
EBIT margin
63.9%
▲ 0.3pp
2025
20192025
Equity
€293,216
▲ 31.2%
2025
20192025
Total assets
€809,975
▼ 3.1%
2025
20192025
Debt
€516,759
▼ 15.6%
2025
20192025
Working capital
-€156,028
▲ 25.7%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.2m-€0.2m▼ 17.6%€0.1m▼ 7.7%€0.2m▲ 2.4%€0.1m▼ 8.6%€0.2m▲ 24.7%€0.2m▲ 5.9%
Operating result€0.05m-€0.07m▲ 47.6%€0.06m▼ 13.0%€0.08m▲ 33.4%€0.04m▼ 51.0%€0.1m▲ 164%€0.1m▲ 6.5%
Net result€0.007m-€0.02m▲ 228%€0.03m▲ 9.6%€0.04m▲ 37.6%€0.01m▼ 67.7%€0.06m▲ 416%€0.07m▲ 13.3%
EBIT margin25.4%-45.6%▲ 20.2pp43.0%▼ 2.6pp56.0%▲ 13.0pp30.0%▼ 26.0pp63.6%▲ 33.6pp63.9%▲ 0.3pp
Equity€0.06m-€0.09m▲ 39.7%€0.1m▲ 31.1%€0.2m▲ 32.7%€0.2m▲ 7.9%€0.2m▲ 38.0%€0.3m▲ 31.2%
Total assets€1.1m-€1.1m▼ 1.9%€1.0m▼ 9.2%€0.9m▼ 10.0%€0.9m▼ 0.7%€0.8m▼ 3.4%€0.8m▼ 3.1%
Debt€1.0m-€1.0m▼ 4.4%€0.9m▼ 12.7%€0.7m▼ 15.6%€0.7m▼ 2.5%€0.6m▼ 12.9%€0.5m▼ 15.6%
Working capital-€0.2m--€0.2m▲ 11.4%-€0.2m▼ 30.4%-€0.2m▲ 1.7%-€0.2m▼ 12.9%-€0.2m▲ 4.9%-€0.2m▲ 25.7%
The operating result for 2025 is 6% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €809,975
Fixed assets
€752,256 ▼ 5.7%
Current assets
€57,719 ▲ 52.2%
Equity and liabilities €809,975
Equity
€293,216 ▲ 31.2%
Debt
€516,759 ▼ 15.6%
Debt's share of the balance-sheet total falls from 73.3% to 63.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€161,560▲
2024 · €156,040
Cash flow
€115,345▲
2024 · €108,654
Current ratio
0.27▲
2024 · 0.15
Debt to equity
1.76▼
2024 · 2.74
ROE
23.8%▼
2024 · 27.5%
ROA
8.6%▲
2024 · 7.4%
Interest coverage
7.63▲
2024 · 6.36
Debt ≤ 1 year
€213,747▼
2024 · €247,877
Debt > 1 year
€266,671▼
2024 · €363,609
Income taxes
€25,665▲
2024 · €22,866
Customer credit
31 days▲
2024 · 6 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €192,859 | €158,839 | €146,650 | €150,104 | €137,260 | €171,206 | €181,381 | ▲ 5.9% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €84,500 | €114,994 | €13,162 | €18,772 | ▲ 42.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,767 | €55,372 | €51,131 | €47,506 | €44,686 | €47,123 | €45,605 | ▼ 3.2% |
| Other operating charges640/8 | - | - | - | €19,643 | €19,875 | €22,702 | €22,651 | ▼ 0.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €62 | - | - |
| Gross operating margin9900 | €129,943 | €146,362 | €137,735 | €151,245 | €105,770 | €178,804 | €184,211 | ▲ 3.0% |
| Operating profit (loss)9901 | €49,080 | €72,461 | €63,042 | €84,096 | €41,209 | €108,917 | €115,955 | ▲ 6.5% |
| Financial income75/76B | - | - | - | - | - | €23 | €616 | ▲ 27× |
| Recurring financial income75 | - | - | €6,979 | - | - | €23 | €616 | ▲ 27× |
| Financial charges65/66B | - | - | - | €30,766 | €24,856 | €24,543 | €21,166 | ▼ 13.8% |
| Recurring financial charges65 | €38,039 | €36,629 | €33,937 | €30,766 | €24,856 | €24,543 | €21,166 | ▼ 13.8% |
| Profit (loss) for the period before taxes9903 | €11,041 | €35,832 | €36,084 | €53,330 | €16,353 | €84,397 | €95,405 | ▲ 13.0% |
| Income taxes67/77 | €3,573 | €11,340 | €9,250 | €16,393 | €4,437 | €22,866 | €25,665 | ▲ 12.2% |
| Profit (loss) for the period9904 | €7,468 | €24,492 | €26,834 | €36,937 | €11,916 | €61,531 | €69,740 | ▲ 13.3% |
| Profit (loss) for the period to be appropriated9905 | €7,468 | €24,492 | €26,834 | €36,937 | €11,916 | €61,531 | €69,740 | ▲ 13.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.1m | €1.0m | €0.9m | €0.9m | €0.8m | €0.8m | ▼ 3.1% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 5.7% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 5.7% |
| Land and buildings22 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | ▼ 5.7% |
| Financial fixed assets28 | €380 | €380 | €380 | €380 | €380 | €380 | €380 | = |
| Current assets29/58 | €0.09m | €0.1m | €0.08m | €0.03m | €0.02m | €0.04m | €0.06m | ▲ 52.2% |
| Amounts receivable within one year40/41 | €0.04m | €0.05m | €0.04m | €0.002m | €0.01m | €0.003m | €0.02m | ▲ 501% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.01m | €0.003m | €0.02m | ▲ 501% |
| Current investments50/53 | €267 | €267 | €267 | €267 | €267 | €267 | €269 | ▲ 0.7% |
| Cash at bank and in hand54/58 | €0.02m | €0.07m | €125 | €0.02m | €0.006m | €0.03m | €0.03m | ▲ 10.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.004m | €0.004m | €0.008m | ▲ 87.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.0m | €0.9m | €0.9m | €0.8m | €0.8m | ▼ 3.1% |
| Equity10/15 | €0.06m | €0.09m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 31.2% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€0.04m | -€0.02m | €0.007m | €0.04m | €0.06m | €0.1m | €0.2m | ▲ 59.5% |
| Amounts payable17/49 | €1.0m | €1.0m | €0.9m | €0.7m | €0.7m | €0.6m | €0.5m | ▼ 15.6% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 26.7% |
| Financial debts170/4 | - | - | - | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 26.7% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 13.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.09m | €0.09m | €0.1m | ▲ 3.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.02m | €0.01m | ▼ 38.1% |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.02m | €0.01m | ▼ 38.1% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 21.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.005m | €0.001m | €0.04m | ▲ 44× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,468 | €24,492 | €26,834 | €36,937 | €11,916 | €61,531 | €69,740 | ▲ 13.3% |
| + Depreciation and write-downs630 | €58,767 | €55,372 | €51,131 | €47,506 | €44,686 | €47,123 | €45,605 | ▼ 3.2% |
| Operating cash flow (approximation) | €66,235 | €79,864 | €77,965 | €84,443 | €56,602 | €108,654 | €115,345 | ▲ 6.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€50,885 | €0 | €0 | - |
| Change in cash | - | €53,489 | -€73,817 | €19,041 | -€13,613 | €25,372 | €3,212 | ▼ 87.3% |
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, 17,811 companies had the same profile as EM² has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of EM² itself: 0.2% within 12 months.
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 17,811 companies, not a prediction for EM². 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 13-10-2025 | 2025-00543416 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00015798 | |
| 30-06-2023 | micro format | 28-12-2023 | 2024-00543963 | |
| 30-06-2022 | micro format | 24-01-2023 | 2023-00004769 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-03200050 | |
| 30-06-2020 | full format | 26-01-2021 | 2021-03300284 | |
| 30-06-2019 | full format | 04-02-2020 | 2020-04700591 | |
| 30-06-2018 | full format | 31-01-2019 | 2019-03900109 | |
| 30-06-2017 | full format | 21-02-2018 | 2018-05400412 | |
| 30-06-2016 | full format | 22-12-2016 | 2016-71000572 |