EM&S CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of EM&S CONSTRUCT is 5.6% (elevated). The 2025 annual accounts show equity of €84,690 and a net result of €7,276. Equity has been growing by about 31% per year since 2023. Its solvency ranks better than 81% of 9,399 sector peers (NACE 41, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 15-02-2022 Normal situation
- Registered office
- 164 active companies are registered at this address 10 started in the 12 months before. Source: KBO register, as of 4 November 2026.
- Activity
- General construction of residential buildings NACE 41001and 5 others
- Establishment unit
- 2.328.506.873 since 15-02-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 09-02-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 5.6%
- Gross margin
- €10,913
- ▼ 84.5%
- Turnover
- ≈ €130,000
- estimated
- Profit
- €7,276
- ▼ 88.0%
- Equity
- €84,690
- ▲ 9.4%
- Total assets
- €116,851
- ▼ 5.8%
- Staff
- ≈ 0.1 FTE
- estimated
- 2025 accounts filed 47 days after the deadline
Score breakdownraises riskLast filed accounts filed 47 days late; 3 of the last 3 accounts lateSector: Construction of residential and non-residential buildings (NACE 41)Founded in 2022Size: total assets €116,851Show the evidence
Checked score
About 6 in 100 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 41, micro). It does better than 81% of them on solvency, 43% on liquidity, 55% on profitability and 53% 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 3 accounts on average 42 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 47 days after the deadline Filed on 16 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00514218.
Annual accounts 2025 filed on 16-09-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 89% lower than in 2024 and the lowest since 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | €5,250 | €3,700 |
| Depreciation and write-downs of the year | €391 | €289 | €1,473 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1,350 | €755 | €1,490 | ▲ 97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €391 | €289 | €1,473 | ▲ 410% |
| Other operating charges640/8 | €100 | €487 | €100 | ▼ 79.5% |
| Gross operating margin9900 | €63,716 | €70,303 | €10,913 | ▼ 84.5% |
| Operating profit (loss)9901 | €61,875 | €68,772 | €7,850 | ▼ 88.6% |
| Financial income75/76B | €859 | €2,670 | €2,560 | ▼ 4.1% |
| Recurring financial income75 | €859 | €2,670 | €2,560 | ▼ 4.1% |
| Financial charges65/66B | - | €483 | €721 | ▲ 49.4% |
| Recurring financial charges65 | - | €483 | €721 | ▲ 49.4% |
| Profit (loss) for the period before taxes9903 | €62,734 | €70,959 | €9,688 | ▼ 86.3% |
| Income taxes67/77 | €8,567 | €10,212 | €2,412 | ▼ 76.4% |
| Profit (loss) for the period9904 | €54,167 | €60,747 | €7,276 | ▼ 88.0% |
| Profit (loss) for the period to be appropriated9905 | €54,167 | €60,747 | €7,276 | ▼ 88.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €66,009 | €124,085 | €116,851 | ▼ 5.8% |
| Formation expenses20 | €651 | €442 | €234 | ▼ 47.1% |
| Fixed assets21/28 | - | €5,169 | €7,605 | ▲ 47.1% |
| Tangible fixed assets22/27 | - | €5,169 | €7,605 | ▲ 47.1% |
| Furniture and vehicles24 | - | €5,169 | €7,605 | ▲ 47.1% |
| Current assets29/58 | €65,358 | €118,473 | €109,012 | ▼ 8.0% |
| Amounts receivable after more than one year29 | - | €55,857 | €22,468 | ▼ 59.8% |
| Other amounts receivable291 | - | €55,857 | €22,468 | ▼ 59.8% |
| Amounts receivable within one year40/41 | €43,400 | €28,020 | €75,552 | ▲ 170% |
| Trade receivables40 | €8,208 | €26,714 | €70,901 | ▲ 165% |
| Other amounts receivable41 | €35,192 | €1,306 | €4,651 | ▲ 256% |
| Cash at bank and in hand54/58 | - | €32,341 | €5,401 | ▼ 83.3% |
| Deferred charges and accrued income490/1 | €21,958 | €2,255 | €5,592 | ▲ 148% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €66,009 | €124,085 | €116,851 | ▼ 5.8% |
| Equity10/15 | €36,667 | €77,414 | €84,690 | ▲ 9.4% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | €34,167 | €74,914 | €82,190 | ▲ 9.7% |
| Amounts payable17/49 | €29,342 | €46,671 | €32,161 | ▼ 31.1% |
| Amounts payable within one year42/48 | €29,342 | €46,671 | €32,161 | ▼ 31.1% |
| Trade debts44 | €775 | €7,892 | €20,405 | ▲ 159% |
| Suppliers440/4 | €775 | €7,892 | €20,405 | ▲ 159% |
| Taxes, remuneration and social security45 | €8,567 | €18,779 | €11,756 | ▼ 37.4% |
| Taxes450/3 | €8,567 | €18,779 | €11,756 | ▼ 37.4% |
| Other amounts payable47/48 | €20,000 | €20,000 | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,167 | €60,747 | €7,276 | ▼ 88.0% |
| + Depreciation and write-downs630 | €391 | €289 | €1,473 | ▲ 410% |
| Operating cash flow (approximation) | €54,558 | €61,036 | €8,749 | ▼ 85.7% |
| Investment in fixed assets (approximation) | - | - | -€3,908 | - |
| Change in cash | - | - | -€26,940 | - |
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, 39,278 companies had the same profile as EM&S CONSTRUCT has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of EM&S CONSTRUCT itself is higher: 5.6% within 12 months. It rests on far more data about EM&S CONSTRUCT 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 39,278 companies, not a prediction for EM&S CONSTRUCT. 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.
Board & ownership
Directors
Owners and capital
Shareholders
- ATANASOV Emil Angelov 100 shares (100%) · €2,500
Capital transactions
- 17-02-2022 Incorporation · €2,500 · 100 shares
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Algemene vergadering die benoemt bepaalt aantal,duur opdracht en bij meerdere bevoegdheid, één of meer bestuurders natuurlijke personen of…”
Capital, shares and profit
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Helft overdrager en helft koper(s) naar evenredigheid verworven aantal, vermelde prijs in oorspronkelijke bekendmaking of bij betwisting…”
Audit, dissolution and liquidation
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Bestuurder(s) in functie indien geen andere benoemd, vereffenaars aanduiden,bevoegdheden omlijnen,vergoeding bepalen”
Articles of association, deed of 17-02-2022 (in Dutch)
Network & group
Connections & network
1 connected companyThe connected companies are in the list below.
Timeline
Acts, filings and financial milestones
07-09
Gazette deed
Registered office moved within MachelenNew seat: De Kleetlaan 5BC, 1831 Machelen · Previous seat: Pegasuslaan 5, 1831 Machelen (Brab.)2 points ▸
- General meeting, 08-06-2026
- Registered-office move, De Kleetlaan 5BC, 1831 Machelen
08-09
Gazette deed
Registered office moved to MachelenNew seat: Pegasuslaan 5 te 1831 MACHELEN (Brab.)2 points ▸
- General meeting, 01-08-2022
- Registered-office move, Pegasuslaan 5 te 1831 MACHELEN (Brab.)
17-02
Gazette deed
IncorporationStarting capital €2,500 · Appointment: ATANASOV Emil Angelov (director) · Founder8 points ▸
- Incorporation, “EM&S CONSTRUCT” (deed in Dutch)
- Founder, ATANASOV Emil Angelov
- Other provision, “financieel plan en aansprakelijkheid oprichter, aansprakelijkheid oprichters bij faillissement binnen drie jaar na oprichting indien aanvangsvermogen kennelijk…” (deed in Dutch)
- Founding capital, €2,500
- Registered office clause, “1930 Zaventem,Imperiastraat 8” (deed in Dutch)
- Board rule, 1
- Director appointment, ATANASOV Emil Angelov (director (not named in the articles))
- Pre-incorporation commitments, “takeover, alle verbintenissen,verplichtingen en activiteiten in naam en voor rekening van vennootschap in oprichting” (deed in Dutch)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
On 15 February 2022, EM&S CONSTRUCT was incorporated as a private limited company by one natural person, with a starting capital of €2,500.12 In 2022 the registered office moved to Machelen.3 ATANASOV Emil Angelov is director of the company, appointed in the act of 17-02-2022.2 Total assets went from €66,009 in 2023 to €116,851 in 2025.4
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- Pegasuslaan 5, 1831 Machelen (Brab.) until 08-06-2026 · act of 07-09-2026
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0781.966.290
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23015B0091/00Z003 | Flanders | 8,805 m² | 1 · 1,328 m² | 26.1 m · 7 |
| 23015B0091/00S003 | Flanders | 4,582 m² | 1 · 1,166 m² | 22.4 m · 6 |