EMA PROJECT
ActiveSummary
The computed 12-month bankruptcy probability of EMA PROJECT is 1.8% (moderate). The 2025 annual accounts show equity of €288,722 and a net result of €63,951. Equity is growing by ~19.6% per year across the filed fiscal years. Its solvency ranks better than 71% of 7586 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability86▼-4
Solvency88▼-12
Growth52=
Track record94
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €20,000 at 30 days acceptable
Liquidity ample (current ratio 8.73 against 4.16 in 2024; short-term debt: 8.1% and cash: 12% of total assets), and 36.6% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more 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
63.4%
Return on assets
14.1%
Age of the figures
10 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-11-2025 was due by 30-06-2026 and was filed on 16-05-2026, 45 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
45 d early
2024
46 d early
2023
39 d early
2022
29 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 40 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-11-2026 and is due by 30-06-2027. Nothing is late today. Usually files around 20 May (4 of the last 4 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-11-2026 close30-06-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#10 company by equity in Berlaar, Construction sector
Equity
€288,722▲ 1.8%
2024 · €283,595
Total assets
€455,086▲ 43.3%
2024 · €317,541
Net result
€63,951▲ 19.5%
2024 · €53,519
Working capital
€285,677▲ 170%
2024 · €105,865
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Operating result€188,202-€103,241▼ 45.1%€69,123▼ 33.0%€82,421▲ 19.2%
Net result€137,753above the sector's middle half-€82,323above the sector's middle half▼ 40.2%€53,519above the sector's middle half▼ 35.0%€63,951above the sector's middle half▲ 19.5%
Equity€147,753above the sector's middle half-€230,076above the sector's middle half▲ 55.7%€283,595above the sector's middle half▲ 23.3%€288,722above the sector's middle half▲ 1.8%
Total assets€226,852within the sector's middle half-€266,297within the sector's middle half▲ 17.4%€317,541above the sector's middle half▲ 19.2%€455,086above the sector's middle half▲ 43.3%
Debt€79,098-€36,221▼ 54.2%€33,946▼ 6.3%€166,364▲ 390%
Working capital€62,097within the sector's middle half-€60,947within the sector's middle half▼ 1.9%€105,865above the sector's middle half▲ 73.7%€285,677above the sector's middle half▲ 170%
Solvency65.1%above the sector's middle half-86.4%above the sector's middle half▲ 21.3pp89.3%above the sector's middle half▲ 2.9pp63.4%within the sector's middle half▼ 25.9pp
Current ratio1.79within the sector's middle half-2.76within the sector's middle half▲ 0.974.16above the sector's middle half▲ 1.408.73above the sector's middle half▲ 4.57
Return on assets (ROA)60.7%above the sector's middle half-30.9%above the sector's middle half▼ 29.8pp16.9%within the sector's middle half▼ 14.1pp14.1%within the sector's middle half▼ 2.8pp
Staff (FTE)0.8-2▲ 150%2.6▲ 30.0%2.8▲ 7.7%
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 19% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €455,086
Fixed assets
€132,450 ▼ 25.7%
Current assets
€322,635 ▲ 132%
Equity and liabilities €455,086
Equity
€288,722 ▲ 1.8%
Debt
€166,364 ▲ 390%
Debt's share of the balance-sheet total rises from 10.7% to 36.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€123,122▲
2024 · €108,825
Cash flow
€104,652▲
2024 · €93,221
Quick ratio
3.33▼
2024 · 4.10
Debt to equity
0.58▲
2024 · 0.12
ROE
22.1%▲
2024 · 18.9%
Interest coverage
43.66▼
2024 · 85.19
Debt ≤ 1 year
€36,958▲
2024 · €33,491
Debt > 1 year
€128,399
Income taxes
€16,378▲
2024 · €15,339
Staff costs
€153,751▲
2024 · €131,140
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 39,276 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.8% 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 497,662 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% | 1.7% |
| 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 75% 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 39,276 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €35,747 | €88,797 | €131,140 | €153,751 | ▲ 17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €698 | €26,297 | €39,702 | €40,700 | ▲ 2.5% |
| Other operating charges640/8 | €860 | €1,583 | €9,413 | €2,130 | ▼ 77.4% |
| Non-recurring operating charges66A | - | - | - | €4,347 | - |
| Gross operating margin9900 | €225,508 | €219,918 | €249,378 | €283,350 | ▲ 13.6% |
| Operating profit (loss)9901 | €188,202 | €103,241 | €69,123 | €82,421 | ▲ 19.2% |
| Financial income75/76B | €0 | €1,898 | €1,012 | €728 | ▼ 28.0% |
| Recurring financial income75 | €0 | €1,898 | €1,012 | €728 | ▼ 28.0% |
| Financial charges65/66B | €24 | €1,624 | €1,277 | €2,820 | ▲ 121% |
| Recurring financial charges65 | €24 | €1,624 | €1,277 | €2,820 | ▲ 121% |
| Profit (loss) for the period before taxes9903 | €188,179 | €103,514 | €68,858 | €80,329 | ▲ 16.7% |
| Income taxes67/77 | €50,426 | €21,192 | €15,339 | €16,378 | ▲ 6.8% |
| Profit (loss) for the period9904 | €137,753 | €82,323 | €53,519 | €63,951 | ▲ 19.5% |
| Profit (loss) for the period to be appropriated9905 | €137,753 | €82,323 | €53,519 | €63,951 | ▲ 19.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €226,852 | €266,297 | €317,541 | €455,086 | ▲ 43.3% |
| Fixed assets21/28 | €85,656 | €170,657 | €178,185 | €132,450 | ▼ 25.7% |
| Intangible fixed assets21 | €24,932 | €22,432 | €19,932 | €17,432 | ▼ 12.5% |
| Tangible fixed assets22/27 | €60,725 | €144,770 | €154,799 | €111,564 | ▼ 27.9% |
| Plant, machinery and equipment23 | €17,138 | €34,841 | €37,595 | €22,215 | ▼ 40.9% |
| Furniture and vehicles24 | €26,811 | €86,146 | €94,642 | €68,008 | ▼ 28.1% |
| Other tangible fixed assets26 | €16,776 | €23,784 | €22,563 | €21,341 | ▼ 5.4% |
| Financial fixed assets28 | - | €3,455 | €3,455 | €3,455 | = |
| Current assets29/58 | €141,195 | €95,640 | €139,356 | €322,635 | ▲ 132% |
| Stocks and contracts in progress3 | €2,263 | €8,890 | €2,074 | €199,523 | ▲ 9,522% |
| Stocks30/36 | €2,263 | €8,890 | €2,074 | €199,523 | ▲ 9,522% |
| Amounts receivable within one year40/41 | €78,370 | €39,423 | €37,364 | €65,139 | ▲ 74.3% |
| Trade receivables40 | €71,550 | €31,126 | €37,143 | €57,983 | ▲ 56.1% |
| Other amounts receivable41 | €6,820 | €8,298 | €221 | €7,155 | ▲ 3,135% |
| Cash at bank and in hand54/58 | €59,422 | €43,916 | €96,820 | €54,546 | ▼ 43.7% |
| Deferred charges and accrued income490/1 | €1,139 | €3,411 | €3,098 | €3,428 | ▲ 10.7% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €226,852 | €266,297 | €317,541 | €455,086 | ▲ 43.3% |
| Equity10/15 | €147,753 | €230,076 | €283,595 | €288,722 | ▲ 1.8% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €137,753 | €220,076 | €273,595 | €278,722 | ▲ 1.9% |
| Distributable reserves133 | €137,753 | €220,076 | €273,595 | €278,722 | ▲ 1.9% |
| Amounts payable17/49 | €79,098 | €36,221 | €33,946 | €166,364 | ▲ 390% |
| Amounts payable after more than one year17 | - | - | - | €128,399 | - |
| Financial debts170/4 | - | - | - | €128,399 | - |
| Amounts payable within one year42/48 | €79,098 | €34,693 | €33,491 | €36,958 | ▲ 10.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,601 | - |
| Trade debts44 | €9,405 | €7,484 | €6,666 | €9,688 | ▲ 45.3% |
| Suppliers440/4 | €9,405 | €7,484 | €6,666 | €9,688 | ▲ 45.3% |
| Taxes, remuneration and social security45 | €53,841 | €11,536 | €17,934 | €226 | ▼ 98.7% |
| Taxes450/3 | €50,544 | €2,627 | €16,270 | €226 | ▼ 98.6% |
| Remuneration and social security454/9 | €3,297 | €8,909 | €1,664 | - | - |
| Other amounts payable47/48 | €15,853 | €15,673 | €8,891 | €15,443 | ▲ 73.7% |
| Accrued charges and deferred income492/3 | - | €1,528 | €455 | €1,007 | ▲ 121% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €137,753 | €82,323 | €53,519 | €63,951 | ▲ 19.5% |
| + Depreciation and write-downs630 | €698 | €26,297 | €39,702 | €40,700 | ▲ 2.5% |
| Operating cash flow (approximation) | €138,452 | €108,620 | €93,221 | €104,652 | ▲ 12.3% |
| Investment in fixed assets (approximation) | - | -€111,298 | -€47,230 | €5,034 | ▲ 111% |
| Change in cash | - | -€15,507 | €52,904 | -€42,275 | ▼ 180% |
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
16-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-11
Financial
Liquidity doublescurrent ratio 8.73
Current ratio from 4.16 to 8.73.
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-11
Financial
Weakest financial yearnet €53,519 ▼35%
Net result drops to €53,519, the lowest in the series; recovery starts the following year.
22-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-11
Financial
Equity above €200,000Eq €230,076 ▲55.7%
2 profitable years in a row build equity to €230,076.
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
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, Berlaar · 1 establishment unit since 2021
Ground area
1,497 m²
Building footprint
144 m²
Volume, LiDAR
669 m³
Parcel 12002A0077/00R002, Flanders · tallest building 9.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
EMA PROJECT
since 20212.325.145.725
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12002A0077/00R002 | Flanders | 1,497 m² | 1 · 144 m² | 9.4 m · 2 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 29,785 companies in sector 41001 we hold annual accounts for 16,058. 11,108 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
Founded15-12-2021
Fiscal year end30-11
Activities, NACEBEL 2025
41001General construction of residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0778677495
Also
9925:BE0778677495
Registered
24-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.