EMA PROJECTS
Open bankruptcyA bankruptcy procedure is open for EMA PROJECTS according to publications in the Belgian State Gazette; curator: SERGE CARTON.
Summary
The 2023 annual accounts show equity of €223,205 and a net result of €6,348.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Ghent, Bruges division
- Declared bankrupt
- 9 October 2025
- Supervising judge
- Thierry De Nil
- Official Gazette
- 15-10-2025 (pdf) ↗search the document for 2025/141716
Curator
- Serge CartonScheepsdalelaan 29, 8000 Bruggesc@bcdadvocaten.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
Deadlines: the judgment sets the last day to file your claim, by law at most thirty days after the judgment, and the day of the first verification report. Both dates are in the publication in the Official Gazette and in RegSol; Checked does not read them yet. A late claim is sometimes still possible, but not without consequences.
File a claim in RegSol ↗
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General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help. Full guide for creditors
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Signals
Two signals.
+raises risk
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Address check Are there other customers at risk in your own list?Debtor check How is the Bricklaying and masonry work sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2023, abbreviated schema
Equity
€223,205▲ 2.9%
2022 · €216,856
Total assets
€979,808▼ 28.6%
2022 · €1.4m
Net result
€6,348
2022 · -€158,390
Working capital
€214,542▼ 39.7%
2022 · €355,532
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
Line20192020202120222023
Operating result€69,659▼ 69.3%€46,474▼ 33.3%€89,633▲ 92.9%-€141,481€26,775
Net result€45,951▼ 72.0%€26,504▼ 42.3%€55,623▲ 110%-€158,390€6,348
Equity€293,119▲ 18.6%€319,623▲ 9.0%€375,246▲ 17.4%€216,856▼ 42.2%€223,205▲ 2.9%
Total assets€887,563▲ 25.7%€1.5m▲ 67.8%€1.4m▼ 4.8%€1.4m▼ 3.2%€979,808▼ 28.6%
Debt€594,444▲ 29.5%€1.2m▲ 96.8%€1.0m▼ 10.9%€1.2m▲ 10.8%€631,603▼ 45.4%
Working capital€425,779▲ 1.8%€556,177▲ 30.6%€538,436▼ 3.2%€355,532▼ 34.0%€214,542▼ 39.7%
Staff (FTE)11=1.5▲ 50.0%1.5=
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2020 Total assets +68% on 2019. Cause not known from the registers.
- 2019 Net result -72% on 2018. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2023: €26,775 after a loss of €141,481 in 2022.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €979,808
Fixed assets
€229,966 ▲ 25.0%
Current assets
€749,842 ▼ 36.9%
Equity and liabilities €979,808
Equity
€223,205 ▲ 2.9%
Provisions
€125,000
Debt
€631,603 ▼ 45.4%
Debt's share of the balance-sheet total falls from 84.2% to 64.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€54,781▲
2022 · -€109,316
Cash flow
€34,354▲
2022 · -€126,225
Current ratio
1.40▼
2022 · 1.43
Quick ratio
0.95▲
2022 · 0.67
Debt to equity
2.83▼
2022 · 5.33
ROE
2.8%▲
2022 · -73.0%
ROA
0.6%▲
2022 · -11.5%
Interest coverage
2.67▲
2022 · -6.92
Debt ≤ 1 year
€535,300▼
2022 · €833,200
Debt > 1 year
€96,303▼
2022 · €322,711
Staff costs
€105,768▲
2022 · €75,603
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 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €2,898 | - | - | - |
| Remuneration, social security and pensions62 | - | - | €49,605 | €75,603 | €105,768 | ▲ 39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,935 | €20,269 | €30,763 | €32,165 | €28,006 | ▼ 12.9% |
| Other operating charges640/8 | - | - | €20,405 | €14,509 | €55,841 | ▲ 285% |
| Non-recurring operating charges66A | - | - | €6,000 | - | €138,033 | - |
| Gross operating margin9900 | €98,643 | €104,679 | €196,406 | -€19,204 | €354,423 | ▲ 1,946% |
| Operating profit (loss)9901 | €69,659 | €46,474 | €89,633 | -€141,481 | €26,775 | ▲ 119% |
| Financial income75/76B | - | - | €7,184 | €135 | €70 | ▼ 47.9% |
| Recurring financial income75 | €60 | €3,637 | €7,184 | €135 | €70 | ▼ 47.9% |
| Financial charges65/66B | - | - | €17,046 | €15,798 | €20,497 | ▲ 29.7% |
| Recurring financial charges65 | €7,901 | €19,159 | €17,046 | €15,798 | €20,497 | ▲ 29.7% |
| Profit (loss) for the period before taxes9903 | €61,818 | €30,952 | €79,771 | -€157,144 | €6,348 | ▲ 104% |
| Income taxes67/77 | €15,867 | €4,448 | €24,147 | €1,246 | - | - |
| Profit (loss) for the period9904 | €45,951 | €26,504 | €55,623 | -€158,390 | €6,348 | ▲ 104% |
| Profit (loss) for the period to be appropriated9905 | €45,951 | €26,504 | €55,623 | -€158,390 | €6,348 | ▲ 104% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €887,563 | €1.5m | €1.4m | €1.4m | €979,808 | ▼ 28.6% |
| Fixed assets21/28 | €17,339 | €166,190 | €192,085 | €184,035 | €229,966 | ▲ 25.0% |
| Tangible fixed assets22/27 | €11,244 | €160,095 | €183,305 | €175,255 | €221,186 | ▲ 26.2% |
| Plant, machinery and equipment23 | - | - | €66,072 | €63,533 | €55,338 | ▼ 12.9% |
| Furniture and vehicles24 | - | - | €117,234 | €111,722 | €165,848 | ▲ 48.4% |
| Financial fixed assets28 | €6,095 | €6,095 | €8,780 | €8,780 | €8,780 | = |
| Current assets29/58 | €870,223 | €1.3m | €1.2m | €1.2m | €749,842 | ▼ 36.9% |
| Stocks and contracts in progress3 | €213,825 | €571,926 | €663,025 | €630,746 | €240,387 | ▼ 61.9% |
| Stocks30/36 | - | - | €566,855 | €568,726 | €240,387 | ▼ 57.7% |
| Contracts in progress37 | - | - | €96,170 | €62,020 | - | - |
| Amounts receivable within one year40/41 | €536,505 | €593,261 | €525,315 | €514,054 | €505,107 | ▼ 1.7% |
| Trade receivables40 | - | - | €119,200 | €85,608 | €66,282 | ▼ 22.6% |
| Other amounts receivable41 | - | - | €406,115 | €428,446 | €438,825 | ▲ 2.4% |
| Cash at bank and in hand54/58 | €1,743 | €40,027 | €37,785 | €43,933 | €459 | ▼ 99.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €3,890 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €887,563 | €1.5m | €1.4m | €1.4m | €979,808 | ▼ 28.6% |
| Equity10/15 | €293,119 | €319,623 | €375,246 | €216,856 | €223,205 | ▲ 2.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | €18,600 | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - |
| Reserves13 | €201,860 | €201,860 | €201,860 | €201,860 | €201,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | - |
| Distributable reserves133 | - | - | €200,000 | €200,000 | €200,000 | = |
| Profit (loss) carried forward14 | €72,659 | €99,163 | €154,786 | -€3,604 | €2,745 | ▲ 176% |
| Provisions and deferred taxes16 | - | - | - | - | €125,000 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €125,000 | - |
| Other liabilities and charges164/5 | - | - | - | - | €125,000 | - |
| Amounts payable17/49 | €594,444 | €1.2m | €1.0m | €1.2m | €631,603 | ▼ 45.4% |
| Amounts payable after more than one year17 | €150,000 | €402,744 | €355,275 | €322,711 | €96,303 | ▼ 70.2% |
| Financial debts170/4 | - | - | €355,275 | €322,711 | €96,303 | ▼ 70.2% |
| Amounts payable within one year42/48 | €444,444 | €767,187 | €687,689 | €833,200 | €535,300 | ▼ 35.8% |
| Current portion of amounts payable after more than one year42 | - | - | €48,772 | €69,100 | €15,424 | ▼ 77.7% |
| Financial debts43 | - | - | €2,370 | - | €667 | - |
| Credit institutions430/8 | - | - | €2,370 | - | €667 | - |
| Trade debts44 | €200,636 | €193,698 | €186,537 | €294,327 | €378,028 | ▲ 28.4% |
| Suppliers440/4 | - | - | €186,537 | €294,327 | €378,028 | ▲ 28.4% |
| Taxes, remuneration and social security45 | - | - | €33,527 | €44,844 | €54,167 | ▲ 20.8% |
| Taxes450/3 | - | - | €28,394 | €28,119 | €27,951 | ▼ 0.6% |
| Remuneration and social security454/9 | - | - | €5,133 | €16,725 | €26,216 | ▲ 56.8% |
| Other amounts payable47/48 | - | - | €416,483 | €424,930 | €87,014 | ▼ 79.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45,951 | €26,504 | €55,623 | -€158,390 | €6,348 | ▲ 104% |
| + Depreciation and write-downs630 | €1,935 | €20,269 | €30,763 | €32,165 | €28,006 | ▼ 12.9% |
| Operating cash flow (approximation) | €47,886 | €46,773 | €86,386 | -€126,225 | €34,354 | ▲ 127% |
| Investment in fixed assets (approximation) | - | -€169,119 | -€56,658 | -€24,115 | -€73,936 | ▼ 207% |
| Change in cash | - | €38,284 | -€2,241 | €6,148 | -€43,474 | ▼ 807% |
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
2025
15-10
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Brugge · event 09-10-2025
17-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 413 days late
2024
15-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 289 days late
2023
31-12
Financial
Back to profitnet €6,348
Net result €6,348 after one loss-making year.
2022
31-12
Financial
Weakest financial yearnet -€158,390
Net result drops to -€158,390, the lowest in the series.
05-12
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 127 days late
21-02
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 205 days late
2020
01-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 93 days late
2019
15-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 76 days late
2018
01-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 62 days late
2017
04-12
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 126 days late
SignalFinancial 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, Knokke-Heist · 1 establishment unit since 2016
Ground area
125 m²
Building footprint
125 m²
Volume, LiDAR
1,087 m³
Parcel 31337C0022/02S000, Flanders · tallest building 13.1 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
EMA PROJECTS
since 20162.251.119.085
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31337C0022/02S000 | Flanders | 125 m² | 1 · 125 m² | 13.1 m · 3 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | SERGE CARTON SCHEEPSDALELAAN 29,
8000 BRUGGE |
09-10-2025 → present |
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Of 11,141 companies in sector 43910 we hold annual accounts for 5,492. 4,453 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)
Founded08-01-2016
Fiscal year end31-12
Activities, NACEBEL 2025
43910Bricklaying and masonry work
43320Joinery installation
43331Floor and wall tiling
43332Laying of wooden floor and wall coverings
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.