EMBLA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 23 filings
Equity
€332,922▼ 7.6%
2024 · €360,131
Total assets
€377,247▼ 14.1%
2024 · €439,287
Net result
-€27,208▼ 2,823%
2024 · -€931
Working capital
€332,922▼ 12.7%
2024 · €381,224
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€39,776
▼ 1,275%
2025
20182025
Net result
-€27,208
▼ 2,823%
2025
lowest quarter of the sector
20182025
Equity
€332,922
▼ 7.6%
2025
highest quarter of the sector
20182025
Total assets
€377,247
▼ 14.1%
2025
middle half of the sector
20182025
Debt
€44,324
▼ 44.0%
2025
20182025
Working capital
€332,922
▼ 12.7%
2025
highest quarter of the sector
20182025
Solvency
88.3%
▲ 6.3pp
2025
highest quarter of the sector
20182025
Current ratio
8.51
▲ 0.41
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-7.2%
▼ 7.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€23,259--€7,644€6,226€5,682▼ 8.7%€36,565▲ 544%-€5,372-€2,894▲ 46.1%-€39,776▼ 1,275%
Net result€6,613--€8,874€3,819within the sector's middle half€3,006within the sector's middle half▼ 21.3%€24,599within the sector's middle half▲ 718%€57below the sector's middle half▼ 99.8%-€931below the sector's middle half-€27,208below the sector's middle half▼ 2,823%
Equity€338,455-€329,581▼ 2.6%€333,399above the sector's middle half▲ 1.2%€336,406above the sector's middle half▲ 0.9%€361,005above the sector's middle half▲ 7.3%€361,061above the sector's middle half=€360,131above the sector's middle half▼ 0.3%€332,922above the sector's middle half▼ 7.6%
Total assets€381,426-€347,342▼ 8.9%€346,813within the sector's middle half▼ 0.2%€370,656within the sector's middle half▲ 6.9%€394,101within the sector's middle half▲ 6.3%€381,752within the sector's middle half▼ 3.1%€439,287within the sector's middle half▲ 15.1%€377,247within the sector's middle half▼ 14.1%
Debt€42,971-€17,761▼ 58.7%€13,414▼ 24.5%€34,251▲ 155%€33,096▼ 3.4%€20,690▼ 37.5%€79,157▲ 283%€44,324▼ 44.0%
Working capital€326,328-€325,342▼ 0.3%€306,196above the sector's middle half▼ 5.9%€315,744above the sector's middle half▲ 3.1%€344,749above the sector's middle half▲ 9.2%€350,956above the sector's middle half▲ 1.8%€381,224above the sector's middle half▲ 8.6%€332,922above the sector's middle half▼ 12.7%
Solvency88.7%-94.9%▲ 6.2pp96.1%above the sector's middle half▲ 1.2pp90.8%above the sector's middle half▼ 5.4pp91.6%above the sector's middle half▲ 0.8pp94.6%above the sector's middle half▲ 3.0pp82.0%above the sector's middle half▼ 12.6pp88.3%above the sector's middle half▲ 6.3pp
Current ratio8.68-19.81▲ 11.1424.43above the sector's middle half▲ 4.6210.40above the sector's middle half▼ 14.0311.44above the sector's middle half▲ 1.0517.96above the sector's middle half▲ 6.528.10above the sector's middle half▼ 9.868.51above the sector's middle half▲ 0.41
Return on assets (ROA)1.7%--2.6%▼ 4.3pp1.1%within the sector's middle half▲ 3.7pp0.8%below the sector's middle half▼ 0.3pp6.2%within the sector's middle half▲ 5.4pp0.0%below the sector's middle half▼ 6.2pp-0.2%below the sector's middle half▼ 0.2pp-7.2%below the sector's middle half▼ 7.0pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €39,776, larger than the loss of €2,894 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €377,247
Equity
€332,922 ▼ 7.6%
Debt
€44,324 ▼ 44.0%
Debt's share of the balance-sheet total falls from 18.0% to 11.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€35,370▼
2024 · €2,805
Cash flow
-€22,801▼
2024 · €4,768
Debt to equity
0.13▼
2024 · 0.22
ROE
-8.2%▼
2024 · -0.3%
Interest coverage
-116.07▼
2024 · 7.46
Debt ≤ 1 year
€44,324▼
2024 · €53,657
Income taxes
€323▼
2024 · €1,038
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,255 | - | - | - |
| Depreciation and write-downs of the year | €6,230 | €6,230 | €6,240 | €5,698 | €4,407 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €201 awarded · €201 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,015 | €5,483 | €1,767 | €6,230 | €6,230 | €6,240 | €5,698 | €4,407 | ▼ 22.7% |
| Other operating charges640/8 | - | - | - | €716 | €973 | €1,896 | €578 | €651 | ▲ 12.6% |
| Gross operating margin9900 | €29,737 | -€1,558 | €8,910 | €12,629 | €43,768 | €2,764 | €3,382 | -€34,719 | - |
| Operating profit (loss)9901 | €23,259 | -€7,644 | €6,226 | €5,682 | €36,565 | -€5,372 | -€2,894 | -€39,776 | ▼ 1,275% |
| Financial income75/76B | - | - | - | - | €72 | €8,091 | €3,377 | €13,196 | ▲ 291% |
| Recurring financial income75 | - | €976 | €0 | - | €72 | €8,091 | €3,377 | €13,196 | ▲ 291% |
| Financial charges65/66B | - | - | - | €888 | €1,143 | €192 | €376 | €305 | ▼ 19.0% |
| Recurring financial charges65 | €1,009 | €2,005 | €1,605 | €888 | €1,143 | €192 | €376 | €305 | ▼ 19.0% |
| Profit (loss) for the period before taxes9903 | €22,250 | -€8,673 | €4,621 | €4,794 | €35,494 | €2,527 | €107 | -€26,885 | - |
| Income taxes67/77 | €15,637 | €201 | €802 | €1,788 | €10,895 | €2,470 | €1,038 | €323 | ▼ 68.9% |
| Profit (loss) for the period9904 | €6,613 | -€8,874 | €3,819 | €3,006 | €24,599 | €57 | -€931 | -€27,208 | ▼ 2,823% |
| Profit (loss) for the period to be appropriated9905 | €6,613 | -€8,874 | €3,819 | €3,006 | €24,599 | €57 | -€931 | -€27,208 | ▼ 2,823% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €381,426 | €347,342 | €346,813 | €370,656 | €394,101 | €381,752 | €439,287 | €377,247 | ▼ 14.1% |
| Fixed assets21/28 | €12,590 | €4,707 | €27,550 | €21,320 | €16,345 | €10,105 | €4,407 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €6,090 | €607 | €27,550 | €21,320 | €16,345 | €10,105 | €4,407 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €21,320 | €16,345 | €10,105 | €4,407 | €0 | ▼ 100% |
| Financial fixed assets28 | €6,500 | €4,100 | - | - | - | - | - | - | - |
| Current assets29/58 | €368,836 | €342,635 | €319,263 | €349,337 | €377,756 | €371,646 | €434,880 | €377,247 | ▼ 13.3% |
| Amounts receivable within one year40/41 | €52,082 | €85,921 | €53,618 | €57,092 | €3,630 | €117,685 | €168,876 | €22,327 | ▼ 86.8% |
| Trade receivables40 | - | - | - | €53,527 | €3,630 | €65,530 | €107,963 | €19,179 | ▼ 82.2% |
| Other amounts receivable41 | - | - | - | €3,565 | - | €52,155 | €60,913 | €3,148 | ▼ 94.8% |
| Current investments50/53 | - | - | - | - | - | - | - | €300,000 | - |
| Cash at bank and in hand54/58 | €316,753 | €241,333 | €265,645 | €291,190 | €373,085 | €231,338 | €265,335 | €41,764 | ▼ 84.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,055 | €1,040 | €22,623 | €669 | €13,156 | ▲ 20× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €381,426 | €347,342 | €346,813 | €370,656 | €394,101 | €381,752 | €439,287 | €377,247 | ▼ 14.1% |
| Equity10/15 | €338,455 | €329,581 | €333,399 | €336,406 | €361,005 | €361,061 | €360,131 | €332,922 | ▼ 7.6% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €318,455 | €309,581 | €313,399 | €316,406 | €341,005 | €341,061 | €340,131 | €312,922 | ▼ 8.0% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €314,406 | €339,005 | €341,061 | €340,131 | €312,922 | ▼ 8.0% |
| Amounts payable17/49 | €42,971 | €17,761 | €13,414 | €34,251 | €33,096 | €20,690 | €79,157 | €44,324 | ▼ 44.0% |
| Amounts payable within one year42/48 | €42,508 | €17,293 | €13,067 | €33,592 | €33,007 | €20,690 | €53,657 | €44,324 | ▼ 17.4% |
| Trade debts44 | €5,896 | €3,659 | €829 | €22,568 | €8,529 | €15,579 | €52,148 | €12,616 | ▼ 75.8% |
| Suppliers440/4 | - | - | - | €22,568 | €8,529 | €15,579 | €52,148 | €12,616 | ▼ 75.8% |
| Taxes, remuneration and social security45 | - | - | - | €7,038 | €22,221 | €5,111 | €1,508 | €1,792 | ▲ 18.8% |
| Taxes450/3 | - | - | - | €4,383 | €19,036 | €5,111 | €1,508 | €1,792 | ▲ 18.8% |
| Remuneration and social security454/9 | - | - | - | €2,655 | €3,185 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €3,987 | €2,257 | - | - | €29,917 | - |
| Accrued charges and deferred income492/3 | - | - | - | €658 | €89 | - | €25,500 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,613 | -€8,874 | €3,819 | €3,006 | €24,599 | €57 | -€931 | -€27,208 | ▼ 2,823% |
| + Depreciation and write-downs630 | €6,015 | €5,483 | €1,767 | €6,230 | €6,230 | €6,240 | €5,698 | €4,407 | ▼ 22.7% |
| Operating cash flow (approximation) | €12,628 | -€3,391 | €5,585 | €9,237 | €30,830 | €6,296 | €4,768 | -€22,801 | - |
| Investment in fixed assets (approximation) | - | €2,400 | -€24,610 | €0 | -€1,255 | €0 | €0 | €0 | - |
| Change in cash | - | -€75,420 | €24,312 | €25,545 | €81,895 | -€141,748 | €33,998 | -€223,572 | - |
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, 12,322 companies had the same profile as EMBLA has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EMBLA itself: 0.1% 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 12,322 companies, not a prediction for EMBLA. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00166675 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00126608 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00178023 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00438391 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20419636 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63000369 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49600019 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-62000454 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-42700494 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-58100250 |