EMDEEVEE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-05-2026 PDF all 6 filings
Turnover
≈ €180,000
Estimated: probably between €140,000 and €260,000
Total assets
€421,317▲ 6.6%
2024 · €395,390
Net result
€73,267▼ 16.9%
2024 · €88,121
Working capital
€179,390▼ 36.5%
2024 · €282,617
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€93,852
▼ 16.8%
2025
20202025
Net result
€73,267
▼ 16.9%
2025
middle half of the sector
20202025
Equity
€290,280
▼ 10.4%
2025
middle half of the sector
20202025
Total assets
€421,317
▲ 6.6%
2025
middle half of the sector
20202025
Debt
€131,038
▲ 83.8%
2025
20202025
Working capital
€179,390
▼ 36.5%
2025
middle half of the sector
20202025
Solvency
68.9%
▼ 13.1pp
2025
middle half of the sector
20202025
Current ratio
2.37
▼ 10.87
2025
middle half of the sector
20202025
Return on assets (ROA)
17.4%
▼ 4.9pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€144,253-€118,997▼ 17.5%€122,359▲ 2.8%€46,752▼ 61.8%€112,858▲ 141%€93,852▼ 16.8%
Net result€99,706within the sector's middle half-€84,519within the sector's middle half▼ 15.2%€86,187within the sector's middle half▲ 2.0%€37,074within the sector's middle half▼ 57.0%€88,121within the sector's middle half▲ 138%€73,267within the sector's middle half▼ 16.9%
Equity€118,306within the sector's middle half-€202,825within the sector's middle half▲ 71.4%€289,012within the sector's middle half▲ 42.5%€289,012above the sector's middle half=€324,107within the sector's middle half▲ 12.1%€290,280within the sector's middle half▼ 10.4%
Total assets€200,391below the sector's middle half-€328,247below the sector's middle half▲ 63.8%€390,605below the sector's middle half▲ 19.0%€458,360within the sector's middle half▲ 17.3%€395,390below the sector's middle half▼ 13.7%€421,317within the sector's middle half▲ 6.6%
Debt€82,086-€125,421▲ 52.8%€101,592▼ 19.0%€169,348▲ 66.7%€71,282▼ 57.9%€131,038▲ 83.8%
Working capital€115,910within the sector's middle half-€197,250within the sector's middle half▲ 70.2%€283,388within the sector's middle half▲ 43.7%€285,495above the sector's middle half▲ 0.7%€282,617within the sector's middle half▼ 1.0%€179,390within the sector's middle half▼ 36.5%
Solvency59.0%within the sector's middle half-61.8%within the sector's middle half▲ 2.8pp74.0%above the sector's middle half▲ 12.2pp63.1%within the sector's middle half▼ 10.9pp82.0%above the sector's middle half▲ 18.9pp68.9%within the sector's middle half▼ 13.1pp
Current ratio2.41within the sector's middle half-2.57within the sector's middle half▲ 0.163.79above the sector's middle half▲ 1.223.83within the sector's middle half▲ 0.0413.24above the sector's middle half▲ 9.412.37within the sector's middle half▼ 10.87
Return on assets (ROA)49.8%above the sector's middle half-25.7%above the sector's middle half▼ 24.0pp22.1%above the sector's middle half▼ 3.7pp8.1%within the sector's middle half▼ 14.0pp22.3%above the sector's middle half▲ 14.2pp17.4%within the sector's middle half▼ 4.9pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 17% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €421,317
Fixed assets
€110,890 ▲ 23.6%
Current assets
€310,428 ▲ 1.5%
Equity and liabilities €421,317
Equity
€290,280 ▼ 10.4%
Debt
€131,038 ▲ 83.8%
Debt's share of the balance-sheet total rises from 18.0% to 31.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€99,508▼
2024 · €115,026
Cash flow
€78,923▼
2024 · €90,289
Debt to equity
0.45▲
2024 · 0.22
ROE
25.2%▼
2024 · 27.2%
Interest coverage
21.75▼
2024 · 50.53
Debt ≤ 1 year
€131,038▲
2024 · €23,092
Debt > 1 year
€0▼
2024 · €42,500
Income taxes
€18,373▼
2024 · €24,173
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 | €3,739 | €1,292 | - | €20,018 | €17,865 |
| Financial fixed assets | - | - | €67,500 | - | €9,000 |
| Depreciation and write-downs of the year | €560 | €1,242 | €1,294 | €2,168 | €5,656 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €479 | €560 | €1,242 | €1,294 | €2,168 | €5,656 | ▲ 161% |
| Other operating charges640/8 | - | €449 | €450 | €5,493 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | €145,675 | €120,005 | €124,050 | €53,539 | €115,531 | €100,028 | ▼ 13.4% |
| Operating profit (loss)9901 | €144,253 | €118,997 | €122,359 | €46,752 | €112,858 | €93,852 | ▼ 16.8% |
| Financial income75/76B | - | - | - | €1,003 | €1,712 | €2,363 | ▲ 38.0% |
| Recurring financial income75 | €94 | - | - | €1,003 | €1,712 | €2,363 | ▲ 38.0% |
| Financial charges65/66B | - | €78 | €12 | €931 | €2,276 | €4,575 | ▲ 101% |
| Recurring financial charges65 | €12 | €78 | €12 | €931 | €2,276 | €4,575 | ▲ 101% |
| Profit (loss) for the period before taxes9903 | €144,151 | €118,919 | €122,347 | €46,824 | €112,294 | €91,640 | ▼ 18.4% |
| Income taxes67/77 | €44,446 | €34,400 | €36,160 | €9,750 | €24,173 | €18,373 | ▼ 24.0% |
| Profit (loss) for the period9904 | €99,706 | €84,519 | €86,187 | €37,074 | €88,121 | €73,267 | ▼ 16.9% |
| Profit (loss) for the period to be appropriated9905 | €99,706 | €84,519 | €86,187 | €37,074 | €88,121 | €73,267 | ▼ 16.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €200,391 | €328,247 | €390,605 | €458,360 | €395,390 | €421,317 | ▲ 6.6% |
| Fixed assets21/28 | €2,396 | €5,575 | €5,625 | €71,831 | €89,680 | €110,890 | ▲ 23.6% |
| Tangible fixed assets22/27 | €2,396 | €5,575 | €5,625 | €4,331 | €22,180 | €34,390 | ▲ 55.0% |
| Land and buildings22 | - | €2,108 | €1,821 | €1,533 | €11,845 | €16,694 | ▲ 40.9% |
| Plant, machinery and equipment23 | - | €3,467 | €3,804 | €2,798 | €1,792 | €2,091 | ▲ 16.7% |
| Furniture and vehicles24 | - | - | - | - | €8,544 | €15,605 | ▲ 82.6% |
| Financial fixed assets28 | - | - | - | €67,500 | €67,500 | €76,500 | ▲ 13.3% |
| Current assets29/58 | €197,996 | €322,672 | €384,980 | €386,529 | €305,709 | €310,428 | ▲ 1.5% |
| Amounts receivable within one year40/41 | - | - | - | €102,729 | €40,430 | €15,292 | ▼ 62.2% |
| Trade receivables40 | - | - | - | €12,479 | €40,180 | €14,142 | ▼ 64.8% |
| Other amounts receivable41 | - | - | - | €90,250 | €250 | €1,149 | ▲ 360% |
| Current investments50/53 | - | €109,883 | €181,882 | €184,298 | €185,934 | €187,499 | ▲ 0.8% |
| Cash at bank and in hand54/58 | €197,996 | €212,789 | €202,903 | €99,211 | €79,051 | €107,095 | ▲ 35.5% |
| Deferred charges and accrued income490/1 | - | - | €195 | €292 | €294 | €541 | ▲ 83.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €200,391 | €328,247 | €390,605 | €458,360 | €395,390 | €421,317 | ▲ 6.6% |
| Equity10/15 | €118,306 | €202,825 | €289,012 | €289,012 | €324,107 | €290,280 | ▼ 10.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €99,706 | €184,225 | €270,412 | €270,412 | €305,507 | €271,680 | ▼ 11.1% |
| Non-distributable reserves130/1 | - | €184,225 | €270,412 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Other1319 | - | €182,365 | €268,552 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €268,552 | €303,647 | €269,820 | ▼ 11.1% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €82,086 | €125,421 | €101,592 | €169,348 | €71,282 | €131,038 | ▲ 83.8% |
| Amounts payable after more than one year17 | - | - | - | €67,500 | €42,500 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €67,500 | €42,500 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €82,086 | €125,421 | €101,592 | €101,034 | €23,092 | €131,038 | ▲ 467% |
| Trade debts44 | - | €65 | €769 | €2,901 | €3,836 | €1,355 | ▼ 64.7% |
| Suppliers440/4 | - | €65 | €769 | €2,901 | €3,836 | €1,355 | ▼ 64.7% |
| Taxes, remuneration and social security45 | - | €101,141 | €90,409 | €46,600 | €9,824 | €22,057 | ▲ 125% |
| Taxes450/3 | - | €101,141 | €90,409 | €45,444 | €9,824 | €22,057 | ▲ 125% |
| Remuneration and social security454/9 | - | - | - | €1,156 | €0 | - | - |
| Other amounts payable47/48 | - | €24,216 | €10,414 | €51,533 | €9,433 | €107,626 | ▲ 11× |
| Accrued charges and deferred income492/3 | - | - | - | €814 | €5,691 | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €99,706 | €84,519 | €86,187 | €37,074 | €88,121 | €73,267 | ▼ 16.9% |
| + Depreciation and write-downs630 | €479 | €560 | €1,242 | €1,294 | €2,168 | €5,656 | ▲ 161% |
| Operating cash flow (approximation) | €100,185 | €85,079 | €87,429 | €38,367 | €90,289 | €78,923 | ▼ 12.6% |
| Investment in fixed assets (approximation) | - | -€3,739 | -€1,292 | -€67,500 | -€20,018 | -€26,865 | ▼ 34.2% |
| Change in cash | - | €14,794 | -€9,886 | -€103,692 | -€20,160 | €28,045 | - |
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, 26,972 companies had the same profile as EMDEEVEE has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of EMDEEVEE itself is lower: < 0.1% within 12 months. It rests on far more data about EMDEEVEE 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 26,972 companies, not a prediction for EMDEEVEE. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-05-2026 | 2026-00122624 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00276975 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00247443 | |
| 31-12-2022 | abbreviated format | 26-08-2023 | 2023-00356664 | |
| 31-12-2021 | abbreviated format | 08-08-2022 | 2022-20274594 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-55600019 |