EMEK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 13 filings
Turnover
≈ €150,000
Estimated: probably between €68,000 and €350,000
Total assets
€134,195▼ 4.0%
2024 · €139,771
Net result
€6,495
2024 · -€228
Working capital
-€43,436▲ 4.7%
2024 · -€45,595
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,261
2025
20182025
Net result
€6,495
2025
20182025
Equity
€40,699
▲ 19.0%
2025
20182025
Total assets
€134,195
▼ 4.0%
2025
20182025
Debt
€93,495
▼ 11.4%
2025
20182025
Working capital
-€43,436
▲ 4.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,943-€13,414▲ 93.2%€3,033▼ 77.4%€3,751▲ 23.7%€4,309▲ 14.9%-€2,594-€11▲ 99.6%€9,261
Net result€104-€10,022▲ 97×-€773€423€1,357▲ 221%-€2,821-€228▲ 91.9%€6,495
Equity€26,224-€36,246▲ 38.2%€35,473▼ 2.1%€35,896▲ 1.2%€37,253▲ 3.8%€34,432▼ 7.6%€34,204▼ 0.7%€40,699▲ 19.0%
Total assets€259,848-€204,857▼ 21.2%€176,788▼ 13.7%€168,820▼ 4.5%€159,120▼ 5.7%€149,357▼ 6.1%€139,771▼ 6.4%€134,195▼ 4.0%
Debt€233,623-€168,611▼ 27.8%€141,314▼ 16.2%€132,924▼ 5.9%€121,866▼ 8.3%€114,925▼ 5.7%€105,567▼ 8.1%€93,495▼ 11.4%
Working capital-€25,264--€23,759▲ 6.0%-€33,908▼ 42.7%-€39,496▼ 16.5%-€40,885▼ 3.5%-€44,405▼ 8.6%-€45,595▼ 2.7%-€43,436▲ 4.7%
The operating result for 2025 is a profit of €9,261, after a loss of €11 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The 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 €134,195
Fixed assets
€132,795 ▼ 4.8%
Current assets
€1,399 ▲ 317%
Equity and liabilities €134,195
Equity
€40,699 ▲ 19.0%
Debt
€93,495 ▼ 11.4%
Debt's share of the balance-sheet total falls from 75.5% to 69.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€15,900▲
2024 · €9,827
Cash flow
€13,135▲
2024 · €9,610
Current ratio
0.03▲
2024 · 0.01
Debt to equity
2.30▼
2024 · 3.09
ROE
16.0%▲
2024 · -0.7%
ROA
4.8%▲
2024 · -0.2%
Interest coverage
9.26▼
2024 · 45.34
Debt ≤ 1 year
€44,835▼
2024 · €45,931
Debt > 1 year
€48,661▼
2024 · €59,636
Income taxes
€1,073
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,598 | €8,331 | €10,367 | €7,115 | €9,663 | €9,847 | €9,838 | €6,640 | ▼ 32.5% |
| Other operating charges640/8 | - | - | - | €2,773 | €0 | €5,071 | €3,288 | €3,432 | ▲ 4.4% |
| Gross operating margin9900 | €29,492 | €29,847 | €17,534 | €13,638 | €13,972 | €12,324 | €13,115 | €19,333 | ▲ 47.4% |
| Operating profit (loss)9901 | €6,943 | €13,414 | €3,033 | €3,751 | €4,309 | -€2,594 | -€11 | €9,261 | - |
| Financial income75/76B | - | - | - | - | - | - | - | €24 | - |
| Recurring financial income75 | €0 | €1 | - | - | - | - | - | €24 | - |
| Financial charges65/66B | - | - | - | €2,744 | €2,458 | €228 | €217 | €1,717 | ▲ 692% |
| Recurring financial charges65 | €6,226 | €554 | €3,806 | €2,744 | €2,458 | €228 | €217 | €1,717 | ▲ 692% |
| Profit (loss) for the period before taxes9903 | €717 | €12,861 | -€773 | €1,007 | €1,851 | -€2,821 | -€228 | €7,568 | - |
| Income taxes67/77 | €614 | €2,839 | - | €584 | €494 | €0 | - | €1,073 | - |
| Profit (loss) for the period9904 | €104 | €10,022 | -€773 | €423 | €1,357 | -€2,821 | -€228 | €6,495 | - |
| Profit (loss) for the period to be appropriated9905 | €104 | €10,022 | -€773 | €423 | €1,357 | -€2,821 | -€228 | €6,495 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €259,848 | €204,857 | €176,788 | €168,820 | €159,120 | €149,357 | €139,771 | €134,195 | ▼ 4.0% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €215,963 | €186,264 | €175,897 | €168,782 | €159,120 | €149,273 | €139,435 | €132,795 | ▼ 4.8% |
| Tangible fixed assets22/27 | €215,963 | €186,264 | €175,897 | €168,782 | €159,120 | €149,273 | €139,435 | €132,795 | ▼ 4.8% |
| Land and buildings22 | - | - | - | €168,782 | €159,120 | €149,273 | €139,435 | €132,795 | ▼ 4.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0 | - |
| Current assets29/58 | €43,885 | €18,593 | €890 | €38 | €0 | €84 | €336 | €1,399 | ▲ 317% |
| Amounts receivable within one year40/41 | €43,885 | €18,559 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | €34 | €890 | - | - | €84 | €336 | €1,399 | ▲ 317% |
| Deferred charges and accrued income490/1 | - | - | - | €38 | €0 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €259,848 | €204,857 | €176,788 | €168,820 | €159,120 | €149,357 | €139,771 | €134,195 | ▼ 4.0% |
| Equity10/15 | €26,224 | €36,246 | €35,473 | €35,896 | €37,253 | €34,432 | €34,204 | €40,699 | ▲ 19.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €22,099 | ▲ 12× |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | - | - | - | €20,239 | - |
| Profit (loss) carried forward14 | €5,764 | €15,786 | €15,013 | €15,436 | €16,793 | €13,972 | €13,744 | €0 | ▼ 100% |
| Amounts payable17/49 | €233,623 | €168,611 | €141,314 | €132,924 | €121,866 | €114,925 | €105,567 | €93,495 | ▼ 11.4% |
| Amounts payable after more than one year17 | €164,475 | €126,259 | €106,515 | €92,296 | €80,981 | €70,436 | €59,636 | €48,661 | ▼ 18.4% |
| Financial debts170/4 | - | - | - | €92,296 | €80,981 | €70,436 | €59,636 | €48,661 | ▼ 18.4% |
| Amounts payable within one year42/48 | €69,149 | €42,351 | €34,799 | €39,534 | €40,885 | €44,488 | €45,931 | €44,835 | ▼ 2.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,205 | €11,315 | €9,635 | €8,126 | €7,387 | ▼ 9.1% |
| Financial debts43 | - | - | - | - | €19 | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €19 | €0 | - | - | - |
| Trade debts44 | €41,096 | €1,210 | €4,218 | €530 | €339 | €2,128 | €1,434 | €163 | ▼ 88.7% |
| Suppliers440/4 | - | - | - | €530 | €339 | €2,128 | €1,434 | €163 | ▼ 88.7% |
| Taxes, remuneration and social security45 | - | - | - | €256 | €750 | €150 | - | €593 | - |
| Taxes450/3 | - | - | - | €256 | €750 | €150 | - | €593 | - |
| Other amounts payable47/48 | - | - | - | €23,542 | €28,463 | €32,574 | €36,371 | €36,692 | ▲ 0.9% |
| Accrued charges and deferred income492/3 | - | - | - | €1,095 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €104 | €10,022 | -€773 | €423 | €1,357 | -€2,821 | -€228 | €6,495 | - |
| + Depreciation and write-downs630 | €18,598 | €8,331 | €10,367 | €7,115 | €9,663 | €9,847 | €9,838 | €6,640 | ▼ 32.5% |
| Operating cash flow (approximation) | €18,702 | €18,353 | €9,594 | €7,538 | €11,020 | €7,025 | €9,610 | €13,135 | ▲ 36.7% |
| Investment in fixed assets (approximation) | - | €21,367 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | - | €857 | - | - | - | €252 | €1,064 | ▲ 322% |
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, 10,904 companies had the same profile as EMEK has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of EMEK itself: 0.6% 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 10,904 companies, not a prediction for EMEK. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00323611 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00443295 | |
| 31-12-2023 | micro format | 11-09-2024 | 2024-00460889 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00360934 | |
| 31-12-2021 | micro format | 18-08-2023 | 2023-00336818 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70700102 | |
| 31-12-2019 | micro format | 31-12-2020 | 2020-78000317 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45800365 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48600215 | |
| 31-12-2016 | abbreviated format | 24-08-2017 | 2017-50800420 |