Summary
EMESAN is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €5.1m and a net result of €4.1m. Equity is growing by ~82.3% per year across the filed fiscal years. Its solvency ranks better than 86% of 2444 sector peers (fiscal year 2025). The company has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 22-04-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
5 d early
2023
7 d early
2022
18 d early
2021
26 d early
2020
29 d early
2019
34 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 18 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 22 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#4 company by equity in Zulte, Finance and insurance sector#8 company by total assets in Zulte, Finance and insurance sector
Equity
€5.1m▲ 406%
2024 · €1.0m
Net result
€4.1m▲ 1,899%
2024 · €206,250
Total assets
€5.3m▲ 137%
2024 · €2.3m
Solvency
96.3%▲ 51.3pp
2024 · 45.0%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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
Line20212022202320242025
Turnover€462,096
Operating result€232,311▲ 132%€490,657▲ 111%€354,715▼ 27.7%€338,438▼ 4.6%€4.2m▲ 1,146%
Net result€152,614above the sector's middle half▲ 123%€324,013above the sector's middle half▲ 112%€238,157above the sector's middle half▼ 26.5%€206,250above the sector's middle half▼ 13.4%€4.1mabove the sector's middle half▲ 1,899%
Equity€266,067within the sector's middle half▲ 89.4%€590,080within the sector's middle half▲ 122%€828,237within the sector's middle half▲ 40.4%€1.0mwithin the sector's middle half▲ 22.5%€5.1mwithin the sector's middle half▲ 406%
Total assets€579,996within the sector's middle half▲ 204%€1.2mwithin the sector's middle half▲ 105%€1.2mwithin the sector's middle half▲ 2.4%€2.3mwithin the sector's middle half▲ 85.4%€5.3mwithin the sector's middle half▲ 137%
Debt€313,929▲ 526%€596,078▲ 89.9%€386,316▼ 35.2%€1.2m▲ 220%€196,405▼ 84.1%
Working capital€63,085within the sector's middle half▼ 50.1%€304,362within the sector's middle half▲ 382%€387,860above the sector's middle half▲ 27.4%€320,255within the sector's middle half▼ 17.4%€5.0mabove the sector's middle half▲ 1,449%
Solvency45.9%within the sector's middle half▼ 27.8pp49.7%within the sector's middle half▲ 3.9pp68.2%within the sector's middle half▲ 18.4pp45.0%within the sector's middle half▼ 23.1pp96.3%above the sector's middle half▲ 51.3pp
Current ratio1.66within the sector's middle half▼ 1.862.34within the sector's middle half▲ 0.685.88above the sector's middle half▲ 3.542.22within the sector's middle half▼ 3.6768.86above the sector's middle half▲ 66.64
Return on assets (ROA)26.3%above the sector's middle half▼ 9.6pp27.3%above the sector's middle half▲ 1.0pp19.6%above the sector's middle half▼ 7.7pp9.2%within the sector's middle half▼ 10.5pp77.3%above the sector's middle half▲ 68.1pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result +1,899% on 2024. The accounts now follow the full schema, last year the abbreviated schema.
- 2022 Net result +112% on 2021. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 1,146% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.3m
Fixed assets
€301,455 ▼ 81.9%
Current assets
€5.0m ▲ 763%
Equity and liabilities €5.3m
Equity
€5.1m ▲ 406%
Debt
€196,405 ▼ 84.1%
Debt's share of the balance-sheet total falls from 55.0% to 3.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
80.3%▲
2024 · 20.3%
Debt ≤ 1 year
€73,082▼
2024 · €262,549
Debt > 1 year
€123,322▼
2024 · €975,139
Income taxes
€52,663▼
2024 · €105,422
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €4.4m | - |
| Turnover70 | - | - | - | - | €462,096 | - |
| Other operating income74 | - | - | - | - | €3,737 | - |
| Non-recurring operating income76A | - | - | €26,763 | €0 | €4.0m | - |
| Operating charges60/66A | - | - | - | - | €217,379 | - |
| Services and other goods61 | - | - | - | - | €201,430 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,934 | €5,884 | €12,511 | €14,121 | €13,503 | ▼ 4.4% |
| Other operating charges640/8 | €1,694 | €1,336 | €1,724 | €2,484 | €2,446 | ▼ 1.5% |
| Gross operating margin9900 | €236,939 | €497,876 | €368,950 | €355,043 | - | - |
| Operating profit (loss)9901 | €232,311 | €490,657 | €354,715 | €338,438 | €4.2m | ▲ 1,146% |
| Financial income75/76B | €45 | €75 | €1,322 | €2,125 | €2,125 | = |
| Recurring financial income75 | €45 | €75 | €1,322 | €2,125 | €2,125 | = |
| Income from current assets751 | - | - | - | - | €2,125 | - |
| Other financial income752/9 | - | - | - | - | €0 | - |
| Financial charges65/66B | €3,635 | €5,412 | €5,982 | €28,891 | €44,605 | ▲ 54.4% |
| Recurring financial charges65 | €3,635 | €5,412 | €5,982 | €28,891 | €44,605 | ▲ 54.4% |
| Debt charges650 | - | - | - | - | €44,605 | - |
| Profit (loss) for the period before taxes9903 | €228,720 | €485,321 | €350,055 | €311,672 | €4.2m | ▲ 1,240% |
| Income taxes67/77 | €76,107 | €161,308 | €111,898 | €105,422 | €52,663 | ▼ 50.0% |
| Taxes670/3 | - | - | - | - | €52,663 | - |
| Profit (loss) for the period9904 | €152,614 | €324,013 | €238,157 | €206,250 | €4.1m | ▲ 1,899% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €75,780 | - |
| Profit (loss) for the period to be appropriated9905 | €152,614 | €324,013 | €238,157 | €206,250 | €4.0m | ▲ 1,862% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €579,996 | €1.2m | €1.2m | €2.3m | €5.3m | ▲ 137% |
| Fixed assets21/28 | €421,186 | €654,834 | €747,292 | €1.7m | €301,455 | ▼ 81.9% |
| Tangible fixed assets22/27 | €11,186 | €244,834 | €337,292 | €310,458 | €301,455 | ▼ 2.9% |
| Land and buildings22 | - | €236,582 | €328,835 | €304,310 | €293,102 | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | €2,020 | €1,525 | €1,030 | ▼ 32.5% |
| Furniture and vehicles24 | €1,120 | €0 | €0 | - | - | - |
| Other tangible fixed assets26 | €10,066 | €8,252 | €6,437 | €4,623 | €7,324 | ▲ 58.4% |
| Financial fixed assets28 | €410,000 | €410,000 | €410,000 | €1.4m | €0 | ▼ 100% |
| Affiliated companies280/1 | - | - | - | - | €0 | - |
| Participating interests280 | - | - | - | - | €0 | - |
| Current assets29/58 | €158,810 | €531,324 | €467,261 | €582,804 | €5.0m | ▲ 763% |
| Amounts receivable after more than one year29 | - | - | €85,000 | €85,000 | €1.4m | ▲ 1,494% |
| Other amounts receivable291 | - | - | €85,000 | €85,000 | €1.4m | ▲ 1,494% |
| Stocks and contracts in progress3 | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €28,129 | €130,657 | €328,807 | €299,814 | €1.4m | ▲ 360% |
| Trade receivables40 | €27,100 | €76,798 | €242,349 | €298,879 | €1.4m | ▲ 361% |
| Other amounts receivable41 | €1,029 | €53,860 | €86,458 | €935 | €580 | ▼ 38.0% |
| Cash at bank and in hand54/58 | €129,518 | €399,057 | €50,733 | €196,801 | €2.3m | ▲ 1,063% |
| Deferred charges and accrued income490/1 | €1,163 | €1,610 | €2,721 | €1,189 | €9,720 | ▲ 717% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €579,996 | €1.2m | €1.2m | €2.3m | €5.3m | ▲ 137% |
| Equity10/15 | €266,067 | €590,080 | €828,237 | €1.0m | €5.1m | ▲ 406% |
| Contributions10/11 | €9,200 | €9,200 | €9,200 | €9,200 | €9,200 | = |
| Reserves13 | €256,754 | €580,768 | €818,924 | €1.0m | €5.1m | ▲ 410% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €75,780 | - |
| Distributable reserves133 | €254,894 | €578,908 | €818,924 | €1.0m | €5.1m | ▲ 403% |
| Profit (loss) carried forward14 | €113 | €113 | €113 | €113 | €113 | = |
| Amounts payable17/49 | €313,929 | €596,078 | €386,316 | €1.2m | €196,405 | ▼ 84.1% |
| Amounts payable after more than one year17 | €218,204 | €369,115 | €305,784 | €975,139 | €123,322 | ▼ 87.4% |
| Financial debts170/4 | €218,204 | €369,115 | €305,784 | €975,139 | €123,322 | ▼ 87.4% |
| Credit institutions173 | - | - | - | - | €123,322 | - |
| Amounts payable within one year42/48 | €95,725 | €226,963 | €79,401 | €262,549 | €73,082 | ▼ 72.2% |
| Current portion of amounts payable after more than one year42 | €39,802 | €182,565 | €63,331 | €188,914 | €22,869 | ▼ 87.9% |
| Trade debts44 | €8,566 | €3,819 | €15,272 | €8,718 | €6,407 | ▼ 26.5% |
| Suppliers440/4 | €8,566 | €3,819 | €15,272 | €8,718 | €6,407 | ▼ 26.5% |
| Advances received on contracts in progress46 | €18,150 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €29,207 | €40,579 | €798 | €58,717 | €15,483 | ▼ 73.6% |
| Taxes450/3 | €29,207 | €40,579 | €798 | €58,717 | €8,908 | ▼ 84.8% |
| Remuneration and social security454/9 | - | - | - | - | €6,576 | - |
| Other amounts payable47/48 | - | - | - | €6,201 | €28,323 | ▲ 357% |
| Accrued charges and deferred income492/3 | - | - | €1,131 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €152,614 | €324,013 | €238,157 | €206,250 | €4.1m | ▲ 1,899% |
| + Depreciation and write-downs630 | €2,934 | €5,884 | €12,511 | €14,121 | €13,503 | ▼ 4.4% |
| Operating cash flow (approximation) | €155,548 | €329,897 | €250,668 | €220,371 | €4.1m | ▲ 1,777% |
| Investment in fixed assets (approximation) | - | -€239,531 | -€104,969 | -€936,287 | €1.4m | ▲ 245% |
| Change in cash | - | €269,539 | -€348,324 | €146,068 | €2.1m | ▲ 1,333% |
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
22-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-09
Financial
Highest result since 2018net €4.1m ▲1,899%
Operating result €4.2m, net result €4.1m, both a record.
30-09
Financial
Liquidity times 31current ratio 68.86
Current ratio from 2.22 to 68.86; short-term debt falls from €262,549 to €73,082.
30-09
Financial
Equity above €5mEq €5.1m ▲406%
6 profitable years in a row build equity to €5.1m.
25-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Equity above €1mEq €1.0m ▲22.5%
5 profitable years in a row build equity to €1.0m.
23-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Liquidity triplescurrent ratio 5.88
Current ratio from 2.34 to 5.88; short-term debt falls from €226,963 to €79,401.
12-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-09
Financial
Equity above €500,000Eq €590,080 ▲122%
3 profitable years in a row build equity to €590,080.
04-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Equity above €200,000Eq €266,067 ▲89.4%
2 profitable years in a row build equity to €266,067.
Show earlier events
01-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Back to profitnet €68,394
Net result €68,394 after one loss-making year.
30-09
Financial
Equity above €100,000Eq €140,454 ▲94.9%
Equity rises from €72,060 to €140,454.
27-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Weakest financial yearnet -€211
Net result drops to -€211, the lowest in the series; recovery starts the following year.
2018
19-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
29-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
06-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are 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, Zulte · 1 establishment unit since 2013
Ground area
1,540 m²
Building footprint
183 m²
Volume, LiDAR
1,186 m³
Parcel 44081C0137/00E006, Flanders · tallest building 11.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Zaubeekstraat 86, 9870 Zulte
since 20132.225.872.856
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44081C0137/00E006 | Flanders | 1,540 m² | 1 · 183 m² | 11.3 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 30-09-2023 list no shareholders, and no other source names one.
Holdings 1
-
19.05%
According to the annual accounts to 30-09-2023 of EMESAN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. 8,070 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
Founded24-12-2013
Fiscal year end30-09
Activities, NACEBEL 2025
64210Activities of holding companies
90399Other support activities for arts and performing arts
E-invoicing
Reachable via Peppol
Peppol ID
0208:0543599975
Also
9925:BE0543599975
Registered
22-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.