EMG-SYSTEMES-FORMATIONS
ActiveSummary
EMG-SYSTEMES-FORMATIONS has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €27,553 and a net result of -€8,113. Equity is growing by ~5.3% per year across the filed fiscal years. Its solvency ranks better than 95% of 2422 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability41▲+41
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity ample (current ratio 28.34; short-term debt: 1.7% and cash: 38% of total assets), and 1.7% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
98.3%
Return on assets
-28.9%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€8,113
neutral · A punctual record breaks
This company filed 4 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-08-2026, 17 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
17 d late
2024
31 d early
2023
45 d early
2022
32 d early
2021
9 d early
2020
7 d late
2019
19 d late
← 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 11 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 30 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€27,553▼ 22.7%
2024 · €35,665
Total assets
€28,025▼ 21.4%
2024 · €35,665
Net result
-€8,113▲ 16.3%
2024 · -€9,693
Working capital
€12,915▼ 44.6%
2023 · €23,319
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 86, Human health activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€14,188▼ 3.6%€11,662▼ 17.8%-€12,473-€9,445▲ 24.3%-€7,760▲ 17.8%
Net result€10,239below the sector's middle half▼ 19.5%€9,944below the sector's middle half▼ 2.9%-€12,797below the sector's middle half-€9,693below the sector's middle half▲ 24.3%-€8,113below the sector's middle half▲ 16.3%
Equity€49,353below the sector's middle half▲ 26.2%€59,297within the sector's middle half▲ 20.1%€45,358below the sector's middle half▼ 23.5%€35,665below the sector's middle half▼ 21.4%€27,553below the sector's middle half▼ 22.7%
Total assets€59,779below the sector's middle half▲ 24.1%€62,586below the sector's middle half▲ 4.7%€46,717below the sector's middle half▼ 25.4%€35,665below the sector's middle half▼ 23.7%€28,025below the sector's middle half▼ 21.4%
Debt€10,426▲ 15.3%€3,288▼ 68.5%€1,359▼ 58.7%€472
Working capital€14,863below the sector's middle half▼ 28.8%€30,011within the sector's middle half▲ 102%€23,319within the sector's middle half▼ 22.3%€12,915below the sector's middle half
Solvency82.6%above the sector's middle half▲ 1.3pp94.7%above the sector's middle half▲ 12.2pp97.1%above the sector's middle half▲ 2.3pp100.0%above the sector's middle half▲ 2.9pp98.3%above the sector's middle half▼ 1.7pp
Current ratio2.43within the sector's middle half▼ 0.8810.13above the sector's middle half▲ 7.7018.16above the sector's middle half▲ 8.0328.34above the sector's middle half
Return on assets (ROA)17.1%within the sector's middle half▼ 9.3pp15.9%within the sector's middle half▼ 1.2pp-27.4%below the sector's middle half▼ 43.3pp-27.2%below the sector's middle half▲ 0.2pp-28.9%below the sector's middle half▼ 1.8pp
above
within
below
the middle half (P25 to P75) of NACE 86, Human health activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €7,760 in 2025 against €9,445 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €28,025
Fixed assets
€14,638 ▼ 16.9%
Current assets
€13,387 ▼ 25.8%
Equity and liabilities €28,025
Equity
€27,553
Debt
€472
Debt finances 1.7% of the balance-sheet total.
Key figures and ratios
EBITDA
€1,052▲
2024 · -€1,321
Cash flow
€699▲
2024 · -€1,569
Debt to equity
0.02
ROE
-29.4%▼
2024 · -27.2%
Interest coverage
4.95▲
2024 · -6.41
Debt ≤ 1 year
€472
Income taxes
€141▲
2024 · €58
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,805 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 88% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
2.0%
went bankrupt
9.8%
stopped otherwise
88%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,805 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,440 | €7,848 | €7,981 | €8,124 | €8,812 | ▲ 8.5% |
| Other operating charges640/8 | €12,880 | €128 | €154 | €4,186 | - | - |
| Gross operating margin9900 | €29,508 | €19,638 | -€4,339 | €2,864 | €1,052 | ▼ 63.3% |
| Operating profit (loss)9901 | €14,188 | €11,662 | -€12,473 | -€9,445 | -€7,760 | ▲ 17.8% |
| Financial income75/76B | - | €101 | - | €17 | €1 | ▼ 97.0% |
| Recurring financial income75 | - | €101 | - | €17 | €1 | ▼ 97.0% |
| Financial charges65/66B | €169 | €193 | €200 | €206 | €212 | ▲ 2.9% |
| Recurring financial charges65 | €169 | €193 | €200 | €206 | €212 | ▲ 2.9% |
| Profit (loss) for the period before taxes9903 | €14,019 | €11,570 | -€12,674 | -€9,635 | -€7,972 | ▲ 17.3% |
| Income taxes67/77 | €3,780 | €1,626 | €123 | €58 | €141 | ▲ 144% |
| Profit (loss) for the period9904 | €10,239 | €9,944 | -€12,797 | -€9,693 | -€8,113 | ▲ 16.3% |
| Profit (loss) for the period to be appropriated9905 | €10,239 | €9,944 | -€12,797 | -€9,693 | -€8,113 | ▲ 16.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €59,779 | €62,586 | €46,717 | €35,665 | €28,025 | ▼ 21.4% |
| Fixed assets21/28 | €34,490 | €29,287 | €22,039 | €17,614 | €14,638 | ▼ 16.9% |
| Tangible fixed assets22/27 | €34,490 | €29,287 | €22,039 | €17,614 | €14,638 | ▼ 16.9% |
| Furniture and vehicles24 | €32,830 | €27,683 | €20,492 | €16,123 | €13,203 | ▼ 18.1% |
| Other tangible fixed assets26 | €1,660 | €1,604 | €1,547 | €1,491 | €1,434 | ▼ 3.8% |
| Current assets29/58 | €25,289 | €33,299 | €24,678 | €18,051 | €13,387 | ▼ 25.8% |
| Amounts receivable within one year40/41 | €3,593 | €9,602 | €11,964 | €2,608 | €2,724 | ▲ 4.4% |
| Trade receivables40 | €3,593 | €7,228 | €7,428 | €120 | €2,718 | ▲ 2,165% |
| Other amounts receivable41 | - | €2,374 | €4,537 | €2,488 | €6 | ▼ 99.8% |
| Cash at bank and in hand54/58 | €21,696 | €23,697 | €12,714 | €15,443 | €10,663 | ▼ 30.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €59,779 | €62,586 | €46,717 | €35,665 | €28,025 | ▼ 21.4% |
| Equity10/15 | €49,353 | €59,297 | €45,358 | €35,665 | €27,553 | ▼ 22.7% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Outside capital11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Other1109/19 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €29,460 | €29,460 | = |
| 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 | - | - | - | €27,600 | €27,600 | = |
| Profit (loss) carried forward14 | €41,293 | €51,237 | €37,298 | €5 | -€8,107 | ▼ 153,650% |
| Amounts payable17/49 | €10,426 | €3,288 | €1,359 | - | €472 | - |
| Amounts payable within one year42/48 | €10,426 | €3,288 | €1,359 | - | €472 | - |
| Trade debts44 | €901 | €406 | €784 | - | - | - |
| Suppliers440/4 | €901 | €406 | €784 | - | - | - |
| Taxes, remuneration and social security45 | €3,780 | €1,865 | - | - | €141 | - |
| Taxes450/3 | €3,780 | €1,865 | - | - | €141 | - |
| Other amounts payable47/48 | €5,745 | €1,017 | €575 | - | €332 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,239 | €9,944 | -€12,797 | -€9,693 | -€8,113 | ▲ 16.3% |
| + Depreciation and write-downs630 | €2,440 | €7,848 | €7,981 | €8,124 | €8,812 | ▲ 8.5% |
| Operating cash flow (approximation) | €12,679 | €17,792 | -€4,816 | -€1,569 | €699 | ▲ 145% |
| Investment in fixed assets (approximation) | - | -€2,645 | -€733 | -€3,699 | -€5,835 | ▼ 57.7% |
| Change in cash | - | €2,001 | -€10,984 | €2,729 | -€4,779 | ▼ 275% |
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
17-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 17 days late
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
16-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€12,797
Net result drops to -€12,797, the lowest in the series; recovery starts the following year.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity quadruplescurrent ratio 10.13
Current ratio from 2.43 to 10.13; short-term debt falls from €10,426 to €3,288.
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
07-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 7 days late
2020
31-12
Financial
Highest result since 2018net €12,716 ▲210%
Operating result €14,718, net result €12,716, both a record.
19-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 19 days late
2019
31-12
Financial
Back to profitnet €4,101
Net result €4,101 after one loss-making year.
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
2017
25-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 25 days late
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
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2012
Ground area
118 m²
Building footprint
94 m²
Volume, LiDAR
1,415 m³
Parcel 21444B0059/00Y002, Brussels · tallest building 19.6 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
EMG-SYSTEMES-FORMATIONS
since 20122.208.738.203
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21444B0059/00Y002 | Brussels | 118 m² | 1 · 94 m² | 19.6 m · 5 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 5,527 companies in this sector we hold annual accounts for 554. 442 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded28-03-2012
Fiscal year end31-12
Activities, NACEBEL 2025
86931Psychology services
85593Socio-cultural adult education
E-invoicing
Reachable via Peppol
Peppol ID
0208:0844792103
Registered
16-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.