EMIT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 14 filings
Equity
€179,976▼ 14.0%
2024 · €209,185
Total assets
€192,742▼ 13.9%
2024 · €223,921
Net result
-€29,210▼ 87.6%
2024 · -€15,571
Working capital
€176,317▼ 15.3%
2024 · €208,108
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€33,297
▼ 51.7%
2025
20182025
Net result
-€29,210
▼ 87.6%
2025
lowest quarter of the sector
20182025
Equity
€179,976
▼ 14.0%
2025
highest quarter of the sector
20182025
Total assets
€192,742
▼ 13.9%
2025
middle half of the sector
20182025
Debt
€12,766
▼ 13.4%
2025
20182025
Working capital
€176,317
▼ 15.3%
2025
highest quarter of the sector
20182025
Solvency
93.4%
=
2025
highest quarter of the sector
20182025
Current ratio
14.81
▼ 7.39
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-15.2%
▼ 8.2pp
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€95,052-€24,587▼ 74.1%-€21,201€35,870€51,721▲ 44.2%-€10,270-€21,951▼ 114%-€33,297▼ 51.7%
Net result€82,411-€21,636▼ 73.7%-€12,386below the sector's middle half€28,210within the sector's middle half€36,520within the sector's middle half▲ 29.5%-€12,681below the sector's middle half-€15,571below the sector's middle half▼ 22.8%-€29,210below the sector's middle half▼ 87.6%
Equity€163,458-€185,094▲ 13.2%€172,708above the sector's middle half▼ 6.7%€200,918above the sector's middle half▲ 16.3%€237,437above the sector's middle half▲ 18.2%€224,756above the sector's middle half▼ 5.3%€209,185above the sector's middle half▼ 6.9%€179,976above the sector's middle half▼ 14.0%
Total assets€212,614-€260,143▲ 22.4%€242,824within the sector's middle half▼ 6.7%€275,421within the sector's middle half▲ 13.4%€289,198above the sector's middle half▲ 5.0%€256,982within the sector's middle half▼ 11.1%€223,921within the sector's middle half▼ 12.9%€192,742within the sector's middle half▼ 13.9%
Debt€49,156-€75,050▲ 52.7%€70,116▼ 6.6%€74,503▲ 6.3%€51,760▼ 30.5%€32,226▼ 37.7%€14,735▼ 54.3%€12,766▼ 13.4%
Working capital€156,097-€179,246▲ 14.8%€169,514above the sector's middle half▼ 5.4%€197,808above the sector's middle half▲ 16.7%€233,792above the sector's middle half▲ 18.2%€219,447above the sector's middle half▼ 6.1%€208,108above the sector's middle half▼ 5.2%€176,317above the sector's middle half▼ 15.3%
Solvency76.9%-71.2%▼ 5.7pp71.1%within the sector's middle half=72.9%within the sector's middle half▲ 1.8pp82.1%above the sector's middle half▲ 9.2pp87.5%above the sector's middle half▲ 5.4pp93.4%above the sector's middle half▲ 6.0pp93.4%above the sector's middle half=
Current ratio4.18-3.39▼ 0.783.45within the sector's middle half▲ 0.063.66within the sector's middle half▲ 0.205.56above the sector's middle half▲ 1.907.81above the sector's middle half▲ 2.2522.20above the sector's middle half▲ 14.3914.81above the sector's middle half▼ 7.39
Return on assets (ROA)38.8%-8.3%▼ 30.4pp-5.1%below the sector's middle half▼ 13.4pp10.2%within the sector's middle half▲ 15.3pp12.6%within the sector's middle half▲ 2.4pp-4.9%below the sector's middle half▼ 17.6pp-7.0%below the sector's middle half▼ 2.0pp-15.2%below the sector's middle half▼ 8.2pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 €33,297, larger than the loss of €21,951 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
Assets €192,742
Fixed assets
€3,658 ▼ 39.0%
Current assets
€189,084 ▼ 13.2%
Equity and liabilities €192,742
Equity
€179,976 ▼ 14.0%
Debt
€12,766 ▼ 13.4%
Debt's share of the balance-sheet total stays at 6.6%.
Key figures and ratios
EBITDA
-€30,959▼
2024 · -€20,097
Cash flow
-€26,871▼
2024 · -€13,717
Debt to equity
0.07▲
2024 · 0.07
ROE
-16.2%▼
2024 · -7.4%
Interest coverage
-24.29▼
2024 · -11.45
Debt ≤ 1 year
€12,766▲
2024 · €9,815
Income taxes
€438▲
2024 · €429
Staff costs
€733▲
2024 · €0
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 | - | €1,815 | €2,446 | €2,542 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,046 | €823 | €1,239 | €1,854 | €2,339 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €102 | - | €458 | €0 | €733 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,118 | €1,663 | €1,837 | €1,046 | €823 | €1,239 | €1,854 | €2,339 | ▲ 26.1% |
| Other operating charges640/8 | - | - | - | €3,559 | €2,562 | €6,071 | €225 | €19,385 | ▲ 86× |
| Gross operating margin9900 | €97,924 | €30,132 | -€13,251 | €40,577 | €55,107 | -€2,502 | -€19,871 | -€10,840 | ▲ 45.4% |
| Operating profit (loss)9901 | €95,052 | €24,587 | -€21,201 | €35,870 | €51,721 | -€10,270 | -€21,951 | -€33,297 | ▼ 51.7% |
| Financial income75/76B | - | - | - | €8,469 | €9,444 | €10,238 | €8,565 | €5,800 | ▼ 32.3% |
| Recurring financial income75 | €6,658 | €6,563 | €8,607 | €8,469 | €9,444 | €10,238 | €8,565 | €5,800 | ▼ 32.3% |
| Financial charges65/66B | - | - | - | €7,943 | €12,641 | €12,312 | €1,756 | €1,275 | ▼ 27.4% |
| Recurring financial charges65 | €806 | €974 | €2,456 | €7,943 | €12,641 | €12,312 | €1,756 | €1,275 | ▼ 27.4% |
| Profit (loss) for the period before taxes9903 | €100,904 | €30,176 | -€12,064 | €36,396 | €48,525 | -€12,344 | -€15,141 | -€28,772 | ▼ 90.0% |
| Income taxes67/77 | €18,494 | €8,541 | €322 | €8,187 | €12,005 | €338 | €429 | €438 | ▲ 2.1% |
| Profit (loss) for the period9904 | €82,411 | €21,636 | -€12,386 | €28,210 | €36,520 | -€12,681 | -€15,571 | -€29,210 | ▼ 87.6% |
| Profit (loss) for the period to be appropriated9905 | €82,411 | €21,636 | -€12,386 | €28,210 | €36,520 | -€12,681 | -€15,571 | -€29,210 | ▼ 87.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €212,614 | €260,143 | €242,824 | €275,421 | €289,198 | €256,982 | €223,921 | €192,742 | ▼ 13.9% |
| Fixed assets21/28 | €7,361 | €5,994 | €4,156 | €3,110 | €4,102 | €5,309 | €5,997 | €3,658 | ▼ 39.0% |
| Tangible fixed assets22/27 | €7,361 | €5,994 | €4,156 | €3,110 | €4,102 | €5,309 | €5,997 | €3,658 | ▼ 39.0% |
| Plant, machinery and equipment23 | - | - | - | €25 | €1,742 | €1,379 | €2,703 | €1,709 | ▼ 36.8% |
| Furniture and vehicles24 | - | - | - | - | - | €2,297 | €2,387 | €1,767 | ▼ 25.9% |
| Other tangible fixed assets26 | - | - | - | €3,086 | €2,360 | €1,634 | €908 | €182 | ▼ 80.0% |
| Current assets29/58 | €205,253 | €254,150 | €238,668 | €272,311 | €285,096 | €251,673 | €217,923 | €189,084 | ▼ 13.2% |
| Amounts receivable after more than one year29 | - | - | - | €170,000 | €170,000 | €170,000 | €170,000 | €170,000 | = |
| Other amounts receivable291 | - | - | - | €170,000 | €170,000 | €170,000 | €170,000 | €170,000 | = |
| Amounts receivable within one year40/41 | €33,174 | €42,588 | €56,849 | €92,526 | €104,798 | €80,134 | €45,891 | €16,769 | ▼ 63.5% |
| Trade receivables40 | - | - | - | €36,603 | €38,499 | €8,962 | €25,263 | €8,035 | ▼ 68.2% |
| Other amounts receivable41 | - | - | - | €55,923 | €66,299 | €71,172 | €20,628 | €8,734 | ▼ 57.7% |
| Cash at bank and in hand54/58 | - | €19,906 | €9,111 | €8,638 | €10,298 | €1,082 | €1,108 | €272 | ▼ 75.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,148 | - | €457 | €925 | €2,042 | ▲ 121% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €212,614 | €260,143 | €242,824 | €275,421 | €289,198 | €256,982 | €223,921 | €192,742 | ▼ 13.9% |
| Equity10/15 | €163,458 | €185,094 | €172,708 | €200,918 | €237,437 | €224,756 | €209,185 | €179,976 | ▼ 14.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | €155,398 | €177,034 | €164,648 | €192,858 | €229,377 | €216,696 | €201,125 | €171,916 | ▼ 14.5% |
| Amounts payable17/49 | €49,156 | €75,050 | €70,116 | €74,503 | €51,760 | €32,226 | €14,735 | €12,766 | ▼ 13.4% |
| Amounts payable within one year42/48 | €49,156 | €74,903 | €69,154 | €74,503 | €51,304 | €32,226 | €9,815 | €12,766 | ▲ 30.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,723 | €6,482 | €6,777 | €0 | €6,394 | - |
| Trade debts44 | €10,203 | €5,824 | €882 | €16,290 | - | €6,170 | €0 | €3,671 | - |
| Suppliers440/4 | - | - | - | €16,290 | - | €6,170 | €0 | €3,671 | - |
| Taxes, remuneration and social security45 | - | - | - | €46,490 | €44,821 | €19,280 | €9,815 | €2,701 | ▼ 72.5% |
| Taxes450/3 | - | - | - | €46,490 | €44,821 | €19,280 | €9,815 | €2,701 | ▼ 72.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €457 | €0 | €4,920 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €82,411 | €21,636 | -€12,386 | €28,210 | €36,520 | -€12,681 | -€15,571 | -€29,210 | ▼ 87.6% |
| + Depreciation and write-downs630 | €2,118 | €1,663 | €1,837 | €1,046 | €823 | €1,239 | €1,854 | €2,339 | ▲ 26.1% |
| Operating cash flow (approximation) | €84,529 | €23,298 | -€10,549 | €29,256 | €37,343 | -€11,443 | -€13,717 | -€26,871 | ▼ 95.9% |
| Investment in fixed assets (approximation) | - | -€295 | €1 | -€0 | -€1,815 | -€2,446 | -€2,542 | €0 | - |
| Change in cash | - | - | -€10,795 | -€473 | €1,660 | -€9,216 | €26 | -€836 | - |
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, 4,805 companies had the same profile as EMIT has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EMIT itself: 0.5% 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 4,805 companies, not a prediction for EMIT. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00373490 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00469244 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00311514 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00407935 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20386718 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58600477 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45700152 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-55000534 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-51800329 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-50400133 |