EMMACO
ActiveSummary
EMMACO has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.6m and a net result of €29,986. Equity is growing by ~8.2% per year across the filed fiscal years. Its solvency ranks better than 50% of 33 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability35▼-21
Solvency63▼-34
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90,000 at 30 days acceptable
Liquidity short (current ratio 0.71 against 11.23 in 2024; short-term debt: 18.3% and cash: 0.7% of total assets), and 62.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
37.7%
Return on assets
0.7%
Age of the figures
12 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 51
Relative position
BE, all sectors
reference
Air transport (NACE 51)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
15 d early
2023
14 d early
2022
30 d early
2021
3 d early
2020
3 d early
2019
17 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 12 days before the deadline; the sector median for financial year 2024 is 10 days before the deadline, and 35% 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 17 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.6m▲ 4.4%
2024 · €1.6m
Total assets
€4.3m▲ 98.8%
2024 · €2.2m
Net result
€29,986▲ 339%
2024 · €6,832
Working capital
-€231,067
2024 · €862,750
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 51, Air transport, 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
Operating result€231,124▲ 111%€130,804▼ 43.4%€198,623▲ 51.8%€18,011▼ 90.9%€172,795▲ 859%
Net result€262,753above the sector's middle half▲ 175%€99,742above the sector's middle half▼ 62.0%€212,874above the sector's middle half▲ 113%€6,832within the sector's middle half▼ 96.8%€29,986within the sector's middle half▲ 339%
Equity€1.3mabove the sector's middle half▲ 19.6%€1.4mabove the sector's middle half▲ 1.2%€1.6mabove the sector's middle half▲ 14.9%€1.6mwithin the sector's middle half▲ 0.4%€1.6mabove the sector's middle half▲ 4.4%
Total assets€1.6mabove the sector's middle half▼ 4.5%€1.7mabove the sector's middle half▲ 7.7%€1.9mwithin the sector's middle half▲ 10.1%€2.2mwithin the sector's middle half▲ 17.6%€4.3mabove the sector's middle half▲ 98.8%
Debt€224,425▼ 56.7%€329,758▲ 46.9%€298,176▼ 9.6%€618,992▲ 108%€2.7m▲ 338%
Working capital€707,960above the sector's middle half▲ 54.7%€721,997above the sector's middle half▲ 2.0%€788,233above the sector's middle half▲ 9.2%€862,750above the sector's middle half▲ 9.5%-€231,067below the sector's middle half
Solvency85.7%above the sector's middle half▲ 17.3pp80.4%above the sector's middle half▼ 5.2pp83.9%above the sector's middle half▲ 3.5pp71.7%above the sector's middle half▼ 12.3pp37.7%within the sector's middle half▼ 34.0pp
Current ratio4.17above the sector's middle half▲ 1.974.15above the sector's middle half▼ 0.0210.63above the sector's middle half▲ 6.4811.23above the sector's middle half▲ 0.600.71below the sector's middle half▼ 10.52
Return on assets (ROA)16.8%above the sector's middle half▲ 11.0pp5.9%within the sector's middle half▼ 10.9pp11.5%above the sector's middle half▲ 5.5pp0.3%within the sector's middle half▼ 11.1pp0.7%within the sector's middle half▲ 0.4pp
Staff (FTE)000
above
within
below
the middle half (P25 to P75) of NACE 51, Air transport, 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.
Why a figure moved sharply
- 2023 Net result +113% on 2022. 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 859% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.3m
Fixed assets
€3.8m ▲ 205%
Current assets
€562,660 ▼ 40.6%
Equity and liabilities €4.3m
Equity
€1.6m ▲ 4.4%
Debt
€2.7m ▲ 338%
Debt's share of the balance-sheet total rises from 28.3% to 62.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€211,328▲
2024 · €66,440
Cash flow
€68,519▲
2024 · €55,261
Debt to equity
1.66▲
2024 · 0.40
ROE
1.8%▲
2024 · 0.4%
Interest coverage
1.89▼
2024 · 4.39
Debt ≤ 1 year
€793,727▲
2024 · €84,327
Debt > 1 year
€1.9m▲
2024 · €533,764
Income taxes
€75,206▲
2024 · €20,184
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,733 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 14,733 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €8,430 | €0 | €33,659 | €0 | - | - |
| Remuneration, social security and pensions62 | €240 | €350 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,333 | €23,859 | €23,841 | €48,428 | €38,533 | ▼ 20.4% |
| Other operating charges640/8 | €4,898 | €4,515 | €3,620 | €9,788 | €30,349 | ▲ 210% |
| Non-recurring operating charges66A | €354 | €0 | - | €47,404 | €0 | ▼ 100% |
| Gross operating margin9900 | €248,950 | €159,528 | €226,084 | €123,632 | €241,677 | ▲ 95.5% |
| Operating profit (loss)9901 | €231,124 | €130,804 | €198,623 | €18,011 | €172,795 | ▲ 859% |
| Financial income75/76B | €115,222 | €18,603 | €93,989 | €24,136 | €44,381 | ▲ 83.9% |
| Recurring financial income75 | €115,222 | €18,603 | €93,989 | €24,136 | €44,381 | ▲ 83.9% |
| Financial charges65/66B | €7,720 | €2,695 | €4,573 | €15,131 | €111,984 | ▲ 640% |
| Recurring financial charges65 | €7,720 | €2,695 | €4,573 | €15,131 | €111,984 | ▲ 640% |
| Profit (loss) for the period before taxes9903 | €338,627 | €146,712 | €288,038 | €27,016 | €105,191 | ▲ 289% |
| Income taxes67/77 | €75,874 | €46,970 | €75,164 | €20,184 | €75,206 | ▲ 273% |
| Profit (loss) for the period9904 | €262,753 | €99,742 | €212,874 | €6,832 | €29,986 | ▲ 339% |
| Transfer from tax-exempt reserves789 | - | - | - | €105,250 | €0 | ▼ 100% |
| Transfer to tax-exempt reserves689 | €105,250 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €157,503 | €99,742 | €212,874 | €112,082 | €29,986 | ▼ 73.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.6m | €1.7m | €1.9m | €2.2m | €4.3m | ▲ 98.8% |
| Fixed assets21/28 | €634,612 | €735,803 | €987,551 | €1.2m | €3.8m | ▲ 205% |
| Intangible fixed assets21 | - | - | - | - | €2,258 | - |
| Tangible fixed assets22/27 | €312,003 | €313,195 | €299,512 | €550,139 | €3.0m | ▲ 450% |
| Land and buildings22 | €28,454 | €23,076 | €17,697 | €289,069 | €2.9m | ▲ 918% |
| Plant, machinery and equipment23 | €0 | - | - | - | - | - |
| Furniture and vehicles24 | €269,020 | €258,036 | €247,404 | €21,830 | €33,592 | ▲ 53.9% |
| Other tangible fixed assets26 | €14,529 | €32,083 | €34,411 | €55,335 | €49,475 | ▼ 10.6% |
| Assets under construction and advance payments27 | - | - | - | €183,906 | €0 | ▼ 100% |
| Financial fixed assets28 | €322,609 | €422,609 | €688,039 | €688,039 | €753,247 | ▲ 9.5% |
| Current assets29/58 | €930,947 | €950,889 | €870,055 | €947,077 | €562,660 | ▼ 40.6% |
| Amounts receivable after more than one year29 | €500,000 | €650,000 | €500,000 | €0 | - | - |
| Other amounts receivable291 | €500,000 | €650,000 | €500,000 | €0 | - | - |
| Amounts receivable within one year40/41 | €64,248 | €182,855 | €189,947 | €823,648 | €498,212 | ▼ 39.5% |
| Trade receivables40 | €21,082 | €89,736 | €37,222 | €42,653 | €21,239 | ▼ 50.2% |
| Other amounts receivable41 | €43,166 | €93,119 | €152,724 | €780,995 | €476,973 | ▼ 38.9% |
| Cash at bank and in hand54/58 | €330,656 | €28,735 | €130,373 | €81,213 | €31,345 | ▼ 61.4% |
| Deferred charges and accrued income490/1 | €36,044 | €89,300 | €49,735 | €42,216 | €33,102 | ▼ 21.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.6m | €1.7m | €1.9m | €2.2m | €4.3m | ▲ 98.8% |
| Equity10/15 | €1.3m | €1.4m | €1.6m | €1.6m | €1.6m | ▲ 4.4% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Revaluation surpluses12 | - | - | - | - | €39,322 | - |
| Reserves13 | €1.3m | €1.3m | €1.5m | €1.6m | €1.6m | ▲ 1.9% |
| 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 | = |
| Tax-exempt reserves132 | €105,250 | €105,250 | €105,250 | €0 | - | - |
| Distributable reserves133 | €1.2m | €1.2m | €1.4m | €1.6m | €1.6m | ▲ 1.9% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | - | - |
| Amounts payable17/49 | €224,425 | €329,758 | €298,176 | €618,992 | €2.7m | ▲ 338% |
| Amounts payable after more than one year17 | €0 | €100,000 | €215,430 | €533,764 | €1.9m | ▲ 254% |
| Financial debts170/4 | €0 | €100,000 | €215,430 | €533,764 | €1.8m | ▲ 236% |
| Other amounts payable178/9 | - | - | - | - | €96,098 | - |
| Amounts payable within one year42/48 | €222,987 | €228,892 | €81,821 | €84,327 | €793,727 | ▲ 841% |
| Current portion of amounts payable after more than one year42 | €0 | - | - | €27,500 | €223,901 | ▲ 714% |
| Financial debts43 | - | - | - | €12,622 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €12,622 | €0 | ▼ 100% |
| Trade debts44 | €24,578 | €53,016 | €13,452 | €17,062 | €53,214 | ▲ 212% |
| Suppliers440/4 | €24,578 | €53,016 | €13,452 | €17,062 | €53,214 | ▲ 212% |
| Taxes, remuneration and social security45 | €68,066 | €29,508 | €57,991 | €27,143 | €96,982 | ▲ 257% |
| Taxes450/3 | €62,066 | €23,008 | €53,416 | €22,643 | €92,482 | ▲ 308% |
| Remuneration and social security454/9 | €6,000 | €6,500 | €4,575 | €4,500 | €4,500 | = |
| Other amounts payable47/48 | €130,342 | €146,369 | €10,379 | €0 | €419,629 | - |
| Accrued charges and deferred income492/3 | €1,438 | €865 | €924 | €902 | €25,860 | ▲ 2,768% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €262,753 | €99,742 | €212,874 | €6,832 | €29,986 | ▲ 339% |
| + Depreciation and write-downs630 | €12,333 | €23,859 | €23,841 | €48,428 | €38,533 | ▼ 20.4% |
| Operating cash flow (approximation) | €275,086 | €123,601 | €236,715 | €55,261 | €68,519 | ▲ 24.0% |
| Investment in fixed assets (approximation) | - | -€125,050 | -€275,589 | -€299,055 | -€2.6m | ▼ 763% |
| Change in cash | - | -€301,921 | €101,639 | -€49,160 | -€49,868 | ▼ 1.4% |
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
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
15-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
16-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Liquidity triplescurrent ratio 10.63
Current ratio from 4.15 to 10.63; short-term debt falls from €228,892 to €81,821.
31-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
27-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
27-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
13-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Highest result since 2018net €874,164 ▲25,746%
Operating result €970,307, net result €874,164, both a record.
30-09
Financial
Liquidity times 6current ratio 3.86
Current ratio from 0.62 to 3.86.
30-09
Financial
Equity above €1mEq €1.0m ▲577%
2 profitable years in a row build equity to €1.0m.
18-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
20-03
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 5 acts read
About the unread acts
We know of 5 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
5 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, Wielsbeke · 1 establishment unit since 2013
Ground area
1,741 m²
Building footprint
478 m²
Volume, LiDAR
2,697 m³
Parcel 37017C0085/00H000, Flanders · tallest building 9.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Emmaco
since 20132.218.080.588
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37017C0085/00H000 | Flanders | 1,741 m² | 1 · 478 m² | 9.5 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 2 entries · 9,920 EUR awarded · 9,920 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,420 EUR | 2,420 EUR |
| 2022 | 1 | 7,500 EUR | 7,500 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
699400QJCQSM4OJY0287
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Of 1,512 companies in sector 51190 we hold annual accounts for 815. 430 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 (pre-2019)
Founded12-05-2004
Fiscal year end30-09
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
70100Activities of head offices
73300Public relations and communication consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0865264744
Registered
01-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.