EMP
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00437934.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 22 filings
Turnover
€78,717
EBIT margin
1.2%
Net result
€1,469▲ 21.5%
2024 · €1,209
Working capital
€35,940▲ 14.4%
2024 · €31,410
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€6,565
▲ 20.8%
2025
20182025
Net result
€1,469
▲ 21.5%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€32,940
▼ 0.6%
2025
middle half of the sector
20182025
Total assets
€62,552
▲ 9.3%
2025
lowest quarter of the sector
20182025
Debt
€29,612
▲ 22.8%
2025
20182025
Working capital
€35,940
▲ 14.4%
2025
middle half of the sector
20182025
Solvency
52.7%
▼ 5.2pp
2025
middle half of the sector
20182025
Current ratio
2.35
▼ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
2.3%
▲ 0.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€78,717
Operating result€619-€1,524▲ 146%€3,329▲ 118%€5,951▲ 78.8%€2,088▼ 64.9%€959▼ 54.1%€5,436▲ 467%€6,565▲ 20.8%
Net result€71-€672▲ 844%€1,474within the sector's middle half▲ 119%€2,758within the sector's middle half▲ 87.1%€76within the sector's middle half▼ 97.2%€17within the sector's middle half▼ 77.2%€1,209within the sector's middle half▲ 70×€1,469within the sector's middle half▲ 21.5%
EBIT margin1.2%
Equity€28,129-€28,802▲ 2.4%€30,276within the sector's middle half▲ 5.1%€33,034within the sector's middle half▲ 9.1%€33,111within the sector's middle half▲ 0.2%€33,128within the sector's middle half▲ 0.1%€33,137within the sector's middle half=€32,940within the sector's middle half▼ 0.6%
Total assets€31,217-€31,037▼ 0.6%€57,872below the sector's middle half▲ 86.5%€54,567below the sector's middle half▼ 5.7%€81,419within the sector's middle half▲ 49.2%€72,292within the sector's middle half▼ 11.2%€57,249below the sector's middle half▼ 20.8%€62,552below the sector's middle half▲ 9.3%
Debt€3,088-€2,235▼ 27.6%€27,596▲ 12×€21,533▼ 22.0%€48,309▲ 124%€39,165▼ 18.9%€24,112▼ 38.4%€29,612▲ 22.8%
Working capital€28,129-€10,631▼ 62.2%-€7,386within the sector's middle half€7,992within the sector's middle half€19,973within the sector's middle half▲ 150%€25,820within the sector's middle half▲ 29.3%€31,410within the sector's middle half▲ 21.6%€35,940within the sector's middle half▲ 14.4%
Solvency90.1%-92.8%▲ 2.7pp52.3%within the sector's middle half▼ 40.5pp60.5%within the sector's middle half▲ 8.2pp40.7%within the sector's middle half▼ 19.9pp45.8%within the sector's middle half▲ 5.2pp57.9%within the sector's middle half▲ 12.1pp52.7%within the sector's middle half▼ 5.2pp
Current ratio10.11-5.76▼ 4.350.73below the sector's middle half▼ 5.021.37within the sector's middle half▲ 0.641.44within the sector's middle half▲ 0.071.71within the sector's middle half▲ 0.272.49within the sector's middle half▲ 0.772.35within the sector's middle half▼ 0.14
Return on assets (ROA)0.2%-2.2%▲ 1.9pp2.5%within the sector's middle half▲ 0.4pp5.1%within the sector's middle half▲ 2.5pp0.1%within the sector's middle half▼ 5.0pp0.0%within the sector's middle half▼ 0.1pp2.1%within the sector's middle half▲ 2.1pp2.3%within the sector's middle half▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 21% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €62,552
Equity
€32,940 ▼ 0.6%
Debt
€29,612 ▲ 22.8%
Debt's share of the balance-sheet total rises from 42.1% to 47.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€11,292▲
2024 · €11,016
Cash flow
€6,197▼
2024 · €6,789
Quick ratio
0.63▲
2024 · 0.57
Debt to equity
0.90▲
2024 · 0.73
ROE
4.5%▲
2024 · 3.6%
Interest coverage
5.39▼
2024 · 76.64
Debt ≤ 1 year
€26,612▲
2024 · €21,112
Income taxes
€3,001▼
2024 · €4,083
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | €78,717 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €77,720 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €6,400 | €7,642 | €12,620 | €8,904 | €5,830 | €5,580 | €4,728 | ▼ 15.3% |
| Other operating charges640/8 | - | - | - | €1,560 | €965 | €1,055 | €1,096 | €1,131 | ▲ 3.1% |
| Gross operating margin9900 | €1,494 | €9,046 | €15,254 | €20,130 | €11,958 | €7,845 | €12,113 | €12,423 | ▲ 2.6% |
| Operating profit (loss)9901 | €619 | €1,524 | €3,329 | €5,951 | €2,088 | €959 | €5,436 | €6,565 | ▲ 20.8% |
| Financial income75/76B | - | - | - | €5 | €97 | - | - | - | - |
| Recurring financial income75 | €0 | - | - | €5 | €97 | - | - | - | - |
| Financial charges65/66B | - | - | - | €135 | €109 | €142 | €144 | €2,095 | ▲ 15× |
| Recurring financial charges65 | €48 | €116 | €116 | €135 | €109 | €142 | €144 | €2,095 | ▲ 15× |
| Profit (loss) for the period before taxes9903 | €571 | €1,408 | €3,213 | €5,820 | €2,076 | €817 | €5,293 | €4,470 | ▼ 15.5% |
| Income taxes67/77 | €500 | €736 | €1,739 | €3,061 | €2,000 | €800 | €4,083 | €3,001 | ▼ 26.5% |
| Profit (loss) for the period9904 | €71 | €672 | €1,474 | €2,758 | €76 | €17 | €1,209 | €1,469 | ▲ 21.5% |
| Profit (loss) for the period to be appropriated9905 | €71 | €672 | €1,474 | €2,758 | €76 | €17 | €1,209 | €1,469 | ▲ 21.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €31,217 | €31,037 | €57,872 | €54,567 | €81,419 | €72,292 | €57,249 | €62,552 | ▲ 9.3% |
| Formation expenses20 | - | - | - | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | - | €18,171 | €37,662 | €25,042 | €16,138 | €10,308 | €4,728 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | €18,171 | €37,662 | €25,042 | €16,138 | €10,308 | €4,728 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €3,574 | €250 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €21,468 | €15,888 | €10,308 | €4,728 | €0 | ▼ 100% |
| Current assets29/58 | €31,217 | €12,867 | €20,210 | €29,525 | €65,282 | €61,985 | €52,522 | €62,552 | ▲ 19.1% |
| Stocks and contracts in progress3 | €22,540 | €8,570 | €8,521 | €5,842 | €31,430 | €39,950 | €40,550 | €45,740 | ▲ 12.8% |
| Stocks30/36 | - | - | - | €5,842 | €31,430 | €39,950 | €40,550 | €45,740 | ▲ 12.8% |
| Amounts receivable within one year40/41 | €2,412 | €3,536 | €4,063 | €8,581 | €26,958 | €20,746 | €6,772 | €3,414 | ▼ 49.6% |
| Trade receivables40 | - | - | - | €8,581 | €26,958 | €20,238 | €6,675 | €3,024 | ▼ 54.7% |
| Other amounts receivable41 | - | - | - | - | - | €508 | €97 | €390 | ▲ 302% |
| Cash at bank and in hand54/58 | €6,266 | €760 | €7,626 | €15,103 | €6,894 | €1,289 | €5,200 | €13,398 | ▲ 158% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €31,217 | €31,037 | €57,872 | €54,567 | €81,419 | €72,292 | €57,249 | €62,552 | ▲ 9.3% |
| Equity10/15 | €28,129 | €28,802 | €30,276 | €33,034 | €33,111 | €33,128 | €33,137 | €32,940 | ▼ 0.6% |
| 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 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €7,669 | €8,342 | €9,816 | €12,574 | €12,651 | €12,668 | €12,677 | €12,480 | ▼ 1.6% |
| Amounts payable17/49 | €3,088 | €2,235 | €27,596 | €21,533 | €48,309 | €39,165 | €24,112 | €29,612 | ▲ 22.8% |
| Amounts payable within one year42/48 | €3,088 | €2,235 | €27,596 | €21,533 | €45,309 | €36,165 | €21,112 | €26,612 | ▲ 26.0% |
| Trade debts44 | €287 | €654 | €15,560 | €3,708 | €22,258 | €19,088 | €1,055 | €301 | ▼ 71.4% |
| Suppliers440/4 | - | - | - | €3,708 | €22,258 | €19,088 | €1,055 | €301 | ▼ 71.4% |
| Taxes, remuneration and social security45 | - | - | - | €9,299 | €6,749 | €2,300 | €1,455 | €1,889 | ▲ 29.9% |
| Taxes450/3 | - | - | - | €9,299 | €6,749 | €2,300 | €1,455 | €1,889 | ▲ 29.9% |
| Other amounts payable47/48 | - | - | - | €8,525 | €16,302 | €14,777 | €18,602 | €24,422 | ▲ 31.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71 | €672 | €1,474 | €2,758 | €76 | €17 | €1,209 | €1,469 | ▲ 21.5% |
| + Depreciation and write-downs630 | - | €6,400 | €7,642 | €12,620 | €8,904 | €5,830 | €5,580 | €4,728 | ▼ 15.3% |
| Operating cash flow (approximation) | €71 | €7,073 | €9,116 | €15,378 | €8,980 | €5,848 | €6,789 | €6,197 | ▼ 8.7% |
| Investment in fixed assets (approximation) | - | - | -€27,133 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€5,506 | €6,866 | €7,477 | -€8,208 | -€5,605 | €3,911 | €8,198 | ▲ 110% |
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, 17,041 companies had the same profile as EMP has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EMP itself: 0.1% 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 17,041 companies, not a prediction for EMP. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00437934 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00350609 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00363920 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00411344 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20391443 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59400584 | |
| 31-12-2019 | micro format | 07-09-2020 | 2020-51300409 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-35400411 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-27200018 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56500411 |