EMSD
ActiveEMSD has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.46M and a net result of €175k. Equity is growing by ~8.3% per year across the filed fiscal years. Its solvency ranks better than 19% of 2029 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
54
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability54▼-6
Solvency45▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75k at 30 days acceptable
Liquidity short (current ratio 1.0 against 1.04 in 2024; short-term debt: 51.8% and cash: 1% of total assets), and 80.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
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
19.6%
Return on assets
2.4%
Age of the figures
9 mo
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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 2029 sector peers (2025).
NBB · sector comparisonPosition among 2029 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
24 d early
2023
1 d early
2022
15 d early
2021
29 d late
2020
13 d late
2019
19 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€175k▼ 1.8%
2024 · €178k
2018: €47k
2019: €67k
2020: €48k
2021: €79k
2022: €121k
2023: €91k
2024: €178k
2018 → 2025
Working capital
€-8k
2024 · €134k
2018: €57k
2019: €81k
2020: €227k
2021: €173k
2022: €175k
2023: €-231k
2024: €134k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€941k-€1.05M▲ 11.1%€1.11M▲ 6.6%€1.27M▲ 13.7%€1.46M▲ 15.3%
Operating result€162k-€212k▲ 31.5%€211k▼ 0.5%€379k▲ 79.1%€404k▲ 6.6%
Net result€79k-€121k▲ 53.2%€91k▼ 25.0%€178k▲ 96.1%€175k▼ 1.8%
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 7% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.45M
Fixed assets
€3.60M▲ 19.1%
Current assets
€3.85M▲ 9.6%
Equity and liabilities €7.45M
Equity
€1.46M▲ 15.3%
Provisions
€26k▲ 32.4%
Debt
€5.96M▲ 13.6%
The debt ratio falls from 80.3% to 80.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€942k▲
2024 · €899k
Cash flow
€713k▲
2024 · €699k
Solvency
19.6%▲
2024 · 19.4%
Current ratio
1.00▼
2024 · 1.04
Quick ratio
0.46▼
2024 · 0.51
Debt / equity
4.08▼
2024 · 4.14
ROE
12.0%▼
2024 · 14.1%
ROA
2.4%▼
2024 · 2.7%
Interest coverage
3.92▼
2024 · 4.59
Debt
€5.96M▲
2024 · €5.25M
Debt ≤ 1 year
€3.86M▲
2024 · €3.38M
Debt > 1 year
€2.09M▲
2024 · €1.87M
Income taxes
€31k▼
2024 · €35k
Staff costs
€1.13M▲
2024 · €910k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€6.53M€7.45M▲
Fixed assets21/28€3.02M€3.60M▲
Intangible fixed assets21€70k€58k▼
Tangible fixed assets22/27€2.92M€3.51M▲
Land and buildings22€1.50M€1.58M▲
Plant, machinery and equipment23€257k€329k▲
Furniture and vehicles24€88k€114k▲
Leasing and similar rights25€1.06M€1.48M▲
Other tangible fixed assets26€9k€4k▼
Financial fixed assets28€31k€31k=
Current assets29/58€3.51M€3.85M▲
Stocks and contracts in progress3€1.79M€2.09M▲
Stocks30/36€1.79M€2.09M▲
Amounts receivable within one year40/41€1.45M€1.65M▲
Trade receivables40€1.35M€1.21M▼
Other amounts receivable41€99k€446k▲
Cash at bank and in hand54/58€225k€75k▼
Deferred charges and accrued income490/1€42k€28k▼
Equity and liabilities
Total equity and liabilities10/49€6.53M€7.45M▲
Equity10/15€1.27M€1.46M▲
Contributions10/11€270k€270k=
Capital10€270k€270k=
Issued capital100€270k€270k=
Reserves13€938k€1.11M▲
Non-distributable reserves130/1€27k€27k=
Legal reserve130€27k€27k=
Distributable reserves133€911k€1.09M▲
Investment grants15€59k€78k▲
Provisions and deferred taxes16€20k€26k▲
Deferred taxes168€20k€26k▲
Amounts payable17/49€5.25M€5.96M▲
Amounts payable after more than one year17€1.87M€2.09M▲
Financial debts170/4€1.87M€2.09M▲
Amounts payable within one year42/48€3.38M€3.86M▲
Current portion of amounts payable after more than one year42€430k€466k▲
Financial debts43€1.47M€1.93M▲
Credit institutions430/8€1.47M€1.93M▲
Trade debts44€1.22M€1.17M▼
Suppliers440/4€1.22M€1.17M▼
Advances received on contracts in progress46€122k€182k▲
Taxes, remuneration and social security45€142k€114k▼
Taxes450/3€45k€17k▼
Remuneration and social security454/9€98k€97k▼
Accrued charges and deferred income492/3€87€14k▲
Income statement
Code20242025
Non-recurring operating income76A€22k€34k▲
Remuneration, social security and pensions62€910k€1.13M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€520k€538k▲
Other operating charges640/8€77k€19k▼
Non-recurring operating charges66A-€14k
Gross operating margin9900€1.89M€2.11M▲
Operating profit (loss)9901€379k€404k▲
Financial income75/76B€23k€32k▲
Recurring financial income75€23k€32k▲
Financial charges65/66B€196k€240k▲
Recurring financial charges65€196k€240k▲
Profit (loss) for the period before taxes9903€206k€195k▼
Transfer from deferred taxes780€7k€11k▲
Income taxes67/77€35k€31k▼
Profit (loss) for the period9904€178k€175k▼
Profit (loss) for the period to be appropriated9905€178k€175k▼
Appropriation of the result
Profit (loss) to be appropriated9906€178k€175k▼
Transfer to equity691/2€178k€175k▼
To other reserves6921€178k€175k▼
Social balance
Average headcount (FTE)908718.620.1▲
The notes to these accounts (29 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €178k ▲96.1%
Net result €178k, the highest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
16-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €1MEq €1.05M ▲11.1%
5 profitable years in a row build equity to €1.05M.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 29 days late
2021
13-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 13 days late
2020
19-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 19 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 24 days late
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Malmedy · 1 establishment unit since 2016
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Avenue de Norvège 414960 MalmedyGround area
3,341 m²
Building footprint
1,572 m²
Volume, LiDAR
11,816 m³
Parcel 63049F0275/00R005, Wallonia · tallest building 8.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
EMSD
since 20162.248.600.154
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63049F0275/00R005 | Wallonia | 3,341 m² | 1 · 1,572 m² | 8.1 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
3 categoriesEMSD SA36221
Legal Entity Identifier
875500GJU52C8AUJIE60
Similar companies · same sector, comparable size
ELECTRO - BERTELS
BE 0419.944.474
Balen · Eq €1.46M
GRYSON DIMITRI
BE 0830.264.966
Langemark-Poelkapelle · Eq €1.47M
ELECTRIC DESIGN SOLAR SYSTEMS
BE 0479.028.560
Lendelede · Eq €1.46M
VANHAEREN SERVICES & SCAFFOLDINGS
BE 0876.932.854
Herk-de-Stad · Eq €1.45M
N.D.W.
BE 0477.968.884
Machelen (Brab.) · Eq €1.47M
Of 22,822 companies in sector 43211 we hold annual accounts for 10,324. 3,637 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded10-10-2008
Fiscal year end31-12
Activities, NACEBEL
25401Forging of metal
43211General electrical installation work
28120Manufacture of machinery and equipment not elsewhere classified
35110Production of electricity from non-renewable sources
42220Construction of utility projects for electricity and telecommunications
43222Installation of electric heating, air conditioning, cooling and ventilation
43320Joinery installation
Sources
Crossroads Bank for EnterprisesNational Bank · 17 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.