EMSD
ActiveSummary
EMSD has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.5m and a net result of €175,019. Equity has been growing by about 8.3% per year since 2018. Its solvency ranks better than 20% of 2,445 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Overview
Official details
Source: KBO- Status
- Active since 10-10-2008 Normal situation
- Activity
- General electrical installation work NACE 43211and 6 others
- Joint committee
- 111 Paritair Comité voor de metaal-, machine- en elektrische bouw · annual accounts 2025
- Establishment unit
- 2.248.600.154 4960 Malmedy, since 01-01-2016
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
Shareholders
- Julien DIFFELS68%annual accounts 2025
- Michel DIFFELS24%annual accounts 2025
- Darius ONITA-LEHNEN8%annual accounts 2025
- Holdings
- Shares in 3 companies including SODIVIN and SCDI
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.7%
Annual accounts 2025
- Gross margin
- €2.1m
- ▲ 11.6%
- Turnover
- ≈ €5.8m
- estimated
- Profit
- €175,019
- ▼ 1.8%
- Equity
- €1.5m
- ▲ 15.3%
- Total assets
- €7.4m
- ▲ 14.0%
- Employees on 31-12-2025
- 25
- ▲ 31.6%
Filed on 28-07-2026, 3 days before the deadline
Score breakdownraises riskLiquidity: current ratio 1.00, cash €75,126, halvedEquity €1.5m (19.6% of total assets)Sector: Specialised construction activities (NACE 43)lowers riskFounded in 2008Show the evidence
Checked score
Score 2025
68
/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially stronger than 34% of small companies in specialised construction (NACE 43)
Financial strength · tick: 2024
Weak
Solvency
45+1
equity 19.6% of total assets
Liquidity
25-3
short-term debt 51.8% · cash 1.0%
Profitability
54-6
return on assets 2.4%
Bankruptcy probability within 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.7%
01-2025: 0.7%● unchanged vs 12-2024
02-2025: 0.7%● unchanged vs 01-2025
03-2025: 0.7%● unchanged vs 02-2025
04-2025: 0.8%▲ +0.1 percentage points vs 03-2025
05-2025: 0.8%● unchanged vs 04-2025
06-2025: 0.9%▲ +0.1 percentage points vs 05-2025
07-2025: 1.1%▲ +0.2 percentage points vs 06-2025highest value
08-2025: 0.7%▼ -0.4 percentage points vs 07-2025lowest value
09-2025: 0.7%● unchanged vs 08-2025lowest value
10-2025: 0.7%● unchanged vs 09-2025lowest value
11-2025: 0.7%● unchanged vs 10-2025lowest value
12-2025: 0.7%● unchanged vs 11-2025lowest value
01-2026: 0.7%● unchanged vs 12-2025lowest value
02-2026: 0.7%● unchanged vs 01-2026
03-2026: 0.7%● unchanged vs 02-2026
04-2026: 0.7%● unchanged vs 03-2026
05-2026: 0.7%● unchanged vs 04-2026
06-2026: 0.8%▲ +0.1 percentage points vs 05-2026
07-2026: 0.9%▲ +0.1 percentage points vs 06-2026
08-2026: 0.7%▼ -0.2 percentage points vs 07-2026
09-2026: 0.7%● unchanged vs 08-2026
10-2026: 0.7%● unchanged vs 09-2026
11-2026: 0.7%● unchanged vs 10-2026
Credit of up to €95,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 1.0 (1.04 in 2024), below 1. Short-term debt is 51.8% and cash 1% of total assets. 80.4% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, small). It does better than 21% of them on solvency, 17% on liquidity, 26% on profitability and 71% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 2445 sector peers (2025).
NBB · sector comparisonPosition among 2445 sector peers
Solvency
better than 20%
← 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 days early
2024
24 days early
2023
1 day early
2022
15 days early
2021
29 days late
2020
13 days late
2019
19 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 3 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 28 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
02-11-2026 today31-12-2026 year end31-07-2027 deadline
Key points
Recent changes
- · Gazette deed Appointment: ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS (director)Permanent representative: Dirk Kirschvink
- · Gazette deed Changes of role: DIFFELS Michel (director) and ONITA-LEHNEN Darius (director)Resignation: HYDRO JM (manager) · Appointment: DIFFELS Julien (director) · Permanent representative: DIFFELS Julien
- · Gazette deed Resignation: Julien DIFFELS (director)Appointments: Michel DIFFELS, Darius ONITA-LEHNEN and DJ Management · Permanent representative: Julien DIFFELS
Companies linked to EMSD
Comparable companies
These companies have the same main activity as EMSD: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €4.6m and €9m, founded between 2003 and 2014.
| Company | Total assets | Gross margin |
|---|---|---|
| EMSD Malmedy | €7.4m | €2.1m |
| ETS GOFFLOT JANNY Neufchâteau | €9.0m | €2.3m |
| VAN DRIESSCHE ALGEMENE ELEKTRICITEITSWERKEN Aalter | €6.9m | €2.2m |
| SOLARPRO Turnhout | €6.0m | €2.3m |
| Domotion Schoten | €5.6m | €3.2m |
| ECOFUSION Dessel | €4.6m | €2.3m |
| VAN SAET SECURITY Bonheiden | €6.0m | €1.9m |
Key facts about EMSD
- What is the company number of EMSD?
- The company number of EMSD is 0807.009.316. The VAT number is the same number with BE in front: BE 0807.009.316.
- Where is EMSD based?
- The registered office is at Avenue de Norvège 41, 4960 Malmedy.Company details
- What does EMSD do?
- According to the KBO register, the main activity is general electrical installation work (NACE 43211).
- What is the legal form of EMSD?
- The legal form of EMSD is Public limited company (NV).
- When was EMSD founded?
- EMSD was founded on 10-10-2008.
- Is EMSD still active?
- Yes, EMSD is an active enterprise in the KBO register.
- How many employees does EMSD have?
- EMSD had an average of 20.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does EMSD fall under?
- In its 2025 annual accounts, EMSD states joint committee 111 (Paritair Comité voor de metaal-, machine- en elektrische bouw).
- What is the turnover of EMSD?
- The turnover in financial year 2025 is ≈ €5.8m. This figure is estimated from the gross margin of €2.1m and 31 comparable companies (NACE 432). It probably lies between €4.5m and €7.2m.
- Is EMSD profitable?
- In financial year 2025, EMSD made a profit of €175,019.
- Where can I find the annual accounts of EMSD?
- EMSD filed 17 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of EMSD due?
- EMSD must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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