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
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%
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).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
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
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 17 filings
Turnover
≈ €5.8m
Estimated: probably between €4.5m and €7.2m
EBIT margin
Not included in this filing
Net result
€175,019▼ 1.8%
2024 · €178,267
Working capital
-€7,689
2024 · €133,794
In the rankings
#4 company by total assets in Malmedy, Construction sector#5 company by equity in Malmedy, Construction sector#6 company by staff growth in Malmedy
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 7% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Operating result€0.4m
2025
Net result€0.2m
2025
Total assets€7.4m
2025
Equity€1.5m
2025
Debt€6.0m
2025
Working capital-€0.008m
2025
Return on assets (ROA)2.4%
2025
Solvency19.6%
2025
Current ratio1.00
2025
Staff (FTE)20.1
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.2m▲ 12.6%€0.1m▼ 9.4%€0.2m▲ 15.8%€0.2m▲ 31.5%€0.2m▼ 0.5%€0.4m▲ 79.1%€0.4m▲ 6.6%
Net result€0.05m-€0.07m▲ 43.7%€0.05mwithin the sector's middle half▼ 29.0%€0.08mwithin the sector's middle half▲ 65.8%€0.1mabove the sector's middle half▲ 53.2%€0.09mwithin the sector's middle half▼ 25.0%€0.2mabove the sector's middle half▲ 96.1%€0.2mwithin the sector's middle half▼ 1.8%
Equity€0.8m-€0.9m▲ 4.4%€0.9mabove the sector's middle half▲ 4.6%€0.9mabove the sector's middle half▲ 5.6%€1.0mabove the sector's middle half▲ 11.1%€1.1mabove the sector's middle half▲ 6.6%€1.3mabove the sector's middle half▲ 13.7%€1.5mwithin the sector's middle half▲ 15.3%
Total assets€4.6m-€4.8m▲ 3.4%€5.9mabove the sector's middle half▲ 22.0%€5.8mabove the sector's middle half▼ 0.4%€5.6mabove the sector's middle half▼ 3.7%€5.4mabove the sector's middle half▼ 4.5%€6.5mabove the sector's middle half▲ 21.7%€7.4mabove the sector's middle half▲ 14.0%
Debt€3.8m-€3.9m▲ 3.2%€4.9m▲ 26.4%€4.9m▼ 1.4%€4.6m▼ 6.5%€4.2m▼ 7.0%€5.2m▲ 23.9%€6.0m▲ 13.6%
Working capital€0.06m-€0.08m▲ 40.5%€0.2mwithin the sector's middle half▲ 182%€0.2mwithin the sector's middle half▼ 23.9%€0.2mwithin the sector's middle half▲ 1.2%-€0.2mbelow the sector's middle half€0.1mwithin the sector's middle half-€0.008mbelow the sector's middle half
Solvency17.5%-17.7%▲ 0.2pp15.2%below the sector's middle half▼ 2.5pp16.1%below the sector's middle half▲ 0.9pp18.6%below the sector's middle half▲ 2.5pp20.8%below the sector's middle half▲ 2.2pp19.4%below the sector's middle half▼ 1.4pp19.6%below the sector's middle half▲ 0.2pp
Current ratio1.03-1.04▲ 0.011.08below the sector's middle half▲ 0.041.05below the sector's middle half▼ 0.021.06below the sector's middle half=0.92below the sector's middle half▼ 0.131.04below the sector's middle half▲ 0.121.00below the sector's middle half▼ 0.04
Return on assets (ROA)1.0%-1.4%▲ 0.4pp0.8%within the sector's middle half▼ 0.6pp1.4%within the sector's middle half▲ 0.5pp2.2%within the sector's middle half▲ 0.8pp1.7%within the sector's middle half▼ 0.5pp2.7%within the sector's middle half▲ 1.0pp2.4%within the sector's middle half▼ 0.4pp
Staff (FTE)14.8-15.9▲ 7.4%17.6within the sector's middle half▲ 10.7%16.3within the sector's middle half▼ 7.4%16.4within the sector's middle half▲ 0.6%16within the sector's middle half▼ 2.4%18.6within the sector's middle half▲ 16.3%20.1within the sector's middle half▲ 8.1%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.4m
Fixed assets
€3.6m ▲ 19.1%
Current assets
€3.8m ▲ 9.6%
Equity and liabilities €7.4m
Equity
€1.5m ▲ 15.3%
Provisions
€26,035 ▲ 32.4%
Debt
€6.0m ▲ 13.6%
Debt's share of the balance-sheet total falls from 80.3% to 80.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€941,958▲
2024 · €898,906
Cash flow
€713,444▲
2024 · €698,528
Quick ratio
0.46▼
2024 · 0.51
Debt to equity
4.08▼
2024 · 4.14
ROE
12.0%▼
2024 · 14.1%
Interest coverage
3.92▼
2024 · 4.59
Debt ≤ 1 year
€3.9m▲
2024 · €3.4m
Debt > 1 year
€2.1m▲
2024 · €1.9m
Income taxes
€31,193▼
2024 · €34,595
Staff costs
€1.1m▲
2024 · €910,407
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 20 | 17 | 20 | 19 | 25 |
| full-time | 16 | 14 | 14 | 13 | 18 |
| part-time | 4 | 3 | 6 | 6 | 7 |
| in full-time equivalents | 17.3 | 15.9 | 17.1 | 16.7 | 21.6 |
| Average over the year, in full-time equivalents | 16.3 | 16.4 | 16 | 18.6 | 20.1 |
| On a permanent contract | 15 | 14 | 16 | 17 | 20 |
| Joined | 28 | 16 | 20 | 19 | 17 |
| Left | 3 | 19 | 17 | 20 | 11 |
| Training hours | - | - | 344 | 1,112 | 296 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €1.3m | €1.1m | - | €3.4m |
| Debts guaranteed by Belgian public bodies | - | €200,000 | - | - | - |
| Mortgages, amount registered | - | €337,000 | - | €473,000 | €237,000 |
| Mortgage mandates | - | €1.1m | - | €623,000 | €473,000 |
| Carrying value of the mortgaged assets | - | €829,789 | - | €980,200 | €1.0m |
| Pledge on the business | - | €1.1m | €1.1m | €1.1m | €1.1m |
| Pledge on other assets, amount secured | - | - | - | - | €794,371 |
| Carrying value of the other pledged assets | - | - | - | €801,380 | €794,371 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €75,644 | €341,362 | €581,909 | €1.3m | €1.4m |
| Intangible fixed assets | €63,329 | €18,090 | €21,356 | €42,885 | €16,300 |
| Financial fixed assets | - | - | €3,710 | - | - |
| Depreciation and write-downs of the year | €382,020 | €377,339 | €429,196 | €520,262 | €538,426 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.02m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 51.0% |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.7m | €0.8m | €0.9m | €1.1m | ▲ 24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 3.5% |
| Other operating charges640/8 | - | - | - | €0.07m | €0.05m | €0.04m | €0.08m | €0.02m | ▼ 75.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €43 | - | €0.01m | - |
| Gross operating margin9900 | €1.2m | €1.3m | €1.2m | €1.4m | €1.4m | €1.4m | €1.9m | €2.1m | ▲ 11.6% |
| Operating profit (loss)9901 | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | ▲ 6.6% |
| Financial income75/76B | - | - | - | €0.03m | €0.02m | €0.03m | €0.02m | €0.03m | ▲ 36.3% |
| Recurring financial income75 | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | €0.03m | €0.02m | €0.03m | ▲ 36.3% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 22.6% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 22.6% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.001m | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.05m | €0.07m | €0.05m | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 5.3% |
| Transfer from deferred taxes780 | - | - | - | €0.006m | €0.004m | €0.005m | €0.007m | €0.01m | ▲ 61.8% |
| Income taxes67/77 | €0.005m | €0.007m | €0.006m | €0.009m | €0.01m | €0.02m | €0.03m | €0.03m | ▼ 9.8% |
| Profit (loss) for the period9904 | €0.05m | €0.07m | €0.05m | €0.08m | €0.1m | €0.09m | €0.2m | €0.2m | ▼ 1.8% |
| Profit (loss) for the period to be appropriated9905 | €0.05m | €0.07m | €0.05m | €0.08m | €0.1m | €0.09m | €0.2m | €0.2m | ▼ 1.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.6m | €4.8m | €5.9m | €5.8m | €5.6m | €5.4m | €6.5m | €7.4m | ▲ 14.0% |
| Fixed assets21/28 | €2.7m | €2.7m | €2.7m | €2.4m | €2.4m | €2.5m | €3.0m | €3.6m | ▲ 19.1% |
| Intangible fixed assets21 | €0.02m | €0.01m | €0.01m | €0.06m | €0.06m | €0.05m | €0.07m | €0.06m | ▼ 17.3% |
| Tangible fixed assets22/27 | €2.6m | €2.7m | €2.6m | €2.3m | €2.3m | €2.5m | €2.9m | €3.5m | ▲ 20.2% |
| Land and buildings22 | - | - | - | €1.5m | €1.4m | €1.6m | €1.5m | €1.6m | ▲ 5.2% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 28.1% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.09m | €0.09m | €0.1m | ▲ 28.8% |
| Leasing and similar rights25 | - | - | - | €0.5m | €0.6m | €0.5m | €1.1m | €1.5m | ▲ 39.4% |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.02m | €0.06m | €0.009m | €0.004m | ▼ 57.6% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €2.0m | €2.1m | €3.2m | €3.4m | €3.2m | €2.8m | €3.5m | €3.8m | ▲ 9.6% |
| Stocks and contracts in progress3 | €0.7m | €0.7m | €1.2m | €1.2m | €1.3m | €1.3m | €1.8m | €2.1m | ▲ 16.7% |
| Stocks30/36 | - | - | - | €1.2m | €1.3m | €1.3m | €1.8m | €2.1m | ▲ 16.7% |
| Amounts receivable within one year40/41 | €1.2m | €1.3m | €1.8m | €2.0m | €1.7m | €1.4m | €1.5m | €1.7m | ▲ 13.9% |
| Trade receivables40 | - | - | - | €1.7m | €1.5m | €1.2m | €1.4m | €1.2m | ▼ 10.7% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.2m | €0.2m | €0.1m | €0.4m | ▲ 349% |
| Cash at bank and in hand54/58 | €0.07m | €0.08m | €0.2m | €0.2m | €0.3m | €0.1m | €0.2m | €0.08m | ▼ 66.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.008m | €0.02m | €0.04m | €0.03m | ▼ 33.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.6m | €4.8m | €5.9m | €5.8m | €5.6m | €5.4m | €6.5m | €7.4m | ▲ 14.0% |
| Equity10/15 | €0.8m | €0.9m | €0.9m | €0.9m | €1.0m | €1.1m | €1.3m | €1.5m | ▲ 15.3% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.4m | €0.4m | €0.5m | €0.5m | €0.7m | €0.8m | €0.9m | €1.1m | ▲ 18.7% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.6m | €0.7m | €0.9m | €1.1m | ▲ 19.2% |
| Investment grants15 | - | - | - | €0.1m | €0.1m | €0.08m | €0.06m | €0.08m | ▲ 32.4% |
| Provisions and deferred taxes16 | €0.05m | €0.05m | €0.04m | €0.03m | €0.03m | €0.02m | €0.02m | €0.03m | ▲ 32.4% |
| Deferred taxes168 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.03m | ▲ 32.4% |
| Amounts payable17/49 | €3.8m | €3.9m | €4.9m | €4.9m | €4.6m | €4.2m | €5.2m | €6.0m | ▲ 13.6% |
| Amounts payable after more than one year17 | €1.9m | €1.9m | €2.0m | €1.6m | €1.5m | €1.2m | €1.9m | €2.1m | ▲ 11.8% |
| Financial debts170/4 | - | - | - | €1.6m | €1.5m | €1.2m | €1.9m | €2.1m | ▲ 11.8% |
| Amounts payable within one year42/48 | €1.9m | €2.0m | €3.0m | €3.2m | €3.1m | €3.1m | €3.4m | €3.9m | ▲ 14.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 8.4% |
| Financial debts43 | - | - | - | €0.9m | €1.1m | €1.1m | €1.5m | €1.9m | ▲ 31.3% |
| Credit institutions430/8 | - | - | - | €0.9m | €1.1m | €1.1m | €1.5m | €1.9m | ▲ 31.3% |
| Trade debts44 | €0.8m | €0.6m | €1.7m | €1.7m | €1.4m | €1.5m | €1.2m | €1.2m | ▼ 3.9% |
| Suppliers440/4 | - | - | - | €1.7m | €1.4m | €1.5m | €1.2m | €1.2m | ▼ 3.9% |
| Advances received on contracts in progress46 | - | - | - | €0.04m | €0.009m | €0.001m | €0.1m | €0.2m | ▲ 49.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.09m | €0.06m | €0.1m | €0.1m | ▼ 20.0% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.003m | €0.04m | €0.02m | ▼ 61.3% |
| Remuneration and social security454/9 | - | - | - | €0.09m | €0.06m | €0.06m | €0.1m | €0.1m | ▼ 1.2% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.02m | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.005m | - | €87 | €0.01m | ▲ 167× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.05m | €0.07m | €0.05m | €0.08m | €0.1m | €0.09m | €0.2m | €0.2m | ▼ 1.8% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 3.5% |
| Operating cash flow (approximation) | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.7m | €0.7m | ▲ 2.1% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.3m | -€0.1m | -€0.3m | -€0.6m | -€1.0m | -€1.1m | ▼ 11.4% |
| Change in cash | - | €0.01m | €0.08m | €0.03m | €0.09m | -€0.1m | €0.08m | -€0.1m | - |
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, 4,107 companies had the same profile as EMSD has now. Two years later, 1.0% had gone bankrupt and 98.0% were still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.0%
went bankrupt
0.9%
stopped otherwise
98.0%
was still going
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EMSD itself: 0.7% 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 4,107 companies, not a prediction for EMSD. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-07-2026 | 2026-00360898 | |
| 31-12-2024 | full format | 07-07-2025 | 2025-00245932 | |
| 31-12-2023 | full format | 30-07-2024 | 2024-00315115 | |
| 31-12-2022 | full format | 16-07-2023 | 2023-00243315 | |
| 31-12-2021 | full format | 29-08-2022 | 2022-20335619 | |
| 31-12-2020 | full format | 13-08-2021 | 2021-48700106 | |
| 31-12-2019 | full format | 19-08-2020 | 2020-42500434 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-61700266 | |
| 31-12-2017 | full format | 24-08-2018 | 2018-50000061 | |
| 31-12-2016 | full format | 27-07-2017 | 2017-37100534 |
Board & ownership
Directors
Directors
5 directors, 2 in day-to-day management, last change in 2024
Board 5
DIFFELS Michel
Current
Chair · appointed in the act of 05-01-2024 · Director (not named in the articles) · since 28-11-2023 · earlier manager, until 05-01-2024 · listed in the 2025 annual accounts, filed on 28-07-2026
DIFFELS Julien
Current
Director (not named in the articles) · since 28-11-2023 · earlier director, until 20-10-2022 · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 28-07-2026
ONITA-LEHNEN Darius
Current
Director (not named in the articles) · since 28-11-2023 · earlier manager, until 05-01-2024 · listed in the 2025 annual accounts, filed on 28-07-2026
ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS
Current
Director · appointed in the act of 16-10-2026 · 6-year term from 2024 · Public limited company · permanent representative: Dirk Kirschvink · also on the board of 6 other companies
DJ Management
Current
Director · appointed in the act of 20-10-2022 · Legal entity
Day-to-day management 2
DIFFELS Julien
Current
Managing director · appointed in the act of 05-01-2024
DJ Management
Current
Administratrice déléguée · appointed in the act of 20-10-2022 · Legal entity
Permanent representatives 1
Dirk Kirschvink
Current
Permanent representative · appointed in the act of 16-10-2026 · for ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Two directors jointly
deed of 05-01-2024Owners and capital
Shareholders
3 ownersOwners 3
- Julien DIFFELSnatural personSourceown accounts 202568%
- Michel DIFFELSnatural personSourceown accounts 202524%
- Darius ONITA-LEHNENnatural personSourceown accounts 20258%
Capital transactions
Capital over time
- 05-01-2024 Capital stated in the deed · €270,000 · 100 shares
Mandate history
6 people, 5 in office
- Board
- Day-to-day management
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| DIFFELS Julien |
|
| DIFFELS Michel |
|
| DJ Management |
|
| ONITA-LEHNEN Darius |
|
| ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS |
|
| HYDRO JM |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Six ans au plus, 3”“Rémunération des administrateurs, si et dans quelle mesure mandat rémunéré par indemnité fixe ou variable”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 05-01-2024 (in French)
Network & group
Holdings and subsidiaries
3 holdingsHoldings 3
Source for every holding own accounts 2025
- SODIVINsubsidiaryEquity €47,387 Loss of €2,900 in 2025 (profit of €741 in 2024) Checked score 94100%
- Equity €289,491 Profit of €20,244 in 2025 (profit of €7,534 in 2024) Checked score 8610%
- Equity €10.0m Profit of €173,297 in 2025 (profit of €147,662 in 2024) Checked score 968%
Connections & network
15 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
2B-HVAC
Shared corporate director
→
ACM Mobility Car
Shared corporate director
→
ADAMS HOLDING
Shared corporate director
→
AS-BAU
Shared corporate director
→
Show 11 more companies with a shared director
BAUMA HC
Shared corporate director
→
CarpeDiemInvest
Shared corporate director
→
INCLUSIO OSTBELGIEN
Shared corporate director
→
MB GROUPE
Shared corporate director
→
MEGAFORM
Shared corporate director
→
MOVE IMMO
Shared corporate director
→
P + M EIFELER FLEISCHVERTRIEB
Shared corporate director
→
POLYTEX
Shared corporate director
→
S.A. JEAN CONVENTS A.G. - ENTREPRISES GENERALES - ALLGEMEINE BAUUNTERNEHMUNG
Shared corporate director
→
VANGUARD CREATIONS
Shared corporate director
→
Wirtschaftsförderungsgesellschaft Ostbelgiens VoG
Shared corporate director
→
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
16-10
Gazette deed
Appointment: ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS (director)Permanent representative: Dirk Kirschvink3 points ▸
Gazette deed
Appointment: ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS (director)
Permanent representative: Dirk Kirschvink3 points ▸
- General meeting, 30-05-2024
- Director appointment, ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS (director)
- Permanent representative, Dirk Kirschvink
28-07
full format · 3 days before the deadline
2025
07-07
full format · 24 days before the deadline
2024
31-12
Financial
Highest result from 2018 to 2025net €178,267 ▲96.1%
The net result of €178,267 is the highest of those years.
30-07
full format · 1 day before the deadline
05-01
Gazette deed
Changes of role: DIFFELS Michel (director) and ONITA-LEHNEN Darius (director)Resignation: HYDRO JM (manager) · Appointment: DIFFELS Julien (director) · Permanent representative: DIFFELS Julien17 points ▸
Gazette deed
Changes of role: DIFFELS Michel (director) and ONITA-LEHNEN Darius (director)
Resignation: HYDRO JM (manager) · Appointment: DIFFELS Julien (director) · Permanent representative: DIFFELS Julien17 points ▸
- General meeting, 28-11-2023
- Amendment of the articles, mentioned 2 times in the deed
- Capital, €270,000
- Director resignation, DIFFELS Michel (manager)
- Director resignation, ONITA-LEHNEN Darius (manager)
- Director resignation, HYDRO JM (manager)
- Board rule, 3
- Director appointment, DIFFELS Michel (director (not named in the articles))
- Director appointment, ONITA-LEHNEN Darius (director (not named in the articles))
- Director appointment, DIFFELS Julien (director (not named in the articles))
- Permanent representative, DIFFELS Julien
- Registered office clause, “4960 Malmedy, Avenue de Norvège,” (deed in French)
- The act holds 5 more points.
2023
16-07
full format · 15 days before the deadline
2022
31-12
Financial
Equity above €1mequity €1.0m ▲11.1%
With a profit in every financial year since 2018, equity grows to €1.0m.
20-10
Gazette deed
Resignation: Julien DIFFELS (director)Appointments: Michel DIFFELS, Darius ONITA-LEHNEN and DJ Management · Permanent representative: Julien DIFFELS8 points ▸
Gazette deed
Resignation: Julien DIFFELS (director)
Appointments: Michel DIFFELS, Darius ONITA-LEHNEN and DJ Management · Permanent representative: Julien DIFFELS8 points ▸
- General meeting, 30-06-2022
- Director resignation, Julien DIFFELS (director)
- Director appointment, Michel DIFFELS (director)
- Director appointment, Darius ONITA-LEHNEN (director)
- Director appointment, DJ Management (director)
- Permanent representative, Julien DIFFELS
- Board meeting, 30-06-2022
- Director appointment, DJ Management (administratrice déléguée)
29-08
full format · 29 days late
2021
13-08
full format · 13 days late
2020
19-08
full format · 19 days late
Show earlier events
2019
30-08
full format · 30 days late
2018
24-08
full format · 24 days late
2017
27-07
full format · 4 days before the deadline
2008
20-10
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
EMSD in French
Enterprise number
0807.009.316
LEI code
875500GJU52C8AUJIE60
live in the LEI register
Legal form
Public limited company
Status
Active, normale toestand
Founded
10-10-2008
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 05-01-2024 (in French)Registered office and establishments
Registered office
Avenue de Norvège 41, 4960 Malmedy, Belgium
Establishment unit
EMSD, Avenue de Norvège 41, 4960 Malmedy since 01-01-2016 · unit number 2.248.600.15425110 Manufacture of metal structures and parts of structures
Activities
NACEBEL 2025VAT activities
43211
General electrical installation work main activity
25401
Forging of metal
28120
Manufacture of machinery and equipment not elsewhere classified
35110
Production of electricity from non-renewable sources
42220
Construction of utility projects for electricity and telecommunications
43222
Installation of electric heating, air conditioning, cooling and ventilation
43320
Joinery installation
Social security (RSZ) activities
25401
Forging of metal main activity
Codes under NACEBEL 2008
VAT activities
43211
Specialised construction activities main activity
25501
Manufacture of fabricated metal products, except machinery and equipment
35110
Electricity, gas, steam and air conditioning supply
42220
Construction of utility projects for electricity and telecommunications
43222
Specialised construction activities
43320
Joinery installation
Social security (RSZ) activities
25501
Manufacture of fabricated metal products, except machinery and equipment main activity
Joint committee
111 Paritair Comité voor de metaal-, machine- en elektrische bouw annual accounts 2025
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 05-01-2024 (in French)
“Fabrication de tubes, de tuyaux, de profilés creux et d'accessoires correspondants en acier (Code Nacebel 24200); Fabrication de cadres…”
19 activities
- Fabrication de tubes, de tuyaux, de profilés creux et d'accessoires correspondants en acier (Code Nacebel 24200);
- Fabrication de cadres métalliques ou d'ossatures pour la construction (Code Nacebel 2511001);
- Production et montage de pièces forgées pour la construction: rampes d'escalier, balustrades, etc (Code Nacebel 2550102);
- Construction de lignes de transport et de distribution d'énergie électrique (Code Nacebel 4222001);
- Construction de lignes et de réseaux de télécommunication (Code Nacebel 4222002);
- Travaux de préparation des sites (Code Nacebel 43120);
- Travaux de terrassement : creusement, comblement, nivellement de chantiers de construction, ouverture de tranchées, dérochement, destruction à l'explosif, etc (Code Nacebel 4312001);
- Travaux d'installation électrotechniques de bâtiment (Code Nacebel 43211);
- Installation de câbles et appareils électriques (Code Nacebel 4321101);
- Installation de systèmes de télécommunication et installations informatiques (Code Nacebel 4321102);
- Installation d'installations électriques de chauffage (Code Nacebel 4322211);
- Travaux de menuiserie (Code Nacebel 43320):
- Peinture d'ossatures métalliques (Code Nacebel 4334201);
- Exécution de travaux de rejointoiement (Code Nacebel 4399402);
- Pose de chape (Code Nacebel 4399601);
- Production d'électricité (Code Nacebel 35110);
- Commerce de détail de quincaillerie et d'outils en magasin spécialisé (Code Nacebel 47525);
- Commerce de détail d'autres matériaux de construction en magasin spécialisé (Code Nacebel 47529);
- Commerce de détail d'appareils et articles de ménage ou d'économie domestiques (Code Nacebel 4759903).
Invoicing and payment
VAT number
BE 0807.009.316
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0807.009.316
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Thursday of May at 20:00
deed of 05-01-2024 (in French)Recognitions · licences · registrations
Recognised contractor
4 categoriesEMSD SAapproval number 36221
- D7 Wrought ironworkclass 2, up to €330,000
- F General steel construction contractsclass 3, up to €600,000
- F2 Steel load-bearing structuresclass 3, up to €600,000
- L2 Pumping and turbine station equipmentclass 4, up to €1,080,000
Sites & property
Location
Buildings and parcels at the address
Ground area
3,341 m²
Building footprint
1,572 m²
Building volume
11,816 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 63049F0275/00R005 | Wallonia | 3,341 m² | 1 · 1,572 m² | 8.1 m · 3 |