Equity
€408,350 ▲ 4.6%
Emsee has made a profit in every financial year since 2023.
Emsee
Lifetime
3 annual accounts with figures on one time axispeak €996,851 (2024)
€907,531▼ 9.0%
peak €213,642 (2023)
€18,029▼ 89.5%
peak €408,350 (2025)
€408,350▲ 4.6%
€215,844▼ 34.2%
peak 14.9 FTE (2025)
14.9 FTE▲ 12.9%
Board1 name since 2022
1 directorCANSEVER Memduh
Documentsfilings and deeds
26-08-202626 days late
2025abbreviated format
Result from €171,679 to €18,029Staff from 13.2 FTE to 14.9 FTEDebts from €327,892 to €215,844Cash from €186,943 to €66,232
Key points
from the 2025 annual accountsResult
€18,029 ▼ 89.5%
The result fell in 2025 from €171,679 to €18,029.
Turnover
≈ €2.1m estimated
The abbreviated format states no turnover.
Staff
15 employees on 31-12-2025
In 2025, 11 people joined and 10 left.
Liquidity
3.33 was 2.34 in 2024
Short-term debts fell from €231,891 to €152,399.
Filings
3 annual accounts 2 late
The 2025 accounts came latest: 26 days after the end of the period.
Checked score
70
Healthy
Financially stronger than 60% of small companies in civil engineering (NACE 42)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 301 companies (NACE 42, small).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.6%
01-2025: 0.6%● unchanged vs 12-2024
02-2025: 0.6%● unchanged vs 01-2025
03-2025: 0.6%● unchanged vs 02-2025
04-2025: 0.6%● unchanged vs 03-2025
05-2025: 0.6%● unchanged vs 04-2025
06-2025: 0.6%● unchanged vs 05-2025
07-2025: 0.7%▲ +0.1 percentage points vs 06-2025
08-2025: 1.2%▲ +0.5 percentage points vs 07-2025highest value
09-2025: 0.3%▼ -0.9 percentage points vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.2%▼ -0.1 percentage points vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026lowest value
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.3%▲ +0.1 percentage points vs 06-2026
08-2026: 0.5%▲ +0.2 percentage points vs 07-2026
09-2026: 0.7%▲ +0.2 percentage points vs 08-2026
10-2026: 0.7%● unchanged vs 09-2026
11-2026: 0.7%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Founded in 2022
Size: 14.9 FTE, total assets €624,194
lowers risk
Liquidity: current ratio 3.33, cash €66,232, halved
Equity €408,350 (65.4% of total assets)
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 42, small). It does better than 85% of them on solvency, 70% on liquidity, 43% on profitability and 41% on growth.
The bankruptcy probability was computed on 07-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 501 companies had the same profile as Emsee has now. Each dot stands for 2 companies, two years later.
96.2%
were still trading
3.0%
stopped another way
0.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Emsee itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,447 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 501 companies, not a prediction for Emsee. 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.
Credit verdict
Credit of up to €25,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 3.33 (2.34 in 2024), above the usual 1.5. Short-term debt is 24.4% and cash 10.6% of total assets. 34.6% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 26 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 3 filingsDeviation from the deadline
2025
26 days late
2024
8 days late
2023
14 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 7 days after the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% 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 8 August (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0783530564
Incorporation
Founding capital of €5,000, 50 shares · Founder: CANSEVER Memduh · Appointment: CANSEVER Memduh (director) · published on 21-03-2022 · Gazette deed
First establishment
Vilstraat 55, Hasselt
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Emsee Hasselt | €0.6m | €0.9m | 65.4% | 14.9 |
| ENMI Tessenderlo-Ham | €0.7m | €1.3m | 26.4% | 19.4 |
| STSS Pelt | €0.7m | €1.4m | -44.6% | 22.5 |
| PRO-RAIL-INFRA-TECH Halle | €0.6m | €0.8m | 59.2% | 8.7 |
| OFFSHORE SERVICE PROVIDER Bredene | €0.8m | €1.3m | 12.5% | 15 |
| NSE-INFRA Hamme (Vl.) | €0.5m | €0.6m | 30.0% | 9.4 |
| MAINTAIN ELEKTRO Lanaken | €1.1m | €0.8m | 11.8% | 11.5 |
These companies have the same main activity as Emsee: construction of utility projects for electricity and telecommunications (NACE 42220). They are comparable in size and age: total assets between €465,000 and €1.1m, founded between 2018 and 2022.
Official details
Source: KBO- Status
- Active since 17-03-2022Normal situation
- Activity
- Construction of utility projects for electricity and telecommunicationsNACE 42220and 2 others
- Establishment unit
- 2.328.982.4703511 Hasselt, since 17-03-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 19-12-2025
Annual accounts 2025
- €624,194▼ 13.1%
- Employeeson 31-12-2025
- 15▲ 7.1%
- Filing
- Filed on 26-08-2026
Insights on Emsee
Emsee files the abbreviated format. That format states no turnover. The gross margin fell from €975,955 in 2023 to €907,531 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Emsee
- What is the company number of Emsee?
- The company number of Emsee is 0783.530.564. The VAT number is the same number with BE in front: BE 0783.530.564.
- Where is Emsee based?
- The registered office is at Vilstraat 55, 3511 Hasselt.Company details
- What does Emsee do?
- According to the KBO register, the main activity is construction of utility projects for electricity and telecommunications (NACE 42220).
- What is the legal form of Emsee?
- Emsee is a private limited company (BV).
- When was Emsee founded?
- Emsee was founded on 17-03-2022.
- Is Emsee still active?
- Yes, Emsee is an active enterprise in the KBO register.
- How many employees does Emsee have?
- Emsee had an average of 14.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of Emsee?
- The turnover in financial year 2025 is ≈ €2.1m. This figure is estimated from the gross margin of €907,531 and 2,275 comparable companies of the same size. It probably lies between €1.3m and €3.6m. It is a rough estimate.
- Is Emsee profitable?
- In financial year 2025, Emsee made a profit of €18,029.
- Where can I find the annual accounts of Emsee?
- Emsee filed 3 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Emsee due?
- Emsee must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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