EMSense
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 14 filings
Turnover
≈ €64,000
Estimated: probably between €28,000 and €150,000
Total assets
€45,499▲ 18.4%
2024 · €38,420
Net result
-€3,171
2024 · €4,933
Working capital
-€24,961▼ 66.6%
2024 · -€14,983
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€3,614
▼ 67.7%
2025
20182025
Net result
-€3,171
2025
middle half of the sector
20182025
Equity
-€287,818
▼ 1.1%
2025
lowest quarter of the sector
20182025
Total assets
€45,499
▲ 18.4%
2025
lowest quarter of the sector
20182025
Debt
€333,317
▲ 3.2%
2025
20182025
Working capital
-€24,961
▼ 66.6%
2025
middle half of the sector
20182025
Solvency
-632.6%
▲ 108.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.61
▼ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
-7.0%
▼ 19.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€33,586--€173,563▼ 417%-€48,338▲ 72.1%-€59,772▼ 23.7%-€47,822▲ 20.0%-€26,477▲ 44.6%€11,174€3,614▼ 67.7%
Net result-€35,890--€180,885▼ 404%-€56,218below the sector's middle half▲ 68.9%-€67,801below the sector's middle half▼ 20.6%-€57,423below the sector's middle half▲ 15.3%-€33,145below the sector's middle half▲ 42.3%€4,933within the sector's middle half-€3,171within the sector's middle half
Equity€105,892--€74,993-€131,211below the sector's middle half▼ 75.0%-€199,012below the sector's middle half▼ 51.7%-€256,435below the sector's middle half▼ 28.9%-€289,580below the sector's middle half▼ 12.9%-€284,647below the sector's middle half▲ 1.7%-€287,818below the sector's middle half▼ 1.1%
Total assets€171,443-€282,157▲ 64.6%€156,190below the sector's middle half▼ 44.6%€113,022below the sector's middle half▼ 27.6%€74,137below the sector's middle half▼ 34.4%€3,702below the sector's middle half▼ 95.0%€38,420below the sector's middle half▲ 938%€45,499below the sector's middle half▲ 18.4%
Debt€65,551-€357,150▲ 445%€287,401▼ 19.5%€312,034▲ 8.6%€330,572▲ 5.9%€293,283▼ 11.3%€323,067▲ 10.2%€333,317▲ 3.2%
Working capital-€51,540--€14,217▲ 72.4%-€68,273within the sector's middle half▼ 380%-€110,971below the sector's middle half▼ 62.5%-€128,139below the sector's middle half▼ 15.5%-€63,178within the sector's middle half▲ 50.7%-€14,983within the sector's middle half▲ 76.3%-€24,961within the sector's middle half▼ 66.6%
Solvency61.8%--26.6%▼ 88.3pp-84.0%below the sector's middle half▼ 57.4pp-176.1%below the sector's middle half▼ 92.1pp-345.9%below the sector's middle half▼ 169.8pp-740.9%below the sector's middle half-632.6%below the sector's middle half▲ 108.3pp
Current ratio0.18-0.87▲ 0.690.13below the sector's middle half▼ 0.740.05below the sector's middle half▼ 0.070.04below the sector's middle half▼ 0.010.69within the sector's middle half0.61within the sector's middle half▼ 0.09
Return on assets (ROA)-20.9%--64.1%▼ 43.2pp-36.0%below the sector's middle half▲ 28.1pp-60.0%below the sector's middle half▼ 24.0pp-77.5%below the sector's middle half▼ 17.5pp12.8%above the sector's middle half-7.0%below the sector's middle half▼ 19.8pp
Staff (FTE)1.1-0.6▼ 45.5%0.6below the sector's middle half0.2below the sector's middle half▼ 66.7%
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 68% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €45,499
Fixed assets
€7,112 ▲ 46.5%
Current assets
€38,387 ▲ 14.4%
Equity and liabilities
Equity-€287,818
Debt€333,317
Equity is negative. Debt (€333,317) exceeds the balance-sheet total (€45,499).
Key figures and ratios
EBITDA
€5,358▼
2024 · €11,717
Cash flow
-€1,427▼
2024 · €5,476
Quick ratio
0.18▲
2024 · 0.13
Interest coverage
0.79▼
2024 · 1.88
Debt ≤ 1 year
€63,348▲
2024 · €48,546
Debt > 1 year
€252,824▼
2024 · €257,375
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 |
|---|---|---|
| Employees at the balance-sheet date | 2 | - |
| part-time | 2 | - |
| in full-time equivalents | 1.2 | - |
| Average over the year, in full-time equivalents | 0.6 | 0.2 |
| On a permanent contract | 1 | - |
| Joined | 2 | 0 |
| Left | 0 | 2 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €72,540 | €41,058 | - | - | - |
| Pledge on other assets, amount secured | €72,540 | €41,058 | - | - | - |
| Carrying value of the other pledged assets | €77,742 | €44,161 | - | - | - |
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 | - | - | - | - | €4,000 |
| Intangible fixed assets | - | - | - | €5,399 | - |
| Depreciation and write-downs of the year | €38,034 | €38,034 | - | €543 | €1,744 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €435 awarded · €435 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €21 | €29,032 | €10,320 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €57,985 | €33,023 | €40,614 | €38,034 | €38,034 | - | €543 | €1,744 | ▲ 221% |
| Other operating charges640/8 | - | - | - | €3,256 | €4,828 | €18,017 | €1,508 | €5,498 | ▲ 265% |
| Non-recurring operating charges66A | - | - | - | - | - | €11,160 | - | - | - |
| Gross operating margin9900 | €67,633 | -€54,913 | -€6,199 | -€18,461 | €24,072 | €13,020 | €13,225 | €10,855 | ▼ 17.9% |
| Operating profit (loss)9901 | -€33,586 | -€173,563 | -€48,338 | -€59,772 | -€47,822 | -€26,477 | €11,174 | €3,614 | ▼ 67.7% |
| Financial income75/76B | - | - | - | - | - | - | - | €0 | - |
| Recurring financial income75 | €1 | €0 | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €8,029 | €9,602 | €6,603 | €6,241 | €6,785 | ▲ 8.7% |
| Recurring financial charges65 | €2,305 | €7,322 | €7,881 | €8,029 | €9,602 | €6,603 | €6,241 | €6,785 | ▲ 8.7% |
| Profit (loss) for the period before taxes9903 | -€35,890 | -€180,885 | -€56,218 | -€67,801 | -€57,423 | -€33,080 | €4,933 | -€3,171 | - |
| Income taxes67/77 | - | - | - | - | - | €65 | - | - | - |
| Profit (loss) for the period9904 | -€35,890 | -€180,885 | -€56,218 | -€67,801 | -€57,423 | -€33,145 | €4,933 | -€3,171 | - |
| Profit (loss) for the period to be appropriated9905 | -€35,890 | -€180,885 | -€56,218 | -€67,801 | -€57,423 | -€33,145 | €4,933 | -€3,171 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €171,443 | €282,157 | €156,190 | €113,022 | €74,137 | €3,702 | €38,420 | €45,499 | ▲ 18.4% |
| Fixed assets21/28 | €160,158 | €187,243 | €146,229 | €106,695 | €68,662 | - | €4,856 | €7,112 | ▲ 46.5% |
| Intangible fixed assets21 | - | - | - | - | - | - | €4,856 | €3,776 | ▼ 22.2% |
| Tangible fixed assets22/27 | €158,458 | €185,143 | €144,529 | €106,495 | €68,462 | - | - | €3,336 | - |
| Plant, machinery and equipment23 | - | - | - | €2,068 | €1,223 | - | - | €3,336 | - |
| Leasing and similar rights25 | - | - | - | €77,742 | €44,161 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €26,685 | €23,078 | - | - | - | - |
| Financial fixed assets28 | €1,700 | €2,100 | €1,700 | €200 | €200 | - | - | - | - |
| Current assets29/58 | €11,286 | €94,914 | €9,961 | €6,326 | €5,475 | €3,702 | €33,564 | €38,387 | ▲ 14.4% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €27,200 | €27,200 | = |
| Stocks30/36 | - | - | - | - | - | - | €27,200 | €27,200 | = |
| Amounts receivable within one year40/41 | €8,513 | €93,729 | €7,426 | €5,407 | €4,919 | €3,575 | €6,008 | €10,710 | ▲ 78.3% |
| Trade receivables40 | - | - | - | €1,984 | €1,366 | €3,575 | €6,008 | €10,710 | ▲ 78.3% |
| Other amounts receivable41 | - | - | - | €3,423 | €3,553 | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | - | - | - | €83 | €24 | €125 | ▲ 422% |
| Deferred charges and accrued income490/1 | - | - | - | €919 | €556 | €45 | €332 | €352 | ▲ 6.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €171,443 | €282,157 | €156,190 | €113,022 | €74,137 | €3,702 | €38,420 | €45,499 | ▲ 18.4% |
| Equity10/15 | €105,892 | -€74,993 | -€131,211 | -€199,012 | -€256,435 | -€289,580 | -€284,647 | -€287,818 | ▼ 1.1% |
| Contributions10/11 | €390,000 | €390,000 | - | €390,000 | €390,000 | €390,000 | €390,000 | €390,000 | = |
| Profit (loss) carried forward14 | -€284,108 | -€464,993 | -€521,211 | -€589,012 | -€646,435 | -€679,580 | -€674,647 | -€677,818 | ▼ 0.5% |
| Amounts payable17/49 | €65,551 | €357,150 | €287,401 | €312,034 | €330,572 | €293,283 | €323,067 | €333,317 | ▲ 3.2% |
| Amounts payable after more than one year17 | €2,400 | €248,018 | €205,668 | €183,237 | €170,818 | €209,257 | €257,375 | €252,824 | ▼ 1.8% |
| Financial debts170/4 | - | - | - | €183,237 | €170,818 | €209,257 | €257,375 | €252,824 | ▼ 1.8% |
| Amounts payable within one year42/48 | €62,826 | €109,131 | €78,233 | €117,297 | €133,615 | €66,881 | €48,546 | €63,348 | ▲ 30.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €48,415 | €51,608 | - | - | - | - |
| Financial debts43 | - | - | - | €15,541 | €15,580 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €15,541 | €15,580 | - | - | - | - |
| Trade debts44 | €19,588 | €31,381 | €27,926 | €51,640 | €51,378 | €19,810 | €17,801 | €23,403 | ▲ 31.5% |
| Suppliers440/4 | - | - | - | €51,640 | €51,378 | €19,810 | €17,801 | €23,403 | ▲ 31.5% |
| Advances received on contracts in progress46 | - | - | - | - | €124 | €353 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €9,104 | €2,121 | €1,077 | €977 | ▼ 9.3% |
| Taxes450/3 | - | - | - | - | €731 | €2,121 | €1,077 | €977 | ▼ 9.3% |
| Remuneration and social security454/9 | - | - | - | - | €8,373 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €1,700 | €5,821 | €44,597 | €29,669 | €38,969 | ▲ 31.3% |
| Accrued charges and deferred income492/3 | - | - | - | €11,500 | €26,140 | €17,145 | €17,145 | €17,145 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€35,890 | -€180,885 | -€56,218 | -€67,801 | -€57,423 | -€33,145 | €4,933 | -€3,171 | - |
| + Depreciation and write-downs630 | €57,985 | €33,023 | €40,614 | €38,034 | €38,034 | - | €543 | €1,744 | ▲ 221% |
| Operating cash flow (approximation) | €22,096 | -€147,862 | -€15,605 | -€29,767 | -€19,390 | -€33,145 | €5,476 | -€1,427 | - |
| Investment in fixed assets (approximation) | - | -€60,108 | €400 | €1,500 | €0 | - | - | -€4,000 | - |
| Change in cash | - | - | - | - | - | - | -€59 | €101 | - |
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, 2,333 companies had the same profile as EMSense has now. Two years later, 90.6% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.6%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EMSense itself: 1.4% 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 2,333 companies, not a prediction for EMSense. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-07-2026 | 2026-00323739 | |
| 31-12-2024 | abbreviated format | 01-09-2025 | 2025-00470383 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00435972 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00297044 | |
| 31-12-2021 | abbreviated format | 27-07-2022 | 2022-20261561 | |
| 31-12-2020 | abbreviated format | 22-07-2021 | 2021-38000520 | |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-35800449 | |
| 31-12-2018 | abbreviated format | 28-05-2019 | 2019-15300044 | |
| 31-12-2017 | abbreviated format | 16-07-2018 | 2018-32700075 | |
| 31-12-2016 | abbreviated format | 27-06-2017 | 2017-23000574 |