EMUREF

Active

Public limited companyfounded 1989active for 36 yearsRue de Tilleur 23, 4101 Seraing, BelgiumKBO/BCE: BE 0439.342.296

Summary

EMUREF has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €285,606 and a net result of €488,600. Equity is shrinking by about 3.8% per year across the filed financial years. Its solvency ranks better than 26% of 364 sector peers (NACE 23, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).

Risk analysisFollow Report Compare

EMUREFActiveChecked score 96/100

Risk analysis Report Compare

Activity

Manufacture of other non-metallic mineral products

NACE 23200

1 site

Size

≈ €1.8mturnover 2025, estimated

Staff: 1.2 FTE
Equity: €285,606
Profit: €488,600

Turnover estimated from the gross margin

Financial health

96 Excellent Checked score 2025

Bankruptcy probabilitywithin 12 months: < 0.1%

Structure

Parent: HOLDING WAUTERS · 100%

HOLDING WAUTERSDirector · permanent representative Amaury WAUTERS
D.M.S.Director · permanent representative Stéphane Deleuze
S.D.M.Director

2025 accounts 24 days early2 of 7 deeds summarised

Why 96lowers riskLiquidity: current ratio 1.45, cash €440,505Founded in 1989Figures for financial year 2025 (filed 07-07-2026)Size: 1.2 FTE, total assets €1.0mShow the evidence

Checked score

Score 2025

96 / 100

Excellent

Probability in this band: under 0.55%

Financially better than 67% of its sector peers (NACE 23, micro)

Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Strong

Solvency 53-44

equity 28.1% of total assets

Liquidity 64+6

short-term debt 66.9% · cash 43.3%

Profitability 100+40

return on assets 48.1%

Bankruptcy probability, 12 months

< 0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (858 companies, NACE 23, micro)

Last 24 months 11-2024: 0.1% 12-2024: 0.1%● unchanged vs 11-2024 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025highest value 08-2025: < 0.1%▼ -0.1 percentage points vs 07-2025lowest value 09-2025: < 0.1%● unchanged vs 08-2025lowest value 10-2025: < 0.1%● unchanged vs 09-2025lowest value 11-2025: < 0.1%● unchanged vs 10-2025lowest value 12-2025: < 0.1%● unchanged vs 11-2025lowest value 01-2026: < 0.1%● unchanged vs 12-2025lowest value 02-2026: < 0.1%● unchanged vs 01-2026lowest value 03-2026: < 0.1%● unchanged vs 02-2026lowest value 04-2026: < 0.1%● unchanged vs 03-2026 05-2026: < 0.1%● unchanged vs 04-2026 06-2026: < 0.1%● unchanged vs 05-2026 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: < 0.1%● unchanged vs 07-2026 09-2026: < 0.1%● unchanged vs 08-2026 10-2026: < 0.1%● unchanged vs 09-2026

Credit of up to €25,000 on 30-day terms is acceptable

Liquidity tight (current ratio 1.45, compared with 3.47 in 2024, below the usual 1.5; short-term debt: 66.9% and cash: 43.3% of total assets), and 71.9% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 23, micro): better than 30% on solvency, 67% on liquidity, 96% on profitability and 72% on growth.

The bankruptcy probability was computed on 28-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

Credit check for your own amount and term

Show the recommended maximum and see how the verdict changes with amount, term and advance.

Signals

Six signals.

lowers riskneutral

Liquidity: current ratio 1.45, cash €440,505

NBB · annual accounts

Founded in 1989

Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.

KBO

Figures for financial year 2025 (filed 07-07-2026)

NBB · annual accounts

Size: 1.2 FTE, total assets €1.0m

Companies of this size fail less often; how much that weighs depends on the rest of its profile.

NBB · annual accounts

Growing equity

Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year €285,606

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

24 days early

2024

30 days early

2023

7 days early

2022

3 days late

2021

4 days early

2020

17 days early

2019

39 days late

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 6 days before the deadline; the sector median (NACE 23) for financial year 2024 is 9 days before the deadline, and 34% of those companies filed late.

Searched, nothing found (2)

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 25 July (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Where today falls in the filing period

29-10-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

07-07-2026 Annual accounts filedfinancial year 2025 · full…
31-12-2025 Highest result from 2018 to 2025net €488,600 ▲17,937%
01-07-2025 Annual accounts filedfinancial year 2024 · full…

Key points

Positive: Result rose in 2025from €2,709 to €488,600 ▲ 180× View
Caution: Among the weakest 15% on equitysector median €2.1m · 364 companies €285,606 View
Controlled by HOLDING WAUTERS 100% View

By topic

Financials

Financial year: 2025
Total assets: €1.0m
Profit: €488,600
Solvency: 28.1%

Total assets▲ 196%

Net result

20182025

Go to Financials

Board & ownership

Board: 3 members
Parent: HOLDING WAUTERS · 100%

HOLDING WAUTERSDirector
D.M.S.Director
S.D.M.Director

Go to Board & ownership

Network & group

Connected companies: 1

Go to Network & group

Timeline

Events: 41
Since: 1991
Next accounts: by 31-07-2027

16-01-2025Resignation: SRL S.D.M. (director)
24-07-2024Annual accounts filed
22-12-2023Resignations: S.D.M. (director) and Stéphane DELEUZE (director)

Go to Timeline

Company details

Sites: 1

Legal form: Public limited company
Activity: Manufacture of other non-metallic mineral productsNACE 23200
Founded: 28-12-1989
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 43

Purpose: “La fabrication et le commerce de produits réfractaires,de produits anti-pollution ainsi…” (deed in French)

Go to Articles of association

Key facts about EMUREF

What is the company number of EMUREF?: 0439.342.296. In Belgium the VAT number is the company number with BE in front: BE 0439.342.296.
Where is EMUREF based?: The registered office is at Rue de Tilleur 23, 4101 Seraing.Company details
What does EMUREF do?: According to the KBO register, the main activity is manufacture of other non-metallic mineral products (NACE 23200).
What is the legal form of EMUREF?: Public limited company (NV).
When was EMUREF founded?: On 28-12-1989.
Is EMUREF still active?: Yes, EMUREF is an active enterprise in the KBO register.
How many employees does EMUREF have?: On average 1.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of EMUREF?: Not stated in the processed annual accounts. The abridged format for small companies does not require turnover.
Is EMUREF profitable?: In financial year 2025, EMUREF made a profit of €488,600.
Where can I find the annual accounts of EMUREF?: EMUREF filed 36 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of EMUREF due?: By 31-07-2027, for financial year 2026.Timeline