EMVECE
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 25-08-2025 PDF all 21 filings
Turnover
≈ €1.2m
Estimated: probably between €680,000 and €2.0m
EBIT margin
Not included in this filing
Net result
€14,947▲ 31×
2023 · €488
Working capital
-€62,346
2023 · €20,564
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€32,283
▲ 66.2%
2024
20182024
Net result
€14,947
▲ 31×
2024
middle half of the sector
20182024
Equity
€238,707
▲ 6.7%
2024
highest quarter of the sector
20182024
Total assets
€665,882
▲ 7.8%
2024
highest quarter of the sector
20182024
Debt
€427,175
▲ 8.5%
2024
20182024
Working capital
-€62,346
2024
lowest quarter of the sector
20182024
Solvency
35.8%
▼ 0.4pp
2024
middle half of the sector
20182024
Current ratio
0.67
▼ 0.50
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
2.2%
▲ 2.2pp
2024
middle half of the sector
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€48,722-€42,124▼ 13.5%€109,157▲ 159%€51,815▼ 52.5%€38,500▼ 25.7%€19,419▼ 49.6%€32,283▲ 66.2%
Net result€3,072-€23,714▲ 672%€56,477above the sector's middle half▲ 138%€27,714within the sector's middle half▼ 50.9%€20,222within the sector's middle half▼ 27.0%€488within the sector's middle half▼ 97.6%€14,947within the sector's middle half▲ 31×
Equity€95,143-€118,857▲ 24.9%€175,335above the sector's middle half▲ 47.5%€203,049within the sector's middle half▲ 15.8%€223,271within the sector's middle half▲ 10.0%€223,759above the sector's middle half▲ 0.2%€238,707above the sector's middle half▲ 6.7%
Total assets€319,391-€387,294▲ 21.3%€618,944above the sector's middle half▲ 59.8%€587,641within the sector's middle half▼ 5.1%€600,399within the sector's middle half▲ 2.2%€617,600above the sector's middle half▲ 2.9%€665,882above the sector's middle half▲ 7.8%
Debt€224,248-€268,437▲ 19.7%€443,609▲ 65.3%€384,592▼ 13.3%€377,128▼ 1.9%€393,841▲ 4.4%€427,175▲ 8.5%
Working capital-€58,444-€19,696€10,668within the sector's middle half▼ 45.8%-€576below the sector's middle half€25,353within the sector's middle half€20,564within the sector's middle half▼ 18.9%-€62,346below the sector's middle half
Solvency29.8%-30.7%▲ 0.9pp28.3%within the sector's middle half▼ 2.4pp34.6%within the sector's middle half▲ 6.2pp37.2%within the sector's middle half▲ 2.6pp36.2%within the sector's middle half▼ 1.0pp35.8%within the sector's middle half▼ 0.4pp
Current ratio0.72-1.12▲ 0.401.07within the sector's middle half▼ 0.061.00below the sector's middle half▼ 0.071.15within the sector's middle half▲ 0.151.17within the sector's middle half▲ 0.020.67below the sector's middle half▼ 0.50
Return on assets (ROA)1.0%-6.1%▲ 5.2pp9.1%within the sector's middle half▲ 3.0pp4.7%within the sector's middle half▼ 4.4pp3.4%within the sector's middle half▼ 1.3pp0.1%within the sector's middle half▼ 3.3pp2.2%within the sector's middle half▲ 2.2pp
Staff (FTE)1.7-3.8▲ 124%4.1above the sector's middle half▲ 7.9%4within the sector's middle half▼ 2.4%3.6within the sector's middle half▼ 10.0%3.9▲ 8.3%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2024 is 66% higher than in 2023. It is a recovery after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €665,882
Fixed assets
€540,772 ▲ 13.5%
Current assets
€125,110 ▼ 11.4%
Equity and liabilities €665,882
Equity
€238,707 ▲ 6.7%
Debt
€427,175 ▲ 8.5%
Debt's share of the balance-sheet total rises from 63.8% to 64.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€68,303▲
2023 · €56,003
Cash flow
€50,967▲
2023 · €37,072
Quick ratio
0.24▼
2023 · 0.54
Debt to equity
1.79▲
2023 · 1.76
ROE
6.3%▲
2023 · 0.2%
Interest coverage
6.39▲
2023 · 3.02
Debt ≤ 1 year
€187,456▲
2023 · €120,707
Debt > 1 year
€239,719▼
2023 · €273,134
Income taxes
€6,725▲
2023 · €754
Staff costs
€131,900▲
2023 · €126,442
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 6 |
| full-time | 4 | 4 | 2 |
| part-time | - | - | 4 |
| in full-time equivalents | 4 | 4 | 3.6 |
| Average over the year, in full-time equivalents | 4 | 3.6 | 3.9 |
| On a permanent contract | 3 | 3 | 6 |
| Joined | - | 7 | 10 |
| Left | - | 7 | 8 |
| Training hours | 6 | - | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €26,534 | €8,395 | €110,355 | €98,440 |
| Financial fixed assets | - | - | - | €2,023 |
| Depreciation and write-downs of the year | €34,470 | €28,366 | €36,584 | €36,020 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €110,031 | €106,324 | €126,442 | €131,900 | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,707 | €25,561 | €56,286 | €34,470 | €28,366 | €36,584 | €36,020 | ▼ 1.5% |
| Other operating charges640/8 | - | - | - | €4,396 | €4,328 | €4,484 | €4,741 | ▲ 5.7% |
| Gross operating margin9900 | €110,655 | €210,057 | €287,253 | €200,713 | €177,518 | €186,930 | €204,944 | ▲ 9.6% |
| Operating profit (loss)9901 | €48,722 | €42,124 | €109,157 | €51,815 | €38,500 | €19,419 | €32,283 | ▲ 66.2% |
| Financial income75/76B | - | - | - | €54 | €144 | €395 | €82 | ▼ 79.2% |
| Recurring financial income75 | €298 | €768 | €2,533 | €54 | €144 | €395 | €82 | ▼ 79.2% |
| Financial charges65/66B | - | - | - | €12,257 | €8,948 | €18,573 | €10,693 | ▼ 42.4% |
| Recurring financial charges65 | €19,262 | €13,297 | €35,839 | €12,257 | €8,948 | €18,573 | €10,693 | ▼ 42.4% |
| Profit (loss) for the period before taxes9903 | €3,072 | €29,595 | €75,850 | €39,613 | €29,696 | €1,242 | €21,672 | ▲ 17× |
| Income taxes67/77 | - | €5,880 | €19,373 | €11,899 | €9,474 | €754 | €6,725 | ▲ 792% |
| Profit (loss) for the period9904 | €3,072 | €23,714 | €56,477 | €27,714 | €20,222 | €488 | €14,947 | ▲ 31× |
| Profit (loss) for the period to be appropriated9905 | €3,072 | €23,714 | €56,477 | €27,714 | €20,222 | €488 | €14,947 | ▲ 31× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €319,391 | €387,294 | €618,944 | €587,641 | €600,399 | €617,600 | €665,882 | ▲ 7.8% |
| Fixed assets21/28 | €166,188 | €207,017 | €450,364 | €442,428 | €402,557 | €476,329 | €540,772 | ▲ 13.5% |
| Tangible fixed assets22/27 | €163,025 | €203,854 | €447,201 | €439,265 | €399,394 | €473,165 | €535,585 | ▲ 13.2% |
| Land and buildings22 | - | - | - | €387,144 | €377,820 | €465,183 | €528,702 | ▲ 13.7% |
| Plant, machinery and equipment23 | - | - | - | €30,116 | €17,736 | €1,624 | €358 | ▼ 78.0% |
| Furniture and vehicles24 | - | - | - | €22,004 | €3,838 | €6,358 | €6,525 | ▲ 2.6% |
| Financial fixed assets28 | €3,163 | €3,163 | €3,163 | €3,163 | €3,163 | €3,163 | €5,186 | ▲ 64.0% |
| Current assets29/58 | €153,203 | €180,277 | €168,580 | €145,213 | €197,842 | €141,272 | €125,110 | ▼ 11.4% |
| Stocks and contracts in progress3 | €48,975 | €68,275 | €58,034 | €64,566 | €62,109 | €76,100 | €80,666 | ▲ 6.0% |
| Stocks30/36 | - | - | - | €64,566 | €62,109 | €76,100 | €80,666 | ▲ 6.0% |
| Amounts receivable within one year40/41 | €94,508 | €59,138 | €18,814 | €18,193 | €19,259 | €31,431 | €25,809 | ▼ 17.9% |
| Trade receivables40 | - | - | - | - | €3,181 | €3,497 | €3,353 | ▼ 4.1% |
| Other amounts receivable41 | - | - | - | €18,193 | €16,078 | €27,934 | €22,456 | ▼ 19.6% |
| Cash at bank and in hand54/58 | €5,509 | €48,730 | €70,669 | €57,931 | €112,094 | €32,583 | €18,088 | ▼ 44.5% |
| Deferred charges and accrued income490/1 | - | - | - | €4,524 | €4,380 | €1,158 | €547 | ▼ 52.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €319,391 | €387,294 | €618,944 | €587,641 | €600,399 | €617,600 | €665,882 | ▲ 7.8% |
| Equity10/15 | €95,143 | €118,857 | €175,335 | €203,049 | €223,271 | €223,759 | €238,707 | ▲ 6.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €32,200 | €54,200 | €110,200 | €137,900 | €158,100 | €158,100 | €173,045 | ▲ 9.5% |
| Non-distributable reserves130/1 | - | - | - | €2,200 | €2,200 | €2,200 | €2,200 | = |
| Reserves not available under the articles1311 | - | - | - | €2,200 | €2,200 | €2,200 | €2,200 | = |
| Distributable reserves133 | - | - | - | €135,700 | €155,900 | €155,900 | €170,845 | ▲ 9.6% |
| Profit (loss) carried forward14 | €44,343 | €46,057 | €46,535 | €46,549 | €46,571 | €47,059 | €47,062 | = |
| Amounts payable17/49 | €224,248 | €268,437 | €443,609 | €384,592 | €377,128 | €393,841 | €427,175 | ▲ 8.5% |
| Amounts payable after more than one year17 | €12,601 | €105,691 | €285,697 | €238,803 | €204,639 | €273,134 | €239,719 | ▼ 12.2% |
| Financial debts170/4 | - | - | - | €238,803 | €204,639 | €273,134 | €239,719 | ▼ 12.2% |
| Amounts payable within one year42/48 | €211,647 | €160,581 | €157,912 | €145,790 | €172,489 | €120,707 | €187,456 | ▲ 55.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €33,013 | €34,164 | €29,817 | €48,301 | ▲ 62.0% |
| Trade debts44 | €96,248 | €112,465 | €83,372 | €47,165 | €88,696 | €35,930 | €77,507 | ▲ 116% |
| Suppliers440/4 | - | - | - | €47,165 | €88,696 | €35,930 | €77,507 | ▲ 116% |
| Advances received on contracts in progress46 | - | - | - | - | €3,630 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €52,105 | €24,969 | €24,613 | €38,325 | ▲ 55.7% |
| Taxes450/3 | - | - | - | €27,100 | €4,730 | €4,230 | €18,107 | ▲ 328% |
| Remuneration and social security454/9 | - | - | - | €25,005 | €20,239 | €20,383 | €20,218 | ▼ 0.8% |
| Other amounts payable47/48 | - | - | - | €13,506 | €21,030 | €30,348 | €23,322 | ▼ 23.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,072 | €23,714 | €56,477 | €27,714 | €20,222 | €488 | €14,947 | ▲ 31× |
| + Depreciation and write-downs630 | €6,707 | €25,561 | €56,286 | €34,470 | €28,366 | €36,584 | €36,020 | ▼ 1.5% |
| Operating cash flow (approximation) | €9,779 | €49,276 | €112,764 | €62,184 | €48,588 | €37,072 | €50,967 | ▲ 37.5% |
| Investment in fixed assets (approximation) | - | -€66,390 | -€299,633 | -€26,534 | €11,505 | -€110,356 | -€100,463 | ▲ 9.0% |
| Change in cash | - | €43,221 | €21,939 | -€12,738 | €54,163 | -€79,511 | -€14,495 | ▲ 81.8% |
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, 14,766 companies had the same profile as EMVECE has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of EMVECE itself is higher: 4.0% within 12 months. It rests on far more data about EMVECE than the profile alone.
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 14,766 companies, not a prediction for EMVECE. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 25-08-2025 | 2025-00419749 | |
| 31-12-2023 | micro format | 06-10-2024 | 2024-00497313 | |
| 31-12-2022 | full format | 09-10-2023 | 2023-00483285 | |
| 31-12-2021 | full format | 09-11-2022 | 2022-20518566 | |
| 31-12-2020 | micro format | 09-11-2021 | 2021-77000061 | |
| 31-12-2019 | micro format | 17-06-2020 | 2020-17800147 | |
| 31-12-2018 | micro format | 08-11-2019 | 2019-73500096 | |
| 31-12-2017 | micro format | 09-10-2018 | 2018-69200106 | |
| 31-12-2016 | micro format | 28-09-2017 | 2017-64700031 | |
| 31-12-2015 | full format | 29-09-2016 | 2016-63300319 |