Checked.be
Active
BE 0787.164.205Private limited company
ERMAL
Dilbeeklaan 31 ·8400 Oostende, Belgium· 4 yrs active
Sector: Construction of roads and motorways
(42110)
Conclusion
The computed 12-month bankruptcy probability of ERMAL is 2.2% (moderate). The 2025 annual accounts show equity of €40k and a net result of €-772. Equity is shrinking by ~4.2% per year across the filed fiscal years. Its solvency ranks better than 22% of 939 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €40k |
| Net result | €-772 |
| Staff (FTE) | 1.8 |
| Better than sector | 22% |
Financial profile
42
/ 100
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Health
53
Profitability
0
Solvency
29
Growth
32
Stability
94
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
More than 3 years active
Founded in 2022, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
53
/ 100
Fair
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€2k
estimate, not credit advice
Score history
86
2023
45
2024
53
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.01 (≥ 1.0)
+5
Quick ratio
Quick ratio 1.01 (≥ 1.0)
+5
Leverage
Debt/equity 3.67 (> 3.0)
-10
Profitability
Negatieve ROE -2%
-10
Interest coverage
Interest coverage 5.0× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 28-11-2025 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~4.2%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 42, Civil engineering · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 21.4% | 45.7% | |
| Net result | €-772 | €11k | |
| Equity | €40k | €56k | |
| Gross operating margin | €119k | €43k | |
| Staff costs | €89k | €46k |
€29k
+117.4%
23-25
€-772
+70.9%
23-25
€23k
+110.4%
23-25
€186k
+11.5%
23-25
€40k
-1.9%
23-25
€1k
-83.1%
23-25
2
+157.1%
23-25
€89k
+111.9%
23-25
€129
+3.3%
23-25
€146k
+15.8%
23-25
€102k
+66.4%
23-25
€44k
-32.0%
23-25
1.01
-10.4%
23-25
1.01
-10.4%
23-25
21.4%
-12.0%
23-25
3.67
+18.0%
23-25
-1.9%
+70.4%
23-25
-0.4%
+73.9%
23-25
5.00
-13.3%
23-25
Figures by fiscal year and ratios
Change versus the prior fiscal year, coloured by direction (green = favourable).
| Fiscal year | 2025 Δ | 2024 Δ | 2023 Δ |
|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema |
| Revenue | - | - | - |
| EBITDA | +117.4% | -74.5% | - |
| Net profit | +70.9% | - | - |
| Cash flow | +110.4% | -73.9% | - |
| Staff costs | +111.9% | +15.5% | - |
| Income taxes | +3.3% | -98.7% | - |
| Dividends | - | - | - |
| Total assets | +11.5% | +42.7% | - |
| Equity | -1.9% | -6.2% | - |
| Debt | +15.8% | +71.5% | - |
| of which ≤ 1y | +66.4% | +34.1% | - |
| of which > 1y | -32.0% | +136.9% | - |
| Working capital | -83.1% | -73.9% | - |
| Employees (FTE) | +157.1% | -12.5% | - |
Ratios (computed)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Current ratio | 1.01 | 1.13 | 1.67 |
| Quick ratio | 1.01 | 1.13 | 1.67 |
| Working capital ratio | 0.7% | 4.8% | 26.3% |
| Solvency | 21.4% | 24.3% | 37.0% |
| Debt / equity | 3.67 | 3.11 | 1.70 |
| Long-term debt ratio | 1.10 | 1.59 | 0.63 |
| Interest coverage | 5.00 | 5.77 | 132.35 |
| Gross margin | - | - | - |
| Net margin | - | - | - |
| ROA | -0.4% | -1.6% | 34.5% |
| ROE | -1.9% | -6.6% | 93.1% |
| EBITDA margin | - | - | - |
| Days sales outstanding | - | - | - |
| Days payable outstanding | - | - | - |
| Inventory turnover | - | - | - |
| Days inventory (DSI) | - | - | - |
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €186k | €167k | €117k |
| Fixed assets | 21/28 | €83k | €97k | €40k |
| Tangible fixed assets | 22/27 | €81k | €97k | €40k |
| Financial fixed assets | 28 | €2k | - | - |
| Current assets | 29/58 | €103k | €69k | €76k |
| Amounts receivable within one year | 40/41 | €60k | €33k | €26k |
| Cash & bank | 54/58 | €14k | €2k | €14k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €186k | €167k | €117k |
| Equity | 10/15 | €40k | €41k | €43k |
| Contributions / capital | 10/11 | €3k | €3k | €3k |
| Reserves | 13 | €37k | €38k | €40k |
| Amounts payable | 17/49 | €146k | €126k | €73k |
| Amounts payable after one year | 17 | €44k | €65k | €27k |
| Amounts payable within one year | 42/48 | €102k | €61k | €46k |
| Trade debts payable within one year | 44 | €18k | €19k | €5k |
| Income statement | ||||
| Gross operating margin | 9900 | €119k | €56k | €89k |
| Operating result | 9901 | €5k | €-297 | €51k |
| Financial income | 75 | €0 | €62 | - |
| Financial charges | 65 | €6k | €2k | €393 |
| Result before taxes | 9903 | €-643 | €-3k | €50k |
| Income taxes | 67/77 | €129 | €125 | €10k |
| Net result for the period | 9904 | €-772 | €-3k | €40k |
| Result to be appropriated | 9905 | €-772 | €-3k | €40k |
Legal Structure
| NACE primary | Construction of roads and motorways(42110) |
| Legal form | Private limited company(610) |
| Incorporation | 10-06-2022 |
| Status | Active |
| Postal code | 8400 |
Establishment units
ERMAL
since 20222.332.356.783
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35020C0282/00N022 | Flanders | 296 m² | 1 · 104 m² | 11.3 m · 3 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2025
28-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
26-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
30-04
Financial
Weakest financial yearnet €-3k ▼107%
Net result drops to €-3k, the lowest in the series; recovery starts the following year.
2023
30-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
General construction of residential buildings41001Construction of roads and motorways42110Demolition43110Site preparation43120Joinery installation43320
Names & trade names
| Legal nameNL | ERMAL |
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