ERSOR ISOL
ActiveSummary
The computed 12-month bankruptcy probability of ERSOR ISOL is 1.8% (moderate). The 2025 annual accounts show equity of €23,379 and a net result of -€5,440. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 24% of 28374 sector peers (fiscal year 2025). The company has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability12▼-70
Solvency47▲+3
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days only on tighter terms
Liquidity ample (current ratio 5.87 against 2.65 in 2024; short-term debt: 16.5% and cash: 17.2% of total assets), but 78.1% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
21.9%
Return on assets
-5.1%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 28374 sector peers (2025).
NBB · sector comparisonPosition among 28374 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 29-04-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
on the day
2022
2 d late
2021
23 d late
2020
6 d early
2019
on the day
← 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 3 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 1 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close30-09-2026 today30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€5,440
2024 · €15,372
Working capital
€85,594▼ 5.1%
2024 · €90,241
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€5,706▲ 48.5%€6,148€19,221▲ 213%€17,193▼ 10.6%-€8,787
Net result-€5,224below the sector's middle half▲ 53.4%€1,061within the sector's middle half€14,765within the sector's middle half▲ 1,291%€15,372within the sector's middle half▲ 4.1%-€5,440below the sector's middle half
Equity-€2,250below the sector's middle half-€1,189below the sector's middle half▲ 47.2%€13,576below the sector's middle half€28,948within the sector's middle half▲ 113%€23,379within the sector's middle half▼ 19.2%
Total assets€71,267within the sector's middle half▼ 5.0%€76,046within the sector's middle half▲ 6.7%€119,245within the sector's middle half▲ 56.8%€149,096within the sector's middle half▲ 25.0%€106,513within the sector's middle half▼ 28.6%
Debt€73,517▲ 2.0%€77,235▲ 5.1%€105,669▲ 36.8%€120,148▲ 13.7%€83,134▼ 30.8%
Working capital-€21,559below the sector's middle half▲ 22.1%€56,067within the sector's middle half€78,930within the sector's middle half▲ 40.8%€90,241within the sector's middle half▲ 14.3%€85,594within the sector's middle half▼ 5.1%
Solvency-3.2%below the sector's middle half▼ 7.1pp-1.6%below the sector's middle half▲ 1.6pp11.4%below the sector's middle half▲ 12.9pp19.4%below the sector's middle half▲ 8.0pp21.9%below the sector's middle half▲ 2.5pp
Current ratio0.71below the sector's middle half▲ 0.095.82above the sector's middle half▲ 5.112.97within the sector's middle half▼ 2.852.65within the sector's middle half▼ 0.315.87above the sector's middle half▲ 3.21
Return on assets (ROA)-7.3%below the sector's middle half▲ 7.6pp1.4%within the sector's middle half▲ 8.7pp12.4%within the sector's middle half▲ 11.0pp10.3%within the sector's middle half▼ 2.1pp-5.1%below the sector's middle half▼ 15.4pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €8,787 after €17,193 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €106,513
Fixed assets
€3,336 ▼ 21.6%
Current assets
€103,177 ▼ 28.8%
Equity and liabilities €106,513
Equity
€23,379 ▼ 19.2%
Debt
€83,134 ▼ 30.8%
Debt's share of the balance-sheet total falls from 80.6% to 78.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€6,686▼
2024 · €18,129
Cash flow
-€3,339▼
2024 · €16,309
Debt to equity
3.56▼
2024 · 4.15
ROE
-23.3%▼
2024 · 53.1%
Interest coverage
-44.59▼
2024 · 79.43
Debt ≤ 1 year
€17,584▼
2024 · €54,598
Debt > 1 year
€65,550=
2024 · €65,550
Income taxes
€0▼
2024 · €5,619
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,165 companies that looked in July 2024 the way this one looks now, 2.6% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.6%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,165 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,332 | €11,488 | €8,151 | €937 | €2,101 | ▲ 124% |
| Other operating charges640/8 | €6,477 | €4,924 | €1,199 | €910 | €2,854 | ▲ 214% |
| Gross operating margin9900 | €12,103 | €22,560 | €28,572 | €19,040 | -€3,832 | ▼ 120% |
| Operating profit (loss)9901 | -€5,706 | €6,148 | €19,221 | €17,193 | -€8,787 | ▼ 151% |
| Financial income75/76B | €591 | €1,272 | €2,224 | €4,026 | €3,498 | ▼ 13.1% |
| Recurring financial income75 | €591 | €1,272 | €2,224 | €4,026 | €3,498 | ▼ 13.1% |
| Financial charges65/66B | €109 | €153 | €145 | €228 | €150 | ▼ 34.3% |
| Recurring financial charges65 | €109 | €153 | €145 | €228 | €150 | ▼ 34.3% |
| Profit (loss) for the period before taxes9903 | -€5,224 | €7,266 | €21,299 | €20,991 | -€5,440 | ▼ 126% |
| Income taxes67/77 | - | €6,205 | €6,535 | €5,619 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€5,224 | €1,061 | €14,765 | €15,372 | -€5,440 | ▼ 135% |
| Profit (loss) for the period to be appropriated9905 | -€5,224 | €1,061 | €14,765 | €15,372 | -€5,440 | ▼ 135% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €71,267 | €76,046 | €119,245 | €149,096 | €106,513 | ▼ 28.6% |
| Fixed assets21/28 | €19,309 | €8,348 | €196 | €4,257 | €3,336 | ▼ 21.6% |
| Tangible fixed assets22/27 | €19,309 | €8,348 | €196 | €4,257 | €3,336 | ▼ 21.6% |
| Furniture and vehicles24 | €19,309 | €8,348 | €196 | €4,257 | €3,336 | ▼ 21.6% |
| Current assets29/58 | €51,958 | €67,698 | €119,048 | €144,839 | €103,177 | ▼ 28.8% |
| Amounts receivable within one year40/41 | €46,335 | €64,632 | €92,286 | €121,455 | €83,118 | ▼ 31.6% |
| Trade receivables40 | €31,520 | €32,550 | €30,394 | €36,389 | €2,565 | ▼ 93.0% |
| Other amounts receivable41 | €14,815 | €32,081 | €61,892 | €85,066 | €80,553 | ▼ 5.3% |
| Cash at bank and in hand54/58 | €2,295 | €2,002 | €26,364 | €20,315 | €18,269 | ▼ 10.1% |
| Deferred charges and accrued income490/1 | €3,328 | €1,064 | €398 | €3,068 | €1,791 | ▼ 41.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €71,267 | €76,046 | €119,245 | €149,096 | €106,513 | ▼ 28.6% |
| Equity10/15 | -€2,250 | -€1,189 | €13,576 | €28,948 | €23,379 | ▼ 19.2% |
| Contributions10/11 | €13,200 | €13,200 | €13,200 | €13,200 | €13,200 | = |
| Profit (loss) carried forward14 | -€15,450 | -€14,389 | €376 | €15,748 | €10,179 | ▼ 35.4% |
| Amounts payable17/49 | €73,517 | €77,235 | €105,669 | €120,148 | €83,134 | ▼ 30.8% |
| Amounts payable after more than one year17 | - | €65,550 | €65,550 | €65,550 | €65,550 | = |
| Other amounts payable178/9 | - | €65,550 | €65,550 | €65,550 | €65,550 | = |
| Amounts payable within one year42/48 | €73,517 | €11,631 | €40,119 | €54,598 | €17,584 | ▼ 67.8% |
| Trade debts44 | €70,074 | €1,706 | €11,686 | €41,592 | €13,980 | ▼ 66.4% |
| Suppliers440/4 | €70,074 | €1,706 | €11,686 | €41,592 | €13,980 | ▼ 66.4% |
| Taxes, remuneration and social security45 | - | €7,486 | €26,036 | €12,692 | €3,604 | ▼ 71.6% |
| Taxes450/3 | - | €7,486 | €15,378 | €9,176 | €3,604 | ▼ 60.7% |
| Remuneration and social security454/9 | - | - | €10,658 | €3,516 | €0 | ▼ 100% |
| Other amounts payable47/48 | €3,443 | €2,440 | €2,397 | €314 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | €53 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,224 | €1,061 | €14,765 | €15,372 | -€5,440 | ▼ 135% |
| + Depreciation and write-downs630 | €11,332 | €11,488 | €8,151 | €937 | €2,101 | ▲ 124% |
| Operating cash flow (approximation) | €6,108 | €12,549 | €22,916 | €16,309 | -€3,339 | ▼ 120% |
| Investment in fixed assets (approximation) | - | -€527 | €0 | -€4,997 | -€1,180 | ▲ 76.4% |
| Change in cash | - | -€293 | €24,362 | -€6,049 | -€2,046 | ▲ 66.2% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Liquidity doublescurrent ratio 5.87
Current ratio from 2.65 to 5.87; short-term debt falls from €54,598 to €17,584.
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Highest result since 2018net €15,372 ▲4.1%
Net result €15,372, the highest in the series.
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
02-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 2 days late
2022
30-09
Financial
Back to profitnet €1,061
Net result €1,061 after 2 loss-making years.
30-09
Financial
Liquidity times 8current ratio 5.82
Current ratio from 0.71 to 5.82; short-term debt falls from €73,517 to €11,631.
23-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 23 days late
2021
24-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Weakest financial yearnet -€11,212
Net result drops to -€11,212, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
23-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 23 days late
2018
30-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
31-03
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 8 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2018
Ground area
211 m²
Building footprint
104 m²
Volume, LiDAR
1,017 m³
Parcel 21815D0062/00R000, Brussels · tallest building 16.5 m, ±4 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Richard Neyberghlaan 30, 1020 Brussel
since 20182.303.875.803
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21815D0062/00R000 | Brussels | 211 m² | 1 · 104 m² | 16.5 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 4,265 companies in this sector we hold annual accounts for 1,241. 899 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company (pre-2019)
Founded06-07-2009
Fiscal year end30-09
Activities, NACEBEL 2025
43230Insulation installation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0816785035
Registered
23-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.