I.SO.C.E.L.E
ActiveSummary
I.SO.C.E.L.E has been active since 1983 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €441,043 and a net result of €40,954. Equity is shrinking by ~2.5% per year across the filed fiscal years. Its solvency ranks better than 50% of 2062 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-2
Solvency68▼-2
Growth58=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 1.54 against 1.35 in 2024; short-term debt: 46.7% and cash: 26.5% of total assets), but 57.1% of the assets are financed with debt.
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Signals
Seven 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
42.9%
Return on assets
4%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-08-2026, 20 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
20 d late
2024
1 d early
2023
30 d late
2022
30 d late
2021
32 d early
2020
19 d early
2019
15 d early
← 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 2 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2025, full schema
In the rankings
#3 employer in Verviers, Construction sector#8 oldest company in Verviers, Construction sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€40,954▼ 29.0%
2024 · €57,692
Working capital
€261,492▲ 60.6%
2024 · €162,839
Trend over the years
Click a name to add, emphasise or remove a line.Band: 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.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€76,674-€56,440▲ 26.4%€53,799€59,657▲ 10.9%€41,300▼ 30.8%
Net result-€84,714below the sector's middle half-€62,703below the sector's middle half▲ 26.0%€49,724within the sector's middle half€57,692within the sector's middle half▲ 16.0%€40,954within the sector's middle half▼ 29.0%
Equity€487,021within the sector's middle half▼ 14.6%€429,163within the sector's middle half▼ 11.9%€434,485within the sector's middle half▲ 1.2%€436,730within the sector's middle half▲ 0.5%€441,043within the sector's middle half▲ 1.0%
Total assets€925,632within the sector's middle half▼ 9.6%€972,938within the sector's middle half▲ 5.1%€932,051within the sector's middle half▼ 4.2%€975,205within the sector's middle half▲ 4.6%€1.0mwithin the sector's middle half▲ 5.5%
Debt€438,611▼ 3.3%€543,776▲ 24.0%€494,566▼ 9.0%€505,749▲ 2.3%€517,816▲ 2.4%
Working capital€101,717▼ 61.4%€105,661▲ 3.9%€115,605▲ 9.4%€162,839▲ 40.9%€261,492▲ 60.6%
Solvency52.6%within the sector's middle half▼ 3.1pp44.1%within the sector's middle half▼ 8.5pp46.6%within the sector's middle half▲ 2.5pp44.8%within the sector's middle half▼ 1.8pp42.9%within the sector's middle half▼ 1.9pp
Staff (FTE)30.6above the sector's middle half▲ 3.0%30.2above the sector's middle half▼ 1.3%31.5above the sector's middle half▲ 4.3%32.1above the sector's middle half▲ 1.9%32.2above the sector's middle half▲ 0.3%
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 falls in 2025; 2025 is 31% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€286,596 ▼ 17.5%
Current assets
€742,540 ▲ 18.3%
Equity and liabilities €1.0m
Equity
€441,043 ▲ 1.0%
Provisions
€70,277 ▲ 115%
Debt
€517,816 ▲ 2.4%
Debt's share of the balance-sheet total falls from 51.9% to 50.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€152,497▼
2024 · €168,012
Cash flow
€152,151▼
2024 · €166,047
Current ratio
1.54▲
2024 · 1.35
Debt to equity
1.17▲
2024 · 1.16
ROE
9.3%▼
2024 · 13.2%
ROA
4.0%▼
2024 · 5.9%
Interest coverage
30.82▲
2024 · 28.04
Debt ≤ 1 year
€481,048▲
2024 · €464,908
Debt > 1 year
€23,786▼
2024 · €40,548
Staff costs
€2.2m▲
2024 · €2.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,733 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 14,733 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €28,253 | €19,672 | €12,665 | €25,476 | €824 | ▼ 96.8% |
| Remuneration, social security and pensions62 | €1.4m | €1.8m | €1.9m | €2.1m | €2.2m | ▲ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €144,532 | €140,107 | €132,158 | €108,355 | €111,197 | ▲ 2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €4,485 | - |
| Other operating charges640/8 | €11,539 | €9,748 | €12,649 | €16,019 | €9,537 | ▼ 40.5% |
| Non-recurring operating charges66A | €22,840 | €2,296 | - | €2,765 | €50 | ▼ 98.2% |
| Gross operating margin9900 | €1.5m | €1.9m | €2.1m | €2.3m | €2.4m | ▲ 3.5% |
| Operating profit (loss)9901 | -€76,674 | -€56,440 | €53,799 | €59,657 | €41,300 | ▼ 30.8% |
| Financial income75/76B | €30 | €122 | €1,702 | €4,027 | €4,601 | ▲ 14.3% |
| Recurring financial income75 | €30 | €122 | €1,702 | €4,027 | €4,601 | ▲ 14.3% |
| Financial charges65/66B | €8,071 | €6,385 | €5,778 | €5,992 | €4,948 | ▼ 17.4% |
| Recurring financial charges65 | €8,071 | €6,385 | €5,778 | €5,992 | €4,948 | ▼ 17.4% |
| Profit (loss) for the period before taxes9903 | -€84,714 | -€62,703 | €49,724 | €57,692 | €40,954 | ▼ 29.0% |
| Profit (loss) for the period9904 | -€84,714 | -€62,703 | €49,724 | €57,692 | €40,954 | ▼ 29.0% |
| Profit (loss) for the period to be appropriated9905 | -€84,714 | -€62,703 | €49,724 | €57,692 | €40,954 | ▼ 29.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €925,632 | €972,938 | €932,051 | €975,205 | €1.0m | ▲ 5.5% |
| Fixed assets21/28 | €491,413 | €439,067 | €395,838 | €347,457 | €286,596 | ▼ 17.5% |
| Tangible fixed assets22/27 | €473,758 | €421,442 | €378,213 | €329,832 | €268,971 | ▼ 18.5% |
| Land and buildings22 | €383,673 | €351,054 | €332,005 | €273,511 | €235,840 | ▼ 13.8% |
| Plant, machinery and equipment23 | €37,449 | €44,069 | €46,208 | €30,988 | €20,465 | ▼ 34.0% |
| Furniture and vehicles24 | €52,636 | €26,318 | - | €25,333 | €12,667 | ▼ 50.0% |
| Financial fixed assets28 | €17,655 | €17,625 | €17,625 | €17,625 | €17,625 | = |
| Current assets29/58 | €434,219 | €533,871 | €536,213 | €627,748 | €742,540 | ▲ 18.3% |
| Amounts receivable within one year40/41 | €248,401 | €254,109 | €392,546 | €376,877 | €356,923 | ▼ 5.3% |
| Trade receivables40 | €46,024 | €52,939 | €86,368 | €104,854 | €84,486 | ▼ 19.4% |
| Other amounts receivable41 | €202,377 | €201,171 | €306,178 | €272,023 | €272,437 | ▲ 0.2% |
| Current investments50/53 | €100,406 | €100,406 | - | - | €100,529 | - |
| Cash at bank and in hand54/58 | €67,567 | €162,737 | €125,758 | €243,604 | €272,306 | ▲ 11.8% |
| Deferred charges and accrued income490/1 | €17,844 | €16,619 | €17,909 | €7,266 | €12,781 | ▲ 75.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €925,632 | €972,938 | €932,051 | €975,205 | €1.0m | ▲ 5.5% |
| Equity10/15 | €487,021 | €429,163 | €434,485 | €436,730 | €441,043 | ▲ 1.0% |
| Reserves13 | €235,000 | €220,000 | €220,000 | €220,000 | €220,000 | = |
| Profit (loss) carried forward14 | €8,777 | -€38,925 | €10,798 | €68,490 | €109,444 | ▲ 59.8% |
| Investment grants15 | €243,244 | €248,088 | €203,686 | €148,240 | €111,600 | ▼ 24.7% |
| Provisions and deferred taxes16 | - | - | €3,000 | €32,725 | €70,277 | ▲ 115% |
| Provisions for liabilities and charges160/5 | - | - | €3,000 | €32,725 | €70,277 | ▲ 115% |
| Environmental obligations163 | - | - | - | - | €28,000 | - |
| Other liabilities and charges164/5 | - | - | €3,000 | €32,725 | €42,277 | ▲ 29.2% |
| Amounts payable17/49 | €438,611 | €543,776 | €494,566 | €505,749 | €517,816 | ▲ 2.4% |
| Amounts payable after more than one year17 | €104,910 | €84,172 | €63,337 | €40,548 | €23,786 | ▼ 41.3% |
| Financial debts170/4 | €96,297 | €75,150 | €53,320 | €30,780 | €14,540 | ▼ 52.8% |
| Other amounts payable178/9 | €8,613 | €9,022 | €10,017 | €9,768 | €9,246 | ▼ 5.3% |
| Amounts payable within one year42/48 | €332,501 | €428,210 | €420,608 | €464,908 | €481,048 | ▲ 3.5% |
| Current portion of amounts payable after more than one year42 | €20,483 | €21,147 | €21,829 | €22,540 | €16,240 | ▼ 27.9% |
| Trade debts44 | €17,673 | €29,236 | €32,335 | €49,761 | €42,232 | ▼ 15.1% |
| Suppliers440/4 | €17,673 | €29,236 | €32,335 | €49,761 | €42,232 | ▼ 15.1% |
| Advances received on contracts in progress46 | €17,072 | €27,894 | €19,743 | €50,404 | €45,964 | ▼ 8.8% |
| Taxes, remuneration and social security45 | €269,483 | €349,933 | €338,807 | €342,203 | €374,039 | ▲ 9.3% |
| Taxes450/3 | €44,439 | €53,013 | €59,945 | €60,738 | €63,242 | ▲ 4.1% |
| Remuneration and social security454/9 | €225,044 | €296,920 | €278,861 | €281,465 | €310,797 | ▲ 10.4% |
| Accrued charges and deferred income492/3 | €1,200 | €31,393 | €10,621 | €293 | €12,981 | ▲ 4,335% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€84,714 | -€62,703 | €49,724 | €57,692 | €40,954 | ▼ 29.0% |
| + Depreciation and write-downs630 | €144,532 | €140,107 | €132,158 | €108,355 | €111,197 | ▲ 2.6% |
| Operating cash flow (approximation) | €59,818 | €77,405 | €181,882 | €166,047 | €152,151 | ▼ 8.4% |
| Investment in fixed assets (approximation) | - | -€87,761 | -€88,929 | -€59,974 | -€50,336 | ▲ 16.1% |
| Change in cash | - | €95,170 | -€36,979 | €117,846 | €28,702 | ▼ 75.6% |
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
20-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 20 days late
13-07
State Gazette act
Resignations: Marie-Laure Wuidar Deigné (director) and Catherine Pardaen (director)Appointment: Adelin Smeets (director)11 facts ▸
State Gazette act
Resignations: Marie-Laure Wuidar Deigné (director) and Catherine Pardaen (director)
Appointment: Adelin Smeets (director)11 facts ▸
- General meeting, 28-05-2026
- Director resignation, Marie-Laure Wuidar Deigné (director)
- Director resignation, Catherine Pardaen (director)
- Director appointment, Adelin Smeets (director)
- Board composition, Brayeur Nicole (membre de l'assemblée générale)
- Board composition, Detrembleur Philippe (membre de l'assemblée générale)
- Board composition, Geron Jean-Pierre (membre de l'assemblée générale)
- Board composition, Jacquemin Benoît (membre de l'assemblée générale)
- Board composition, Jacquemin Louis (membre de l'assemblée générale)
- Board composition, Adelin Smeets (membre de l'assemblée générale)
- Board composition, Vanbelle Nathalie (membre de l'assemblée générale)
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
31-12
Financial
Back to profitnet €49,724
Net result €49,724 after 2 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet -€84,714
Net result drops to -€84,714, the lowest in the series; recovery starts the following year.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €89,200 ▲197%
Operating result €79,047, net result €89,200, both a record.
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 14 acts read
About the unread acts
Of the 14 Belgian State Gazette acts we know for this company, 1 has been read. The other 13 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Adelin Smeets
CurrentDirector · since 13-07-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
13 of this company's 14 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Verviers · 3 establishment units since 1984
Ground area
7,658 m²
Building footprint
2,809 m²
Volume, LiDAR
39,249 m³
2 parcels, Wallonia · tallest building 19.7 m, ±5 floors. Linked by address, not a title deed.
3 establishment units
I.SO.C.E.L.E
since 19842.160.457.937
Rue de Franchimont 7, 4800 Verviers
since 20072.172.817.816
Rue de Franchimont 23, 4800 Verviers
since 20072.172.818.014
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63079E0014/00A000 | Wallonia | 6,243 m² | 1 · 2,384 m² | 19.7 m · 5 fl. |
| 63573A0286/00H004 | Wallonia | 1,415 m² | 1 · 425 m² | 13.8 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
3 people since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Adelin Smeets |
|
| Catherine Pardaen |
|
| Marie-Laure Wuidar Deigné |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Public money · subsidies and aid
Wallonia-Brussels Federation
2024 to 2025 · 3 entries · 813,621 EUR in total| Year | Entries | paid |
|---|---|---|
| 2025 | 2 | 419,851 EUR |
| 2024 | 1 | 393,770 EUR |
Budget allocations
Recognitions · licences · registrations
Recognised contractor
11 categoriesI.SO.C.E.L.E ASBL30745
Food safety, FASFC
1 siteVerviers2.172.817.816
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,423. 4,786 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded26-10-1983
Fiscal year end31-12
Abbreviation FR
ISOCELE
Activities, NACEBEL 2025
43990Other specialised construction activities
88999Other social work without accommodation
49420Removal services
81300Landscape service activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0424845152
Also
9925:BE0424845152
Registered
16-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.