InSky
ActiveSummary
The computed 12-month bankruptcy probability of InSky is 5.5% (elevated). The 2025 annual accounts show negative equity (-€35.1m) and a net result of -€24.0m. Equity is shrinking by ~167.1% per year across the filed fiscal years. Its solvency ranks better than 10% of 73 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0▼-10
Growth32=
Track record94
Bankruptcy probability, 12 months
5.5%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.23 against 0.17 in 2024; short-term debt: 31% and cash: 0% of total assets), and equity is negative.
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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 61
Relative position
BE, all sectors
reference
Telecommunications (NACE 61)
about 159% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
-31.8%
Return on assets
-21.8%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
232425
2023 to 2025 · latest year -€35.1m
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 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 · 3 filingsDeviation from the deadline
2025
28 d late
2024
89 d late
2023
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 39 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#6 employer in the Brussels-Capital Region, Telecommunications sector#9 company by total assets in Brussels, Telecoms and IT sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€24.0m▼ 84.7%
2024 · -€13.0m
Working capital
-€26.4m▲ 60.4%
2024 · -€66.6m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 61, Telecommunications, 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
Line202320242025
Operating result-€3.1m--€11.8m▼ 283%-€19.7m▼ 66.8%
Net result-€3.1mbelow the sector's middle half--€13.0mbelow the sector's middle half▼ 323%-€24.0mbelow the sector's middle half▼ 84.7%
Equity€1.9mabove the sector's middle half--€11.1mbelow the sector's middle half-€35.1mbelow the sector's middle half▼ 217%
Total assets€8.3mabove the sector's middle half-€72.7mabove the sector's middle half▲ 772%€110.2mabove the sector's middle half▲ 51.6%
Debt€6.4m-€83.8m▲ 1,207%€145.4m▲ 73.4%
Working capital-€4.5m--€66.6m▼ 1,370%-€26.4m▲ 60.4%
Solvency23.1%within the sector's middle half--15.2%below the sector's middle half▼ 38.3pp-31.8%below the sector's middle half▼ 16.6pp
Staff (FTE)6.7within the sector's middle half-80.5above the sector's middle half▲ 1,101%167.2above the sector's middle half▲ 108%
above
within
below
the middle half (P25 to P75) of NACE 61, Telecommunications, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2024 Net result -323%, Staff (FTE) +1,101% on 2023. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €19.7m in 2025 against €11.8m in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €110.2m
Fixed assets
€102.4m ▲ 74.6%
Current assets
€7.8m ▼ 44.5%
Key figures and ratios
EBITDA
-€17.2m▼
2024 · -€11.1m
Cash flow
-€21.5m▼
2024 · -€12.3m
Current ratio
0.23▲
2024 · 0.17
Debt to equity
-4.14▲
2024 · -7.56
ROA
-21.8%▼
2024 · -17.9%
Interest coverage
-3.61▲
2024 · -8.82
Debt ≤ 1 year
€34.2m▼
2024 · €80.7m
Debt > 1 year
€108.9m▲
2024 · €1.9m
Income taxes
€21▼
2024 · €17,077
Staff costs
€10.8m▲
2024 · €4.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 251 companies that looked in July 2024 the way this one looks now, 5.2% went bankrupt within 24 months and 84% are still going.
- Medium-sized
- negative equity
- a loss of 10% of the balance sheet or more
- without age
5.2%
went bankrupt
6.8%
stopped otherwise
84%
still going
A further 3.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 5.5% 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 497,058 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% | 1.6% |
| 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 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 251 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Operating income70/76A | - | €5.9m | €9.1m | ▲ 55.7% |
| Own construction capitalised72 | - | €5.5m | €7.8m | ▲ 40.9% |
| Other operating income74 | - | €327,142 | €1.2m | ▲ 278% |
| Non-recurring operating income76A | - | - | €93,926 | - |
| Operating charges60/66A | - | €17.7m | €28.8m | ▲ 63.1% |
| Goods for resale, raw materials and consumables60 | - | €621,801 | €0 | ▼ 100% |
| Purchases600/8 | - | €47,029 | €0 | ▼ 100% |
| Change in stocks: decrease (increase)609 | - | €574,772 | €0 | ▼ 100% |
| Services and other goods61 | - | €11.6m | €15.3m | ▲ 32.5% |
| Remuneration, social security and pensions62 | €456,046 | €4.7m | €10.8m | ▲ 128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,105 | €707,992 | €2.5m | ▲ 259% |
| Other operating charges640/8 | €2,122 | €34,061 | €126,656 | ▲ 272% |
| Gross operating margin9900 | -€2.6m | - | - | - |
| Operating profit (loss)9901 | -€3.1m | -€11.8m | -€19.7m | ▼ 66.8% |
| Financial income75/76B | €5,234 | €102,999 | €440,659 | ▲ 328% |
| Recurring financial income75 | €5,234 | €102,999 | €440,659 | ▲ 328% |
| Income from financial fixed assets750 | - | €102,898 | €102 | ▼ 99.9% |
| Income from current assets751 | - | - | €416,934 | - |
| Other financial income752/9 | - | €101 | €23,623 | ▲ 23,254% |
| Financial charges65/66B | €1,776 | €1.3m | €4.8m | ▲ 270% |
| Recurring financial charges65 | €1,776 | €1.3m | €4.8m | ▲ 270% |
| Debt charges650 | - | €1.3m | €4.8m | ▲ 278% |
| Other financial charges652/9 | - | €29,736 | €14,672 | ▼ 50.7% |
| Profit (loss) for the period before taxes9903 | -€3.1m | -€13.0m | -€24.0m | ▼ 84.9% |
| Income taxes67/77 | - | €17,077 | €21 | ▼ 99.9% |
| Taxes670/3 | - | €17,077 | €21 | ▼ 99.9% |
| Profit (loss) for the period9904 | -€3.1m | -€13.0m | -€24.0m | ▼ 84.7% |
| Profit (loss) for the period to be appropriated9905 | -€3.1m | -€13.0m | -€24.0m | ▼ 84.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €8.3m | €72.7m | €110.2m | ▲ 51.6% |
| Formation expenses20 | €7,183 | €5,384 | €3,589 | ▼ 33.3% |
| Fixed assets21/28 | €6.4m | €58.7m | €102.4m | ▲ 74.6% |
| Intangible fixed assets21 | €16,841 | €165,404 | €2.1m | ▲ 1,158% |
| Tangible fixed assets22/27 | €6.4m | €58.2m | €100.0m | ▲ 71.9% |
| Plant, machinery and equipment23 | €69,196 | €932,502 | €34.5m | ▲ 3,601% |
| Furniture and vehicles24 | €197,156 | €1.5m | €2.6m | ▲ 77.7% |
| Leasing and similar rights25 | - | €2.4m | €1.9m | ▼ 21.2% |
| Other tangible fixed assets26 | €250,708 | €763,807 | €635,432 | ▼ 16.8% |
| Assets under construction and advance payments27 | €5.9m | €52.6m | €60.4m | ▲ 14.7% |
| Financial fixed assets28 | €10,000 | €288,931 | €328,892 | ▲ 13.8% |
| Other financial fixed assets284/8 | - | €288,931 | €328,892 | ▲ 13.8% |
| Amounts receivable and cash guarantees285/8 | - | €288,931 | €328,892 | ▲ 13.8% |
| Current assets29/58 | €1.9m | €14.1m | €7.8m | ▼ 44.5% |
| Stocks and contracts in progress3 | €574,772 | €0 | €0 | - |
| Stocks30/36 | €574,772 | €0 | - | - |
| Goods purchased for resale34 | - | €0 | - | - |
| Amounts receivable within one year40/41 | €1.3m | €13.5m | €6.9m | ▼ 49.3% |
| Trade receivables40 | €164,828 | €1.1m | €1.6m | ▲ 50.3% |
| Other amounts receivable41 | €1.1m | €12.5m | €5.2m | ▼ 57.9% |
| Cash at bank and in hand54/58 | €19,281 | €143,951 | €7,268 | ▼ 95.0% |
| Deferred charges and accrued income490/1 | €28,891 | €390,270 | €942,848 | ▲ 142% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €8.3m | €72.7m | €110.2m | ▲ 51.6% |
| Equity10/15 | €1.9m | -€11.1m | -€35.1m | ▼ 217% |
| Contributions10/11 | €5.0m | €5.0m | €5.0m | = |
| Capital10 | €5.0m | €5.0m | €5.0m | = |
| Issued capital100 | €20.0m | €20.0m | €20.0m | = |
| Uncalled capital101 | €15.0m | €15.0m | €15.0m | = |
| Profit (loss) carried forward14 | -€3.1m | -€16.1m | -€40.1m | ▼ 149% |
| Amounts payable17/49 | €6.4m | €83.8m | €145.4m | ▲ 73.4% |
| Amounts payable after more than one year17 | - | €1.9m | €108.9m | ▲ 5,507% |
| Financial debts170/4 | - | €1.9m | €107.7m | ▲ 5,450% |
| Leasing and similar obligations172 | - | €1.9m | €1.4m | ▼ 25.5% |
| Other loans174 | - | - | €106.3m | - |
| Other amounts payable178/9 | - | - | €1.1m | - |
| Amounts payable within one year42/48 | €6.4m | €80.7m | €34.2m | ▼ 57.6% |
| Current portion of amounts payable after more than one year42 | - | €475,848 | €509,452 | ▲ 7.1% |
| Financial debts43 | - | €205,335 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €205,335 | €0 | ▼ 100% |
| Trade debts44 | €6.1m | €20.0m | €18.1m | ▼ 9.2% |
| Suppliers440/4 | €6.1m | €20.0m | €18.1m | ▼ 9.2% |
| Taxes, remuneration and social security45 | €205,485 | €937,693 | €2.6m | ▲ 178% |
| Taxes450/3 | €31,947 | €111,749 | €626,718 | ▲ 461% |
| Remuneration and social security454/9 | €173,538 | €825,943 | €2.0m | ▲ 140% |
| Other amounts payable47/48 | €155,000 | €59.1m | €12.9m | ▼ 78.1% |
| Accrued charges and deferred income492/3 | €69 | €1.2m | €2.3m | ▲ 88.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3.1m | -€13.0m | -€24.0m | ▼ 84.7% |
| + Depreciation and write-downs630 | €32,105 | €707,992 | €2.5m | ▲ 259% |
| Operating cash flow (approximation) | -€3.0m | -€12.3m | -€21.5m | ▼ 74.7% |
| Investment in fixed assets (approximation) | - | -€52.9m | -€46.3m | ▲ 12.5% |
| Change in cash | - | €124,670 | -€136,684 | ▼ 210% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 28 days late
2025
31-12
Financial
Weakest financial yearnet -€24.0m
Net result drops to -€24.0m, the lowest in the series.
28-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 89 days late
12-02
State Gazette act
General meeting · Demerger
Incorporation · Founding capital · Yorik DESMYTTERE
2024
11-12
State Gazette act
Demerger · Corporate purpose
Accounting effect · Share issue · Yorik Desmyttere
25-10
State Gazette act
Board meeting · Demerger
Corporate purpose · Share issue
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2022
Ground area
3.3 ha
Building footprint
4.1 ha
Volume, LiDAR
496,479 m³
2 parcels, Brussels, Wallonia · tallest building 52.5 m, ±16 floors. Linked by address, not a title deed.
27
companies at this address
See who is registered here
1 establishment unit
InSky
since 20222.340.286.930
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25019A0198/00L002 | Wallonia | 3.0 ha | 1 · 4.0 ha | 20.3 m · 4 fl. |
| 21004A1360/00E000 | Brussels | 2,954 m² | 1 · 1,461 m² | 52.5 m · 16 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 ownerChain of control
- Digi Romania SARO
- DIGI Communications Belgium
- InSky
Highest known parent: Digi Romania SA (Romania). The sources do not say who stands above it.
Owners 1
- Sourceown accounts 2025100%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of InSky and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 170 EUR awarded · 170 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 170 EUR | 170 EUR |
Schemes
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Of 1,372 companies in sector 61100 we hold annual accounts for 585. 199 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded24-11-2022
Fiscal year end31-12
Activities, NACEBEL 2025
61100Wired, wireless and satellite telecommunications
63100Computing infrastructure, data processing, hosting and related activities
42220Construction of utility projects for electricity and telecommunications
62900Other information technology and computer services
62200Computer consultancy and computer facilities management
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0793925204
Registered
19-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.