InSky
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00489658.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is a loss of €19.7m, larger than the loss of €11.8m in 2024. It is the lowest result since 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Telecommunications (NACE 61). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
- 2024 Net result -323%, Staff (FTE) +1,101% on 2023. The accounts now follow the full format, last year the abbreviated format.
Comparable companies
These companies have the same main activity as InSky: wired, wireless and satellite telecommunications (NACE 61100). They are comparable in size and age: total assets between €25m and €143m, founded between 2012 and 2023.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| InSky Brussel | 2022 | €110.2m | -€35.1m | - | - | -€24.0m | 167.2 | 2025 |
| BT Global Services Belgium Machelen (Brab.) | 2019 | €66.0m | €17.9m | - | €145.0m | €6.4m | 118.5 | 2026 |
| Citymesh Mobile Brussel | 2022 | €143.1m | -€50.1m | €2.3m | - | -€12.7m | - | 2025 |
| LYCAMOBILE BELGIUM Zaventem | 2023 | €63.2m | €25.5m | - | €57.8m | €7.0m | - | 2024 |
| EDPNET Belgium Sint-Niklaas | 2023 | €24.7m | €0.2m | - | €26.5m | €0.1m | 73.1 | 2025 |
| Huawei Technologies (Belgium) Watermaal-Bosvoorde | 2014 | €31.7m | €8.7m | - | €45.8m | €0.02m | 49.1 | 2025 |
| IRISnet Sint-Pieters-Woluwe | 2012 | €46.0m | €25.0m | - | €37.9m | €1.3m | 47.1 | 2025 |
They were chosen from the 508 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 252 companies had the same profile as InSky has now. Two years later, 7.1% had gone bankrupt and 85.3% were still going.
- Medium-sized
- negative equity
- a loss of 10% of the balance sheet or more
- without age
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of InSky itself: 4.7% within 12 months.
Test of the method
The method was tested on the 497,445 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 252 companies, not a prediction for InSky. 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.
Subsidies and aid
Flemish government
2025 · 1 entry · €170 awarded · €170 paid| 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 | - | €0.3m | €1.2m | ▲ 278% |
| Non-recurring operating income76A | - | - | €0.09m | - |
| Operating charges60/66A | - | €17.7m | €28.8m | ▲ 63.1% |
| Goods for resale, raw materials and consumables60 | - | €0.6m | €0 | ▼ 100% |
| Purchases600/8 | - | €0.05m | €0 | ▼ 100% |
| Change in stocks: decrease (increase)609 | - | €0.6m | €0 | ▼ 100% |
| Services and other goods61 | - | €11.6m | €15.3m | ▲ 32.5% |
| Remuneration, social security and pensions62 | €0.5m | €4.7m | €10.8m | ▲ 128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.7m | €2.5m | ▲ 259% |
| Other operating charges640/8 | €0.002m | €0.03m | €0.1m | ▲ 272% |
| Gross operating margin9900 | -€2.6m | - | - | - |
| Operating profit (loss)9901 | -€3.1m | -€11.8m | -€19.7m | ▼ 66.8% |
| Financial income75/76B | €0.005m | €0.1m | €0.4m | ▲ 328% |
| Recurring financial income75 | €0.005m | €0.1m | €0.4m | ▲ 328% |
| Income from financial fixed assets750 | - | €0.1m | €102 | ▼ 99.9% |
| Income from current assets751 | - | - | €0.4m | - |
| Other financial income752/9 | - | €101 | €0.02m | ▲ 234× |
| Financial charges65/66B | €0.002m | €1.3m | €4.8m | ▲ 270% |
| Recurring financial charges65 | €0.002m | €1.3m | €4.8m | ▲ 270% |
| Debt charges650 | - | €1.3m | €4.8m | ▲ 278% |
| Other financial charges652/9 | - | €0.03m | €0.01m | ▼ 50.7% |
| Profit (loss) for the period before taxes9903 | -€3.1m | -€13.0m | -€24.0m | ▼ 84.9% |
| Income taxes67/77 | - | €0.02m | €21 | ▼ 99.9% |
| Taxes670/3 | - | €0.02m | €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 | €0.007m | €0.005m | €0.004m | ▼ 33.3% |
| Fixed assets21/28 | €6.4m | €58.7m | €102.4m | ▲ 74.6% |
| Intangible fixed assets21 | €0.02m | €0.2m | €2.1m | ▲ 13× |
| Tangible fixed assets22/27 | €6.4m | €58.2m | €100.0m | ▲ 71.9% |
| Plant, machinery and equipment23 | €0.07m | €0.9m | €34.5m | ▲ 37× |
| Furniture and vehicles24 | €0.2m | €1.5m | €2.6m | ▲ 77.7% |
| Leasing and similar rights25 | - | €2.4m | €1.9m | ▼ 21.2% |
| Other tangible fixed assets26 | €0.3m | €0.8m | €0.6m | ▼ 16.8% |
| Assets under construction and advance payments27 | €5.9m | €52.6m | €60.4m | ▲ 14.7% |
| Financial fixed assets28 | €0.01m | €0.3m | €0.3m | ▲ 13.8% |
| Other financial fixed assets284/8 | - | €0.3m | €0.3m | ▲ 13.8% |
| Amounts receivable and cash guarantees285/8 | - | €0.3m | €0.3m | ▲ 13.8% |
| Current assets29/58 | €1.9m | €14.1m | €7.8m | ▼ 44.5% |
| Stocks and contracts in progress3 | €0.6m | €0 | €0 | - |
| Stocks30/36 | €0.6m | €0 | - | - |
| Goods purchased for resale34 | - | €0 | - | - |
| Amounts receivable within one year40/41 | €1.3m | €13.5m | €6.9m | ▼ 49.3% |
| Trade receivables40 | €0.2m | €1.1m | €1.6m | ▲ 50.3% |
| Other amounts receivable41 | €1.1m | €12.5m | €5.2m | ▼ 57.9% |
| Cash at bank and in hand54/58 | €0.02m | €0.1m | €0.007m | ▼ 95.0% |
| Deferred charges and accrued income490/1 | €0.03m | €0.4m | €0.9m | ▲ 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 | ▲ 56× |
| Financial debts170/4 | - | €1.9m | €107.7m | ▲ 56× |
| 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 | - | €0.5m | €0.5m | ▲ 7.1% |
| Financial debts43 | - | €0.2m | €0 | ▼ 100% |
| Credit institutions430/8 | - | €0.2m | €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 | €0.2m | €0.9m | €2.6m | ▲ 178% |
| Taxes450/3 | €0.03m | €0.1m | €0.6m | ▲ 461% |
| Remuneration and social security454/9 | €0.2m | €0.8m | €2.0m | ▲ 140% |
| Other amounts payable47/48 | €0.2m | €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 | €0.03m | €0.7m | €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 | - | €0.1m | -€0.1m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.