INSULO
ActiveSummary
INSULO has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €162,039 and a net result of €10,485. Equity is growing by ~5.6% per year across the filed fiscal years. Its solvency ranks better than 95% of 4926 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability54▼-9
Solvency100▲+30
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
short-term debt: 0.4% and cash: 1.1% of total assets, and 0.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
99.6%
Return on assets
6.4%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-07-2026, 22 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
22 d early
2024
21 d early
2023
50 d early
2022
42 d early
2021
47 d early
2020
46 d early
2019
29 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 37 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€10,485▼ 69.5%
2024 · €34,395
Working capital
€162,039▲ 143%
2024 · €66,554
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€1,683▼ 129%-€2,050▼ 21.8%€6,368€30,062▲ 372%€11,884▼ 60.5%
Net result-€378€97€11,202▲ 11,437%€34,395▲ 207%€10,485▼ 69.5%
Equity€105,860▼ 0.4%€105,957▲ 0.1%€117,159▲ 10.6%€151,554▲ 29.4%€162,039▲ 6.9%
Total assets€107,131▲ 0.7%€105,957▼ 1.1%€200,881▲ 89.6%€334,520▲ 66.5%€162,727▼ 51.4%
Debt€1,271▲ 1,171%€83,722€182,966▲ 119%€688▼ 99.6%
Working capital€20,860▼ 1.8%€32,159€66,554▲ 107%€162,039▲ 143%
Why a figure moved sharply
- 2025 Total assets -51% on 2024. Cause not known from the registers.
- 2024 Total assets +67% on 2023. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 60% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €162,727
Equity
€162,039 ▲ 6.9%
Debt
€688 ▼ 99.6%
Debt's share of the balance-sheet total falls from 54.7% to 0.4%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.00▼
2024 · 1.21
ROE
6.5%▼
2024 · 22.7%
ROA
6.4%▼
2024 · 10.3%
Debt ≤ 1 year
€688▼
2024 · €182,966
A ratio outside any meaningful range has been withheld (balance sheet total €162,727, equity €162,039).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
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 0.3% 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 31,324 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 |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €448 | €560 | €699 | €613 | €367 | ▼ 40.1% |
| Gross operating margin9900 | -€1,235 | -€1,491 | €7,067 | €30,675 | €12,251 | ▼ 60.1% |
| Operating profit (loss)9901 | -€1,683 | -€2,050 | €6,368 | €30,062 | €11,884 | ▼ 60.5% |
| Financial income75/76B | €1,518 | €2,390 | €5,331 | €4,883 | - | - |
| Recurring financial income75 | €1,518 | €2,390 | €5,331 | €4,883 | - | - |
| Financial charges65/66B | €213 | €243 | €497 | €550 | €1,399 | ▲ 154% |
| Recurring financial charges65 | €213 | €243 | €497 | €550 | €1,399 | ▲ 154% |
| Profit (loss) for the period before taxes9903 | -€378 | €97 | €11,202 | €34,395 | €10,485 | ▼ 69.5% |
| Profit (loss) for the period9904 | -€378 | €97 | €11,202 | €34,395 | €10,485 | ▼ 69.5% |
| Profit (loss) for the period to be appropriated9905 | -€378 | €97 | €11,202 | €34,395 | €10,485 | ▼ 69.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €107,131 | €105,957 | €200,881 | €334,520 | €162,727 | ▼ 51.4% |
| Fixed assets21/28 | €85,000 | €85,000 | €85,000 | €85,000 | - | - |
| Financial fixed assets28 | €85,000 | €85,000 | €85,000 | €85,000 | - | - |
| Current assets29/58 | €22,131 | €20,957 | €115,881 | €249,520 | €162,727 | ▼ 34.8% |
| Amounts receivable within one year40/41 | €15,000 | €15,000 | €88,468 | €234,483 | €160,861 | ▼ 31.4% |
| Trade receivables40 | - | - | €73,468 | €195,968 | €160,861 | ▼ 17.9% |
| Other amounts receivable41 | €15,000 | €15,000 | €15,000 | €38,515 | - | - |
| Cash at bank and in hand54/58 | €3,592 | €4,831 | €20,956 | €3,697 | €1,866 | ▼ 49.5% |
| Deferred charges and accrued income490/1 | €3,539 | €1,126 | €6,457 | €11,340 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €107,131 | €105,957 | €200,881 | €334,520 | €162,727 | ▼ 51.4% |
| Equity10/15 | €105,860 | €105,957 | €117,159 | €151,554 | €162,039 | ▲ 6.9% |
| Contributions10/11 | €92,960 | €92,960 | €92,960 | €92,960 | €92,960 | = |
| Capital10 | €92,960 | €92,960 | €92,960 | €92,960 | €92,960 | = |
| Issued capital100 | €92,960 | €92,960 | €92,960 | €92,960 | €92,960 | = |
| Reserves13 | €9,296 | €9,296 | €9,296 | €9,296 | €9,296 | = |
| Non-distributable reserves130/1 | €9,296 | €9,296 | €9,296 | €9,296 | €9,296 | = |
| Legal reserve130 | €9,296 | €9,296 | €9,296 | €9,296 | €9,296 | = |
| Profit (loss) carried forward14 | €3,604 | €3,701 | €14,903 | €49,298 | €59,783 | ▲ 21.3% |
| Amounts payable17/49 | €1,271 | - | €83,722 | €182,966 | €688 | ▼ 99.6% |
| Amounts payable within one year42/48 | €1,271 | - | €83,722 | €182,966 | €688 | ▼ 99.6% |
| Trade debts44 | €1,271 | - | €51,852 | €99,347 | - | - |
| Suppliers440/4 | €1,271 | - | €51,852 | €99,347 | - | - |
| Taxes, remuneration and social security45 | - | - | €31,870 | €83,619 | €688 | ▼ 99.2% |
| Taxes450/3 | - | - | €31,870 | €83,619 | €688 | ▼ 99.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€378 | €97 | €11,202 | €34,395 | €10,485 | ▼ 69.5% |
| Operating cash flow (approximation) | -€378 | €97 | €11,202 | €34,395 | €10,485 | ▼ 69.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - |
| Change in cash | - | €1,239 | €16,125 | -€17,259 | -€1,831 | ▲ 89.4% |
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
09-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
24-03
State Gazette act
Resignations: Nikolaas Bourgeois, Canoma BV and 4 othersAppointments: X-Solutions BV, STERK Interim Management BV and 2 others18 facts ▸
State Gazette act
Resignations: Nikolaas Bourgeois, Canoma BV and 4 others
Appointments: X-Solutions BV, STERK Interim Management BV and 2 others18 facts ▸
- General meeting, 17/05/2025
- Director resignation, Nikolaas Bourgeois (director)
- Director resignation, Canoma BV (director)
- General meeting, 27/08/2025
- Director resignation, Maxtal BV (director)
- Director appointment, X-Solutions BV (director)
- General meeting, 08/10/2025
- Director resignation, DBOMS BV (director)
- General meeting, 08/10/2025
- Director appointment, STERK Interim Management BV (director)
- General meeting, 23/02/2026
- Director resignation, X-Solutions BV (director)
- +6 further facts in this act
2025
31-12
Financial
Liquidity times 173current ratio 236.52
Current ratio from 1.36 to 236.52; short-term debt falls from €182,966 to €688.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €34,395 ▲207%
Operating result €30,062, net result €34,395, both a record.
31-12
Financial
Equity above €150,000Eq €151,554 ▲29.4%
3 profitable years in a row build equity to €151,554.
11-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
19-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €97
Net result €97 after one loss-making year.
14-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
15-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €513
Net result €513 after 2 loss-making years.
Show earlier events
31-12
Financial
Liquidity times 17current ratio 213.39
Current ratio from 12.20 to 213.39; short-term debt falls from €1,850 to €100.
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet -€1,245
Net result drops to -€1,245, the lowest in the series; recovery starts the following year.
06-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 16 acts read
About the unread acts
Of the 16 Belgian State Gazette acts we know for this company, 1 has been read. The other 15 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, 1 in day-to-day management, last change in 2026
Board 2
Vitalo International NV
CurrentChair of the board · since 24-02-2026 · Director · since 23-02-2026 · Legal entity
Riveco BV
CurrentDirector · since 23-02-2026 · Legal entity
Day-to-day management 1
Riveco BV
CurrentManaging director · since 24-02-2026 · Legal entity
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
15 of this company's 16 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, Tielt · 1 establishment unit since 1986
Ground area
3.0 ha
Building footprint
9,392 m²
Volume, LiDAR
74,809 m³
Parcel 37007F0151/00D000, Flanders · tallest building 9.5 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
STRIP INDUSTRIES
since 19862.036.288.336
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37007F0151/00D000 | Flanders | 3.0 ha | 1 · 9,392 m² | 9.5 m · 3 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.
Mandate history
8 people since 2025, 2 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Riveco BV |
|
| Vitalo International NV |
|
| STERK Interim Management BV |
|
| X-Solutions BV |
|
| DBOMS BV |
|
| Maxtal BV |
|
| Canoma BV |
|
| Nikolaas Bourgeois |
|
Structure & network
Owners and holdings
1 ownerChain of control
Highest known parent: KORAMIC INVESTMENTS. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
2 current directorsThe 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.
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Of 6,147 companies in sector 46190 we hold annual accounts for 2,570. 1,911 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
Founded18-09-1986
Fiscal year end31-12
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0429430381
Also
9925:BE0429430381
Registered
06-10-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.