ISAFA
ActiveSummary
The computed 12-month bankruptcy probability of ISAFA is 2.2% (moderate). The 2025 annual accounts show negative equity (-€22,071) and a net result of -€8,232. Equity is shrinking by about 294% per year across the filed financial years. Its solvency ranks better than 12% of 5,017 sector peers (NACE 47, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Staff
- 25.3 FTE
- Equity
- -€22,071
- Loss
- -€8,232
Why 51raises riskLast filed accounts filed 58 days late; 3 of the last 3 lateNegative equity -€22,071lowers riskLiquidity: current ratio 0.82, cash €364,348Legal form: public limited companyShow the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, small): better than 10% on solvency, 20% on liquidity, 21% on profitability and 7% on growth.
The bankruptcy probability was computed on 25-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 3 accounts on average 147 days after the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Annual accounts filedfinancial year 2024 · full…
- Annual accounts filedfinancial year 2023 · full…
Financials · financial year 2025, full format
2025 annual accounts filed late (58 days) Filed on 27 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00528751.
2023 to 2025, 3 financial years
The operating result returns to profit in 2025: €90,961 after a loss of €1,028 in 2024, the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 1,251 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 96.6% are still going.
- Small
- 2 to 5 years old
- negative equity
- a small loss
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 1,251 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.
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | - | €0.002m | €0.03m | ▲ 15× |
| Remuneration, social security and pensions62 | €0.5m | €1.3m | €1.2m | ▼ 8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.09m | €0.1m | ▲ 44.7% |
| Other operating charges640/8 | €0.001m | €0.06m | €0.05m | ▼ 8.4% |
| Non-recurring operating charges66A | €222 | €0.002m | €329 | ▼ 80.0% |
| Gross operating margin9900 | €0.6m | €1.4m | €1.5m | ▲ 1.4% |
| Operating profit (loss)9901 | €0.02m | -€0.001m | €0.09m | - |
| Financial income75/76B | €0.001m | €0.009m | €0.03m | ▲ 206% |
| Recurring financial income75 | €0.001m | €0.009m | €0.03m | ▲ 181% |
| Non-recurring financial income76B | - | - | €0.002m | - |
| Financial charges65/66B | €0.01m | €0.1m | €0.1m | ▼ 1.8% |
| Recurring financial charges65 | €0.01m | €0.1m | €0.1m | ▼ 1.6% |
| Non-recurring financial charges66B | - | €0.03m | €0.03m | ▼ 2.5% |
| Profit (loss) for the period before taxes9903 | €0.008m | -€0.1m | -€0.007m | ▲ 93.8% |
| Income taxes67/77 | €344 | €0.001m | €0.001m | ▲ 34.0% |
| Profit (loss) for the period9904 | €0.007m | -€0.1m | -€0.008m | ▲ 93.2% |
| Profit (loss) for the period to be appropriated9905 | €0.007m | -€0.1m | -€0.008m | ▲ 93.2% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €2.2m | €2.6m | €2.1m | ▼ 19.1% |
| Fixed assets21/28 | €0.4m | €0.5m | €0.6m | ▲ 1.0% |
| Intangible fixed assets21 | €0.2m | €0.1m | €0.1m | ▼ 25.5% |
| Tangible fixed assets22/27 | €0.2m | €0.4m | €0.4m | ▲ 10.8% |
| Plant, machinery and equipment23 | €0.2m | €0.4m | €0.4m | ▲ 5.8% |
| Furniture and vehicles24 | €0.01m | €0.04m | €0.06m | ▲ 62.6% |
| Other tangible fixed assets26 | €0.003m | €0.003m | €0.003m | ▼ 5.3% |
| Current assets29/58 | €1.8m | €2.1m | €1.6m | ▼ 24.5% |
| Stocks and contracts in progress3 | €0.6m | €0.5m | €0.7m | ▲ 52.5% |
| Stocks30/36 | €0.6m | €0.5m | €0.7m | ▲ 52.5% |
| Amounts receivable within one year40/41 | €0.5m | €0.8m | €0.4m | ▼ 47.6% |
| Trade receivables40 | €0.5m | €0.4m | €0.1m | ▼ 70.0% |
| Other amounts receivable41 | €0.04m | €0.4m | €0.3m | ▼ 20.3% |
| Cash at bank and in hand54/58 | €0.7m | €0.7m | €0.4m | ▼ 49.6% |
| Deferred charges and accrued income490/1 | €0.006m | €0.06m | €0.04m | ▼ 32.2% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €2.2m | €2.6m | €2.1m | ▼ 19.1% |
| Equity10/15 | €0.1m | -€0.01m | -€0.02m | ▼ 59.5% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | = |
| Capital10 | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €375 | €375 | €375 | = |
| Non-distributable reserves130/1 | €375 | €375 | €375 | = |
| Legal reserve130 | €375 | €375 | €375 | = |
| Profit (loss) carried forward14 | €0.007m | -€0.1m | -€0.1m | ▼ 7.2% |
| Amounts payable17/49 | €2.1m | €2.6m | €2.1m | ▼ 18.7% |
| Amounts payable after more than one year17 | €0.5m | €0.3m | €0.2m | ▼ 22.4% |
| Financial debts170/4 | €0.5m | €0.2m | €0.1m | ▼ 28.4% |
| Trade debts175 | - | €0.2m | €0.1m | ▼ 16.9% |
| Other amounts payable178/9 | - | €0.004m | €0.004m | = |
| Amounts payable within one year42/48 | €1.6m | €2.2m | €1.9m | ▼ 15.2% |
| Current portion of amounts payable after more than one year42 | €0.3m | €0.4m | €0.07m | ▼ 79.8% |
| Trade debts44 | €1.2m | €1.5m | €1.6m | ▲ 9.1% |
| Suppliers440/4 | €0.9m | €1.5m | €1.6m | ▲ 9.1% |
| Bills of exchange payable441 | €0.3m | - | - | - |
| Advances received on contracts in progress46 | - | €0.2m | - | - |
| Taxes, remuneration and social security45 | €0.1m | €0.2m | €0.2m | ▲ 12.0% |
| Taxes450/3 | €0.02m | €0.002m | €0.001m | ▼ 65.9% |
| Remuneration and social security454/9 | €0.1m | €0.2m | €0.2m | ▲ 13.1% |
| Other amounts payable47/48 | €0.007m | €0.008m | €0.01m | ▲ 20.5% |
| Accrued charges and deferred income492/3 | - | €0.08m | €0.001m | ▼ 99.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,494 | -€121,333 | -€8,232 | ▲ 93.2% |
| + Depreciation and write-downs630 | €16,950 | €89,574 | €129,641 | ▲ 44.7% |
| Operating cash flow (approximation) | €24,444 | -€31,759 | €121,409 | - |
| Investment in fixed assets (approximation) | - | -€257,784 | -€135,246 | ▲ 47.5% |
| Change in cash | - | €34,842 | -€359,126 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (3)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 27-09-2026 | 2026-00528751 |
| 31-12-2024 | full format | 30-09-2025 | 2025-00528063 |
| 31-12-2023 | full format | 18-06-2025 | 2025-00149465 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| CAPONE Adrien Dimitri Fabien Ghislain |
|
| CAPONE Fabricio Giovani Marcelle |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
2 connected companiesThe connected companies are in the list below.
History
Acts, filings and financial milestones
05-07
Gazette deed
IncorporationAppointments: CAPONE Fabricio Giovani Marcelle (sole director) and CAPONE Adrien Dimitri Fabien Ghislain (administrateur unique suppléant) · Permanent representative: CAPONE Fabricio Giovani Marcelle · Founding capital14 facts ▸
- Incorporation, 30-06-2023
- Founding capital, €100,000
- Bank account, 100000, “société” (deed in French)
- Founder, CAPONE Fabricio Giovani Marcelle
- Other provision, “qualité de souscripteur, deuxième souscripteur” (deed in French)
- Other provision, “plan financier et attestation de dépôt, Code des sociétés et des associations” (deed in French)
- Other provision, “adoption des statuts, II. STATUTS” (deed in French)
- Capital, €100,000
- Other provision, “historique statutaire” (deed in French)
- Pre-incorporation commitments, “takeover, tous engagements pris par fondateurs et souscripteurs au nom de la société en formation avant passation de l’acte, réception des documents précontract…” (deed in French)
- Registered office clause, “Région wallonne, 6060 Gilly, rue des Vallées”, 7 (deed in French)
- Director appointment, CAPONE Fabricio Giovani Marcelle (sole director)
- +2 further facts in this act
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEnvironmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 52342A0625/00T000 | Wallonia | 611 m² | - | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “La société pourra exploiter toutes industries ou tout commerce de nature à promouvoir soit directement soit indirectement l'objet social…” (deed in French)
6 activities (deed in French)
- La société pourra exploiter toutes industries ou tout commerce de nature à promouvoir soit directement soit indirectement l'objet social.
- Elle pourra notamment accomplir toutes opérations généralement quelconques, civiles, commerciales, industrielles, financières, mobilières ou immobilières se rapportant directement ou indirectement à son objet.
- Elle pourra s'intéresser par toutes voies, notamment apports, cessions, fusions ou autres dans toutes entreprises ou sociétés ayant un objet identique, analogue, similaire ou connexe au sien ou qui serait de nature à favoriser le développement de l'entreprise, à lui procurer des matières premières ou à faciliter l'écoulement de ses produits.
- Toutes les opérations se rapportant au commerce de détail : journaux et périodiques, bureau de Lotto et de tiercé, vente de timbre, point de relais Kiala ou équivalent et point relais, poste et autres.
- L'exploitation de surfaces commerciales dans le sens le plus large et notamment l'achat, la vente, la commercialisation au sens large de produits alimentaires et non alimentaires ainsi que le commerce en viandes, charcuterie, volailles et gibiers abattus, le commerce en tabac, alcool et boissons spiritueuses
- À titre accessoire, l’achat, la construction, la gestion, la mise en valeur, la mise à disposition par la location, la sous-location ou la constitution de droits réels immobiliers, l’échange et la vente de tous biens et droits immobiliers.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- ISAFA
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, 6060 Gilly, rue des Vallées, 7” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Selon le cas” (deed in French)“Remboursement sur justificatif dans intérêt de la société, reste en fonction à demande jusqu'à remplacement raisonnablement possible” (deed in French)“Remboursement sur justificatif dans intérêt de la société, illimitée” (deed in French)1 more provision on this in the deed
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, 10” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs au prorata, mutatis mutandis à l’initiative des héritiers ou légataires” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Monday of June at 18:00
Oversight and winding up
- Statutory auditorA statutory auditor is a registered auditor who checks the accounts; small companies need not have one.
- No statutory auditor
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Assemblée générale, délibérant dans les conditions requises pour les modifications aux statuts” (deed in French)“Perte du capital, délibérer sur dissolution éventuelle ou mesures de continuité dans formes modification statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment que ce soit, nommés par l’assemblée générale” (deed in French)