ISAP
ActiveSummary
ISAP has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €644k and a net result of €106k. Equity is growing by ~29.5% per year across the filed fiscal years. Its solvency ranks better than 58% of 459 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▼-7
Solvency74▲+3
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity ample (current ratio 2.02 against 1.94 in 2024; short-term debt: 48.8% and cash: 1.9% of total assets), but 50.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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 81
Relative position
BE, all sectors
reference
Services to buildings and landscape activities (NACE 81)
about 79% 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
49.3%
Return on assets
8.1%
Age of the figures
9 mo
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
29 d late
2023
30 d late
2022
4 d early
2021
78 d late
2020
114 d late
2019
4 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€106k▼ 44.5%
2024 · €191k
2019: €122k
2020: €72k▼ -40.9% vs 2019lowest in 7 years
2021: €124k▲ +72.1% vs 2020
2022: €161k▲ +30.4% vs 2021
2023: €370k▲ +129% vs 2022highest in 7 years
2024: €191k▼ -48.5% vs 2023
2025: €106k▼ -44.5% vs 2024
2019 → 2025
Working capital
€648k▼ 1.1%
2024 · €656k
2019: €298k
2020: €43k▼ -85.6% vs 2019lowest in 7 years
2021: €253k▲ +491% vs 2020
2022: €305k▲ +20.6% vs 2021
2023: €494k▲ +62.2% vs 2022
2024: €656k▲ +32.6% vs 2023highest in 7 years
2025: €648k▼ -1.1% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€174k-€335k▲ 92.6%€448k▲ 33.7%€639k▲ 42.5%€644k▲ 0.9%
2021: €174klowest in 5 years
2022: €335k▲ +92.6% vs 2021
2023: €448k▲ +33.7% vs 2022
2024: €639k▲ +42.5% vs 2023
2025: €644k▲ +0.9% vs 2024highest in 5 years
Operating result€164k-€230k▲ 40.8%€482k▲ 109%€326k▼ 32.3%€150k▼ 53.9%
2021: €164k
2022: €230k▲ +40.8% vs 2021
2023: €482k▲ +109% vs 2022highest in 5 years
2024: €326k▼ -32.3% vs 2023
2025: €150k▼ -53.9% vs 2024lowest in 5 years
Net result€124k-€161k▲ 30.4%€370k▲ 129%€191k▼ 48.5%€106k▼ 44.5%
2021: €124k
2022: €161k▲ +30.4% vs 2021
2023: €370k▲ +129% vs 2022highest in 5 years
2024: €191k▼ -48.5% vs 2023
2025: €106k▼ -44.5% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 54% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.31M
Fixed assets
€22k ▼ 18.8%
Current assets
€1.29M ▼ 4.9%
Equity and liabilities €1.31M
Equity
€644k ▲ 0.9%
Debt
€664k ▼ 10.4%
Debt's share of the balance-sheet total falls from 53.7% to 50.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€155k▼
2024 · €333k
Cash flow
€111k▼
2024 · €198k
Current ratio
2.02▲
2024 · 1.94
Quick ratio
1.95▲
2024 · 1.83
Debt to equity
1.03▼
2024 · 1.16
ROE
16.4%▼
2024 · 29.8%
ROA
8.1%▼
2024 · 13.8%
Interest coverage
9.09▼
2024 · 14.85
Debt ≤ 1 year
€638k▼
2024 · €697k
Debt > 1 year
€26k▼
2024 · €44k
Income taxes
€28k▼
2024 · €113k
Staff costs
€294k▼
2024 · €303k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 61 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.38M€1.31M▼
Fixed assets21/28€27k€22k▼
Tangible fixed assets22/27€25k€20k▼
Plant, machinery and equipment23€22k€17k▼
Furniture and vehicles24€3k€3k▼
Financial fixed assets28€2k€2k=
Current assets29/58€1.35M€1.29M▼
Amounts receivable after more than one year29-€20k
Trade receivables290-€20k
Stocks and contracts in progress3€74k€43k▼
Stocks30/36€23k€26k▲
Contracts in progress37€52k€17k▼
Amounts receivable within one year40/41€1.04M€1.20M▲
Trade receivables40€230k€118k▼
Other amounts receivable41€813k€1.08M▲
Cash at bank and in hand54/58€233k€25k▼
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€1.38M€1.31M▼
Equity10/15€639k€644k▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€577k€583k▲
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Distributable reserves133€571k€577k▲
Amounts payable17/49€741k€664k▼
Amounts payable after more than one year17€44k€26k▼
Financial debts170/4€44k€26k▼
Amounts payable within one year42/48€697k€638k▼
Current portion of amounts payable after more than one year42€18k€18k=
Financial debts43€303k€305k▲
Credit institutions430/8€250k€250k=
Other loans439€53k€55k▲
Trade debts44€137k€62k▼
Suppliers440/4€137k€62k▼
Taxes, remuneration and social security45€57k€31k▼
Taxes450/3€35k-
Remuneration and social security454/9€23k€31k▲
Other amounts payable47/48€181k€222k▲
Income statement
Code20242025
Non-recurring operating income76A€6k-
Remuneration, social security and pensions62€303k€294k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€5k▼
Other operating charges640/8€5k€5k▲
Gross operating margin9900€641k€454k▼
Operating profit (loss)9901€326k€150k▼
Financial income75/76B€1€63▲
Recurring financial income75€1€63▲
Financial charges65/66B€22k€17k▼
Recurring financial charges65€22k€17k▼
Profit (loss) for the period before taxes9903€304k€133k▼
Income taxes67/77€113k€28k▼
Profit (loss) for the period9904€191k€106k▼
Profit (loss) for the period to be appropriated9905€191k€106k▼
Appropriation of the result
Profit (loss) to be appropriated9906€191k€106k▼
Transfer from equity791/2-€100k
Transfer to equity691/2€191k€106k▼
To other reserves6921€191k€106k▼
Profit to be distributed694/7-€100k
Return on contributions (dividend)694-€100k
Social balance
Average headcount (FTE)90873.53.3▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6k | - | - |
| Remuneration, social security and pensions62 | €276k | €399k | €450k | €303k | €294k | ▼ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10k | €10k | €8k | €7k | €5k | ▼ 28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €29k | - | - | - |
| Other operating charges640/8 | €8k | €3k | €12k | €5k | €5k | ▲ 3.6% |
| Non-recurring operating charges66A | - | €44k | €127k | - | - | - |
| Gross operating margin9900 | €457k | €686k | €1.11M | €641k | €454k | ▼ 29.2% |
| Operating profit (loss)9901 | €164k | €230k | €482k | €326k | €150k | ▼ 53.9% |
| Financial income75/76B | €3k | €607 | €7k | €1 | €63 | ▲ 5,797% |
| Recurring financial income75 | €3k | €607 | €221 | €1 | €63 | ▲ 5,797% |
| Non-recurring financial income76B | - | - | €7k | - | - | - |
| Financial charges65/66B | €19k | €13k | €24k | €22k | €17k | ▼ 23.8% |
| Recurring financial charges65 | €19k | €13k | €20k | €22k | €17k | ▼ 23.8% |
| Non-recurring financial charges66B | - | - | €4k | - | - | - |
| Profit (loss) for the period before taxes9903 | €147k | €218k | €464k | €304k | €133k | ▼ 56.1% |
| Income taxes67/77 | €24k | €57k | €94k | €113k | €28k | ▼ 75.6% |
| Profit (loss) for the period9904 | €124k | €161k | €370k | €191k | €106k | ▼ 44.5% |
| Profit (loss) for the period to be appropriated9905 | €124k | €161k | €370k | €191k | €106k | ▼ 44.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.08M | €1.51M | €1.75M | €1.38M | €1.31M | ▼ 5.2% |
| Fixed assets21/28 | €115k | €167k | €34k | €27k | €22k | ▼ 18.8% |
| Tangible fixed assets22/27 | €113k | €166k | €32k | €25k | €20k | ▼ 20.2% |
| Plant, machinery and equipment23 | €30k | €29k | €27k | €22k | €17k | ▼ 19.9% |
| Furniture and vehicles24 | €9k | €9k | €6k | €3k | €3k | ▼ 22.0% |
| Assets under construction and advance payments27 | €74k | €127k | - | - | - | - |
| Financial fixed assets28 | €2k | €2k | €2k | €2k | €2k | = |
| Current assets29/58 | €963k | €1.34M | €1.72M | €1.35M | €1.29M | ▼ 4.9% |
| Amounts receivable after more than one year29 | - | - | - | - | €20k | - |
| Trade receivables290 | - | - | - | - | €20k | - |
| Stocks and contracts in progress3 | €359k | €130k | €122k | €74k | €43k | ▼ 42.0% |
| Stocks30/36 | €55k | €55k | €36k | €23k | €26k | ▲ 16.7% |
| Contracts in progress37 | €304k | €75k | €86k | €52k | €17k | ▼ 67.6% |
| Amounts receivable within one year40/41 | €445k | €1.02M | €1.48M | €1.04M | €1.20M | ▲ 14.7% |
| Trade receivables40 | €372k | €678k | €467k | €230k | €118k | ▼ 48.9% |
| Other amounts receivable41 | €74k | €342k | €1.01M | €813k | €1.08M | ▲ 32.7% |
| Cash at bank and in hand54/58 | €154k | €149k | €116k | €233k | €25k | ▼ 89.5% |
| Deferred charges and accrued income490/1 | €4k | €40k | - | €2k | €3k | ▲ 7.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.08M | €1.51M | €1.75M | €1.38M | €1.31M | ▼ 5.2% |
| Equity10/15 | €174k | €335k | €448k | €639k | €644k | ▲ 0.9% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Reserves13 | €112k | €273k | €387k | €577k | €583k | ▲ 1.0% |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | €6k | €6k | €6k | €6k | €6k | = |
| Distributable reserves133 | €106k | €267k | €381k | €571k | €577k | ▲ 1.0% |
| Amounts payable17/49 | €903k | €1.17M | €1.30M | €741k | €664k | ▼ 10.4% |
| Amounts payable after more than one year17 | €193k | €137k | €80k | €44k | €26k | ▼ 41.4% |
| Financial debts170/4 | €193k | €137k | €80k | €44k | €26k | ▼ 41.4% |
| Amounts payable within one year42/48 | €710k | €1.03M | €1.22M | €697k | €638k | ▼ 8.4% |
| Current portion of amounts payable after more than one year42 | €57k | €57k | €57k | €18k | €18k | = |
| Financial debts43 | €310k | €322k | €332k | €303k | €305k | ▲ 0.6% |
| Credit institutions430/8 | €250k | €250k | €250k | €250k | €250k | = |
| Other loans439 | €60k | €72k | €82k | €53k | €55k | ▲ 3.5% |
| Trade debts44 | €67k | €129k | €228k | €137k | €62k | ▼ 54.8% |
| Suppliers440/4 | €67k | €129k | €228k | €137k | €62k | ▼ 54.8% |
| Taxes, remuneration and social security45 | €26k | €96k | €102k | €57k | €31k | ▼ 45.7% |
| Taxes450/3 | - | €7k | €54k | €35k | - | - |
| Remuneration and social security454/9 | €26k | €90k | €48k | €23k | €31k | ▲ 38.3% |
| Other amounts payable47/48 | €250k | €430k | €503k | €181k | €222k | ▲ 22.7% |
| Accrued charges and deferred income492/3 | - | - | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €124k | €161k | €370k | €191k | €106k | ▼ 44.5% |
| + Depreciation and write-downs630 | €10k | €10k | €8k | €7k | €5k | ▼ 28.5% |
| Operating cash flow (approximation) | €133k | €171k | €378k | €198k | €111k | ▼ 44.0% |
| Investment in fixed assets (approximation) | - | €-63k | €125k | €0 | €0 | - |
| Change in cash | - | €-5k | €-33k | €117k | €-208k | ▼ 278% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Equity above €500kEq €639k ▲42.5%
6 profitable years in a row build equity to €639k.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Highest result since 2019net €370k ▲129%
Operating result €482k, net result €370k, both a record.
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €200kEq €335k ▲92.6%
4 profitable years in a row build equity to €335k.
17-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 78 days late
2021
22-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 114 days late
2020
31-12
Financial
Weakest financial yearnet €72k ▼40.9%
Net result drops to €72k, the lowest in the series; recovery starts the following year.
27-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 28 days late
2018
13-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Tessenderlo-Ham · 2 establishment units since 1995
Ground area
2.1 ha
Building footprint
4,492 m²
Volume, LiDAR
19,023 m³
2 parcels, Flanders · tallest building 11.5 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
ISAP
since 19952.036.687.620
ISAP NV
since 20162.258.734.575
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41049A0804/00K000 | Flanders | 1.6 ha | 1 · 2,933 m² | 11.4 m · 2 fl. |
| 71363C0211/00C000 | Flanders | 5,640 m² | 1 · 1,559 m² | 7.6 m · 2 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.
Recognitions · licences · registrations
Recognised contractor
10 categoriesISAP NV26420
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Of 21,213 companies in sector 81300 we hold annual accounts for 4,364. 2,359 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
Founded15-03-1988
Fiscal year end31-12
Activities, NACEBEL 2025
46649Wholesale of other machinery and equipment
81300Landscape service activities
Scores and ratios are computed by Checked and are not a credit decision.