ISHKA
ActiveSummary
ISHKA has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €716k and a net result of €-38k. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 37% of 8692 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability16=
Solvency63▼-3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity short (current ratio 0.29 against 0.23 in 2024; short-term debt: 39.9% and cash: 0.3% of total assets), and 62.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-38k
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 · 10 filingsDeviation from the deadline
2025
28 d late
2024
9 d early
2023
21 d late
2022
14 d late
2021
27 d late
2020
9 d early
2019
18 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, abbreviated schema
Equity
€716k▼ 5.1%
2024 · €754k
Total assets
€1.89M▲ 2.6%
2024 · €1.85M
Net result
€-38k▲ 5.9%
2024 · €-41k
Working capital
€-539k▼ 6.4%
2024 · €-507k
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€33k▼ 70.2%€42k▲ 27.9%€-13k€-50k▼ 273%€-27k▲ 45.8%
Net result€45k▼ 71.7%€46k▲ 1.7%€-147k€-41k▲ 72.3%€-38k▲ 5.9%
Equity€896k▲ 5.3%€941k▲ 5.1%€795k▼ 15.6%€754k▼ 5.1%€716k▼ 5.1%
Total assets€1.39M▼ 26.8%€1.29M▼ 7.0%€1.05M▼ 19.1%€1.85M▲ 76.6%€1.89M▲ 2.6%
Debt€492k▼ 53.0%€350k▼ 29.0%€250k▼ 28.4%€1.09M▲ 336%€1.18M▲ 7.9%
Working capital€-194k▲ 17.8%€-148k▲ 23.9%€-132k▲ 10.5%€-507k▼ 284%€-539k▼ 6.4%
Staff (FTE)00
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €27k in 2025 against €50k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.89M
Fixed assets
€1.68M ▼ 1.0%
Current assets
€216k ▲ 42.2%
Equity and liabilities €1.89M
Equity
€716k ▼ 5.1%
Debt
€1.18M ▲ 7.9%
Debt's share of the balance-sheet total rises from 59.1% to 62.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-10k▲
2024 · €-33k
Cash flow
€-21k▲
2024 · €-23k
Current ratio
0.29▲
2024 · 0.23
Quick ratio
0.24▲
2024 · 0.23
Debt to equity
1.65▲
2024 · 1.45
ROE
-5.3%▲
2024 · -5.4%
ROA
-2.0%▲
2024 · -2.2%
Interest coverage
-0.53▲
2024 · -1.72
Debt ≤ 1 year
€756k▲
2024 · €659k
Debt > 1 year
€406k▼
2024 · €418k
Income taxes
€0▼
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20k | €20k | €16k | €17k | €17k | ▲ 0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €12k | €-12k | €0 | ▲ 100% |
| Other operating charges640/8 | €12k | €10k | €4k | €172k | €3k | ▼ 98.2% |
| Gross operating margin9900 | €65k | €71k | €19k | €127k | €-7k | ▼ 105% |
| Operating profit (loss)9901 | €33k | €42k | €-13k | €-50k | €-27k | ▲ 45.8% |
| Financial income75/76B | €30k | €22k | €40k | €194k | €8k | ▼ 96.0% |
| Recurring financial income75 | €30k | €22k | €40k | €29k | €8k | ▼ 73.3% |
| Non-recurring financial income76B | - | - | - | €165k | €0 | ▼ 100% |
| Financial charges65/66B | €4k | €3k | €170k | €184k | €19k | ▼ 89.9% |
| Recurring financial charges65 | €4k | €3k | €5k | €19k | €19k | ▼ 3.0% |
| Non-recurring financial charges66B | - | - | €165k | €165k | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €58k | €61k | €-144k | €-41k | €-38k | ▲ 5.9% |
| Income taxes67/77 | €14k | €15k | €3k | €0 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €45k | €46k | €-147k | €-41k | €-38k | ▲ 5.9% |
| Profit (loss) for the period to be appropriated9905 | €45k | €46k | €-147k | €-41k | €-38k | ▲ 5.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.39M | €1.29M | €1.05M | €1.85M | €1.89M | ▲ 2.6% |
| Fixed assets21/28 | €1.20M | €1.18M | €1,000k | €1.69M | €1.68M | ▼ 1.0% |
| Tangible fixed assets22/27 | €184k | €164k | €148k | €142k | €126k | ▼ 11.3% |
| Land and buildings22 | €184k | €164k | €148k | €142k | €126k | ▼ 11.3% |
| Financial fixed assets28 | €1.02M | €1.02M | €852k | €1.55M | €1.55M | = |
| Current assets29/58 | €188k | €110k | €46k | €152k | €216k | ▲ 42.2% |
| Stocks and contracts in progress3 | - | - | - | - | €36k | - |
| Stocks30/36 | - | - | - | - | €36k | - |
| Amounts receivable within one year40/41 | €177k | €99k | €34k | €144k | €174k | ▲ 20.5% |
| Trade receivables40 | €58k | €55k | - | - | - | - |
| Other amounts receivable41 | €120k | €44k | €34k | €144k | €174k | ▲ 20.5% |
| Cash at bank and in hand54/58 | €6k | €6k | €7k | €6k | €6k | ▲ 0.7% |
| Deferred charges and accrued income490/1 | €5k | €5k | €5k | €2k | €951 | ▼ 57.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.39M | €1.29M | €1.05M | €1.85M | €1.89M | ▲ 2.6% |
| Equity10/15 | €896k | €941k | €795k | €754k | €716k | ▼ 5.1% |
| Contributions10/11 | €71k | €71k | €71k | €71k | €71k | = |
| Revaluation surpluses12 | €702k | €702k | €702k | €702k | €702k | = |
| Reserves13 | €122k | €168k | €21k | €0 | - | - |
| Non-distributable reserves130/1 | €3k | €3k | €3k | €0 | - | - |
| Reserves not available under the articles1311 | €3k | €3k | €3k | €0 | - | - |
| Distributable reserves133 | €119k | €165k | €18k | €0 | - | - |
| Profit (loss) carried forward14 | - | - | - | €-19k | €-58k | ▼ 197% |
| Amounts payable17/49 | €492k | €350k | €250k | €1.09M | €1.18M | ▲ 7.9% |
| Amounts payable after more than one year17 | €108k | €90k | €72k | €418k | €406k | ▼ 2.8% |
| Financial debts170/4 | €108k | €90k | €72k | €418k | €406k | ▼ 2.8% |
| Amounts payable within one year42/48 | €382k | €258k | €178k | €659k | €756k | ▲ 14.7% |
| Current portion of amounts payable after more than one year42 | €18k | €18k | €18k | €18k | €18k | = |
| Trade debts44 | €65k | - | - | €211 | €0 | ▼ 100% |
| Suppliers440/4 | €65k | - | - | €211 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €13k | €28k | €3k | €8k | €801 | ▼ 90.2% |
| Taxes450/3 | €13k | €28k | €3k | €8k | €801 | ▼ 90.2% |
| Other amounts payable47/48 | €285k | €211k | €156k | €632k | €737k | ▲ 16.5% |
| Accrued charges and deferred income492/3 | €2k | €2k | €952 | €14k | €16k | ▲ 10.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45k | €46k | €-147k | €-41k | €-38k | ▲ 5.9% |
| + Depreciation and write-downs630 | €20k | €20k | €16k | €17k | €17k | ▲ 0.5% |
| Operating cash flow (approximation) | €64k | €65k | €-131k | €-23k | €-21k | ▲ 10.7% |
| Investment in fixed assets (approximation) | - | €0 | €165k | €-711k | €-1k | ▲ 99.8% |
| Change in cash | - | €419 | €383 | €-783 | €39 | ▲ 105% |
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 · abbreviated schema · 28 days late
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 21 days late
2023
31-12
Financial
Weakest financial yearnet €-147k
Net result drops to €-147k, the lowest in the series; recovery starts the following year.
14-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 14 days late
2022
27-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 27 days late
2021
22-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €158k ▲1,020%
Operating result €110k, net result €158k, both a record.
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
15-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
20-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 51 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Kortrijk · 1 establishment unit since 1991
Ground area
5.3 ha
Building footprint
2,087 m²
Volume, LiDAR
12,304 m³
Parcel 34022E0660/00Y002, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Engelse Wandeling(Kor) 2, 8500 Kortrijk
since 19912.052.439.331
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34022E0660/00Y002 ProtectedMonumentDakpannenfabriek De Pottelberg: stoommachines, stoomketelfronten, pannenpers en deel kleispoorlijnSource ↗ |
Flanders | 5.3 ha | 1 · 2,087 m² | 8.4 m · 2 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Recognitions · licences · registrations
Legal Entity Identifier
89450025WO6P1UI0KY09
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,575. 31,356 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded27-03-1991
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.