ISMA
ActiveSummary
ISMA has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.2m and a net result of €1.6m. Equity remains stable across the filed fiscal years (±0.8% per year). Its solvency ranks better than 43% of 8103 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+41
Solvency72▼-28
Growth63▲+3
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95,000 at 30 days acceptable
Liquidity short (current ratio 0.85 against 1.57 in 2023; short-term debt: 50.6% and cash: 3% of total assets), and 53.2% 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○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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
46.8%
Return on assets
61.6%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 11-06-2025, 50 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
50 d early
2023
76 d early
2022
77 d early
2021
81 d early
2020
80 d early
2019
59 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 71 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Turnover
€676,122▲ 29.7%
2022 · €521,188
EBIT margin
4.4%▼ 14.3pp
2022 · 18.6%
Net result
€1.6m▲ 7,758%
2023 · €20,750
Working capital
-€206,036
2023 · €95,224
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
Line20202021202220232024
Turnover€387,117▼ 3.9%€455,645▲ 17.7%€521,188▲ 14.4%€676,122▲ 29.7%
Operating result-€10,675€6,957€97,071▲ 1,295%€29,501▼ 69.6%€152,549▲ 417%
Net result-€14,035€302,332€987,663▲ 227%€20,750▼ 97.9%€1.6m▲ 7,758%
EBIT margin-2.8%▼ 4.9pp1.5%▲ 4.3pp18.6%▲ 17.1pp4.4%▼ 14.3pp
Equity€1.6m▼ 0.8%€1.7m▲ 0.1%€1.6m▼ 3.8%€1.6m▲ 1.3%€1.2m▼ 23.0%
Total assets€1.7m▼ 0.5%€1.7m▲ 1.4%€1.7m▼ 1.4%€1.8m▲ 4.4%€2.6m▲ 49.0%
Debt€52,857▲ 11.9%€73,750▲ 39.5%€112,806▲ 53.0%€166,650▲ 47.7%€1.4m▲ 744%
Working capital€134,022▼ 10.5%€136,492▲ 1.8%€74,590▼ 45.4%€95,224▲ 27.7%-€206,036
Staff (FTE)3▲ 7.1%3.1▲ 3.3%2.4▼ 22.6%4▲ 66.7%4.5▲ 12.5%
Why a figure moved sharply
- 2024 Net result +7,758% on 2023. The accounts now follow the abbreviated schema, last year the full schema.
- 2023 Net result -98% on 2022. Cause not known from the registers.
- 2022 Net result +227% on 2021. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 417% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.6m
Fixed assets
€1.5m ▼ 0.1%
Current assets
€1.1m ▲ 333%
Equity and liabilities €2.6m
Equity
€1.2m ▼ 23.0%
Debt
€1.4m ▲ 744%
Debt's share of the balance-sheet total rises from 9.4% to 53.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€153,502▲
2023 · €30,454
Cash flow
€1.6m▲
2023 · €21,703
Current ratio
0.85▼
2023 · 1.57
Debt to equity
1.13▲
2023 · 0.10
ROE
131.6%▲
2023 · 1.3%
ROA
61.6%▲
2023 · 1.2%
Interest coverage
12.69▲
2023 · 6.89
Debt ≤ 1 year
€1.3m▲
2023 · €166,531
Income taxes
€39,920▲
2023 · €3,257
Staff costs
€503,417▲
2023 · €454,337
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €504,872 | €564,305 | €735,240 | - | - |
| Turnover70 | €387,117 | €455,645 | €521,188 | €676,122 | - | - |
| Other operating income74 | - | €49,227 | €43,117 | €59,118 | - | - |
| Operating charges60/66A | - | €497,915 | €467,234 | €705,739 | - | - |
| Goods for resale, raw materials and consumables60 | - | €51,239 | €71,446 | €72,530 | - | - |
| Purchases600/8 | - | €51,239 | €71,446 | €72,530 | - | - |
| Services and other goods61 | - | €122,205 | €144,590 | €176,731 | - | - |
| Remuneration, social security and pensions62 | - | €322,884 | €249,654 | €454,337 | €503,417 | ▲ 10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66 | - | €159 | €953 | €953 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€780 | - |
| Other operating charges640/8 | - | €1,586 | €1,385 | €1,188 | €1,334 | ▲ 12.3% |
| Gross operating margin9900 | - | - | - | - | €657,472 | - |
| Operating profit (loss)9901 | -€10,675 | €6,957 | €97,071 | €29,501 | €152,549 | ▲ 417% |
| Financial income75/76B | - | €300,002 | €895,008 | €0 | €1.5m | - |
| Recurring financial income75 | €336 | €300,002 | €895,008 | €0 | €1.5m | - |
| Income from financial fixed assets750 | - | €300,000 | €895,000 | €0 | - | - |
| Other financial income752/9 | - | €2 | €8 | €0 | - | - |
| Financial charges65/66B | - | €4,061 | €3,807 | €5,494 | €12,092 | ▲ 120% |
| Recurring financial charges65 | €3,295 | €4,061 | €3,807 | €5,494 | €12,092 | ▲ 120% |
| Debt charges650 | €2,798 | €3,480 | €3,282 | €4,422 | - | - |
| Other financial charges652/9 | - | €581 | €524 | €1,072 | - | - |
| Profit (loss) for the period before taxes9903 | -€13,634 | €302,898 | €988,272 | €24,007 | €1.7m | ▲ 6,858% |
| Income taxes67/77 | €401 | €567 | €609 | €3,257 | €39,920 | ▲ 1,126% |
| Taxes670/3 | - | €567 | €609 | €3,257 | - | - |
| Profit (loss) for the period9904 | -€14,035 | €302,332 | €987,663 | €20,750 | €1.6m | ▲ 7,758% |
| Profit (loss) for the period to be appropriated9905 | -€14,035 | €302,332 | €987,663 | €20,750 | €1.6m | ▲ 7,758% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.7m | €1.7m | €1.7m | €1.8m | €2.6m | ▲ 49.0% |
| Fixed assets21/28 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | ▼ 0.1% |
| Intangible fixed assets21 | - | - | €2,700 | €1,747 | €794 | ▼ 54.5% |
| Financial fixed assets28 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Affiliated companies280/1 | - | €1.5m | €1.5m | €1.5m | - | - |
| Participating interests280 | - | €1.5m | €1.5m | €1.5m | - | - |
| Other financial fixed assets284/8 | - | €2,500 | €2,500 | €0 | - | - |
| Amounts receivable and cash guarantees285/8 | - | €2,500 | €2,500 | €0 | - | - |
| Current assets29/58 | €186,854 | €209,688 | €183,708 | €261,755 | €1.1m | ▲ 333% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | - | - |
| Amounts receivable within one year40/41 | €82,366 | €64,620 | €148,693 | €207,005 | €1.0m | ▲ 405% |
| Trade receivables40 | - | €64,620 | €124,003 | €185,832 | €282,441 | ▲ 52.0% |
| Other amounts receivable41 | - | - | €24,691 | €21,173 | €762,169 | ▲ 3,500% |
| Cash at bank and in hand54/58 | €99,085 | €139,665 | €33,341 | €46,349 | €80,143 | ▲ 72.9% |
| Deferred charges and accrued income490/1 | - | €5,403 | €1,673 | €8,401 | €8,040 | ▼ 4.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.7m | €1.7m | €1.7m | €1.8m | €2.6m | ▲ 49.0% |
| Equity10/15 | €1.6m | €1.7m | €1.6m | €1.6m | €1.2m | ▼ 23.0% |
| Contributions10/11 | €470,998 | €470,998 | €470,998 | €470,998 | €470,998 | = |
| Capital10 | - | €470,998 | €470,998 | €470,998 | €470,998 | = |
| Issued capital100 | - | €470,998 | €470,998 | €470,998 | €470,998 | = |
| Reserves13 | €47,100 | €47,100 | €47,100 | €47,100 | €47,100 | = |
| Non-distributable reserves130/1 | - | €47,100 | €47,100 | €47,100 | €47,100 | = |
| Legal reserve130 | - | €47,100 | €47,100 | €47,100 | €47,100 | = |
| Profit (loss) carried forward14 | €1.1m | €1.1m | €1.1m | €1.1m | €721,251 | ▼ 33.9% |
| Amounts payable17/49 | €52,857 | €73,750 | €112,806 | €166,650 | €1.4m | ▲ 744% |
| Amounts payable within one year42/48 | €52,832 | €73,196 | €109,118 | €166,531 | €1.3m | ▲ 704% |
| Trade debts44 | €7,750 | €10,281 | €51,351 | €59,768 | €10,816 | ▼ 81.9% |
| Suppliers440/4 | - | €10,281 | €51,351 | €59,768 | €10,816 | ▼ 81.9% |
| Taxes, remuneration and social security45 | - | €62,915 | €57,766 | €106,763 | €148,013 | ▲ 38.6% |
| Taxes450/3 | - | €14,284 | €11,617 | €21,802 | €60,156 | ▲ 176% |
| Remuneration and social security454/9 | - | €48,631 | €46,150 | €84,960 | €87,856 | ▲ 3.4% |
| Other amounts payable47/48 | - | - | - | - | €1.2m | - |
| Accrued charges and deferred income492/3 | - | €554 | €3,688 | €119 | €67,344 | ▲ 56,340% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,035 | €302,332 | €987,663 | €20,750 | €1.6m | ▲ 7,758% |
| + Depreciation and write-downs630 | €66 | - | €159 | €953 | €953 | = |
| Operating cash flow (approximation) | -€13,969 | €302,332 | €987,822 | €21,703 | €1.6m | ▲ 7,417% |
| Investment in fixed assets (approximation) | - | -€390 | -€2,858 | €2,500 | €0 | ▼ 100% |
| Change in cash | - | €40,580 | -€106,324 | €13,008 | €33,794 | ▲ 160% |
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
2026
31-07
State Gazette act
Appointments: STIF SA, Torino Holding BV and David SimonsPermanent representatives: José Burgos and Karen Van Aelst · Mandate compensation11 facts ▸
State Gazette act
Appointments: STIF SA, Torino Holding BV and David Simons
Permanent representatives: José Burgos and Karen Van Aelst · Mandate compensation11 facts ▸
- General meeting, 16/06/2026
- Board meeting, 16/06/2026
- Director appointment, STIF SA (director)
- Permanent representative, José Burgos
- Director appointment, Torino Holding BV (director)
- Permanent representative, Karen Van Aelst
- Mandate compensation, Torino Holding BV
- Director appointment, Torino Holding BV (managing director)
- Mandate compensation, Torino Holding BV
- Director appointment, David Simons (day-to-day manager)
- Mandate compensation, David Simons
2025
11-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €1.6m ▲7,758%
Operating result €152,549, net result €1.6m, both a record.
16-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
15-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
11-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €302,332
Net result €302,332 after one loss-making year.
12-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet -€14,035
Net result drops to -€14,035, the lowest in the series; recovery starts the following year.
02-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Liquidity times 6current ratio 4.29
Current ratio from 0.75 to 4.29; short-term debt falls from €266,406 to €45,468.
16-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Show earlier events
2018
13-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
01-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
10-05
NBB filing
Annual accounts filed
fiscal year 2015 · full 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
under verification, last change in 2026
This board is reconstructed from a single act (26098729). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 2
STIF SA
CurrentDirector · since 01-07-2025 · Legal entity · perm. rep.: José Burgos
Torino Holding
CurrentDirector · since 01-06-2026 · Private limited company · perm. rep.: Karen Van Aelst
Day-to-day management 2
Torino Holding
CurrentManaging director · since 01-06-2026 · Private limited company · perm. rep.: Karen Van Aelst
David Simons
CurrentDay-to-day manager · since 01-06-2026
Permanent representatives 2
José Burgos
CurrentPermanent representative · since 01-07-2025 · for STIF SA
Karen Van Aelst
CurrentPermanent representative · since 01-06-2026 · for Torino Holding
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, Kontich · 1 establishment unit since 1991
Ground area
2,798 m²
Building footprint
749 m²
Volume, LiDAR
4,906 m³
Parcel 11602E0074/00K002, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
ISMA
since 19912.051.202.778
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11602E0074/00K002 | Flanders | 2,798 m² | 1 · 749 m² | 8.1 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.
Mandate history
3 people since 2025, 3 in office
- Board
- Day-to-day management
| Name | Functions and periods |
|---|---|
| STIF SA |
|
| Torino Holding |
|
| David Simons |
|
Structure & network
Owners and holdings
2 owners · 2 holdings · 4 subsidiaries in the treeChain of control
- IRMACO
- ISMA
Highest known parent: IRMACO. The sources do not say who stands above it.
Owners 2
- IRMACOparentSourceaccounts IRMACO 2023100%
- Torino Holdingparent100%
Holdings 2
-
100%
- STUVEX INTERNATIONALsubsidiaryEquity €3.6mResult €307,501100%
All subsidiaries, including indirect ones 4
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- IExT 100%
STUVEX INTERNATIONAL 100%2 subsidiaries
- Stuvex France SARLFR 100%
- Stuvex Safety Systems LimitedGB 100%
According to the 2024 annual accounts of ISMA and those 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
3 current directorsThe group is listed under Ownership & control below; here you explore it as a network.
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Identification & contact
Identification
Legal formPublic limited company
Founded21-12-1990
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0442832912
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.