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ISMA

Active Public limited companyfounded 1990active for 35 yearsHeiveldekens 8, 2550 KontichKBO/BCE: BE 0442.832.912 subsidiary of IRMACO

Overview

Lifetime

20 annual accounts with figures on one time axis, 35 filings since 1991
peak €731,467 (2025)
€731,467 
lowest -€14,035 (2020)
€445,101▼ 72.7%
peak €1.7m (2025)
€1.7m▲ 35.9%
€229,576▼ 83.7%
peak 4.9 FTE (2006)
4.4 FTE▼ 2.2%
Board9 names since 2020
2 directorsTorino Holding and 1 other
Owners6 names in the annual accounts
consolidatesStif SA
Documentsfilings and deeds
15-06-202646 days before the deadline
2025financial year
Result from €1.6m to €445,1011 director appointed, 2 resignations 30-07Equity from €1.2m to €1.7mDebts from €1.4m to €229,576Investments €1,985Cash from €80,143 to €49,815

Key points

from the 2025 annual accounts

Equity

€1.7m ▲ 35.9%

ISMA has made a profit without a break since 2021.

Result

€445,101 ▼ 72.7%
€1.6m2024€445,0002025

The result fell in 2025: different schema filed.

Investments

€1,985 1.8 × depreciation
20222025

Green is investment, beige is depreciation.

Liquidity

2.21 was 0.85 in 2024

Short-term debts fell from €1.3m to €181,468.

Filings

35 annual accounts since 1991
AprilJune31 JulyOctober200020102020

The last five annual accounts were filed 46 to 81 days before the end of the period.

Board

2 joined

New directors. Latest change 01-06-2026 · 2 in office.

Checked score

96
Excellent
Financially stronger than 64% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.1% 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.2%▲ +0.1 percentage points vs 05-2025 07-2025: 0.1%▼ -0.1 percentage points vs 06-2025lowest value 08-2025: 0.1%● unchanged vs 07-2025lowest value 09-2025: 0.1%● unchanged vs 08-2025lowest value 10-2025: 0.1%● unchanged vs 09-2025lowest value 11-2025: 0.1%● unchanged vs 10-2025lowest value 12-2025: 0.1%● unchanged vs 11-2025lowest value 01-2026: 0.1%● unchanged vs 12-2025lowest value 02-2026: 0.1%● unchanged vs 01-2026lowest value 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026 07-2026: 0.1%● unchanged vs 06-2026 08-2026: 0.2%▲ +0.1 percentage points vs 07-2026 09-2026: 0.3%▲ +0.1 percentage points vs 08-2026highest value 10-2026: 0.1%▼ -0.2 percentage points vs 09-2026 11-2026: 0.1%● unchanged vs 10-2026

Financial strength
Strong

100+28equity 88.0% of total assets
53+25short-term debt 9.5% · cash 2.6%
86-14return on assets 23.3%

Score breakdown

raises risk
Liquidity: current ratio 2.21, cash €49,815
lowers risk
Sector: Activities of head offices; management consultancy activities (NACE 70)
Founded in 1990
Equity €1.7m (88.0% of total assets)
Calculation

The band follows from the bankruptcy probability. 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 70, micro). It does better than 86% of them on solvency, 42% on liquidity, 54% on profitability and 75% on growth.

The bankruptcy probability was computed on 08-11-2026 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.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Credit verdict

Credit of up to €70,000 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 2.21 (0.85 in 2024), above the usual 1.5. Short-term debt is 9.5% and cash 2.6% of total assets. 12% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Sector: Activities of head offices; management consultancy activities (NACE 70)
KBO
lowers risk · Founded in 1990
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
lowers risk · Equity €1.7m (88.0% of total assets)
NBB · annual accounts
raises risk · Liquidity: current ratio 2.21, cash €49,815
NBB · annual accounts
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 15-06-2026, 46 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
46 days early
2024
50 days early
2023
76 days early
2022
77 days early
2021
81 days early
2020
80 days early
2019
59 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 67 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 17 May (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

TH
Managing director, Karen Van Aelst
DS
Daily manager
SS
STIF SA
Director, José Burgos, since 01-07-2025
BB
Auditor, Philippe Venken

Shares in 2 companies, IExT and STUVEX INTERNATIONAL

Board & ownership

Recent changes

3 directors appointed STIF SA, Torino Holding BV (managing director) and David Simons (day-to-day manager) · Permanent representatives: José Burgos and Karen Van Aelst · General meeting of 16-06-2026 · Gazette deed
Resignation: Torino Holding BV (director) Permanent representative: Kris De Coninck · General meeting of 31-03-2026 · Gazette deed
Appointment: BDO Bedrijfsrevisoren BV (statutory auditor) Permanent representative: Philippe Venken · General meeting of 18-12-2025 · Gazette deed
Registered in the Peppol Directory Reachable for e-invoices through 0208:0442832912
All 54 events

Comparable companies

same main activity, similar in size and age
Company
ISMA Kontich €0.7m 10.3% 88.0% 4.4
HET WIJNHUIS - LA MAISON DU VIN Beveren-Kruibeke-Zwijndrecht €0.6m 13.9% 56.4% 3.2
EAST WEST CONSULTING Brussels €0.9m 18.3% 13.3% 6.3
BEADS BELGIUM Fleurus €1.1m -2.2% 14.7% 5.2
INTEGRAL SOFTWARE Mons €1.3m 35.2% 62.5% 6.5
SOGIF Ittre €0.6m 0.3% 27.8% 2.7
FICOS Saint-Vith €0.5m 34.9% 15.2% 2
-10%0%10%20%€500,000€5m€50m€500mISMAEBIT margin

Grey: the largest companies of the sector (head offices and management consultancy (NACE 70)), without their names. Blue: the sector peers from the table.

These companies have the same main activity as ISMA: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1m and €3.2m, founded between 1990 and 1995.

Official details

Source: KBO
Status
Active since 21-12-1990Normal situation
Activity
Business and other management consultancyNACE 70200and 1 other
Joint committees
100Auxiliary committee for blue-collar workers
200Auxiliary committee for white-collar workers · annual accounts 2025
Establishment unit
2.051.202.7782550 Kontich, since 24-01-1991
Financial year end
31 December
Peppol
Reachable since 06-10-2025
Company details

Annual accounts 2025

€731,467
€445,101▼ 72.7%
€1.7m▲ 35.9%
€1.9m▼ 27.7%
Employeeson 31-12-2025
5=
Filing
Filed on 15-06-2026, 46 days before the end of the filing period
Financials

Insights on ISMA

ISMA has existed since 1990. Turnover grew from €453,977 in 2006 to €731,467 in 2025.

Solvency rose in 2025 from 46.8% to 88.0% because of the retained profit and lower debts.

IRMACO holds all the shares. In November 2022, three directors stepped down. In July 2026, the Official Gazette published the appointment of Torino Holding as managing director.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

full format, filed on 15-06-2026, 46 days before the deadline
€731,467
€74,993
▼ 50.8%
€76,072
▼ 50.4%
€446,180
▼ 72.7%
88.0%
▲ 41.2 percentage points
2.21
▲ 1.36

Money flows

of every €100 of turnover, €60.85 remains as profit in 2025

Balance sheet

balance sheet total €1.9m on 31-12-2025
What the company ownsHow it is paid for

in €m

in euro

Position in the sector

88.0%

Higher than 82% of 3,873 companies in 2025.

2.21

Higher than 64% of 3,727 companies in 2025.

23.3%

Higher than 88% of 3,849 companies in 2025.

ISMA Middle half of the sector 80% of the sector Full accounts in head offices and management consultancy (NACE 70)

Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half

Staff

Men and women23% women

3.4 men and 1 woman in full-time equivalents in 2025.

€122,523

Men €128,226, women €103,136 per full-time equivalent. Jobs differ, so this is not a pay gap.

people who joined people who left

Training hours in 2025: 40.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
Balance sheet: assets
20/58 1.9m2.6m1.8m1.7m1.7m1.7m1.7m1.7m1.7m1.7m1.8m1.8m2.0m1.7m1.7m1.9m2.0m1.6m1.7m1.7m
21/28 1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.6m1.6m1.7m1.7m1.7m1.6m1.5m1.5m1.5m1.5m1.5m1.5m
21 -7941,7472,700--669,53140,11296,654157,513216,307185,87768,805------
22/27 1,699------8931,9773,060-----4589781,497--
23 1,699------8931,9773,060-----4589781,497--
28 1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m
280/1 1.5m-1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m
280 1.5m-1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m1.5m
284/8 --02,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,500
285/8 --02,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,5002,500
29/58 400,3921.1m261,755183,708209,688186,854195,210200,209172,250121,750101,00974,108259,467133,651197,949383,005499,197127,264207,593192,629
3 --00----------------
40/41 341,6981.0m207,005148,69364,62082,366108,63792,16784,38864,40776,34756,066171,01128,170192,287363,517467,105110,946192,930168,370
40 239,679282,441185,832124,00364,62082,288107,06792,07083,77964,40775,73454,36147,93322,128112,287113,38927,15951,01586,197100,244
41 102,020762,16921,17324,691-781,57098609-6131,705123,0786,04280,000250,127439,94759,932106,73268,126
50/53 -------------------657
51/53 -------------------657
54/58 49,81580,14346,34933,341139,66599,08582,668104,40487,86257,14124,66210,00781,419105,3775,60619,40232,02316,24114,58123,431
490/1 8,8788,0408,4011,6735,4035,4033,9063,637-202-8,0357,0381045687697783171
Balance sheet: equity and liabilities
10/49 1.9m2.6m1.8m1.7m1.7m1.7m1.7m1.7m1.7m1.7m1.8m1.8m2.0m1.7m1.7m1.9m2.0m1.6m1.7m1.7m
10/15 1.7m1.2m1.6m1.6m1.7m1.6m1.7m1.5m1.5m1.5m1.7m1.7m1.6m1.6m1.6m1.6m1.5m1.1m1.2m1.1m
10/11 470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998
10 470,998470,998470,998470,998470,998---------------
100 470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998470,998
13 47,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,100
130/1 47,10047,10047,10047,10047,10047,100--------------
130 47,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,10047,100
14 1.2m721,2511.1m1.1m1.1m1.1m1.1m934,531940,785952,1501.1m1.0m932,950986,5011.1m1.1m984,297579,860689,642575,184
15 -------4,23419,56052,27571,530101,389132,138100,057------
16 ---------5,54714,76024,04533,35240,333------
160/5 ---------5,54714,76024,04533,35240,333------
160 ---------5,54714,76024,04533,35240,333------
17/49 229,5761.4m166,650112,80673,75052,85747,244267,815249,940207,43974,930111,422342,85271,51284,237290,690511,824544,849513,898613,392
17 ----------------200,000---
170/4 ----------------200,000---
174 ----------------200,000---
42/48 181,4681.3m166,531109,11873,19652,83245,468266,406249,010206,79165,780109,241342,84771,49384,230284,727300,473542,841513,886607,388
42 ---------------200,000250,000---
43 ------------78,000-----29990,000
430/8 ------------------299-
439 ------------78,000------90,000
44 39,18510,81659,76851,35110,2817,7507,48821,91120,40931,42134,15489,89759,70636,17222,24620,50319,18722,23037,99222,615
440/4 39,18510,81659,76851,35110,2817,7507,48821,91120,40931,42134,15489,89759,70636,17222,24620,50319,18722,23037,99222,615
45 123,185148,013106,76357,76662,91545,08237,98144,49528,60125,37031,62719,34410,04835,32161,98364,22531,28670,39575,59694,581
450/3 25,97160,15621,80211,61714,28414,0937,7208,3757,8367,1455,766-5,1587,56539,40037,4979,28232,52848,99959,680
454/9 97,21587,85684,96046,15048,63130,98930,26136,12020,76518,22625,86119,3444,89027,75622,58326,72822,00437,86826,59734,902
47/48 19,0981.2m-----200,000200,000150,000--195,093----450,215400,000400,191
492/3 48,10967,3441193,688554251,7751,4099316489,1502,18152075,96311,3512,008126,005
Income statement
70/76A 833,052-735,240564,305504,872435,478455,000433,231391,245400,114348,124426,670387,711461,691566,672599,657576,019659,305739,609963,308
70 731,467-676,122521,188455,645387,117402,806382,631341,321347,761295,113300,204217,513208,386225,830202,156198,027258,430272,103453,977
72 -----------69,82445,763-------
74 101,586-59,11843,11749,227---------------
9900 -657,472------------------
60/66A 758,060-705,739467,234497,915446,152446,223452,553383,911424,850429,025416,415383,328594,699528,651524,774611,069663,451703,860723,327
60 32,365-72,53071,44651,23917,87919,81037,89024,38237,54025,14341,35713,44840,56421,14724,41636,55417,78946,25922,059
600/8 32,365-72,53071,44651,23917,87919,81037,89024,38237,54025,14341,35713,44840,56421,14724,41636,55417,78946,25922,059
61 183,119-176,731144,590122,205127,917122,156117,67299,921115,276115,35199,104104,209156,883156,256154,743182,908210,852251,828184,113
62 539,103503,417454,337249,654322,884298,502291,571263,938206,076218,615235,190232,164240,678351,056349,281343,484389,283433,278404,057515,778
630 1,080953953159-6610,35831,66557,62561,04960,79451,39430,2784,31845852052062--
631/4 --780----780-------------
635/8 ---------5,547-9,214-9,284-9,308-6,98140,333------
640/8 2,3941,3341,1881,3851,5861,7881,5481,3881,4541,5831,8321,7031,6961,5461,5101,6121,8041,4711,7161,377
66A ----------3,868---------
9901 74,993152,54929,50197,0716,957-10,6758,777-19,3227,334-24,736-80,90110,2564,383-133,00838,02174,882-35,050-4,14735,748239,981
75/76B 402,6941.5m0895,008300,002336204,235215,320182,710735,470129,767108,614295,519240,32720,12860,643451,024350,138502,460292,040
75 402,6941.5m0895,008300,002336204,235215,320182,710735,470129,767108,614295,519240,32720,12860,643451,024350,138502,460292,040
750 402,694-0895,000300,000-199,994199,994149,995699,97999,90877,858274,575238,28619,96459,891450,000349,818500,000290,000
751 -----334-----7219848781063202,4602,040
752/9 --08224,24115,32632,71535,49129,85930,74920,9231,943117674918--0
65/66B 12,67112,0925,4943,8074,0613,2953,1011,9841,2351,7601,2032,3117092945,42215,71711,5374431,7436,682
65 12,67112,0925,4943,8074,0613,2953,1011,9841,2351,7601,2032,3117092945,42215,71711,5374431,7436,682
650 11,278-4,4223,2823,4802,7982,8111,5667987985811,581--4,28814,74611,10401,3943,856
652/9 1,393-1,0725245814972904184379626227297092941,1349714334433492,826
9903 465,0161.7m24,007988,272302,898-13,634209,912194,014188,810708,97343,795116,559299,193107,02552,727119,809404,437345,548536,466525,340
67/77 19,91539,9203,257609567401463269174735324518311,78715,386-5,11622,00885,591
670/3 19,915-3,257609567401463269174735324518311,78715,386-5,11622,00885,591
9904 445,1011.6m20,750987,663302,332-14,035209,449193,745188,636708,90143,742116,557299,148106,84140,940104,423404,437340,432514,458439,749
9905 445,1011.6m20,750987,663302,332-14,035209,449193,745188,636708,90143,742116,557299,148106,84140,940104,423404,437340,432514,458439,749
Appropriation of the result
9906 1.2m2.7m1.1m2.1m1.4m1.1m1.1m1.1m1.1m1.8m1.1m1.0m1.3m1.2m1.1m1.1m984,2971.0m1.1m975,439
14P 721,2511.1m1.1m1.1m1.1m---------------
694/7 -2.0m01.1m300,000--200,000200,000850,000--352,699230,00020,000--450,215400,000400,255
694 -2.0m01.1m300,000--200,000200,000850,000--352,699230,00020,000--450,215400,000400,255
Social balance sheet
9087 4.44.542.43.132.82.51.91.8221.822.62.83.54.83.74.9
Men (FTE)1003 3.4-3.22.43.132.82.51.91.8221.82------
Women (FTE)1003 1-0.8-----------------
Agency workers1501 -----------------0.20.8-
Hours worked1013 7,2507,3016,8084,2265,4083,2602,9662,5501,5151,4421,7381,6211,2331,6812,6043,0974,2996,6224,6616,400
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 15 older financial years (1991-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 31 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 15-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 15-06-2026 2026-00178083 PDF
31-12-2024 abbreviated format 11-06-2025 2025-00144132 PDF
31-12-2023 full format 16-05-2024 2024-00091747 PDF
31-12-2022 full format 15-05-2023 2023-00088243 PDF
31-12-2021 full format 11-05-2022 2022-20026364 PDF
31-12-2020 full format 12-05-2021 2021-14300253 PDF
31-12-2019 full format 02-06-2020 2020-14300017 PDF
31-12-2018 full format 16-05-2019 2019-13400023 PDF
31-12-2017 full format 13-06-2018 2018-18200533 PDF
31-12-2016 full format 01-06-2017 2017-14700107 PDF
31-12-2015 full format 10-05-2016 2016-11800198 PDF
31-12-2014 full format 09-06-2015 2015-17400152 PDF
31-12-2013 full format 02-06-2014 2014-15200097 PDF
31-12-2012 full format 03-06-2013 2013-15000576 PDF
31-12-2011 full format 22-05-2012 2012-12800102 PDF
31-12-2010 full format 06-06-2011 2011-15100407 PDF
31-12-2009 full format 31-05-2010 2010-14200158 PDF
31-12-2008 full format 22-05-2009 2009-16200199 PDF
31-12-2007 full format 29-05-2008 2008-18200130 PDF
31-12-2006 full format 08-06-2007 2007-20800203 PDF
31-12-2005 full format 08-06-2006 2006-21503842 PDF
31-12-2004 full format 24-06-2005 2005-35000630 PDF
31-12-2003 full format 03-06-2004 2004-20402233 PDF
31-12-2002 full format 17-06-2003 2003-26204167 PDF
31-12-2001 abbreviated format 12-06-2002 2002-20805066 PDF
31-12-2000 abbreviated format 24-07-2001 2001-41703669 PDF
31-12-1999 abbreviated format 30-06-2000 2000-34103254 PDF
31-12-1998 abbreviated format 29-06-1999 1999-25702929 PDF
31-12-1997 abbreviated format 12-06-1998 1998-16504942 PDF
31-12-1996 abbreviated format 25-06-1997 1997-20303965 PDF
31-12-1995 abbreviated format 28-06-1996 1996-26804319 PDF
31-12-1994 abbreviated format 09-06-1995 1995-22300635 PDF
31-12-1993 abbreviated format 13-06-1994 1994-14200262 PDF
31-12-1992 abbreviated format 22-06-1993 1993-15501782 PDF
31-12-1991 abbreviated format 11-06-1992 1992-10003387 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
76,072153,50230,45497,230--10,60919,13512,34364,95936,313-20,10761,65034,661-128,69138,47975,402-34,530-4,084--
446,1801.6m21,703987,822--13,969219,807225,410246,261769,950104,536167,951329,426111,15941,397104,943404,957340,494--
1,9850-2,5002,85839000003,2502,00081,824147,35073,1220001,559--
-30,32933,79413,008-106,32440,58016,417-21,73716,54230,72232,47914,655-71,412-23,95899,771-13,796-12,62115,7821,660-8,850-
218,924-206,03695,22474,590136,492134,022149,742-66,197-76,760-85,04135,229-35,133-83,37962,159113,71998,278198,723-415,577-306,293-414,758
10.3%-4.4%18.6%1.5%-2.8%2.2%-5.0%2.1%-7.1%-27.4%3.4%2.0%-63.8%16.8%37.0%-17.7%-1.6%13.1%52.9%
88.0%46.8%90.6%93.4%95.7%96.9%97.2%84.5%85.5%87.7%94.9%92.5%80.8%93.5%95.1%84.7%74.6%66.8%70.2%64.1%
2.210.851.571.682.863.544.290.750.690.591.540.680.761.872.351.351.660.230.400.32
0.141.130.100.070.040.030.030.180.170.140.040.070.220.040.050.180.340.500.430.56
26.4%131.6%1.3%62.2%18.3%-0.9%12.6%13.3%12.8%46.6%2.6%7.0%18.9%6.7%2.5%6.5%26.9%31.0%42.6%40.2%
23.3%61.6%1.2%58.1%17.5%-0.8%12.3%11.2%10.9%40.8%2.5%6.5%15.3%6.2%2.4%5.5%20.1%20.7%29.9%25.8%
6.7512.696.8929.62--3.796.817.8881.3945.50-34.6238.99--8.975.11-3.11-68073.83--
120 days-100 days87 days52 days78 days97 days88 days90 days68 days94 days66 days80 days39 days181 days205 days50 days72 days116 days81 days
66 days-88 days87 days22 days19 days19 days51 days60 days75 days89 days234 days185 days67 days46 days42 days32 days35 days47 days40 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item31-12-202531-12-202431-12-202331-12-202231-12-2021
Employees at the balance-sheet date55534
full-time22311
part-time33223
in full-time equivalents4.44.44.62.63.1
4.44.542.43.1
On a permanent contract55534
Joined--20-
Left--01-
Training hours4024-105-

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€1,985----
Intangible fixed assets---€2,858-
Financial fixed assets----€390
€1,080€953€953€159-

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item20252024202320222021
Fee for the audit€4,640----
Other work by the auditor€1,160----

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Insights on ISMA

The operating result for 2025 is 51% lower than in 2024.

Debt's share of the balance-sheet total falls from 53.2% to 12.0%. Equity is higher and debt is lower.

Large changes and their cause
  • 2025 Net result -73% on 2024. The accounts now follow the full format, last year the abbreviated format.
  • 2024 Net result +7,758% on 2023. The accounts now follow the abbreviated format, last year the full format.

Board & ownership

Board

2 directors, 2 in day-to-day management, 1 auditor, last change in June 2026
STIF SA
Director, permanent representative José Burgos
since 01-07-2025
listed in the 2025 annual accounts, filed on 15-06-2026
Director and managing director, permanent representative Karen Van Aelst
appointed by deed of 31-07-2026
also on the board of 2 other companies
Day-to-day manager
appointed by deed of 31-07-2026 term without a fixed end
Statutory auditor, permanent representative Philippe Venken
since 18-12-2025 term until 30-05-2028
listed in the 2025 annual accounts, filed on 15-06-2026
Torino Holding, David Simons
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“3.BESLISSEN dat de gedelegeerd bestuurder en de persoon belast met het dagelijks bestuur elk individueel bevoegd zijn om volgende…”
deed of 31-07-2026
Permanent representatives 2
José Burgos
Permanent representative, for STIF SA
appointed by deed of 31-07-2026
Karen Van Aelst
Permanent representative, for Torino Holding
appointed by deed of 31-07-2026

Office holders in the KBO →

Mandates through the years

9 names, the dashed line is today
Torino Holding
Director, Managing director
STIF SA
Director
David Simons
Day-to-day manager
BDO Bedrijfsrevisoren bv
Statutory auditor
GROUP MC
Director
VICLO
Director
IRMACO
Director
M. Willaert
Director
LeadershipBoardEarliermandate already running before its first mentionend not dated
Mandates as a list
  • Torino Holding
    • Director (not named in the articles), from 05-12-2023 to 31-03-2026
    • Director, appointed by deed of 31-07-2026, still in office
    • Managing director, appointed by deed of 31-07-2026, still in office
  • STIF SA
    • Director, from 01-07-2025 to date
  • David Simons
    • Day-to-day manager, appointed by deed of 31-07-2026, still in office
  • BDO Bedrijfsrevisoren bv
    • Statutory auditor, from 18-12-2025 to date
  • GROUP MC
    • Director, appointed by deed of 03-11-2022, until 01-07-2025
  • VICLO
    • Director, appointed by deed of 03-11-2022, until 01-07-2025
    • Chair of the board, appointed by deed of 03-11-2022, ended, last mentioned on 03-11-2022
  • Allia Struguri
    • Director, from before 11-05-2020 to 03-11-2022
    • Managing director, from before 20-07-2020, ended, last mentioned on 20-07-2020
    • Director, until 20-12-2023
  • IRMACO
    • Director, from before 11-05-2020 to 03-11-2022
  • M. Willaert
    • Director, from before 11-05-2020 to 03-11-2022

See the board, name and registered office on a given date →

Control

Parent
Equity €7.4m
Loss €4,805 in 2023 (profit €1.0m in 2022)
100%
This company
ISMA
Equity €1.7m
Profit €445,101 in 2025

Further up the chainTorino Holding 100%Stif SA FR consolidates

and 2 other shareholders

Capital

Capital
€470,997.70
Shares
2,097 in the 2025 annual accounts
Contribution per share
€225
Equity per share
€803 in 2025
Source
deed of 20-12-2023

Owners through the years

as the annual accounts name them
Stif SA FR
consolidates
100% until 2024
100% until 2023
consolidates until 2023
consolidates until 2021
0.05% until 2019
Owners as a list

Source: shareholder structure in its own accounts, parent in its own accounts, lists of holdings in the owners' accounts

Articles of association

deed of 20-12-2023 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Monday of May at 10:00
Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
“Artikel 35, algemene vergadering anders bij gewone meerderheid”

Shareholders

3 owners

Owners 3

Network & group

Holdings

own 2024 accounts, the bar shows equity in euros
This companyISMA2 holdings, 1 country 2024 accounts

Belgium 2 Equity Result

Source: list of holdings in its own 2024 accounts. Every holding stands with its own latest accounts.

Parent

IRMACO
0869.703.681 · 100% of the shares · equity €7.4m · loss €4,805 (2023)
no longer active

At the same address

Heiveldekens 8, 2550 Kontich · 3 other companies
Torino Holding
registered office since 22-09-2022 · founded in 2022
turnover €487,603 (2025)
0791.297.789
STUVEX INTERNATIONAL
registered office since 01-01-1986 · founded in 1986
31 FTE (2025)
0428.678.335
IExT
registered office since 08-02-1991 · founded in 1991
total assets €225,157 (2025)
0442.693.548

Earlier ties

Ben - Air Flight Academy
via M. Willaert, at ISMA until 2022 · Director · deed of 18-11-2020
Open bankruptcy · founded in 1980
1.6 FTE (2022)
Sparkcentral Europe
via GROUP MC, at ISMA until 2025 · Director · deed of 18-02-2020
founded in 2015 · negative equity (2025)
16 FTE (2025)
MB PROJECTS
via VICLO (at ISMA until 2025) and GROUP MC (at ISMA until 2025) · Director (not named in the articles) · deed of 20-12-2023
founded in 2009 · negative equity (2024) · accounts filed late
total assets €10.3m (2024)
SHOPCO IMMO
via VICLO (at ISMA until 2025) and GROUP MC (at ISMA until 2025) · Director (not named in the articles) · deed of 20-12-2023
founded in 2010 · negative equity (2024) · accounts filed late
total assets €8.4m (2024)
ABCz Group
via GROUP MC, at ISMA until 2025 · Director · deed of 02-10-2020
founded in 2009 · accounts filed late
total assets €4.2m (2024)
LAND
via GROUP MC, at ISMA until 2025 · Director (not named in the articles) · deed of 08-03-2023
founded in 2012 · accounts filed late
total assets €473,964 (2024)
Show 13 more earlier ties
VVKIA Group
via M. Willaert, at ISMA until 2022 · Director · deed of 15-01-2024
founded in 2024
turnover €1.7m (2026)
ARBAHOLD
via M. Willaert, at ISMA until 2022 · Class C director · deed of 02-07-2021
founded in 2021
turnover €285,160 (2025)
CAROLUS TREES
via GROUP MC, at ISMA until 2025 · Director (not named in the articles) · deed of 08-03-2023
founded in 1991
61 FTE (2025)
PLANT SELECT
via GROUP MC, at ISMA until 2025 · Class A director · deed of 26-11-2020
founded in 1991
34 FTE (2025)
BONNEFANT
via VICLO, at ISMA until 2025 · Director · deed of 02-09-2020
founded in 2014
turnover €1.3m (2025)
IDEAL SYSTEMS
via M. Willaert, at ISMA until 2022 · Class B director · deed of 30-11-2020
founded in 1995
9.1 FTE (2026)
SELECT HOLDING
via VICLO (at ISMA until 2025) and GROUP MC (at ISMA until 2025) · Class A director · deed of 06-11-2020
founded in 2020
total assets €3.4m (2025)
ARGON Measuring Solutions
via M. Willaert, at ISMA until 2022 · Director · deed of 16-12-2020
founded in 2004
19 FTE (2025)
D-FINITE
via M. Willaert, at ISMA until 2022 · Class B director · deed of 30-11-2020
founded in 2020
8.3 FTE (2026)
Finco Management
via M. Willaert, at ISMA until 2022 · Day-to-day manager · deed of 27-05-2022
founded in 2022
total assets €422,849 (2025)
Carsort
via GROUP MC, at ISMA until 2025 · Director (not named in the articles) · deed of 08-03-2023
founded in 1999
total assets €166,437 (2025)
Jentro Holding
via Allia Struguri, at ISMA until 2023 · Director · deed of 07-05-2026
group WALUFIN
founded in 2024
Down2Earth Capital
via GROUP MC, at ISMA until 2025 · Director · deed of 17-10-2022
No longer active · founded in 2013
total assets €24,886 (2026)

Holdings and subsidiaries

2 holdings · 4 subsidiaries, including indirect ones

Holdings 2

Share, source and own figures per holding (2)

Source for every holding own accounts 2024

All subsidiaries, including indirect ones 4

ISMA or one of its subsidiaries holds more than half of the shares of these companies. A company it consolidates per the LEI register is listed too.

Holdings through the years 2006 to 2024

Source: list of holdings in its own accounts

Connections & network

Timeline

Timeline

54 events since 1990

Deadline for the 2026 accounts: 31-07-2027

2026
3 directors appointedSTIF SA, Torino Holding BV (managing director) and David Simons (day-to-day manager) · Permanent representatives: José Burgos and Karen Van Aelst · General meeting of 16-06-20268 points ▸
  • General meeting, 16-06-2026
  • Director appointment, STIF SA
  • Permanent representative, José Burgos
  • Director appointment, Torino Holding BV
  • Permanent representative, Karen Van Aelst
  • Board meeting, 16-06-2026
  • Director appointment, Torino Holding BV (managing director)
  • Director appointment, David Simons (day-to-day manager)

Open the deed in the Belgian Official Gazette

Resignation: Torino Holding BV (director)Permanent representative: Kris De Coninck · General meeting of 31-03-20263 points ▸
  • General meeting, 31-03-2026
  • Director resignation, Torino Holding BV
  • Permanent representative, Kris De Coninck

Open the deed in the Belgian Official Gazette

Annual accounts 2025 filed NBBfull format · 46 days before the deadline
Appointment: BDO Bedrijfsrevisoren BV (statutory auditor)Permanent representative: Philippe Venken · General meeting of 18-12-20254 points ▸

Open the deed in the Belgian Official Gazette

2025
Liquidity more than doubled current ratio 2.21 The current ratio rises from 0.85 to 2.21. Short-term debt falls from €1.3m to €181,468.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0442832912
1 director appointed, 2 resignationsResignations: VICLO BV and GROUP MC NV · Permanent representatives: Willem Broux, Kristof Stremersch and José Burgos · Appointment: STIF SA · General meeting of 01-07-20257 points ▸
  • General meeting, 01-07-2025
  • Director resignation, VICLO BV
  • Permanent representative, Willem Broux
  • Director resignation, GROUP MC NV
  • Permanent representative, Kristof Stremersch
  • Director appointment, STIF SA
  • Permanent representative, José Burgos
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Annual accounts 2024 filed PDFabbreviated format · 50 days before the deadline
2024
Highest result from 2006 to 2025 net €1.6m ▲7,758% The net result of €1.6m is the highest of those years.
Annual accounts 2023 filed PDFfull format · 76 days before the deadline
2023
New directorTORINO HOLDING appointed, ALLIA STRUGURI resigned · Permanent representative: DE CONINCK Kris · Director discharge: ALLIA STRUGURI · General meeting of 05-12-20237 points ▸
  • General meeting, 05-12-2023
  • Capital, €470,997.70, 2,097 shares
  • Director resignation, ALLIA STRUGURI
  • Director discharge, ALLIA STRUGURI
  • Director appointment, TORINO HOLDING (director (not named in the articles))
  • Permanent representative, DE CONINCK Kris
  • Registered office clause, Heiveldekens 8, 2550 Kontich
  • The deed holds 3 more points.

Open the deed in the Belgian Official Gazette

Annual accounts 2022 filed PDFfull format · 77 days before the deadline
2022
3 directors appointed, 3 resignationsAppointments: VICLO BV (chair of the board), GROUP MC NV and ALLIA STRUGURI BV · Permanent representatives: Willem Broux, Kris De Coninck and Kristof Stremersch · Resignations: ALLIA STRUGURI BV, IRMACO NV and M. WILLAERT BV · Board meeting of 03-10-202217 points ▸
  • Board meeting, 03-10-2022
  • Director appointment, VICLO BV (chair of the board)
  • Permanent representative, Willem Broux, mentioned twice in the deed
  • Permanent representative, Kris De Coninck, mentioned twice in the deed
  • General meeting, 03-10-2022
  • Director resignation, ALLIA STRUGURI BV
  • Director resignation, IRMACO NV
  • Director resignation, M. WILLAERT BV
  • Director discharge, ALLIA STRUGURI BV
  • Director discharge, IRMACO NV
  • Director discharge, M. WILLAERT BV
  • Director appointment, GROUP MC NV
  • Director appointment, VICLO BV
  • Director appointment, ALLIA STRUGURI BV
  • Permanent representative, Kristof Stremersch
  • Director discharge, Eline De Wilde
  • Director discharge, Martijn Willaert
  • The deed holds 3 more points.

Open the deed in the Belgian Official Gazette

Annual accounts 2021 filed PDFfull format · 81 days before the deadline
2021
Back to profit net €302,332 The net result is €302,332, after one loss-making year.
Annual accounts 2020 filed PDFfull format · 80 days before the deadline
Permanent representatives: Eline De Wilde, Kristof Verluyten and Kris De ConinckBoard meeting of 29-01-20214 points ▸
  • Board meeting, 29-01-2021
  • Permanent representative, Eline De Wilde
  • Permanent representative, Kristof Verluyten
  • Permanent representative, Kris De Coninck

Open the deed in the Belgian Official Gazette

2020
Weakest financial year net -€14,035 The net result drops to -€14,035, the lowest from 2006 to 2025. It recovers the following year.
3 directors reappointedIRMACO NV, M. Willaert BV and Allia Struguri BV (managing director) · Permanent representatives: Kristof Verluyten, Martijn Willaert and Kris De Coninck · General meeting of 11-05-20208 points ▸
  • General meeting, 11-05-2020
  • Director reappointment, IRMACO NV
  • Director reappointment, M. Willaert BV
  • Director reappointment, Allia Struguri BV
  • Permanent representative, Kristof Verluyten
  • Permanent representative, Martijn Willaert
  • Permanent representative, Kris De Coninck
  • Director reappointment, Allia Struguri BV (managing director)
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Annual accounts 2019 filed PDFfull format · 59 days before the deadline
Permanent representatives: Kristof Verluyten, K. VERLUYTEN BVBA and Kris De ConinckBoard meeting of 18-12-20204 points ▸
  • Board meeting, 18-12-2020
  • Permanent representative, Kristof Verluyten
  • Permanent representative, K. VERLUYTEN BVBA
  • Permanent representative, Kris De Coninck

Open the deed in the Belgian Official Gazette

2019
Liquidity more than 5 times current ratio 4.29 The current ratio rises from 0.75 to 4.29. Short-term debt falls from €266,406 to €45,468.
Annual accounts 2018 filed PDFfull format · 76 days before the deadline
2018
Annual accounts 2017 filed PDFfull format · 48 days before the deadline
2017
Annual accounts 2016 filed PDFfull format · 60 days before the deadline
2016
Annual accounts 2015 filed PDFfull format · 82 days before the deadline
2015
Liquidity more than doubled current ratio 1.54 The current ratio rises from 0.68 to 1.54. Short-term debt falls from €109,241 to €65,780.
Annual accounts 2014 filed PDFfull format · 52 days before the deadline
2014
Annual accounts 2013 filed PDFfull format · 59 days before the deadline
2013
Annual accounts 2012 filed PDFfull format · 58 days before the deadline
2012
Annual accounts 2011 filed PDFfull format · 70 days before the deadline
2011
Annual accounts 2010 filed PDFfull format · 55 days before the deadline
2010
Annual accounts 2009 filed PDFfull format · 61 days before the deadline
2009
Liquidity more than 7 times current ratio 1.66 The current ratio rises from 0.23 to 1.66. Short-term debt falls from €542,841 to €300,473.
Annual accounts 2008 filed PDFfull format · 70 days before the deadline
2008
Annual accounts 2007 filed PDFfull format · 63 days before the deadline
2007
Annual accounts 2006 filed PDFfull format · 53 days before the deadline
2006
Annual accounts 2005 filed PDFfull format
2005
Annual accounts 2004 filed PDFfull format
2004
Annual accounts 2003 filed PDFfull format
2003
Annual accounts 2002 filed PDFfull format
2002
Annual accounts 2001 filed PDFabbreviated format
2001
Annual accounts 2000 filed PDFabbreviated format
2000
Annual accounts 1999 filed PDFabbreviated format
1999
Annual accounts 1998 filed PDFabbreviated format
1998
Annual accounts 1997 filed PDFabbreviated format
1997
Annual accounts 1996 filed PDFabbreviated format
1996
Annual accounts 1995 filed PDFabbreviated format
1995
Annual accounts 1994 filed PDFabbreviated format
1994
Annual accounts 1993 filed PDFabbreviated format
1993
Annual accounts 1992 filed PDFabbreviated format
1992
Annual accounts 1991 filed PDFabbreviated format
1991
First establishment Heiveldekens 8, Kontich
1990
Incorporation published on 17-01-1991

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

ISMA was incorporated on 21 December 1990.1 Turnover grew from €382,631 in 2018 to €731,467 in 2025 and headcount from 2.5 to 4.4 full-time equivalents.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0442.832.912
VAT number
BE 0442.832.912
Peppol ID
0208:0442832912
Legal form
Public limited company
Status
Active, normal situation
Founded
21-12-1990
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Monday of May at 10:00
deed of 20-12-2023 (in Dutch)
Peppol
Reachable since 06-10-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
ISMA in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 20-12-2023 (in Dutch)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Heiveldekens 8, 2550 Kontich”
deed of 11-02-2026 (in Dutch)

Activities

NACEBEL 2025
VAT activities
Social security (RSZ) activities
Joint committees annual accounts 2025
JC 100 Auxiliary committee for blue-collar workers
JC 200 Auxiliary committee for white-collar workers
Codes under NACEBEL 2008
VAT activities
70220 Business consulting main activity
71121 Engineering activities
Social security (RSZ) activities
71121 Engineering activities main activity
Codes under NACEBEL 2003
VAT activities
74142 main activity
74203
Social security (RSZ) activities
74203 main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“De vennootschap heeft tot voorwerp:het deelnemen aan,het financieren van alle vennootschappen en ondernemigen,hetzij Belgische of…”
5 activities
  1. De vennootschap heeft tot voorwerp:het deelnemen aan,het financieren van alle vennootschappen en ondernemigen,hetzij Belgische of buitenlandse,onder welke vorm ook,alsmede het beheer en de controle erover voeren of uitoefenen;het in waarde brengen van haar deelneming.
  2. De vennootschap mag uit dien hoofde kopen,inbrengen,onderschrijven,verkopen,ruilen,alle roerende goederen,geen uitgezonderd;ze mag tevens leningen toekennen tegen de voorwaarden en onder de vormen die zij goedvindt.
  3. De vennootschap mag alle brevetten en octrooien verwerven en in waarde brengen,alsmede alle andere er aan te hechten rechten.
  4. De vennootschap kan ook functies van bestuurder of vereffenaar van andere vennootschappen uitoefenen.Zij kan tevens zakelijke waarborgen alsmede haar borgstelling verlenen.
  5. De vennootschap mag alle mogelijke activiteiten uitvoeren op wetenschappelijk en technisch gebied,zoals onder andere consulting,onderzoek,ontwikkeling en verkoop van alle aparaten en systemen,evenals alle daarmee verband houdende activiteiten.
deed of 20-12-2023 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
Heiveldekens 8 registered office 2550 Kontich 64210 Activities of holding companies 24-01-1991 2.051.202.778

Buildings and parcels at the address

Ground area
2,798 m²
Buildings
749 m²
Volume, LiDAR
4,906 m³
Tallest building
8.1 m
Buildings to scale, each on its own parcel
749 m², 8.1 m 749 m², 8.1 m

Location

registered office establishment The establishment unit on the map
4 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
11602E0074/00K0022,798 m² 1 · 749 m² 8.1 m · 2