Equity
ISMA has made a profit without a break since 2021.
ISMA has made a profit without a break since 2021.
The result fell in 2025: different schema filed.
Green is investment, beige is depreciation.
Short-term debts fell from €1.3m to €181,468.
The last five annual accounts were filed 46 to 81 days before the end of the period.
New directors. Latest change 01-06-2026 · 2 in office.
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).
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).
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.
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.
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.
Shares in 2 companies, IExT and STUVEX INTERNATIONAL
Board & ownership| 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 |
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.
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.
Higher than 82% of 3,873 companies in 2025.
Higher than 64% of 3,727 companies in 2025.
Higher than 88% of 3,849 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
3.4 men and 1 woman in full-time equivalents in 2025.
Men €128,226, women €103,136 per full-time equivalent. Jobs differ, so this is not a pay gap.
Training hours in 2025: 40.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
1.9m | 2.6m | 1.8m | 1.7m | 1.7m | 1.7m | 1.7m | 1.7m | 1.7m | 1.7m | 1.8m | 1.8m | 2.0m | 1.7m | 1.7m | 1.9m | 2.0m | 1.6m | 1.7m | 1.7m | |
21/28 |
1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.6m | 1.6m | 1.7m | 1.7m | 1.7m | 1.6m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | |
21 |
- | 794 | 1,747 | 2,700 | - | - | 66 | 9,531 | 40,112 | 96,654 | 157,513 | 216,307 | 185,877 | 68,805 | - | - | - | - | - | - | |
22/27 |
1,699 | - | - | - | - | - | - | 893 | 1,977 | 3,060 | - | - | - | - | - | 458 | 978 | 1,497 | - | - | |
23 |
1,699 | - | - | - | - | - | - | 893 | 1,977 | 3,060 | - | - | - | - | - | 458 | 978 | 1,497 | - | - | |
28 |
1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | |
280/1 |
1.5m | - | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | |
280 |
1.5m | - | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | 1.5m | |
284/8 |
- | - | 0 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | |
285/8 |
- | - | 0 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | |
29/58 |
400,392 | 1.1m | 261,755 | 183,708 | 209,688 | 186,854 | 195,210 | 200,209 | 172,250 | 121,750 | 101,009 | 74,108 | 259,467 | 133,651 | 197,949 | 383,005 | 499,197 | 127,264 | 207,593 | 192,629 | |
3 |
- | - | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
341,698 | 1.0m | 207,005 | 148,693 | 64,620 | 82,366 | 108,637 | 92,167 | 84,388 | 64,407 | 76,347 | 56,066 | 171,011 | 28,170 | 192,287 | 363,517 | 467,105 | 110,946 | 192,930 | 168,370 | |
40 |
239,679 | 282,441 | 185,832 | 124,003 | 64,620 | 82,288 | 107,067 | 92,070 | 83,779 | 64,407 | 75,734 | 54,361 | 47,933 | 22,128 | 112,287 | 113,389 | 27,159 | 51,015 | 86,197 | 100,244 | |
41 |
102,020 | 762,169 | 21,173 | 24,691 | - | 78 | 1,570 | 98 | 609 | - | 613 | 1,705 | 123,078 | 6,042 | 80,000 | 250,127 | 439,947 | 59,932 | 106,732 | 68,126 | |
50/53 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 657 | |
51/53 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 657 | |
54/58 |
49,815 | 80,143 | 46,349 | 33,341 | 139,665 | 99,085 | 82,668 | 104,404 | 87,862 | 57,141 | 24,662 | 10,007 | 81,419 | 105,377 | 5,606 | 19,402 | 32,023 | 16,241 | 14,581 | 23,431 | |
490/1 |
8,878 | 8,040 | 8,401 | 1,673 | 5,403 | 5,403 | 3,906 | 3,637 | - | 202 | - | 8,035 | 7,038 | 104 | 56 | 87 | 69 | 77 | 83 | 171 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
1.9m | 2.6m | 1.8m | 1.7m | 1.7m | 1.7m | 1.7m | 1.7m | 1.7m | 1.7m | 1.8m | 1.8m | 2.0m | 1.7m | 1.7m | 1.9m | 2.0m | 1.6m | 1.7m | 1.7m | |
10/15 |
1.7m | 1.2m | 1.6m | 1.6m | 1.7m | 1.6m | 1.7m | 1.5m | 1.5m | 1.5m | 1.7m | 1.7m | 1.6m | 1.6m | 1.6m | 1.6m | 1.5m | 1.1m | 1.2m | 1.1m | |
10/11 |
470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | |
10 |
470,998 | 470,998 | 470,998 | 470,998 | 470,998 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | 470,998 | |
13 |
47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | |
130/1 |
47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | 47,100 | |
14 |
1.2m | 721,251 | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 934,531 | 940,785 | 952,150 | 1.1m | 1.0m | 932,950 | 986,501 | 1.1m | 1.1m | 984,297 | 579,860 | 689,642 | 575,184 | |
15 |
- | - | - | - | - | - | - | 4,234 | 19,560 | 52,275 | 71,530 | 101,389 | 132,138 | 100,057 | - | - | - | - | - | - | |
16 |
- | - | - | - | - | - | - | - | - | 5,547 | 14,760 | 24,045 | 33,352 | 40,333 | - | - | - | - | - | - | |
160/5 |
- | - | - | - | - | - | - | - | - | 5,547 | 14,760 | 24,045 | 33,352 | 40,333 | - | - | - | - | - | - | |
160 |
- | - | - | - | - | - | - | - | - | 5,547 | 14,760 | 24,045 | 33,352 | 40,333 | - | - | - | - | - | - | |
17/49 |
229,576 | 1.4m | 166,650 | 112,806 | 73,750 | 52,857 | 47,244 | 267,815 | 249,940 | 207,439 | 74,930 | 111,422 | 342,852 | 71,512 | 84,237 | 290,690 | 511,824 | 544,849 | 513,898 | 613,392 | |
17 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 200,000 | - | - | - | |
170/4 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 200,000 | - | - | - | |
174 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 200,000 | - | - | - | |
42/48 |
181,468 | 1.3m | 166,531 | 109,118 | 73,196 | 52,832 | 45,468 | 266,406 | 249,010 | 206,791 | 65,780 | 109,241 | 342,847 | 71,493 | 84,230 | 284,727 | 300,473 | 542,841 | 513,886 | 607,388 | |
42 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 200,000 | 250,000 | - | - | - | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | 78,000 | - | - | - | - | - | 299 | 90,000 | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 299 | - | |
439 |
- | - | - | - | - | - | - | - | - | - | - | - | 78,000 | - | - | - | - | - | - | 90,000 | |
44 |
39,185 | 10,816 | 59,768 | 51,351 | 10,281 | 7,750 | 7,488 | 21,911 | 20,409 | 31,421 | 34,154 | 89,897 | 59,706 | 36,172 | 22,246 | 20,503 | 19,187 | 22,230 | 37,992 | 22,615 | |
440/4 |
39,185 | 10,816 | 59,768 | 51,351 | 10,281 | 7,750 | 7,488 | 21,911 | 20,409 | 31,421 | 34,154 | 89,897 | 59,706 | 36,172 | 22,246 | 20,503 | 19,187 | 22,230 | 37,992 | 22,615 | |
45 |
123,185 | 148,013 | 106,763 | 57,766 | 62,915 | 45,082 | 37,981 | 44,495 | 28,601 | 25,370 | 31,627 | 19,344 | 10,048 | 35,321 | 61,983 | 64,225 | 31,286 | 70,395 | 75,596 | 94,581 | |
450/3 |
25,971 | 60,156 | 21,802 | 11,617 | 14,284 | 14,093 | 7,720 | 8,375 | 7,836 | 7,145 | 5,766 | - | 5,158 | 7,565 | 39,400 | 37,497 | 9,282 | 32,528 | 48,999 | 59,680 | |
454/9 |
97,215 | 87,856 | 84,960 | 46,150 | 48,631 | 30,989 | 30,261 | 36,120 | 20,765 | 18,226 | 25,861 | 19,344 | 4,890 | 27,756 | 22,583 | 26,728 | 22,004 | 37,868 | 26,597 | 34,902 | |
47/48 |
19,098 | 1.2m | - | - | - | - | - | 200,000 | 200,000 | 150,000 | - | - | 195,093 | - | - | - | - | 450,215 | 400,000 | 400,191 | |
492/3 |
48,109 | 67,344 | 119 | 3,688 | 554 | 25 | 1,775 | 1,409 | 931 | 648 | 9,150 | 2,181 | 5 | 20 | 7 | 5,963 | 11,351 | 2,008 | 12 | 6,005 | |
| Income statement | |||||||||||||||||||||
70/76A |
833,052 | - | 735,240 | 564,305 | 504,872 | 435,478 | 455,000 | 433,231 | 391,245 | 400,114 | 348,124 | 426,670 | 387,711 | 461,691 | 566,672 | 599,657 | 576,019 | 659,305 | 739,609 | 963,308 | |
70 |
731,467 | - | 676,122 | 521,188 | 455,645 | 387,117 | 402,806 | 382,631 | 341,321 | 347,761 | 295,113 | 300,204 | 217,513 | 208,386 | 225,830 | 202,156 | 198,027 | 258,430 | 272,103 | 453,977 | |
72 |
- | - | - | - | - | - | - | - | - | - | - | 69,824 | 45,763 | - | - | - | - | - | - | - | |
74 |
101,586 | - | 59,118 | 43,117 | 49,227 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9900 |
- | 657,472 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
60/66A |
758,060 | - | 705,739 | 467,234 | 497,915 | 446,152 | 446,223 | 452,553 | 383,911 | 424,850 | 429,025 | 416,415 | 383,328 | 594,699 | 528,651 | 524,774 | 611,069 | 663,451 | 703,860 | 723,327 | |
60 |
32,365 | - | 72,530 | 71,446 | 51,239 | 17,879 | 19,810 | 37,890 | 24,382 | 37,540 | 25,143 | 41,357 | 13,448 | 40,564 | 21,147 | 24,416 | 36,554 | 17,789 | 46,259 | 22,059 | |
600/8 |
32,365 | - | 72,530 | 71,446 | 51,239 | 17,879 | 19,810 | 37,890 | 24,382 | 37,540 | 25,143 | 41,357 | 13,448 | 40,564 | 21,147 | 24,416 | 36,554 | 17,789 | 46,259 | 22,059 | |
61 |
183,119 | - | 176,731 | 144,590 | 122,205 | 127,917 | 122,156 | 117,672 | 99,921 | 115,276 | 115,351 | 99,104 | 104,209 | 156,883 | 156,256 | 154,743 | 182,908 | 210,852 | 251,828 | 184,113 | |
62 |
539,103 | 503,417 | 454,337 | 249,654 | 322,884 | 298,502 | 291,571 | 263,938 | 206,076 | 218,615 | 235,190 | 232,164 | 240,678 | 351,056 | 349,281 | 343,484 | 389,283 | 433,278 | 404,057 | 515,778 | |
630 |
1,080 | 953 | 953 | 159 | - | 66 | 10,358 | 31,665 | 57,625 | 61,049 | 60,794 | 51,394 | 30,278 | 4,318 | 458 | 520 | 520 | 62 | - | - | |
631/4 |
- | -780 | - | - | - | - | 780 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
635/8 |
- | - | - | - | - | - | - | - | -5,547 | -9,214 | -9,284 | -9,308 | -6,981 | 40,333 | - | - | - | - | - | - | |
640/8 |
2,394 | 1,334 | 1,188 | 1,385 | 1,586 | 1,788 | 1,548 | 1,388 | 1,454 | 1,583 | 1,832 | 1,703 | 1,696 | 1,546 | 1,510 | 1,612 | 1,804 | 1,471 | 1,716 | 1,377 | |
66A |
- | - | - | - | - | - | - | - | - | - | 3,868 | - | - | - | - | - | - | - | - | - | |
9901 |
74,993 | 152,549 | 29,501 | 97,071 | 6,957 | -10,675 | 8,777 | -19,322 | 7,334 | -24,736 | -80,901 | 10,256 | 4,383 | -133,008 | 38,021 | 74,882 | -35,050 | -4,147 | 35,748 | 239,981 | |
75/76B |
402,694 | 1.5m | 0 | 895,008 | 300,002 | 336 | 204,235 | 215,320 | 182,710 | 735,470 | 129,767 | 108,614 | 295,519 | 240,327 | 20,128 | 60,643 | 451,024 | 350,138 | 502,460 | 292,040 | |
75 |
402,694 | 1.5m | 0 | 895,008 | 300,002 | 336 | 204,235 | 215,320 | 182,710 | 735,470 | 129,767 | 108,614 | 295,519 | 240,327 | 20,128 | 60,643 | 451,024 | 350,138 | 502,460 | 292,040 | |
750 |
402,694 | - | 0 | 895,000 | 300,000 | - | 199,994 | 199,994 | 149,995 | 699,979 | 99,908 | 77,858 | 274,575 | 238,286 | 19,964 | 59,891 | 450,000 | 349,818 | 500,000 | 290,000 | |
751 |
- | - | - | - | - | 334 | - | - | - | - | - | 7 | 21 | 98 | 48 | 78 | 106 | 320 | 2,460 | 2,040 | |
752/9 |
- | - | 0 | 8 | 2 | 2 | 4,241 | 15,326 | 32,715 | 35,491 | 29,859 | 30,749 | 20,923 | 1,943 | 117 | 674 | 918 | - | - | 0 | |
65/66B |
12,671 | 12,092 | 5,494 | 3,807 | 4,061 | 3,295 | 3,101 | 1,984 | 1,235 | 1,760 | 1,203 | 2,311 | 709 | 294 | 5,422 | 15,717 | 11,537 | 443 | 1,743 | 6,682 | |
65 |
12,671 | 12,092 | 5,494 | 3,807 | 4,061 | 3,295 | 3,101 | 1,984 | 1,235 | 1,760 | 1,203 | 2,311 | 709 | 294 | 5,422 | 15,717 | 11,537 | 443 | 1,743 | 6,682 | |
650 |
11,278 | - | 4,422 | 3,282 | 3,480 | 2,798 | 2,811 | 1,566 | 798 | 798 | 581 | 1,581 | - | - | 4,288 | 14,746 | 11,104 | 0 | 1,394 | 3,856 | |
652/9 |
1,393 | - | 1,072 | 524 | 581 | 497 | 290 | 418 | 437 | 962 | 622 | 729 | 709 | 294 | 1,134 | 971 | 433 | 443 | 349 | 2,826 | |
9903 |
465,016 | 1.7m | 24,007 | 988,272 | 302,898 | -13,634 | 209,912 | 194,014 | 188,810 | 708,973 | 43,795 | 116,559 | 299,193 | 107,025 | 52,727 | 119,809 | 404,437 | 345,548 | 536,466 | 525,340 | |
67/77 |
19,915 | 39,920 | 3,257 | 609 | 567 | 401 | 463 | 269 | 174 | 73 | 53 | 2 | 45 | 183 | 11,787 | 15,386 | - | 5,116 | 22,008 | 85,591 | |
670/3 |
19,915 | - | 3,257 | 609 | 567 | 401 | 463 | 269 | 174 | 73 | 53 | 2 | 45 | 183 | 11,787 | 15,386 | - | 5,116 | 22,008 | 85,591 | |
9904 |
445,101 | 1.6m | 20,750 | 987,663 | 302,332 | -14,035 | 209,449 | 193,745 | 188,636 | 708,901 | 43,742 | 116,557 | 299,148 | 106,841 | 40,940 | 104,423 | 404,437 | 340,432 | 514,458 | 439,749 | |
9905 |
445,101 | 1.6m | 20,750 | 987,663 | 302,332 | -14,035 | 209,449 | 193,745 | 188,636 | 708,901 | 43,742 | 116,557 | 299,148 | 106,841 | 40,940 | 104,423 | 404,437 | 340,432 | 514,458 | 439,749 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
1.2m | 2.7m | 1.1m | 2.1m | 1.4m | 1.1m | 1.1m | 1.1m | 1.1m | 1.8m | 1.1m | 1.0m | 1.3m | 1.2m | 1.1m | 1.1m | 984,297 | 1.0m | 1.1m | 975,439 | |
14P |
721,251 | 1.1m | 1.1m | 1.1m | 1.1m | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | 2.0m | 0 | 1.1m | 300,000 | - | - | 200,000 | 200,000 | 850,000 | - | - | 352,699 | 230,000 | 20,000 | - | - | 450,215 | 400,000 | 400,255 | |
694 |
- | 2.0m | 0 | 1.1m | 300,000 | - | - | 200,000 | 200,000 | 850,000 | - | - | 352,699 | 230,000 | 20,000 | - | - | 450,215 | 400,000 | 400,255 | |
| Social balance sheet | |||||||||||||||||||||
9087 |
4.4 | 4.5 | 4 | 2.4 | 3.1 | 3 | 2.8 | 2.5 | 1.9 | 1.8 | 2 | 2 | 1.8 | 2 | 2.6 | 2.8 | 3.5 | 4.8 | 3.7 | 4.9 | |
Men (FTE)1003 |
3.4 | - | 3.2 | 2.4 | 3.1 | 3 | 2.8 | 2.5 | 1.9 | 1.8 | 2 | 2 | 1.8 | 2 | - | - | - | - | - | - | |
Women (FTE)1003 |
1 | - | 0.8 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Agency workers1501 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.2 | 0.8 | - | |
Hours worked1013 |
7,250 | 7,301 | 6,808 | 4,226 | 5,408 | 3,260 | 2,966 | 2,550 | 1,515 | 1,442 | 1,738 | 1,621 | 1,233 | 1,681 | 2,604 | 3,097 | 4,299 | 6,622 | 4,661 | 6,400 | |
| Document | |||||||||||||||||||||
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.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-06-2026 | 2026-00178083 | |
| 31-12-2024 | abbreviated format | 11-06-2025 | 2025-00144132 | |
| 31-12-2023 | full format | 16-05-2024 | 2024-00091747 | |
| 31-12-2022 | full format | 15-05-2023 | 2023-00088243 | |
| 31-12-2021 | full format | 11-05-2022 | 2022-20026364 | |
| 31-12-2020 | full format | 12-05-2021 | 2021-14300253 | |
| 31-12-2019 | full format | 02-06-2020 | 2020-14300017 | |
| 31-12-2018 | full format | 16-05-2019 | 2019-13400023 | |
| 31-12-2017 | full format | 13-06-2018 | 2018-18200533 | |
| 31-12-2016 | full format | 01-06-2017 | 2017-14700107 | |
| 31-12-2015 | full format | 10-05-2016 | 2016-11800198 | |
| 31-12-2014 | full format | 09-06-2015 | 2015-17400152 | |
| 31-12-2013 | full format | 02-06-2014 | 2014-15200097 | |
| 31-12-2012 | full format | 03-06-2013 | 2013-15000576 | |
| 31-12-2011 | full format | 22-05-2012 | 2012-12800102 | |
| 31-12-2010 | full format | 06-06-2011 | 2011-15100407 | |
| 31-12-2009 | full format | 31-05-2010 | 2010-14200158 | |
| 31-12-2008 | full format | 22-05-2009 | 2009-16200199 | |
| 31-12-2007 | full format | 29-05-2008 | 2008-18200130 | |
| 31-12-2006 | full format | 08-06-2007 | 2007-20800203 | |
| 31-12-2005 | full format | 08-06-2006 | 2006-21503842 | |
| 31-12-2004 | full format | 24-06-2005 | 2005-35000630 | |
| 31-12-2003 | full format | 03-06-2004 | 2004-20402233 | |
| 31-12-2002 | full format | 17-06-2003 | 2003-26204167 | |
| 31-12-2001 | abbreviated format | 12-06-2002 | 2002-20805066 | |
| 31-12-2000 | abbreviated format | 24-07-2001 | 2001-41703669 | |
| 31-12-1999 | abbreviated format | 30-06-2000 | 2000-34103254 | |
| 31-12-1998 | abbreviated format | 29-06-1999 | 1999-25702929 | |
| 31-12-1997 | abbreviated format | 12-06-1998 | 1998-16504942 | |
| 31-12-1996 | abbreviated format | 25-06-1997 | 1997-20303965 | |
| 31-12-1995 | abbreviated format | 28-06-1996 | 1996-26804319 | |
| 31-12-1994 | abbreviated format | 09-06-1995 | 1995-22300635 | |
| 31-12-1993 | abbreviated format | 13-06-1994 | 1994-14200262 | |
| 31-12-1992 | abbreviated format | 22-06-1993 | 1993-15501782 | |
| 31-12-1991 | abbreviated format | 11-06-1992 | 1992-10003387 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 76,072 | 153,502 | 30,454 | 97,230 | - | -10,609 | 19,135 | 12,343 | 64,959 | 36,313 | -20,107 | 61,650 | 34,661 | -128,691 | 38,479 | 75,402 | -34,530 | -4,084 | - | - | ||
| 446,180 | 1.6m | 21,703 | 987,822 | - | -13,969 | 219,807 | 225,410 | 246,261 | 769,950 | 104,536 | 167,951 | 329,426 | 111,159 | 41,397 | 104,943 | 404,957 | 340,494 | - | - | ||
| 1,985 | 0 | -2,500 | 2,858 | 390 | 0 | 0 | 0 | 0 | 3,250 | 2,000 | 81,824 | 147,350 | 73,122 | 0 | 0 | 0 | 1,559 | - | - | ||
| -30,329 | 33,794 | 13,008 | -106,324 | 40,580 | 16,417 | -21,737 | 16,542 | 30,722 | 32,479 | 14,655 | -71,412 | -23,958 | 99,771 | -13,796 | -12,621 | 15,782 | 1,660 | -8,850 | - | ||
| 218,924 | -206,036 | 95,224 | 74,590 | 136,492 | 134,022 | 149,742 | -66,197 | -76,760 | -85,041 | 35,229 | -35,133 | -83,379 | 62,159 | 113,719 | 98,278 | 198,723 | -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% | ||
| 2.21 | 0.85 | 1.57 | 1.68 | 2.86 | 3.54 | 4.29 | 0.75 | 0.69 | 0.59 | 1.54 | 0.68 | 0.76 | 1.87 | 2.35 | 1.35 | 1.66 | 0.23 | 0.40 | 0.32 | ||
| 0.14 | 1.13 | 0.10 | 0.07 | 0.04 | 0.03 | 0.03 | 0.18 | 0.17 | 0.14 | 0.04 | 0.07 | 0.22 | 0.04 | 0.05 | 0.18 | 0.34 | 0.50 | 0.43 | 0.56 | ||
| 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% | ||
| 6.75 | 12.69 | 6.89 | 29.62 | - | -3.79 | 6.81 | 7.88 | 81.39 | 45.50 | -34.62 | 38.99 | - | - | 8.97 | 5.11 | -3.11 | -68073.83 | - | - | ||
| 120 days | - | 100 days | 87 days | 52 days | 78 days | 97 days | 88 days | 90 days | 68 days | 94 days | 66 days | 80 days | 39 days | 181 days | 205 days | 50 days | 72 days | 116 days | 81 days | ||
| 66 days | - | 88 days | 87 days | 22 days | 19 days | 19 days | 51 days | 60 days | 75 days | 89 days | 234 days | 185 days | 67 days | 46 days | 42 days | 32 days | 35 days | 47 days | 40 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.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 5 | 3 | 4 |
| full-time | 2 | 2 | 3 | 1 | 1 |
| part-time | 3 | 3 | 2 | 2 | 3 |
| in full-time equivalents | 4.4 | 4.4 | 4.6 | 2.6 | 3.1 |
| 4.4 | 4.5 | 4 | 2.4 | 3.1 | |
| On a permanent contract | 5 | 5 | 5 | 3 | 4 |
| Joined | - | - | 2 | 0 | - |
| Left | - | - | 0 | 1 | - |
| Training hours | 40 | 24 | - | 105 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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)
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.
Further up the chainTorino Holding 100%Stif SA FR consolidates
Source: shareholder structure in its own accounts, parent in its own accounts, lists of holdings in the owners' accounts
Source: list of holdings in its own 2024 accounts. Every holding stands with its own latest accounts.
| 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 |
| 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) |
| 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) |
Source for every holding own accounts 2024
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.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Heiveldekens 8 registered office 2550 Kontich 64210 Activities of holding companies | 24-01-1991 | 2.051.202.778 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11602E0074/00K002 | 2,798 m² | 1 · 749 m² | 8.1 m · 2 |
If something looks wrong or is missing, please tell us.