ISOFLEX
ActiveSummary
The computed 12-month bankruptcy probability of ISOFLEX is 3.6% (moderate). The 2024 annual accounts show equity of €943,836 and a net result of €286,779. Equity is growing by ~51.1% per year across the filed fiscal years. Its solvency ranks better than 17% of 7454 sector peers (fiscal year 2024). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability75▼-1
Solvency42=
Growth78=
Track record94
Bankruptcy probability, 12 months
3.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 0.96 in 2023; short-term debt: 58.7% and cash: 2.4% of total assets), and 82.6% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
17.4%
Return on assets
5.3%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 7454 sector peers (2024).
NBB · sector comparisonPosition among 7454 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-08-2025, 26 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 · 5 filingsDeviation from the deadline
2025
not confirmed
2024
26 d late
2023
30 d late
2022
32 d late
2021
25 d late
2020
25 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 28 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#1 company by total assets in Affligem, Construction sector#3 company by equity in Affligem, Construction sector
Equity
€943,836▲ 43.6%
2023 · €657,057
Total assets
€5.4m▲ 37.2%
2023 · €4.0m
Net result
€286,779▲ 27.0%
2023 · €225,794
Working capital
€85,424
2023 · -€85,460
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€39,675-€224,400▲ 466%€236,602▲ 5.4%€316,712▲ 33.9%€417,368▲ 31.8%
Net result€34,553above the sector's middle half-€187,060above the sector's middle half▲ 441%€203,650above the sector's middle half▲ 8.9%€225,794above the sector's middle half▲ 10.9%€286,779above the sector's middle half▲ 27.0%
Equity€40,553within the sector's middle half-€227,613within the sector's middle half▲ 461%€431,263within the sector's middle half▲ 89.5%€657,057within the sector's middle half▲ 52.4%€943,836above the sector's middle half▲ 43.6%
Total assets€808,557above the sector's middle half-€1.3mwithin the sector's middle half▲ 58.5%€2.4mabove the sector's middle half▲ 91.0%€4.0mabove the sector's middle half▲ 61.6%€5.4mabove the sector's middle half▲ 37.2%
Debt€768,004-€1.1m▲ 37.2%€2.0m▲ 91.4%€3.3m▲ 63.6%€4.5m▲ 35.9%
Working capital€128,816-€285,135▲ 121%€18,368▼ 93.6%-€85,460€85,424
Solvency5.0%below the sector's middle half-17.8%below the sector's middle half▲ 12.7pp17.6%below the sector's middle half▼ 0.1pp16.6%below the sector's middle half▼ 1.0pp17.4%below the sector's middle half▲ 0.8pp
Staff (FTE)1.5below the sector's middle half3.7within the sector's middle half▲ 147%4.8within the sector's middle half▲ 29.7%11.3above the sector's middle half▲ 135%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2021 Net result +441% on 2020. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2024 is 32% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €5.4m
Fixed assets
€2.2m ▲ 26.8%
Current assets
€3.3m ▲ 45.0%
Equity and liabilities €5.4m
Equity
€943,836 ▲ 43.6%
Debt
€4.5m ▲ 35.9%
Debt's share of the balance-sheet total falls from 83.4% to 82.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.0m▲
2023 · €712,829
Cash flow
€907,022▲
2023 · €621,912
Current ratio
1.03▲
2023 · 0.96
Quick ratio
0.95▲
2023 · 0.91
Debt to equity
4.75▼
2023 · 5.02
ROE
30.4%▼
2023 · 34.4%
ROA
5.3%▼
2023 · 5.7%
Interest coverage
8.46▼
2023 · 10.24
Debt ≤ 1 year
€3.2m▲
2023 · €2.3m
Debt > 1 year
€1.3m▲
2023 · €959,497
Income taxes
€88,005▲
2023 · €71,856
Staff costs
€858,711▲
2023 · €315,136
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,677 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.3%
went bankrupt
1.2%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 3.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,677 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €825 | - | €2,572 | - |
| Remuneration, social security and pensions62 | - | €69,129 | €238,855 | €315,136 | €858,711 | ▲ 172% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,385 | €76,122 | €175,558 | €396,118 | €620,242 | ▲ 56.6% |
| Other operating charges640/8 | - | €17,015 | €42,757 | €60,533 | €112,994 | ▲ 86.7% |
| Non-recurring operating charges66A | - | - | - | - | €8,561 | - |
| Gross operating margin9900 | €55,157 | €386,666 | €693,772 | €1.1m | €2.0m | ▲ 85.4% |
| Operating profit (loss)9901 | €39,675 | €224,400 | €236,602 | €316,712 | €417,368 | ▲ 31.8% |
| Financial income75/76B | - | €15,274 | €25,250 | €50,537 | €80,003 | ▲ 58.3% |
| Recurring financial income75 | €78 | €15,274 | €25,250 | €50,537 | €80,003 | ▲ 58.3% |
| Financial charges65/66B | - | €24,575 | €35,313 | €69,598 | €122,587 | ▲ 76.1% |
| Recurring financial charges65 | €5,199 | €24,575 | €35,313 | €69,598 | €122,587 | ▲ 76.1% |
| Profit (loss) for the period before taxes9903 | €34,553 | €215,099 | €226,539 | €297,650 | €374,784 | ▲ 25.9% |
| Income taxes67/77 | - | €28,039 | €22,889 | €71,856 | €88,005 | ▲ 22.5% |
| Profit (loss) for the period9904 | €34,553 | €187,060 | €203,650 | €225,794 | €286,779 | ▲ 27.0% |
| Profit (loss) for the period to be appropriated9905 | €34,553 | €187,060 | €203,650 | €225,794 | €286,779 | ▲ 27.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €808,557 | €1.3m | €2.4m | €4.0m | €5.4m | ▲ 37.2% |
| Fixed assets21/28 | €281,840 | €475,966 | €862,297 | €1.7m | €2.2m | ▲ 26.8% |
| Intangible fixed assets21 | - | - | - | €602,986 | €472,986 | ▼ 21.6% |
| Tangible fixed assets22/27 | €276,740 | €472,866 | €859,197 | €1.1m | €1.6m | ▲ 55.3% |
| Plant, machinery and equipment23 | - | €189,675 | €465,594 | €498,371 | €736,732 | ▲ 47.8% |
| Furniture and vehicles24 | - | €20,872 | €158,540 | €401,674 | €660,048 | ▲ 64.3% |
| Leasing and similar rights25 | - | €238,164 | €192,195 | €120,106 | €45,540 | ▼ 62.1% |
| Other tangible fixed assets26 | - | €24,155 | €42,869 | €40,507 | €205,003 | ▲ 406% |
| Financial fixed assets28 | €5,100 | €3,100 | €3,100 | €38,370 | €38,370 | = |
| Current assets29/58 | €526,717 | €805,517 | €1.6m | €2.3m | €3.3m | ▲ 45.0% |
| Stocks and contracts in progress3 | €45,000 | €67,665 | €135,000 | €130,000 | €250,000 | ▲ 92.3% |
| Stocks30/36 | - | €67,665 | €135,000 | €130,000 | €250,000 | ▲ 92.3% |
| Amounts receivable within one year40/41 | €329,270 | €536,183 | €1.1m | €2.0m | €2.8m | ▲ 40.3% |
| Trade receivables40 | - | €459,124 | €897,283 | €1.5m | €2.4m | ▲ 62.3% |
| Other amounts receivable41 | - | €77,059 | €245,614 | €474,166 | €332,613 | ▼ 29.9% |
| Cash at bank and in hand54/58 | €148,442 | €195,696 | €223,869 | €108,848 | €131,111 | ▲ 20.5% |
| Deferred charges and accrued income490/1 | - | €5,973 | €84,058 | €34,152 | €109,285 | ▲ 220% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €808,557 | €1.3m | €2.4m | €4.0m | €5.4m | ▲ 37.2% |
| Equity10/15 | €40,553 | €227,613 | €431,263 | €657,057 | €943,836 | ▲ 43.6% |
| Contributions10/11 | - | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Reserves13 | €34,553 | €221,613 | €425,263 | €651,057 | €937,836 | ▲ 44.0% |
| Distributable reserves133 | - | €221,613 | €425,263 | €651,057 | €937,836 | ▲ 44.0% |
| Amounts payable17/49 | €768,004 | €1.1m | €2.0m | €3.3m | €4.5m | ▲ 35.9% |
| Amounts payable after more than one year17 | €370,103 | €533,488 | €449,402 | €959,497 | €1.3m | ▲ 35.5% |
| Financial debts170/4 | - | €533,488 | €343,412 | €959,497 | €1.3m | ▲ 35.5% |
| Other amounts payable178/9 | - | - | €105,990 | - | - | - |
| Amounts payable within one year42/48 | €397,901 | €520,382 | €1.6m | €2.3m | €3.2m | ▲ 36.1% |
| Current portion of amounts payable after more than one year42 | - | €103,024 | €284,446 | €481,309 | €519,470 | ▲ 7.9% |
| Financial debts43 | - | - | €250,000 | €500,000 | €1.0m | ▲ 100% |
| Credit institutions430/8 | - | - | €250,000 | €500,000 | €1.0m | ▲ 100% |
| Trade debts44 | €302,549 | €377,057 | €954,108 | €995,585 | €1.5m | ▲ 51.1% |
| Suppliers440/4 | - | €377,057 | €954,108 | €995,585 | €1.5m | ▲ 51.1% |
| Taxes, remuneration and social security45 | - | €40,243 | €77,793 | €64,758 | €78,937 | ▲ 21.9% |
| Taxes450/3 | - | €28,039 | €51,020 | €22,889 | €475 | ▼ 97.9% |
| Remuneration and social security454/9 | - | €12,203 | €26,773 | €41,870 | €78,461 | ▲ 87.4% |
| Other amounts payable47/48 | - | €59 | €1,110 | €297,693 | €80,510 | ▼ 73.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,553 | €187,060 | €203,650 | €225,794 | €286,779 | ▲ 27.0% |
| + Depreciation and write-downs630 | €11,385 | €76,122 | €175,558 | €396,118 | €620,242 | ▲ 56.6% |
| Operating cash flow (approximation) | €45,938 | €263,182 | €379,208 | €621,912 | €907,022 | ▲ 45.8% |
| Investment in fixed assets (approximation) | - | -€270,248 | -€561,890 | -€1.2m | -€1.1m | ▲ 12.9% |
| Change in cash | - | €47,253 | €28,173 | -€115,021 | €22,263 | ▲ 119% |
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
17-07
State Gazette act
Capital & shares · Purpose · RestructuringMerger · Custody of records · Accounting effect21 facts ▸
State Gazette act
Capital & shares · Purpose · Restructuring
Merger · Custody of records · Accounting effect21 facts ▸
- General meeting, 29-06-2026
- Merger, bestuursorganen van beide vennootschappen, 15-05-2026
- Other statement, enige aandeelhouder van Overgenomen Vennootschap en Overnemende Vennootschap, enig aandeelhouderschap
- Other statement, ontvangst kopie fusievoorstel, desgevallend per elektronische post
- Other statement, zetel van de Vennootschap, inzage en afschrift stukken op zetel
- Other statement, Overgenomen Vennootschap en Overnemende Vennootschap, laatst goedgekeurde jaarrekening
- Other statement, aandeelhouders betrokken vennootschappen, tussentijdse cijfers
- Other statement, kennis stukken en vrijstelling voorlezing, ontslag voorzitter van voorlezing fusievoorstel
- Custody of records, Vennootschap, origineel exemplaar
- Merger, gehele vermogen Overgenomen Vennootschap zonder uitzondering noch voorbehoud onder algemene titel op Overnemende Vennootschap, verwezenlijking van opschortende…
- Other statement, toekenning aandelen, enige aandeelhouder overnemende vennootschap tevens enige aandeelhouder over te nemen vennootschap
- Accounting effect, 01-01-2026
- +9 further facts in this act
22-05
State Gazette act
RestructuringPermanent representatives: Van den Bossche Klaas and De Mulder Tom · Merger · Accounting effect7 facts ▸
State Gazette act
Restructuring
Permanent representatives: Van den Bossche Klaas and De Mulder Tom · Merger · Accounting effect7 facts ▸
- Merger, 01/03/2026
- Accounting effect, 01/01/2026
- Permanent representative, Van den Bossche Klaas
- Permanent representative, De Mulder Tom
- Shareholding, 100%
- Shareholding, 100%
- Merger condition, no new shares issued, no exchange ratio, no supplementary payment
2025
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 26 days late
2024
31-12
Financial
Highest result since 2020net €286,779 ▲27%
Operating result €417,368, net result €286,779, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Equity above €500,000Eq €657,057 ▲52.4%
4 profitable years in a row build equity to €657,057.
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 32 days late
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 25 days late
2021
31-12
Financial
Equity above €200,000Eq €227,613 ▲461%
2 profitable years in a row build equity to €227,613.
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 25 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 2 have been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 2. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Affligem · 3 establishment units since 2020
Ground area
1.6 ha
Building footprint
1.1 ha
Volume, LiDAR
73,979 m³
3 parcels, Flanders · tallest building 13.5 m, ±3 floors. Linked by address, not a title deed.
13
companies at this address
See who is registered here
3 establishment units
ISOFLEX
since 20202.311.520.985
Centrum-Zuid 1511, 3530 Houthalen-Helchteren
since 20242.372.064.328
Parkweg 18, 8490 Jabbeke
since 20252.373.957.016
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72015C0166/00F006 | Flanders | 7,988 m² | 1 · 7,168 m² | 13.5 m · 3 fl. |
| 23030B0339/00S002 | Flanders | 6,166 m² | 1 · 3,090 m² | 9.1 m |
| 31012A1141/00E000 | Flanders | 1,936 m² | 1 · 855 m² | 11.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 owner · 1 holdingChain of control
- VISTA GROUP
- ISOFLEX
Highest known parent: VISTA GROUP. The sources do not say who stands above it.
Owners 1
- VISTA GROUPparentSourceact 22-05-2026100%
Holdings 1
-
100%
According to the 2024 annual accounts of ISOFLEX 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
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionTook over:CHAPEWERKEN LERMINEZ
Capital and shareholders
Shareholders according to the acts
Stated in the act
act of 22-05-2026 ↗
- Vista Group BV (BE 1017.608.192) 100%
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 441 EUR awarded · 441 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 441 EUR | 441 EUR |
Recognitions · licences · registrations
Recognised contractor
1 categoryISOFLEX BV44731
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Of 4,269 companies in sector 43230 we hold annual accounts for 1,239. 531 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
Founded05-10-2020
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
Contact
Website
www.iso-flex.beAffligem
E-mail
klaas@iso-flex.beAffligem
E-invoicing
Reachable via Peppol
Peppol ID
0208:0755686913
Also
9925:BE0755686913
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.