ISOLABEL
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-08-2026 at the NBB all 32 filings
Turnover
€20.0m▼ 8.0%
2024 · €21.8m
EBIT margin
13.9%▼ 2.7pp
2024 · 16.6%
Net result
€2.2m▼ 24.3%
2024 · €3.0m
Working capital
€767,234▼ 61.2%
2024 · €2.0m
In the rankings
#8 employer in Oudergem, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€20.0m
▼ 8.0%
2025
20182025
Operating result
€2.8m
▼ 23.1%
2025
20182025
Net result
€2.2m
▼ 24.3%
2025
highest quarter of the sector
20182025
EBIT margin
13.9%
▼ 2.7pp
2025
20182025
Equity
€1.0m
▼ 59.1%
2025
middle half of the sector
20182025
Total assets
€6.6m
▲ 7.0%
2025
middle half of the sector
20182025
Debt
€5.6m
▲ 50.6%
2025
20182025
Working capital
€767,234
▼ 61.2%
2025
middle half of the sector
20182025
Solvency
15.2%
▼ 24.5pp
2025
lowest quarter of the sector
20182025
Current ratio
1.14
▼ 0.42
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
33.9%
▼ 14.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
33.9
▲ 2.1%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€12.3m-€13.5m▲ 10.3%€14.4m▲ 6.0%€17.0m▲ 18.6%€18.5m▲ 8.9%€24.7m▲ 33.5%€21.8m▼ 12.0%€20.0m▼ 8.0%
Operating result€0.3m-€0.4m▲ 13.9%€0.6m▲ 59.5%€0.9m▲ 66.7%€3.3m▲ 255%€3.5m▲ 6.5%€3.6m▲ 2.3%€2.8m▼ 23.1%
Net result€0.2m-€0.3m▲ 43.4%€0.5mabove the sector's middle half▲ 48.1%€0.8mabove the sector's middle half▲ 72.3%€2.6mabove the sector's middle half▲ 228%€2.8mabove the sector's middle half▲ 9.6%€3.0mabove the sector's middle half▲ 4.9%€2.2mabove the sector's middle half▼ 24.3%
EBIT margin2.5%-2.6%▲ 0.1pp3.9%▲ 1.3pp5.5%▲ 1.6pp17.9%▲ 12.4pp14.3%▼ 3.6pp16.6%▲ 2.3pp13.9%▼ 2.7pp
Equity€0.9m-€1.3m▲ 32.7%€1.7mwithin the sector's middle half▲ 36.5%€2.0mwithin the sector's middle half▲ 16.8%€1.1mwithin the sector's middle half▼ 47.1%€1.7mwithin the sector's middle half▲ 59.9%€2.5mwithin the sector's middle half▲ 45.6%€1.0mwithin the sector's middle half▼ 59.1%
Total assets€4.0m-€4.8m▲ 22.1%€5.8mwithin the sector's middle half▲ 20.9%€6.7mwithin the sector's middle half▲ 13.9%€6.9mwithin the sector's middle half▲ 3.9%€8.4mwithin the sector's middle half▲ 20.8%€6.2mwithin the sector's middle half▼ 25.9%€6.6mwithin the sector's middle half▲ 7.0%
Debt€3.0m-€3.6m▲ 18.8%€4.1m▲ 15.5%€4.7m▲ 12.7%€5.9m▲ 25.9%€6.7m▲ 13.8%€3.7m▼ 44.0%€5.6m▲ 50.6%
Working capital€0.4m-€1.0m▲ 157%€1.4mwithin the sector's middle half▲ 32.2%€1.5mwithin the sector's middle half▲ 8.7%€0.5mwithin the sector's middle half▼ 69.6%€1.2mwithin the sector's middle half▲ 158%€2.0mwithin the sector's middle half▲ 67.4%€0.8mwithin the sector's middle half▼ 61.2%
Solvency23.8%-25.9%▲ 2.1pp29.2%within the sector's middle half▲ 3.3pp30.0%within the sector's middle half▲ 0.8pp15.3%below the sector's middle half▼ 14.7pp20.2%below the sector's middle half▲ 4.9pp39.7%within the sector's middle half▲ 19.5pp15.2%below the sector's middle half▼ 24.5pp
Current ratio1.19-1.42▲ 0.231.42within the sector's middle half▲ 0.011.38within the sector's middle half▼ 0.051.08below the sector's middle half▼ 0.301.18within the sector's middle half▲ 0.101.56within the sector's middle half▲ 0.381.14below the sector's middle half▼ 0.42
Return on assets (ROA)5.4%-6.4%▲ 0.9pp7.8%within the sector's middle half▲ 1.4pp11.8%above the sector's middle half▲ 4.0pp37.4%above the sector's middle half▲ 25.6pp33.9%above the sector's middle half▼ 3.5pp48.0%above the sector's middle half▲ 14.1pp33.9%above the sector's middle half▼ 14.1pp
Staff (FTE)28-30▲ 7.1%29.9above the sector's middle half▼ 0.3%34.6above the sector's middle half▲ 15.7%35.5above the sector's middle half▲ 2.6%34.8above the sector's middle half▼ 2.0%33.2above the sector's middle half▼ 4.6%33.9above the sector's middle half▲ 2.1%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 23% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.6m
Fixed assets
€483,099 ▼ 28.3%
Current assets
€6.1m ▲ 11.3%
Equity and liabilities €6.6m
Equity
€1.0m ▼ 59.1%
Debt
€5.6m ▲ 50.6%
Debt's share of the balance-sheet total rises from 60.3% to 84.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3.0m▼
2024 · €3.9m
Cash flow
€2.5m▼
2024 · €3.3m
Quick ratio
0.99▼
2024 · 1.36
Debt to equity
5.58▲
2024 · 1.52
ROE
223.2%▲
2024 · 120.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€5.4m▲
2024 · €3.5m
Debt > 1 year
€36,424▼
2024 · €85,096
Income taxes
€770,186▼
2024 · €1.0m
Customer credit
9 days▲
2024 · 8 days
Supplier credit
21 days▼
2024 · 21 days
Staff costs
€2.6m▲
2024 · €2.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 34 | 37 | 34 | 34 | 35 |
| full-time | 33 | 35 | 32 | 33 | 33 |
| part-time | 1 | 2 | 2 | 1 | 2 |
| in full-time equivalents | 33.8 | 36.3 | 33.6 | 33.9 | 34.7 |
| Average over the year, in full-time equivalents | 34.6 | 35.5 | 34.8 | 33.2 | 33.9 |
| On a permanent contract | 33 | 36 | 33 | 33 | 33 |
| Joined | 8 | 8 | 7 | 3 | 3 |
| Left | 7 | 5 | 10 | 3 | 2 |
| Training hours | - | - | 16 | 40 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €391,784 | - | - | - | - |
| Mortgages, amount registered | €17,500 | - | - | - | - |
| Mortgage mandates | €3.5m | - | - | - | - |
| Carrying value of the mortgaged assets | €621,809 | - | - | - | - |
| Pledge on the business | €12,500 | - | - | - | - |
| Mandates to pledge the business | €1.2m | - | - | - | - |
| Carrying value of the other pledged assets | €185,902 | €259,058 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €283,654 | €634,869 | €186,464 | €252,874 | €81,227 |
| Depreciation and write-downs of the year | €298,884 | €306,828 | €309,970 | €285,143 | €268,863 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is SRL Knaepen Lafontaine Réviseurs d'Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | €9,700 | €9,871 | €10,274 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €17.2m | €20.8m | €25.0m | €22.0m | €20.2m | ▼ 8.0% |
| Turnover70 | €12.3m | €13.5m | €14.4m | €17.0m | €18.5m | €24.7m | €21.8m | €20.0m | ▼ 8.0% |
| Other operating income74 | - | - | - | €0.1m | €2.3m | €0.2m | €0.2m | €0.2m | ▼ 5.3% |
| Operating charges60/66A | - | - | - | €16.2m | €17.5m | €21.4m | €18.4m | €17.5m | ▼ 5.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €10.7m | €11.2m | €14.1m | €11.4m | €10.4m | ▼ 9.0% |
| Purchases600/8 | - | - | - | €10.8m | €11.4m | €13.9m | €11.4m | €10.5m | ▼ 8.1% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.1m | -€0.2m | €0.2m | €0.007m | -€0.1m | - |
| Services and other goods61 | - | - | - | €2.9m | €3.5m | €4.3m | €3.9m | €4.1m | ▲ 3.6% |
| Remuneration, social security and pensions62 | - | - | - | €2.3m | €2.4m | €2.5m | €2.6m | €2.6m | ▲ 0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€0.01m | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 25.1% |
| Operating profit (loss)9901 | €0.3m | €0.4m | €0.6m | €0.9m | €3.3m | €3.5m | €3.6m | €2.8m | ▼ 23.1% |
| Financial income75/76B | - | - | - | €0.2m | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 33.6% |
| Recurring financial income75 | €0.07m | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 33.6% |
| Income from current assets751 | - | - | - | - | €76 | €0.04m | €0.2m | €0.05m | ▼ 70.5% |
| Other financial income752/9 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 3.4% |
| Financial charges65/66B | - | - | - | €0.03m | €0.04m | €0.01m | €0.01m | €0.01m | ▼ 7.9% |
| Recurring financial charges65 | €0.04m | €0.04m | €0.03m | €0.03m | €0.04m | €0.01m | €0.01m | €0.01m | ▼ 7.9% |
| Debt charges650 | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | €0.008m | €0.006m | €0.004m | ▼ 30.6% |
| Other financial charges652/9 | - | - | - | €0.007m | €0.008m | €0.006m | €0.007m | €0.007m | ▲ 14.1% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.5m | €0.7m | €1.1m | €3.5m | €3.8m | €4.0m | €3.0m | ▼ 24.1% |
| Income taxes67/77 | €0.1m | €0.2m | €0.2m | €0.3m | €0.9m | €1.0m | €1.0m | €0.8m | ▼ 23.6% |
| Taxes670/3 | - | - | - | €0.3m | €0.9m | €1.0m | €1.0m | €0.8m | ▼ 23.6% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €497 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | €0.2m | €0.3m | €0.5m | €0.8m | €2.6m | €2.8m | €3.0m | €2.2m | ▼ 24.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.3m | €0.5m | €0.8m | €2.6m | €2.8m | €3.0m | €2.2m | ▼ 24.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.0m | €4.8m | €5.8m | €6.7m | €6.9m | €8.4m | €6.2m | €6.6m | ▲ 7.0% |
| Formation expenses20 | €1 | €1 | €1 | €1 | €1 | €0 | - | - | - |
| Fixed assets21/28 | €1.4m | €1.3m | €1.2m | €1.2m | €0.9m | €0.7m | €0.7m | €0.5m | ▼ 28.3% |
| Tangible fixed assets22/27 | €1.4m | €1.3m | €1.2m | €1.2m | €0.9m | €0.7m | €0.7m | €0.5m | ▼ 28.3% |
| Land and buildings22 | - | - | - | €0.6m | €0 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.003m | €0.03m | €0.02m | €0.02m | ▼ 29.4% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 14.5% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.6m | €0.4m | €0.3m | €0.1m | ▼ 49.9% |
| Financial fixed assets28 | €0.003m | €0.02m | €0.002m | €0.002m | €0.002m | €434 | €434 | €434 | = |
| Other financial fixed assets284/8 | - | - | - | €0.002m | €0.002m | €434 | €434 | €434 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.002m | €0.002m | €434 | €434 | €434 | = |
| Current assets29/58 | €2.6m | €3.6m | €4.6m | €5.5m | €6.0m | €7.6m | €5.5m | €6.1m | ▲ 11.3% |
| Stocks and contracts in progress3 | €0.5m | €0.7m | €0.6m | €0.8m | €1.0m | €0.7m | €0.7m | €0.8m | ▲ 13.8% |
| Stocks30/36 | - | - | - | €0.8m | €1.0m | €0.7m | €0.7m | €0.8m | ▲ 13.8% |
| Goods purchased for resale34 | - | - | - | €0.8m | €1.0m | €0.7m | €0.7m | €0.8m | ▲ 13.8% |
| Amounts receivable within one year40/41 | €0.7m | €0.8m | €0.9m | €0.6m | €0.8m | €0.9m | €0.6m | €2.4m | ▲ 289% |
| Trade receivables40 | - | - | - | €0.5m | €0.7m | €0.8m | €0.5m | €0.5m | ▼ 5.0% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.09m | €0.1m | €0.1m | €1.9m | ▲ 19× |
| Current investments50/53 | - | - | - | - | €2.0m | €4.0m | €1.3m | €0 | ▼ 100% |
| Other investments51/53 | - | - | - | - | €2.0m | €4.0m | €1.3m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €1.3m | €2.1m | €3.1m | €4.1m | €2.3m | €2.0m | €3.0m | €3.0m | ▲ 0.9% |
| Deferred charges and accrued income490/1 | - | - | - | €166 | €0.02m | €457 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.0m | €4.8m | €5.8m | €6.7m | €6.9m | €8.4m | €6.2m | €6.6m | ▲ 7.0% |
| Equity10/15 | €0.9m | €1.3m | €1.7m | €2.0m | €1.1m | €1.7m | €2.5m | €1.0m | ▼ 59.1% |
| Contributions10/11 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Capital10 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Issued capital100 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Reserves13 | €0.09m | €0.09m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Non-distributable reserves130/1 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Legal reserve130 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Distributable reserves133 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | €0.8m | €1.1m | €1.6m | €1.8m | €0.9m | €1.5m | €2.3m | €0.9m | ▼ 62.8% |
| Provisions and deferred taxes16 | €0.01m | €0.01m | €0.01m | €0.01m | €0 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.01m | €0 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.01m | €0 | - | - | - | - |
| Amounts payable17/49 | €3.0m | €3.6m | €4.1m | €4.7m | €5.9m | €6.7m | €3.7m | €5.6m | ▲ 50.6% |
| Amounts payable after more than one year17 | €0.7m | €0.9m | €0.7m | €0.6m | €0.2m | €0.1m | €0.09m | €0.04m | ▼ 57.2% |
| Financial debts170/4 | - | - | - | €0.6m | €0.2m | €0.1m | €0.09m | €0.04m | ▼ 57.2% |
| Credit institutions173 | - | - | - | €0.6m | €0.2m | €0.1m | €0.09m | €0.04m | ▼ 57.2% |
| Amounts payable within one year42/48 | €2.2m | €2.5m | €3.3m | €4.0m | €5.6m | €6.4m | €3.5m | €5.4m | ▲ 51.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Trade debts44 | €0.5m | €0.3m | €0.5m | €0.4m | €0.5m | €0.7m | €0.7m | €0.6m | ▼ 11.8% |
| Suppliers440/4 | - | - | - | €0.4m | €0.5m | €0.7m | €0.7m | €0.6m | ▼ 11.8% |
| Advances received on contracts in progress46 | - | - | - | €3.1m | €4.1m | €3.2m | €2.5m | €2.3m | ▼ 11.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.6% |
| Taxes450/3 | - | - | - | €0.05m | €0.09m | €0.07m | €0.07m | €0.07m | ▼ 0.5% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.9% |
| Other amounts payable47/48 | - | - | - | - | €0.7m | €2.2m | €0 | €2.2m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 94.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.3m | €0.5m | €0.8m | €2.6m | €2.8m | €3.0m | €2.2m | ▼ 24.3% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.7% |
| Operating cash flow (approximation) | €0.5m | €0.6m | €0.7m | €1.1m | €2.9m | €3.1m | €3.3m | €2.5m | ▼ 22.7% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.2m | -€0.3m | -€0.01m | -€0.2m | -€0.2m | -€0.08m | ▲ 64.0% |
| Change in cash | - | €0.7m | €1.1m | €1.0m | -€1.9m | -€0.2m | €0.9m | €0.03m | ▼ 97.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,613 companies had the same profile as ISOLABEL has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ISOLABEL itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,613 companies, not a prediction for ISOLABEL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 19-08-2026 | 2026-00419749 | |
| 31-12-2024 | full format | 27-06-2025 | 2025-00184746 | |
| 31-12-2023 | full format | 28-06-2024 | 2024-00175103 | |
| 31-12-2022 | full format | 16-08-2023 | 2023-00329455 | |
| 31-12-2021 | full format | 15-07-2022 | 2022-20196777 | |
| 31-12-2020 | full format | 12-07-2021 | 2021-34100483 | |
| 31-12-2019 | full format | 13-07-2020 | 2020-29200254 | |
| 31-12-2018 | full format | 04-07-2019 | 2019-29600005 | |
| 31-12-2017 | full format | 10-07-2018 | 2018-31700430 | |
| 31-12-2016 | full format | 06-07-2017 | 2017-29300148 |