Summary
Isolstar Holding is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €185.12M and a net result of €-4.98M. Equity remains stable across the filed fiscal years (±1.6% per year). Its solvency ranks better than 65% of 2399 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
Two signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
18192022232425
2018 to 2025 · latest year €185.12M
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 10-07-2026, 21 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
21 d early
2024
43 d late
2023
36 d early
2022
27 d early
2021
30 d early
2020
25 d early
2019
18 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema, statutory accounts
Equity
€185.12M▲ 15.8%
2024 · €159.90M
2018: €176.79M
2019: €177.98M▲ +0.7% vs 2018
2020: €174.11M▼ -2.2% vs 2019
2022: €160.77M
2023: €155.60M▼ -3.2% vs 2022lowest value
2024: €159.90M▲ +2.8% vs 2023
2025: €185.12M▲ +15.8% vs 2024highest value
2018 → 2025
Net result
€-4.98M▲ 10.5%
2024 · €-5.56M
2018: €38.03Mhighest value
2019: €-3.47M▼ -109% vs 2018
2020: €-3.87M▼ -11.7% vs 2019
2022: €-8.59Mlowest value
2023: €-5.17M▲ +39.8% vs 2022
2024: €-5.56M▼ -7.5% vs 2023
2025: €-4.98M▲ +10.5% vs 2024
2018 → 2025
Total assets
€240.10M▲ 11.8%
2024 · €214.68M
2018: €210.93Mlowest value
2019: €216.17M▲ +2.5% vs 2018
2020: €216.36M▲ +0.1% vs 2019
2022: €215.81M
2023: €215.64M▼ -0.1% vs 2022
2024: €214.68M▼ -0.4% vs 2023
2025: €240.10M▲ +11.8% vs 2024highest value
2018 → 2025
Solvency
77.1%▲ 2.6pp
2024 · 74.5%
2018: 83.8%highest value
2019: 82.3%▼ -1.8% vs 2018
2020: 80.5%▼ -2.3% vs 2019
2022: 74.5%
2023: 72.2%▼ -3.1% vs 2022lowest value
2024: 74.5%▲ +3.2% vs 2023
2025: 77.1%▲ +3.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202022202320242025Trend
Turnover€832k-€657k▼ 21.0%
2020: €832k
2022: €657k
Equity€174.11M-€160.77M▼ 7.7%€155.60M▼ 3.2%€159.90M▲ 2.8%€185.12M▲ 15.8%
2020: €174.11M
2022: €160.77M
2023: €155.60M▼ -3.2% vs 2022lowest value
2024: €159.90M▲ +2.8% vs 2023
2025: €185.12M▲ +15.8% vs 2024highest value
Operating result€76k-€-1.80M€-25k▲ 98.6%€-13k▲ 47.4%€-9k▲ 29.4%
2020: €76khighest value
2022: €-1.80Mlowest value
2023: €-25k▲ +98.6% vs 2022
2024: €-13k▲ +47.4% vs 2023
2025: €-9k▲ +29.4% vs 2024
Net result€-3.87M-€-8.59M▼ 122%€-5.17M▲ 39.8%€-5.56M▼ 7.5%€-4.98M▲ 10.5%
2020: €-3.87Mhighest value
2022: €-8.59Mlowest value
2023: €-5.17M▲ +39.8% vs 2022
2024: €-5.56M▼ -7.5% vs 2023
2025: €-4.98M▲ +10.5% vs 2024
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €9k in 2025 against €13k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €240.10M
Fixed assets
€239.96M ▲ 11.9%
Current assets
€133k ▼ 48.7%
Equity and liabilities €240.10M
Equity
€185.12M ▲ 15.8%
Debt
€54.98M ▲ 0.4%
Debt's share of the balance-sheet total falls from 25.5% to 22.9%. Equity and debt are higher.
Key figures and ratios
ROE
-2.7%▲
2024 · -3.5%
ROA
-2.1%▲
2024 · -2.6%
Debt ≤ 1 year
€1.15M▲
2024 · €799k
Debt > 1 year
€52.81M=
2024 · €52.81M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€214.68M€240.10M▲
Fixed assets21/28€214.42M€239.96M▲
Financial fixed assets28€214.42M€239.96M▲
Affiliated companies280/1€214.42M€239.96M▲
Participating interests280€209.77M€239.96M▲
Amounts receivable281€4.65M-
Current assets29/58€259k€133k▼
Amounts receivable within one year40/41€259k€133k▼
Trade receivables40€46k-
Other amounts receivable41€213k€133k▼
Equity and liabilities
Total equity and liabilities10/49€214.68M€240.10M▲
Equity10/15€159.90M€185.12M▲
Contributions10/11€153.27M€183.47M▲
Capital10€24.16M€54.35M▲
Issued capital100€24.16M€54.35M▲
Outside capital11€129.11M€129.11M=
Share premium1100/10€129.11M€129.11M=
Reserves13€1.39M€1.39M=
Non-distributable reserves130/1€1.39M€1.39M=
Legal reserve130€1.39M€1.39M=
Profit (loss) carried forward14€5.24M€262k▼
Amounts payable17/49€54.78M€54.98M▲
Amounts payable after more than one year17€52.81M€52.81M=
Financial debts170/4€52.81M€52.81M=
Other loans174€52.81M€52.81M=
Amounts payable within one year42/48€799k€1.15M▲
Trade debts44€3k€2k▼
Suppliers440/4€3k€2k▼
Other amounts payable47/48€796k€1.15M▲
Accrued charges and deferred income492/3€1.17M€1.02M▼
Income statement
Code20242025
Operating charges60/66A€13k€9k▼
Services and other goods61€11k€8k▼
Other operating charges640/8€2k€1k▼
Operating profit (loss)9901€-13k€-9k▲
Financial income75/76B€213k€69k▼
Recurring financial income75€213k€69k▼
Income from financial fixed assets750€213k€69k▼
Financial charges65/66B€5.76M€5.04M▼
Recurring financial charges65€5.76M€5.04M▼
Debt charges650€5.76M€5.04M▼
Other financial charges652/9€1k€620▼
Profit (loss) for the period before taxes9903€-5.56M€-4.98M▲
Profit (loss) for the period9904€-5.56M€-4.98M▲
Profit (loss) for the period to be appropriated9905€-5.56M€-4.98M▲
Appropriation of the result
Profit (loss) to be appropriated9906€5.24M€262k▼
Profit (loss) brought forward from the previous period14P€10.80M€5.24M▼
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €711k | €76k | - | - | - |
| Turnover70 | €832k | €657k | - | - | - | - |
| Other operating income74 | - | €54k | €76k | - | - | - |
| Operating charges60/66A | - | €2.51M | €101k | €13k | €9k | ▼ 29.4% |
| Services and other goods61 | - | €2.45M | €23k | €11k | €8k | ▼ 27.4% |
| Other operating charges640/8 | - | €57k | €78k | €2k | €1k | ▼ 39.6% |
| Non-recurring operating charges66A | - | - | €178 | - | - | - |
| Operating profit (loss)9901 | €76k | €-1.80M | €-25k | €-13k | €-9k | ▲ 29.4% |
| Financial income75/76B | - | €425k | €419k | €213k | €69k | ▼ 67.6% |
| Recurring financial income75 | €423k | €425k | €419k | €213k | €69k | ▼ 67.6% |
| Income from financial fixed assets750 | - | €419k | €419k | €213k | €69k | ▼ 67.6% |
| Income from current assets751 | - | €6k | - | - | - | - |
| Other financial income752/9 | - | - | €28 | - | - | - |
| Financial charges65/66B | - | €7.22M | €5.57M | €5.76M | €5.04M | ▼ 12.5% |
| Recurring financial charges65 | €4.37M | €7.22M | €5.57M | €5.76M | €5.04M | ▼ 12.5% |
| Debt charges650 | €4.37M | €7.22M | €5.57M | €5.76M | €5.04M | ▼ 12.5% |
| Other financial charges652/9 | - | €441 | - | €1k | €620 | ▼ 51.2% |
| Profit (loss) for the period before taxes9903 | €-3.87M | €-8.59M | €-5.17M | €-5.56M | €-4.98M | ▲ 10.5% |
| Profit (loss) for the period9904 | €-3.87M | €-8.59M | €-5.17M | €-5.56M | €-4.98M | ▲ 10.5% |
| Profit (loss) for the period to be appropriated9905 | €-3.87M | €-8.59M | €-5.17M | €-5.56M | €-4.98M | ▲ 10.5% |
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €216.36M | €215.81M | €215.64M | €214.68M | €240.10M | ▲ 11.8% |
| Fixed assets21/28 | €215.17M | €215.17M | €215.17M | €214.42M | €239.96M | ▲ 11.9% |
| Financial fixed assets28 | €215.17M | €215.17M | €215.17M | €214.42M | €239.96M | ▲ 11.9% |
| Affiliated companies280/1 | - | €215.17M | €215.17M | €214.42M | €239.96M | ▲ 11.9% |
| Participating interests280 | - | €199.91M | €199.91M | €209.77M | €239.96M | ▲ 14.4% |
| Amounts receivable281 | - | €15.26M | €15.26M | €4.65M | - | - |
| Current assets29/58 | €1.18M | €637k | €468k | €259k | €133k | ▼ 48.7% |
| Amounts receivable within one year40/41 | €1.14M | €637k | €468k | €259k | €133k | ▼ 48.7% |
| Trade receivables40 | - | €760 | €47k | €46k | - | - |
| Other amounts receivable41 | - | €637k | €421k | €213k | €133k | ▼ 37.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €216.36M | €215.81M | €215.64M | €214.68M | €240.10M | ▲ 11.8% |
| Equity10/15 | €174.11M | €160.77M | €155.60M | €159.90M | €185.12M | ▲ 15.8% |
| Contributions10/11 | €14.30M | €143.41M | €143.41M | €153.27M | €183.47M | ▲ 19.7% |
| Capital10 | - | €14.30M | €14.30M | €24.16M | €54.35M | ▲ 125% |
| Issued capital100 | - | €14.30M | €14.30M | €24.16M | €54.35M | ▲ 125% |
| Outside capital11 | - | €129.11M | €129.11M | €129.11M | €129.11M | = |
| Share premium1100/10 | - | €129.11M | €129.11M | €129.11M | €129.11M | = |
| Reserves13 | €1.39M | €1.39M | €1.39M | €1.39M | €1.39M | = |
| Non-distributable reserves130/1 | - | €1.39M | €1.39M | €1.39M | €1.39M | = |
| Legal reserve130 | - | €1.39M | €1.39M | €1.39M | €1.39M | = |
| Profit (loss) carried forward14 | €29.31M | €15.97M | €10.80M | €5.24M | €262k | ▼ 95.0% |
| Amounts payable17/49 | €42.25M | €55.04M | €60.04M | €54.78M | €54.98M | ▲ 0.4% |
| Amounts payable after more than one year17 | €41.91M | €52.81M | €52.81M | €52.81M | €52.81M | = |
| Financial debts170/4 | - | €52.81M | €52.81M | €52.81M | €52.81M | = |
| Other loans174 | - | €52.81M | €52.81M | €52.81M | €52.81M | = |
| Amounts payable within one year42/48 | €342k | €1.04M | €5.83M | €799k | €1.15M | ▲ 44.3% |
| Trade debts44 | €326k | €63k | €5k | €3k | €2k | ▼ 40.7% |
| Suppliers440/4 | - | €63k | €5k | €3k | €2k | ▼ 40.7% |
| Other amounts payable47/48 | - | €975k | €5.83M | €796k | €1.15M | ▲ 44.6% |
| Accrued charges and deferred income492/3 | - | €1.19M | €1.40M | €1.17M | €1.02M | ▼ 12.9% |
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-3.87M | €-8.59M | €-5.17M | €-5.56M | €-4.98M | ▲ 10.5% |
| Operating cash flow (approximation) | €-3.87M | €-8.59M | €-5.17M | €-5.56M | €-4.98M | ▲ 10.5% |
| Investment in fixed assets (approximation) | - | - | €0 | €752k | €-25.55M | ▼ 3,497% |
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
Next filing, fiscal year 2026, expected by
2026
18-08
State Gazette act
Appointment: Ernst & Young Bedrijfsrevisoren BV (statutory auditor)Permanent representative: Elien De Greef · Power of attorney4 facts ▸
State Gazette act
Appointment: Ernst & Young Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Elien De Greef · Power of attorney4 facts ▸
- General meeting, 12-06-2026
- Auditor appointment, Ernst & Young Bedrijfsrevisoren BV (statutory auditor)
- Permanent representative, Elien De Greef
- Power of attorney, LDB Consulting BV
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
12-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 43 days late
2024
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
2022
31-12
Financial
Weakest financial yearnet €-8.59M
Net result drops to €-8.59M, the lowest in the series; recovery starts the following year.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
2021
07-07
NBB filing
Annual accounts filed
fiscal year 2020 · consolidated
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Liquidity doublescurrent ratio 3.46
Current ratio from 1.52 to 3.46; short-term debt falls from €660k to €342k.
18-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 18 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 1.52
Current ratio from 0.69 to 1.52.
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 18 acts read
About the unread acts
Of the 18 Belgian State Gazette acts we know for this company, 1 has been read. The other 17 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Merelbeke-Melle · 1 establishment unit since 2017
Ground area
4,232 m²
Building footprint
1,733 m²
Volume, LiDAR
5,069 m³
2 parcels, Flanders · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
18
companies at this address
See who is registered here
1 establishment unit
Isolstar Holding
since 20172.270.836.415
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44402A0544/00B000 | Flanders | 3,190 m² | 1 · 1,166 m² | 10.4 m |
| 44043A0418/00R000 | Flanders | 1,042 m² | 1 · 567 m² | 11.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| Ernst & Young Bedrijfsrevisoren BVCurrent Statutory auditor · represented by Elien De Greef | 12-06-2026 → present |
Similar companies · same sector, comparable size
MDHF
BE 0508.816.270
Lasne · Eq €185.55M
ALGIMO
BE 0436.329.061
Gent · Eq €184.02M
MEANDER BEHEER
BE 0667.633.974
Hoogstraten · Eq €182.86M
RHEA INVEST
BE 0667.634.172
Hoogstraten · Eq €182.31M
Vision Consumer Health
BE 0747.499.618
Wevelgem · Eq €182.10M
Of 24,727 companies in sector 64210 we hold annual accounts for 19,768. 1,220 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded28-11-2017
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
Scores and ratios are computed by Checked and are not a credit decision.