ISOTIME
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 17 filings
Turnover
€374,127▼ 14.8%
2022 · €438,988
EBIT margin
-3.0%▼ 31.4pp
2022 · 28.4%
Net result
€22,687▲ 929%
2024 · €2,205
Working capital
€51,499▼ 53.6%
2024 · €110,930
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€34,472
▲ 456%
2025
20182025
Net result
€22,687
▲ 929%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€193,949
▼ 22.9%
2025
highest quarter of the sector
20182025
Total assets
€308,071
▲ 2.3%
2025
highest quarter of the sector
20182025
Debt
€114,123
▲ 130%
2025
20182025
Working capital
€51,499
▼ 53.6%
2025
middle half of the sector
20182025
Solvency
63.0%
▼ 20.5pp
2025
middle half of the sector
20182025
Current ratio
1.45
▼ 2.65
2025
middle half of the sector
20182025
Return on assets (ROA)
7.4%
▲ 6.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€462,644€438,988▼ 5.1%€374,127▼ 14.8%
Operating result€12,188-€10,301▼ 15.5%€8,040▼ 21.9%€12,205▲ 51.8%€124,454▲ 920%-€11,332€6,196€34,472▲ 456%
Net result€1,018-€680▼ 33.2%€1,085within the sector's middle half▲ 59.6%€5,951within the sector's middle half▲ 448%€80,153above the sector's middle half▲ 13×-€9,386below the sector's middle half€2,205within the sector's middle half€22,687within the sector's middle half▲ 929%
EBIT margin2.6%28.4%▲ 25.7pp-3.0%▼ 31.4pp
Equity€170,725-€171,405▲ 0.4%€172,490above the sector's middle half▲ 0.6%€178,441above the sector's middle half▲ 3.5%€258,594above the sector's middle half▲ 44.9%€249,209above the sector's middle half▼ 3.6%€251,415above the sector's middle half▲ 0.9%€193,949above the sector's middle half▼ 22.9%
Total assets€483,925-€436,839▼ 9.7%€439,575above the sector's middle half▲ 0.6%€406,916above the sector's middle half▼ 7.4%€490,434above the sector's middle half▲ 20.5%€362,737above the sector's middle half▼ 26.0%€301,116above the sector's middle half▼ 17.0%€308,071above the sector's middle half▲ 2.3%
Debt€313,200-€265,434▼ 15.3%€267,085▲ 0.6%€228,475▼ 14.5%€231,840▲ 1.5%€113,528▼ 51.0%€49,701▼ 56.2%€114,123▲ 130%
Working capital€103,218-€99,583▼ 3.5%€71,106within the sector's middle half▼ 28.6%€57,044within the sector's middle half▼ 19.8%€197,012above the sector's middle half▲ 245%€115,341above the sector's middle half▼ 41.5%€110,930above the sector's middle half▼ 3.8%€51,499within the sector's middle half▼ 53.6%
Solvency35.3%-39.2%▲ 4.0pp39.2%within the sector's middle half=43.9%within the sector's middle half▲ 4.6pp52.7%within the sector's middle half▲ 8.9pp68.7%above the sector's middle half▲ 16.0pp83.5%above the sector's middle half▲ 14.8pp63.0%within the sector's middle half▼ 20.5pp
Current ratio3.54-3.26▼ 0.282.15within the sector's middle half▼ 1.111.87within the sector's middle half▼ 0.282.89within the sector's middle half▲ 1.022.55within the sector's middle half▼ 0.344.10above the sector's middle half▲ 1.551.45within the sector's middle half▼ 2.65
Return on assets (ROA)0.2%-0.2%▼ 0.1pp0.2%below the sector's middle half▲ 0.1pp1.5%within the sector's middle half▲ 1.2pp16.3%within the sector's middle half▲ 14.9pp-2.6%below the sector's middle half▼ 18.9pp0.7%within the sector's middle half▲ 3.3pp7.4%within the sector's middle half▲ 6.6pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 nearly 5.6 times that of 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €308,071
Fixed assets
€142,450 ▼ 7.7%
Current assets
€165,621 ▲ 12.9%
Equity and liabilities €308,071
Equity
€193,949 ▼ 22.9%
Debt
€114,123 ▲ 130%
Debt's share of the balance-sheet total rises from 16.5% to 37.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€46,410▲
2024 · €24,875
Cash flow
€34,626▲
2024 · €20,884
Quick ratio
1.31▼
2024 · 3.58
Debt to equity
0.59▲
2024 · 0.20
ROE
11.7%▲
2024 · 0.9%
Interest coverage
24.20▲
2024 · 8.11
Debt ≤ 1 year
€114,123▲
2024 · €35,798
Debt > 1 year
€0▼
2024 · €13,904
Income taxes
€13,046▲
2024 · €5,126
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €7,393 | €8,224 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €22,028 | €19,533 | €24,409 | €18,679 | €11,939 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €462,644 | €438,988 | €374,127 | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €115,457 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €424,301 | €407,593 | €357,290 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,161 | €49,467 | €30,185 | €22,028 | €19,533 | €24,409 | €18,679 | €11,939 | ▼ 36.1% |
| Other operating charges640/8 | - | - | - | €4,110 | €2,865 | €3,760 | €3,118 | €2,904 | ▼ 6.9% |
| Gross operating margin9900 | €64,631 | €62,900 | €41,517 | €38,343 | €146,852 | €16,837 | €27,993 | €49,314 | ▲ 76.2% |
| Operating profit (loss)9901 | €12,188 | €10,301 | €8,040 | €12,205 | €124,454 | -€11,332 | €6,196 | €34,472 | ▲ 456% |
| Financial income75/76B | - | - | - | €5,297 | €5,407 | €3,663 | €4,202 | €3,179 | ▼ 24.4% |
| Recurring financial income75 | €6,276 | €5,025 | €5,060 | €5,297 | €5,407 | €3,663 | €4,202 | €3,179 | ▼ 24.4% |
| Financial charges65/66B | - | - | - | €8,897 | €6,993 | €5,259 | €3,067 | €1,918 | ▼ 37.5% |
| Recurring financial charges65 | €16,546 | €13,446 | €11,670 | €8,897 | €6,993 | €5,259 | €3,067 | €1,918 | ▼ 37.5% |
| Profit (loss) for the period before taxes9903 | €1,918 | €1,880 | €1,430 | €8,605 | €122,868 | -€12,928 | €7,331 | €35,733 | ▲ 387% |
| Income taxes67/77 | €900 | €1,200 | €345 | €2,654 | €42,715 | -€3,542 | €5,126 | €13,046 | ▲ 154% |
| Profit (loss) for the period9904 | €1,018 | €680 | €1,085 | €5,951 | €80,153 | -€9,386 | €2,205 | €22,687 | ▲ 929% |
| Profit (loss) for the period to be appropriated9905 | €1,018 | €680 | €1,085 | €5,951 | €80,153 | -€9,386 | €2,205 | €22,687 | ▲ 929% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €483,925 | €436,839 | €439,575 | €406,916 | €490,434 | €362,737 | €301,116 | €308,071 | ▲ 2.3% |
| Fixed assets21/28 | €340,009 | €293,206 | €306,495 | €284,467 | €189,253 | €173,068 | €154,389 | €142,450 | ▼ 7.7% |
| Tangible fixed assets22/27 | €340,009 | €293,206 | €306,495 | €284,467 | €189,253 | €173,068 | €154,389 | €142,450 | ▼ 7.7% |
| Land and buildings22 | - | - | - | €257,285 | €158,960 | €151,261 | €141,047 | €130,833 | ▼ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €1,566 | €1,774 | €5,704 | €3,563 | €2,148 | ▼ 39.7% |
| Furniture and vehicles24 | - | - | - | €6,660 | €16,905 | €11,830 | €9,779 | €9,469 | ▼ 3.2% |
| Leasing and similar rights25 | - | - | - | €18,956 | €11,614 | €4,273 | €0 | - | - |
| Current assets29/58 | €143,916 | €143,633 | €133,080 | €122,449 | €301,181 | €189,669 | €146,727 | €165,621 | ▲ 12.9% |
| Stocks and contracts in progress3 | €22,586 | €22,586 | €31,940 | €28,214 | €29,215 | €34,460 | €18,576 | €15,711 | ▼ 15.4% |
| Stocks30/36 | - | - | - | €28,214 | €29,215 | €20,936 | €18,576 | €15,711 | ▼ 15.4% |
| Contracts in progress37 | - | - | - | - | - | €13,524 | €0 | - | - |
| Amounts receivable within one year40/41 | €96,322 | €76,594 | €63,871 | €55,158 | €96,096 | €26,556 | €63,178 | €80,482 | ▲ 27.4% |
| Trade receivables40 | - | - | - | €41,234 | €83,051 | €25,750 | €57,424 | €73,576 | ▲ 28.1% |
| Other amounts receivable41 | - | - | - | €13,924 | €13,045 | €806 | €5,754 | €6,906 | ▲ 20.0% |
| Cash at bank and in hand54/58 | €14,203 | €34,609 | €28,579 | €39,077 | €175,870 | €128,653 | €64,973 | €69,428 | ▲ 6.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €483,925 | €436,839 | €439,575 | €406,916 | €490,434 | €362,737 | €301,116 | €308,071 | ▲ 2.3% |
| Equity10/15 | €170,725 | €171,405 | €172,490 | €178,441 | €258,594 | €249,209 | €251,415 | €193,949 | ▼ 22.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €152,125 | €152,125 | €153,890 | €159,841 | €239,994 | €239,995 | €232,815 | €175,349 | ▼ 24.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €157,981 | €238,134 | €239,995 | €232,815 | €175,349 | ▼ 24.7% |
| Profit (loss) carried forward14 | - | €680 | - | - | - | -€9,386 | €0 | €0 | - |
| Amounts payable17/49 | €313,200 | €265,434 | €267,085 | €228,475 | €231,840 | €113,528 | €49,701 | €114,123 | ▲ 130% |
| Amounts payable after more than one year17 | €272,449 | €221,023 | €205,111 | €163,070 | €127,671 | €39,165 | €13,904 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €100,570 | €65,171 | €39,165 | €13,904 | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | €62,500 | €62,500 | - | - | - | - |
| Amounts payable within one year42/48 | €40,698 | €44,050 | €61,974 | €65,405 | €104,169 | €74,328 | €35,798 | €114,123 | ▲ 219% |
| Current portion of amounts payable after more than one year42 | - | - | - | €42,041 | €46,379 | €26,006 | €25,262 | €13,904 | ▼ 45.0% |
| Trade debts44 | €4,822 | €2,920 | €17,033 | €16,222 | €1,279 | €6,226 | €6,287 | €7,879 | ▲ 25.3% |
| Suppliers440/4 | - | - | - | €16,222 | €1,279 | €6,226 | €6,287 | €7,879 | ▲ 25.3% |
| Taxes, remuneration and social security45 | - | - | - | €3,580 | €50,728 | €36,752 | €3,758 | €12,187 | ▲ 224% |
| Taxes450/3 | - | - | - | €3,580 | €50,728 | €36,752 | €3,758 | €12,187 | ▲ 224% |
| Other amounts payable47/48 | - | - | - | €3,562 | €5,783 | €5,344 | €491 | €80,153 | ▲ 163× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €35 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,018 | €680 | €1,085 | €5,951 | €80,153 | -€9,386 | €2,205 | €22,687 | ▲ 929% |
| + Depreciation and write-downs630 | €49,161 | €49,467 | €30,185 | €22,028 | €19,533 | €24,409 | €18,679 | €11,939 | ▼ 36.1% |
| Operating cash flow (approximation) | €50,179 | €50,147 | €31,270 | €27,979 | €99,686 | €15,023 | €20,884 | €34,626 | ▲ 65.8% |
| Investment in fixed assets (approximation) | - | -€2,664 | -€43,474 | €0 | €75,681 | -€8,224 | €0 | €0 | ▼ 100% |
| Change in cash | - | €20,406 | -€6,030 | €10,498 | €136,793 | -€47,217 | -€63,680 | €4,455 | - |
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, 34,693 companies had the same profile as ISOTIME has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ISOTIME 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 34,693 companies, not a prediction for ISOTIME. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00197940 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00289935 | |
| 31-12-2023 | micro format | 12-09-2024 | 2024-00459774 | |
| 31-12-2022 | micro format | 29-10-2023 | 2023-00495744 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20348258 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-53500161 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48600410 | |
| 31-12-2018 | micro format | 09-10-2019 | 2019-70400077 | |
| 31-12-2017 | abbreviated format | 28-08-2018 | 2018-53600296 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-55100368 |