ISTANA

Active

Public limited companyfounded 199234 yrs activeAntwerpsesteenweg 144, 2950 Kapellen, BelgiumKBO/BCE: BE 0447.009.454

Summary

ISTANA has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€389,989) and a net result of -€92,705. Equity is growing by ~9.5% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).

Risk analysisWatch Report Compare

ISTANAActiveChecked score 53/100

Risk analysis Report Compare

Activity

Activity not known1 site

Size

€1.1mtotal assets 2025

Equity: -€389,989
Loss: -€92,705

Financial health

53 Fair Checked score 2025

Bankruptcy chance 12 m: 0.6%

Structure

Parent: BELAIR MANAGEMENT · 99%

Accounts filed 31 d late0 of 4 deeds read

Why 53Capped at 59: negative equity- Negative equity -€389,989- Loss of €92,705, the second in a row (FY 2025)- Founded in 1992+ Size: total assets €1.1mShow the evidence

Checked score

Score 2025

53 / 100

Fair

Probability in this band: 1.5% to 4.2%

Better than 17% of its sector peers (no NACE code, micro)

Performance against the sector, not lower risk

Negative equity caps the score at 59. Every signal that weighs is under Signals.

Financial strength · tick = 2024

Weak

Solvency 0=

equity -36.1% of total assets

Liquidity 50=

short-term debt 136.0% · cash 63.8%

Profitability 16-3

return on assets -8.6%

Bankruptcy probability, 12 months

0.6% Low

0%0.5%1.5%4%10%≥ 25%

About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 11-2024: 0.6% 12-2024: 0.6%● 0.0% vs 11-2024 01-2025: 0.6%● 0.0% vs 12-2024 02-2025: 0.6%▲ +2.8% vs 01-2025 03-2025: 0.6%● 0.0% vs 02-2025 04-2025: 0.6%▲ +0.8% vs 03-2025 05-2025: 0.8%▲ +33.5% vs 04-2025 06-2025: 0.9%▲ +13.0% vs 05-2025 07-2025: 1.1%▲ +19.9% vs 06-2025 08-2025: 1.6%▲ +45.4% vs 07-2025highest value 09-2025: 1.3%▼ -19.1% vs 08-2025 10-2025: 0.6%▼ -55.3% vs 09-2025 11-2025: 0.6%● 0.0% vs 10-2025 12-2025: 0.6%● 0.0% vs 11-2025 01-2026: 0.6%● 0.0% vs 12-2025 02-2026: 0.6%● 0.0% vs 01-2026 03-2026: 0.6%▲ +6.5% vs 02-2026 04-2026: 0.6%● 0.0% vs 03-2026 05-2026: 0.6%▲ +1.1% vs 04-2026 06-2026: 0.6%▲ +1.9% vs 05-2026 07-2026: 0.7%▲ +5.3% vs 06-2026 08-2026: 1.1%▲ +55.9% vs 07-2026 09-2026: 0.6%▼ -44.5% vs 08-2026lowest value 10-2026: 0.6%● 0.0% vs 09-2026lowest value

Size: total assets €1.1m lowers the probability for this profile
Negative equity -€389,989 raises the probability
Loss of €92,705, the second in a row (FY 2025) raises the probability
Founded in 1992 raises the probability for this profile

No credit on open account

Liquidity short (current ratio 0.74 against 0.79 in 2024; short-term debt: 136% and cash: 63.8% of total assets), and equity is negative.

How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

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%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (no NACE code, micro). Better than this share of them on solvency 5%, liquidity 35%, profitability 15%, growth against the median 13%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

Credit check for your own amount and term

Show the recommended maximum : and see how the verdict changes with amount, term and advance.

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Size: total assets €1.1m

In the bankruptcy model this factor lowers the probability for this profile.

NBB · annual accounts

Negative equity -€389,989

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Loss of €92,705, the second in a row (FY 2025)

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Founded in 1992

In the bankruptcy model this factor raises the probability for this profile.

KBO

Negative equity

The 2025 annual accounts show negative equity and a net loss.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year -€389,989

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 10 filings

Deviation from the deadline

2025

31 d late

2024

29 d late

2023

21 d late

2022

4 d early

2021

30 d late

2020

37 d early

2019

32 d early

← before the deadline after the deadline →

tick = median of all Belgian filings

This company filed its last 7 accounts on average 5 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.

Checked, nothing found (2)

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. Usually files around 29 August (4 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

03-10-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage