ISTOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 7 filings
Turnover
≈ €91,000
Estimated: probably between €62,000 and €150,000
Total assets
€83,274▼ 48.1%
2024 · €160,486
Net result
€12,919▼ 84.8%
2024 · €84,727
Working capital
€61,116▲ 21.5%
2024 · €50,310
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€29,664
▼ 69.2%
2025
20192025
Net result
€12,919
▼ 84.8%
2025
middle half of the sector
20192025
Equity
€63,229
▲ 25.7%
2025
middle half of the sector
20192025
Total assets
€83,274
▼ 48.1%
2025
lowest quarter of the sector
20192025
Debt
€20,045
▼ 81.8%
2025
20192025
Working capital
€61,116
▲ 21.5%
2025
middle half of the sector
20192025
Solvency
75.9%
▲ 44.6pp
2025
highest quarter of the sector
20192025
Current ratio
4.05
▲ 2.59
2025
highest quarter of the sector
20192025
Return on assets (ROA)
15.5%
▼ 37.3pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€631-€16,067▲ 25×€30,458▲ 89.6%-€21,872-€49,940▼ 128%€96,287€29,664▼ 69.2%
Net result€52-€12,227within the sector's middle half▲ 235×€22,953within the sector's middle half▲ 87.7%-€22,302below the sector's middle half-€50,348below the sector's middle half▼ 126%€84,727above the sector's middle half€12,919within the sector's middle half▼ 84.8%
Equity€3,052-€15,279within the sector's middle half▲ 401%€38,233within the sector's middle half▲ 150%€15,931within the sector's middle half▼ 58.3%-€34,417below the sector's middle half€50,310within the sector's middle half€63,229within the sector's middle half▲ 25.7%
Total assets€5,551-€24,246below the sector's middle half▲ 337%€61,282below the sector's middle half▲ 153%€27,903below the sector's middle half▼ 54.5%€72,356below the sector's middle half▲ 159%€160,486within the sector's middle half▲ 122%€83,274below the sector's middle half▼ 48.1%
Debt€2,499-€8,966▲ 259%€23,049▲ 157%€11,972▼ 48.1%€106,773▲ 792%€110,176▲ 3.2%€20,045▼ 81.8%
Working capital€3,052-€15,279within the sector's middle half▲ 401%€38,233within the sector's middle half▲ 150%€15,931within the sector's middle half▼ 58.3%-€92,181below the sector's middle half€50,310within the sector's middle half€61,116within the sector's middle half▲ 21.5%
Solvency55.0%-63.0%above the sector's middle half▲ 8.0pp62.4%within the sector's middle half▼ 0.6pp57.1%within the sector's middle half▼ 5.3pp-47.6%below the sector's middle half▼ 104.7pp31.3%within the sector's middle half▲ 78.9pp75.9%above the sector's middle half▲ 44.6pp
Current ratio2.22-2.70within the sector's middle half▲ 0.482.66within the sector's middle half▼ 0.052.33within the sector's middle half▼ 0.330.14below the sector's middle half▼ 2.191.46within the sector's middle half▲ 1.324.05above the sector's middle half▲ 2.59
Return on assets (ROA)0.9%-50.4%above the sector's middle half▲ 49.5pp37.5%above the sector's middle half▼ 13.0pp-79.9%below the sector's middle half▼ 117.4pp-69.6%below the sector's middle half▲ 10.3pp52.8%above the sector's middle half▲ 122.4pp15.5%above the sector's middle half▼ 37.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 69% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €83,274
Fixed assets
€2,112
Current assets
€81,162
Equity and liabilities €83,274
Equity
€63,229 ▲ 25.7%
Debt
€20,045 ▼ 81.8%
Debt's share of the balance-sheet total falls from 68.7% to 24.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€30,052
Cash flow
€13,306
Debt to equity
0.32▼
2024 · 2.19
ROE
20.4%▼
2024 · 168.4%
Interest coverage
3.75
Debt ≤ 1 year
€20,045▼
2024 · €110,176
Income taxes
€8,731▼
2024 · €10,219
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 | - | - | €67,627 | - | €2,500 |
| Depreciation and write-downs of the year | - | - | €9,862 | - | €388 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €17,188 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €9,862 | - | €388 | - |
| Other operating charges640/8 | - | - | €235 | €179 | €4,099 | €2,706 | €10,468 | ▲ 287% |
| Non-recurring operating charges66A | - | - | - | - | - | €25,185 | - | - |
| Gross operating margin9900 | €631 | €16,266 | €30,692 | -€21,694 | -€35,979 | €124,178 | €40,520 | ▼ 67.4% |
| Operating profit (loss)9901 | €631 | €16,067 | €30,458 | -€21,872 | -€49,940 | €96,287 | €29,664 | ▼ 69.2% |
| Financial income75/76B | - | - | €0 | €10 | €0 | €1 | €0 | ▼ 91.1% |
| Recurring financial income75 | €0 | €9 | €0 | €10 | €0 | €1 | €0 | ▼ 91.1% |
| Financial charges65/66B | - | - | €320 | €296 | €179 | €1,342 | €8,015 | ▲ 497% |
| Recurring financial charges65 | €20 | €278 | €320 | €296 | €179 | €1,342 | €8,015 | ▲ 497% |
| Profit (loss) for the period before taxes9903 | €611 | €15,798 | €30,137 | -€22,158 | -€50,119 | €94,946 | €21,650 | ▼ 77.2% |
| Income taxes67/77 | €559 | €3,571 | €7,184 | €143 | €228 | €10,219 | €8,731 | ▼ 14.6% |
| Profit (loss) for the period9904 | €52 | €12,227 | €22,953 | -€22,302 | -€50,348 | €84,727 | €12,919 | ▼ 84.8% |
| Profit (loss) for the period to be appropriated9905 | €52 | €12,227 | €22,953 | -€22,302 | -€50,348 | €84,727 | €12,919 | ▼ 84.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €5,551 | €24,246 | €61,282 | €27,903 | €72,356 | €160,486 | €83,274 | ▼ 48.1% |
| Fixed assets21/28 | - | - | - | - | €57,764 | - | €2,112 | - |
| Tangible fixed assets22/27 | - | - | - | - | €57,764 | - | €2,112 | - |
| Furniture and vehicles24 | - | - | - | - | €57,764 | - | €2,112 | - |
| Current assets29/58 | €5,551 | €24,246 | €61,282 | €27,903 | €14,592 | €160,486 | €81,162 | ▼ 49.4% |
| Amounts receivable within one year40/41 | - | €3,779 | €25 | €4,584 | €13,351 | €158,840 | €34,785 | ▼ 78.1% |
| Trade receivables40 | - | - | - | €984 | €11,200 | €142,671 | €4,595 | ▼ 96.8% |
| Other amounts receivable41 | - | - | €25 | €3,600 | €2,151 | €16,170 | €30,191 | ▲ 86.7% |
| Cash at bank and in hand54/58 | €5,462 | €20,060 | €60,690 | €22,891 | €526 | €1,448 | €44,158 | ▲ 31× |
| Deferred charges and accrued income490/1 | - | - | €567 | €429 | €715 | €198 | €2,219 | ▲ 11× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €5,551 | €24,246 | €61,282 | €27,903 | €72,356 | €160,486 | €83,274 | ▼ 48.1% |
| Equity10/15 | €3,052 | €15,279 | €38,233 | €15,931 | -€34,417 | €50,310 | €63,229 | ▲ 25.7% |
| Contributions10/11 | - | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €52 | €12,279 | €35,233 | €12,931 | - | €47,310 | €60,229 | ▲ 27.3% |
| Distributable reserves133 | - | - | €35,233 | €12,931 | - | €47,310 | €60,229 | ▲ 27.3% |
| Profit (loss) carried forward14 | - | - | - | - | -€37,417 | - | - | - |
| Amounts payable17/49 | €2,499 | €8,966 | €23,049 | €11,972 | €106,773 | €110,176 | €20,045 | ▼ 81.8% |
| Amounts payable within one year42/48 | €2,499 | €8,966 | €23,049 | €11,972 | €106,773 | €110,176 | €20,045 | ▼ 81.8% |
| Trade debts44 | €415 | €411 | €1,153 | €1,308 | €72,741 | €75,230 | €4,050 | ▼ 94.6% |
| Suppliers440/4 | - | - | €1,153 | €1,308 | €72,741 | €75,230 | €4,050 | ▼ 94.6% |
| Taxes, remuneration and social security45 | - | - | €20,602 | €9,914 | €5,477 | €34,946 | €15,996 | ▼ 54.2% |
| Taxes450/3 | - | - | €20,602 | €9,914 | €5,477 | €34,946 | €15,996 | ▼ 54.2% |
| Other amounts payable47/48 | - | - | €1,294 | €750 | €28,555 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52 | €12,227 | €22,953 | -€22,302 | -€50,348 | €84,727 | €12,919 | ▼ 84.8% |
| + Depreciation and write-downs630 | - | - | - | - | €9,862 | - | €388 | - |
| Operating cash flow (approximation) | €52 | €12,227 | €22,953 | -€22,302 | -€40,486 | €84,727 | €13,306 | ▼ 84.3% |
| Change in cash | - | €14,598 | €40,630 | -€37,799 | -€22,365 | €922 | €42,710 | ▲ 46× |
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, 26,972 companies had the same profile as ISTOR has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ISTOR itself is lower: < 0.1% within 12 months. It rests on far more data about ISTOR than the profile alone.
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 26,972 companies, not a prediction for ISTOR. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00287064 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00259696 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00357739 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00256932 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20341401 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-39500223 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-31200180 |