ISUL

Bankruptcy closed

Private limited company (pre-2019)KBO/BCE: BE 0674.834.245

Inactive since 16-09-2026; last annual accounts for fiscal year 2022.

Summary

ISUL was declared bankrupt on 06-02-2025 (Ondernemingsrechtbank Antwerpen, afdeling Antwerpen); the bankruptcy was closed for insufficient assets by judgment of 15-09-2026, published in the Belgian State Gazette on 21-09-2026.

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Signals

1 signal.

+raises risk

Bankruptcy closed

The Belgian State Gazette published the closure of the bankruptcy. The latest notice is dated 21-09-2026. The registration has since been removed from the register.

Belgian State Gazette

Checked, nothing found (1)

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

Financials · fiscal year 2022, abbreviated schema

Turnover

€182k▲ 35.4%

2021 · €134k

2018: €118k 2019: €113k 2020: €81k 2021: €134k

2018 → 2022

EBIT margin

-14.7%▼ 22.6pp

2021 · 7.8%

2018: -7.0% 2019: 10.6% 2020: 18.2% 2021: 7.8%

2018 → 2022

Net result

€-27k

2021 · €8k

2018: €-8k 2019: €12k 2020: €15k 2021: €8k

2018 → 2022

Working capital

€12k▼ 66.5%

2021 · €37k

2018: €724 2019: €16k 2020: €30k 2021: €37k

2018 → 2022

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20182019202020212022Trend

Turnover€118k-€113k▼ 4.2%€81k▼ 28.4%€134k▲ 66.7%€182k▲ 35.4%

Equity€10k-€23k▲ 122%€37k▲ 64.2%€45k▲ 20.4%€18k▼ 60.2%

Operating result€-8k-€12k€15k▲ 22.4%€11k▼ 28.1%€-27k

Net result€-8k-€12k€15k▲ 16.7%€8k▼ 47.9%€-27k

Turnover and EBIT margin not published: the abbreviated schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2022: a loss of €27k after €11k in 2021, the lowest result in the available series.

Balance-sheet composition

2022 in colour, 2021 as the grey bar beneath

Assets €83k

21.5%

78.5%

Fixed assets €18k ▼ 30.4%

Current assets €65k ▼ 0.1%

Equity and liabilities €83k

21.6%

78.4%

Equity €18k ▼ 60.2%

Debt €65k ▲ 41.7%

Debt's share of the balance-sheet total rises from 50.5% to 78.4%. Equity is lower and debt is higher.

Key figures and ratios

2022 value · change against 2021

EBITDA

€-18k▼

2021 · €14k

Cash flow

€-18k▼

2021 · €11k

Current ratio

1.23▼

2021 · 2.29

Quick ratio

1.20▼

2021 · 2.24

Debt to equity

3.63▲

2021 · 1.02

ROE

-151.0%▼

2021 · 16.9%

ROA

-32.6%▼

2021 · 8.4%

Interest coverage

-136.52▼

2021 · 51.13

Debt ≤ 1 year

€53k▲

2021 · €28k

Debt > 1 year

€12k▼

2021 · €17k

Staff costs

€19k▲

2021 · €8k

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 · 2022 against 2021 · 48 lines

Balance sheet Code20212022

Assets

Total assets20/58€90k€83k▼

Fixed assets21/28€26k€18k▼

Tangible fixed assets22/27€26k€18k▼

Plant, machinery and equipment23€4k€2k▼

Furniture and vehicles24€22k€16k▼

Current assets29/58€65k€65k▼

Stocks and contracts in progress3€1k€2k▲

Stocks30/36€1k€2k▲

Amounts receivable within one year40/41€57k€58k▲

Trade receivables40€30k€44k▲

Other amounts receivable41€26k€14k▼

Cash at bank and in hand54/58€7k€5k▼

Equity and liabilities

Total equity and liabilities10/49€90k€83k▼

Equity10/15€45k€18k▼

Contributions10/11€19k€19k=

Capital10€19k€19k=

Issued capital100€19k€19k=

Reserves13€2k€2k=

Non-distributable reserves130/1€2k€2k=

Legal reserve130€2k€2k=

Profit (loss) carried forward14€24k€-3k▼

Amounts payable17/49€46k€65k▲

Amounts payable after more than one year17€17k€12k▼

Financial debts170/4€17k€12k▼

Amounts payable within one year42/48€28k€53k▲

Trade debts44€21k€43k▲

Suppliers440/4€21k€43k▲

Taxes, remuneration and social security45€6k€10k▲

Taxes450/3€2k€3k▲

Remuneration and social security454/9€4k€7k▲

Other amounts payable47/48€1k-

Income statement Code20212022

Turnover70€134k€182k▲

Non-recurring operating income76A€1k-

Goods, raw materials, services and sundry goods60/61€116k€170k▲

Remuneration, social security and pensions62€8k€19k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€8k▲

Other operating charges640/8€639€12k▲

Gross operating margin9900€22k€12k▼

Operating profit (loss)9901€11k€-27k▼

Financial charges65/66B€270€135▼

Recurring financial charges65€270€135▼

Profit (loss) for the period before taxes9903€10k€-27k▼

Income taxes67/77€3k-

Profit (loss) for the period9904€8k€-27k▼

Profit (loss) for the period to be appropriated9905€8k€-27k▼

Appropriation of the result

Profit (loss) to be appropriated9906€24k€-3k▼

Profit (loss) brought forward from the previous period14P€17k€24k▲

Social balance

Average headcount (FTE)90871.7-

The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 11Signals 2Financial 4Filings 5

2026

21-09

Bankruptcy Bankruptcy closure (insufficient assets)

Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · ISUL BV SINT-KATELIJNEVEST 64, 2000 ANTWERPEN 1 · event 15-09-2026

2025

12-02

Bankruptcy Opening

Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · ISUL BV SINT-KATELIJNE- VEST 64, 2000 ANTWERPEN 1 · event 06-02-2025

2024

14-06

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema · 319 days late

2022

31-12

Financial Weakest financial yearnet €-27k ▼455%

Net result drops to €-27k, the lowest in the series.

28-10

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema · 89 days late

2021

23-11

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema · 115 days late

29-01

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema · 182 days late

2020

31-12

Financial Highest result since 2018net €15k ▲16.7%

Operating result €15k, net result €15k, both a record.

02-11

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema · 460 days late

2019

31-12

Financial Back to profitnet €12k

Net result €12k after one loss-making year.

31-12

Financial Liquidity doublescurrent ratio 2.61

Current ratio from 1.05 to 2.61; short-term debt falls from €15k to €10k.

SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.

Location & real-estate footprint

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Ground area

3,609 m²

Building footprint

3,143 m²

Volume, LiDAR

78,586 m³

Parcel 11803C2257/00C000, Flanders · tallest building 48.0 m, ±6 floors. Linked by address, not a title deed.

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
11803C2257/00C000	Flanders	3,609 m²	1 · 3,143 m²	48.0 m · 6 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Insolvency mandates

1 mandate

Role	Name	Tenure
Curator	PHILIP RAUTER KAPUCINESSENSTRAAT 13, 2000 ANTWERPEN 1 ↔ Also on 103 other cases	06-02-2025 → 15-09-2026

Recognitions · licences · registrations

Food safety, FASFC

1 site

Antwerpen2.264.961.381

1 permission

Toelating · Pita-house, pita-bar · since 10-07-2017