KNAUF INSULATION

Active

Private limited companyfounded 199926 yrs activeRue de Maestricht(VIS) 95, 4600 Visé, BelgiumKBO/BCE: BE 0467.601.069

KNAUF INSULATION has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €177.44M and a net result of €14.53M. Equity is growing by ~5.2% per year across the filed fiscal years. Its solvency ranks better than 81% of 284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

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Checked score

Score 2025

91 / 100

Excellent▼ -9 vs 2024

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability66▼-17

Solvency99▲+1

Growth69▼-1

Stability100

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €2M at 30 days acceptable

Liquidity ample (current ratio 1.98 against 1.89 in 2024), and 27.5% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

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

−lowers risk+raises risk○neutral

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

72.5%

Return on assets

5.9%

Age of the figures

9 mo

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 23

Relative position

BE, all sectors

reference

Sector 23

lower

← fewer bankruptcies more bankruptcies →

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-08-2026, 19 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

19 d late

2024

19 d late

2023

20 d late

2022

23 d late

2021

29 d late

2020

31 d late

2019

18 d late

← before the deadline after the deadline →

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 months

Position in the running window

16-09-2026 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

Financials · fiscal year 2025, full schema

Turnover

€186.22M▼ 1.5%

2024 · €189.08M

2018: €129.19M 2019: €154.80M 2020: €162.62M 2021: €185.25M 2022: €177.33M 2023: €193.59M 2024: €189.08M

2018 → 2025

EBIT margin

12.3%▼ 3.7pp

2024 · 16.0%

2018: 9.0% 2019: 15.0% 2020: 24.3% 2021: 23.3% 2022: 17.8% 2023: 15.0% 2024: 16.0%

2018 → 2025

Net result

€14.53M▼ 37.7%

2024 · €23.34M

2018: €10.09M 2019: €18.14M 2020: €31.11M 2021: €33.20M 2022: €6.06M 2023: €20.83M 2024: €23.34M

2018 → 2025

Working capital

€63.64M▲ 4.4%

2024 · €60.99M

2018: €61.39M 2019: €57.80M 2020: €60.46M 2021: €87.31M 2022: €70.21M 2023: €34.65M 2024: €60.99M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€185.25M-€177.33M▼ 4.3%€193.59M▲ 9.2%€189.08M▼ 2.3%€186.22M▼ 1.5%

Equity€161.94M-€167.64M▲ 3.5%€163.20M▼ 2.6%€186.28M▲ 14.1%€177.44M▼ 4.7%

Operating result€43.19M-€31.61M▼ 26.8%€29.10M▼ 7.9%€30.26M▲ 4.0%€22.97M▼ 24.1%

Net result€33.20M-€6.06M▼ 81.8%€20.83M▲ 244%€23.34M▲ 12.1%€14.53M▼ 37.7%

Result per fiscal year

Operating resultNet result

The operating result falls in 2025; 2025 is 24% below 2024 and is the lowest year so far.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €244.63M

47.4%

52.6%

Fixed assets €115.86M▼ 9.5%

Current assets €128.77M▼ 0.4%

Equity and liabilities €244.63M

72.5%

26.9%

Equity €177.44M▼ 4.7%

Provisions €1.32M▼ 14.9%

Debt €65.87M▼ 5.3%

The debt ratio falls from 27.0% to 26.9%: debt falls faster than equity shrinks.

Key figures and ratios

2025 value · change against 2024

EBITDA

€34.24M▼

2024 · €41.36M

Cash flow

€25.80M▼

2024 · €34.45M

Solvency

72.5%▲

2024 · 72.4%

Current ratio

1.98▲

2024 · 1.89

Quick ratio

1.39▲

2024 · 1.29

Debt / equity

0.37▼

2024 · 0.37

ROE

8.2%▼

2024 · 12.5%

ROA

5.9%▼

2024 · 9.1%

Interest coverage

100.52▼

2024 · 148.04

Debt

€65.87M▼

2024 · €69.55M

Debt ≤ 1 year

€65.13M▼

2024 · €68.31M

Income taxes

€3.83M▼

2024 · €8.00M

Staff costs

€52.11M▲

2024 · €49.69M

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€257.38M€244.63M▼

Fixed assets21/28€128.09M€115.86M▼

Intangible fixed assets21€47.15M€46.65M▼

Tangible fixed assets22/27€73.39M€67.70M▼

Land and buildings22€19.76M€18.45M▼

Plant, machinery and equipment23€42.57M€39.53M▼

Furniture and vehicles24€431k€827k▲

Other tangible fixed assets26€2.89M€3.48M▲

Assets under construction and advance payments27€7.75M€5.42M▼

Financial fixed assets28€7.55M€1.51M▼

Affiliated companies280/1€7.31M€1.31M▼

Participating interests280€5.81M€309k▼

Amounts receivable281€1.50M€1.00M▼

Other financial fixed assets284/8€240k€201k▼

Amounts receivable and cash guarantees285/8€240k€201k▼

Current assets29/58€129.29M€128.77M▼

Stocks and contracts in progress3€41.30M€38.08M▼

Stocks30/36€40.91M€38.08M▼

Raw materials and consumables30/31€21.04M€21.34M▲

Work in progress32€212k€125k▼

Finished goods33€18.87M€15.14M▼

Goods purchased for resale34€793k€1.48M▲

Contracts in progress37€392k€0▼

Amounts receivable within one year40/41€53.39M€52.96M▼

Trade receivables40€50.43M€49.78M▼

Other amounts receivable41€2.97M€3.18M▲

Cash at bank and in hand54/58€33.40M€36.89M▲

Deferred charges and accrued income490/1€1.20M€844k▼

Equity and liabilities

Total equity and liabilities10/49€257.38M€244.63M▼

Equity10/15€186.28M€177.44M▼

Contributions10/11€44.90M€44.90M=

Reserves13€4.49M€4.49M=

Non-distributable reserves130/1€4.49M€4.49M=

Reserves not available under the articles1311€4.49M€4.49M=

Profit (loss) carried forward14€135.41M€127.94M▼

Investment grants15€1.49M€113k▼

Provisions and deferred taxes16€1.55M€1.32M▼

Provisions for liabilities and charges160/5€1.55M€1.32M▼

Pensions and similar obligations160€1.55M€1.32M▼

Amounts payable17/49€69.55M€65.87M▼

Amounts payable within one year42/48€68.31M€65.13M▼

Trade debts44€50.32M€53.11M▲

Suppliers440/4€50.32M€53.11M▲

Taxes, remuneration and social security45€17.99M€12.02M▼

Taxes450/3€6.33M€724k▼

Remuneration and social security454/9€11.66M€11.30M▼

Accrued charges and deferred income492/3€1.24M€742k▼

Income statement Code20242025

Operating income70/76A€343.37M€321.35M▼

Turnover70€189.08M€186.22M▼

Change in stocks of work in progress, finished goods and contracts in progress71€3.67M€-4.21M▼

Own construction capitalised72€234k€473k▲

Other operating income74€150.39M€138.87M▼

Operating charges60/66A€313.12M€298.38M▼

Goods for resale, raw materials and consumables60€82.36M€63.68M▼

Purchases600/8€79.65M€64.68M▼

Change in stocks: decrease (increase)609€2.71M€-998k▼

Services and other goods61€145.90M€170.19M▲

Remuneration, social security and pensions62€49.69M€52.11M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11.11M€11.27M▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-125k€17k▲

Provisions for liabilities and charges: additions (uses and reversals)635/8€71k€-230k▼

Other operating charges640/8€24.12M€1.35M▼

Operating profit (loss)9901€30.26M€22.97M▼

Financial income75/76B€1.78M€1.53M▼

Recurring financial income75€1.33M€1.53M▲

Income from financial fixed assets750€85k€51k▼

Income from current assets751€595k€734k▲

Other financial income752/9€651k€749k▲

Non-recurring financial income76B€450k-

Financial charges65/66B€697k€6.15M▲

Recurring financial charges65€697k€647k▼

Debt charges650€279k€341k▲

Other financial charges652/9€418k€306k▼

Non-recurring financial charges66B-€5.50M

Profit (loss) for the period before taxes9903€31.34M€18.36M▼

Income taxes67/77€8.00M€3.83M▼

Taxes670/3€8.00M€6.57M▼

Tax adjustments and reversals of tax provisions77-€2.75M

Profit (loss) for the period9904€23.34M€14.53M▼

Profit (loss) for the period to be appropriated9905€23.34M€14.53M▼

Appropriation of the result

Profit (loss) to be appropriated9906€135.41M€149.94M▲

Profit (loss) brought forward from the previous period14P€112.07M€135.41M▲

Profit to be distributed694/7-€22.00M

Return on contributions (dividend)694-€22.00M

Social balance

Average headcount (FTE)9087437.8445.3▲

The notes to these accounts (99 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 31Financial 2Gazette 19Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

19-08

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Power of attorney4 facts ▸

General meeting, 2026-06-30
Auditor appointment, PwC Reviseurs d'Entreprises (commissaire)
Power of attorney, Loris Guidi SRL
Permanent representative, Loris Guidi

19-08

NBB filing Annual accounts filed

fiscal year 2025 · full schema · 19 days late

2025

17-12

State Gazette act Purpose · Resignations & appointments

Board meeting · Power of attorney3 facts ▸

Board meeting, 2025-10-16
Power of attorney, Jean-Paul DEFRANCE
Power of attorney, Mark LEVERTON

19-08

NBB filing Annual accounts filed

fiscal year 2024 · unclassified schema · 19 days late

28-01

State Gazette act Resignations & appointments

Board meeting · Power of attorney3 facts ▸

Board meeting, 2024-09-18
Power of attorney, Jean-Paul DEFRANCE
Power of attorney, Mark LEVERTON

2024

20-08

NBB filing Annual accounts filed

fiscal year 2023 · unclassified schema · 20 days late

14-05

State Gazette act Resignations & appointments

General meeting · Director resignation · Director discharge8 facts ▸

General meeting, 2023-12-13
Director resignation, Deloitte Réviseurs d'entreprises SRL (commissaire)
Director discharge, Deloitte Réviseurs d'entreprises SRL
Auditor appointment, PwC Reviseurs d'Entreprises SRL (commissaire)
Permanent representative, Loris Guidi (représentant)
General meeting, 2024-02-12
Director appointment, Dominique BOSSAN (administrateur)
Mandate compensation, Dominique BOSSAN

02-01

State Gazette act Purpose · Statutes amendment · Legal-form change · Resignations & appointments · Miscellaneous

General meeting · Statutes amendment · Purpose change19 facts ▸

General meeting, 2023-12-13
Statutes amendment
Purpose change, La société a pour objet, tant en Belgique qu'à l'étranger, pour compte propre ou compte de tiers ou en participation avec ceux-ci : Toutes activités généralemen…
Statutes amendment
Capital, €44.897.983,8
Director resignation, DEFRANCE Jean-Paul Lucien Adolphe (gérant)
Director resignation, LEVERTON Mark Andrew (gérant)
Director resignation, DUCARME David Charles Yves Joseph (gérant)
Director discharge, DEFRANCE Jean-Paul Lucien Adolphe
Director discharge, LEVERTON Mark Andrew
Director discharge, DUCARME David Charles Yves Joseph
Director appointment, DEFRANCE Jean-Paul Lucien Adolphe (administrateur non statutaire)
+7 further facts in this act

2023

24-08

State Gazette act Resignations & appointments

General meeting · Auditor reappointment · Permanent representative3 facts ▸

General meeting, 2023-06-30
Auditor reappointment, 3 ans, 2025-12-31
Permanent representative, Carl LASCHET

23-08

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 23 days late

2022

31-12

Financial Weakest financial yearnet €6.06M ▼81.8%

Net result drops to €6.06M, the lowest in the series; recovery starts the following year.

29-08

NBB filing Annual accounts filed

fiscal year 2021 · unclassified schema · 29 days late

2021

31-12

Financial Highest result since 2018net €33.20M ▲6.7%

Operating result €43.19M, net result €33.20M, both a record.

31-08

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 31 days late

2020

05-10

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2020-06-30
Auditor appointment, SCRL DELOITTE Réviseurs d'Entreprises
Permanent representative, Laurent WEERTS

18-08

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 18 days late

2019

19-08

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 19 days late

2018

27-09

State Gazette act Resignations & appointments

General meeting · Director resignation · Director discharge3 facts ▸

General meeting, 2018-05-22
Director resignation, Carl Rudolf Thies KNAUF (gérant)
Director discharge, Carl Rudolf Thies KNAUF

22-08

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 22 days late

2017

16-11

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2017-06-30
Auditor appointment, SCRL. DELOITTE Réviseurs d'Entreprises (commissaire)
Permanent representative, Laurent WEERTS

28-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 28 days late

2016

25-08

State Gazette act Capital & shares · Restructuring

General meeting · Merger · Accounting effect9 facts ▸

General meeting, 2016-07-29
Merger, 2016-08-01
Accounting effect, 2016-01-01
Capital increase, €18.600
Share issue, nominatives, sans valeur nominale, entièrement libérées, 5394
Statutes amendment
Capital, €44.897.983,8
Exchange ratio, 1 nouvelle part de la Société Absorbante contre 0,29 parts de la Société Absorbée
Contribution in kind, 8.034.756 EUR

17-06

State Gazette act Restructuring

Merger-project date · Merger · Accounting effect6 facts ▸

Merger-project date, 2016-06-03
Merger, 0.29, 5394
Accounting effect, 2016-01-01
Power of attorney, Jean-Paul Defrance
Statute modification, Modification de l'article 5 relatif au capital souscrit suite à l'augmentation de capital à intervenir
Auditor waived, Renonciation à l'établissement par le commissaire d'un rapport écrit sur le projet de fusion, au profit de l'établissement d'un rapport sur les apports en natur…

03-05

State Gazette act Resignations & appointments

General meeting · Director resignation · Director appointment5 facts ▸

General meeting, 2015-12-22
Director resignation, Michael Anthony Robson (gérant)
Director appointment, Carl Rudolf Thies Knauf (gérant)
Mandate compensation, Carl Rudolf Thies Knauf
Power of attorney, Carl Rudolf Thies Knauf

2015

24-02

State Gazette act Statutes amendment

General meeting · Statutes amendment2 facts ▸

General meeting, 2015-01-29
Statutes amendment

2014

17-09

State Gazette act Resignations & appointments

General meeting · Auditor reappointment · Permanent representative3 facts ▸

General meeting, 2014-06-30
Auditor reappointment, 3 ans, 2016-12-31
Permanent representative, Patrick Mortroux

2013

18-10

State Gazette act Resignations & appointments

General meeting · Permanent representative2 facts ▸

General meeting, 2013-09-17
Permanent representative, Patrick Mortroux

2012

06-04

State Gazette act Purpose · Statutes amendment · Resignations & appointments

General meeting · Purpose change · Statutes amendment11 facts ▸

General meeting, 2012-02-24
Purpose change, La société a pour objet en Belgique ou à l'étranger, pour son compte ou pour compte de tiers : La société a pour objet toutes activités généralement quelconques…
Statutes amendment
Statutes amendment
Capital, €44.879.383,8
Director appointment, Jean-Paul Lucien Adolphe DEFRANCE (gérant)
Director appointment, Mark Andrew LEVERTON (gérant)
Director appointment, David Charles DUCARME (gérant)
Mandate compensation, Jean-Paul Lucien Adolphe DEFRANCE
Mandate compensation, Mark Andrew LEVERTON
Mandate compensation, David Charles DUCARME

2011

30-11

State Gazette act Resignations & appointments

General meeting · Auditor reappointment · Power of attorney3 facts ▸

General meeting, 2010-10-28
Auditor reappointment, 3 years, 2013-12-31
Power of attorney, Philippe Barthélemy

05-10

State Gazette act Capital & shares · Statutes amendment

General meeting · Capital increase · Bank account5 facts ▸

General meeting, 2011-09-12
Capital increase, €40.000.000
Bank account, 2011-09-05
Capital, €44.879.383,8
Statutes amendment

2005

03-08

State Gazette act Registered office · Capital & shares · Statutes amendment

General meeting · Registered-office move · Statutes amendment3 facts ▸

General meeting, 2005-06-29
Registered-office move, 4600 Visé, rue Maestricht, 95
Statutes amendment

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

7 directors, no change since 2024

Dominique BOSSAN

Director · since 12-02-2024

Current

DEFRANCE Jean-Paul Lucien Adolphe

Administrateur non statutaire · since 13-12-2023

Current

DUCARME David Charles Yves Joseph

Administrateur non statutaire · since 13-12-2023

Current

LEVERTON Mark Andrew

Administrateur non statutaire · since 13-12-2023

Current

David Charles DUCARME

Gérant · since 24-02-2012

Not recently confirmed

12-02-2024 Dominique BOSSAN: Appointed as Director

13-12-2023 DEFRANCE Jean-Paul Lucien Adolphe: Appointed as Administrateur non statutaire

13-12-2023 DEFRANCE Jean-Paul Lucien Adolphe: Resigned as Gérant

13-12-2023 DUCARME David Charles Yves Joseph: Resigned as Gérant

13-12-2023 DUCARME David Charles Yves Joseph: Appointed as Administrateur non statutaire

13-12-2023 LEVERTON Mark Andrew: Resigned as Gérant

13-12-2023 LEVERTON Mark Andrew: Appointed as Administrateur non statutaire

22-05-2018 Carl Rudolf Thies KNAUF: Resigned as Gérant

22-12-2015 Carl Rudolf Thies KNAUF: Appointed as Gérant

22-12-2015 Michael Anthony Robson: Resigned as Gérant

24-02-2012 DEFRANCE Jean-Paul Lucien Adolphe: Appointed as Gérant

24-02-2012 LEVERTON Mark Andrew: Appointed as Gérant

24-02-2012 David Charles DUCARME: Appointed as Gérant

Location & real-estate footprint

Registered office, Visé · 2 establishment units since 1999

establishment All 2 establishment units on the map

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.

Rue de Maestricht(VIS) 954600 Visé

Ground area

23.1 ha

Building footprint

2.0 ha

Volume, LiDAR

269,119 m³

2 parcels, Brussels, Wallonia · tallest building 31.5 m, ±9 floors. Linked by address, not a title deed.

2 establishment units

Rue de Maestricht(VIS) 95, 4600 Visé

Manufacture of other non-metallic mineral products

since 19992.093.011.857

Kortenberglaan 120, 1000 Brussel

Activities of head offices; management consultancy activities

since 20162.260.886.886

2 parcels

Wallonia 1 (50%) Brussels 1 (50%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62108B0182/00D000	Wallonia	23.0 ha	1 · 2.0 ha	31.5 m · 4 fl.
21806F0304/00T003	Brussels	1,443 m²	1 · 672 m²	29.4 m · 9 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1 · via establishment units: 1

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

5 auditors

PwC Reviseurs d'EntreprisesCurrent

Commissaire

30-06-2026 → present

Show 4 earlier auditors

PriceWaterhouseCoopers Réviseurs d'Entreprises SCCRL Auditor · represented by Patrick Mortroux succeeded by SCRL Deloitte Réviseurs d'Entreprises in 2017	28-10-2010 → 30-06-2017
PwC Réviseurs d'Entreprises SRL Commissaire · represented by Loris Guidi succeeded by PwC Reviseurs d'Entreprises in 2026	13-12-2023 → 30-06-2026
SCRL Deloitte Réviseurs d'Entreprises Auditor · represented by Laurent WEERTS succeeded by PwC Réviseurs d'Entreprises SRL in 2023	30-06-2017 → 13-12-2023
SRL DELOITTE Réviseurs d'Entreprises Auditor · represented by Carl LASCHET	30-06-2023 → 13-12-2023