QUALITY SERVICES INSULATION
ActiveSummary
QUALITY SERVICES INSULATION has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €206,003 and a net result of -€21,730. Equity is growing by ~28.8% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability45▼-40
Solvency78▲+2
Growth75=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity ample (current ratio 2.29 against 2.38 in 2023; short-term debt: 25.7% of total assets), and 46.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
53.3%
Return on assets
-5.6%
Age of the figures
21 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-06-2026, 46 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
46 d early
2024
27 d late
2023
54 d late
2022
29 d late
2021
30 d late
2020
58 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 26 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, micro schema
Turnover
€442,851▼ 7.5%
2021 · €478,572
EBIT margin
9.6%▼ 5.2pp
2021 · 14.8%
Net result
-€21,730
2023 · €63,109
Working capital
€128,013▼ 6.0%
2023 · €136,148
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€415,901▲ 2.5%€478,572▲ 15.1%€442,851▼ 7.5%
Operating result€79,852▲ 26.3%€70,778▼ 11.4%€42,669▼ 39.7%€81,279▲ 90.5%€30,697▼ 62.2%
Net result€44,500above the sector's middle half▼ 30.4%€46,511above the sector's middle half▲ 4.5%€27,199within the sector's middle half▼ 41.5%€63,109above the sector's middle half▲ 132%-€21,730below the sector's middle half
EBIT margin19.2%▲ 3.6pp14.8%▼ 4.4pp9.6%▼ 5.2pp
Equity€110,513within the sector's middle half▲ 67.4%€157,024above the sector's middle half▲ 42.1%€184,223above the sector's middle half▲ 17.3%€247,333above the sector's middle half▲ 34.3%€206,003above the sector's middle half▼ 16.7%
Total assets€195,974within the sector's middle half▲ 64.8%€328,539above the sector's middle half▲ 67.6%€381,763above the sector's middle half▲ 16.2%€480,343above the sector's middle half▲ 25.8%€386,640above the sector's middle half▼ 19.5%
Debt€85,461▲ 61.5%€171,515▲ 101%€197,540▲ 15.2%€233,011▲ 18.0%€180,637▼ 22.5%
Working capital€92,011above the sector's middle half▲ 59.9%€101,112above the sector's middle half▲ 9.9%€92,309above the sector's middle half▼ 8.7%€136,148above the sector's middle half▲ 47.5%€128,013above the sector's middle half▼ 6.0%
Solvency56.4%within the sector's middle half▲ 0.9pp47.8%within the sector's middle half▼ 8.6pp48.3%within the sector's middle half▲ 0.5pp51.5%within the sector's middle half▲ 3.2pp53.3%within the sector's middle half▲ 1.8pp
Current ratio2.48within the sector's middle half▲ 0.292.25within the sector's middle half▼ 0.232.30within the sector's middle half▲ 0.052.38within the sector's middle half▲ 0.082.29within the sector's middle half▼ 0.09
Return on assets (ROA)22.7%above the sector's middle half▼ 31.1pp14.2%within the sector's middle half▼ 8.6pp7.1%within the sector's middle half▼ 7.0pp13.1%within the sector's middle half▲ 6.0pp-5.6%below the sector's middle half▼ 18.8pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 62% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €386,640
Fixed assets
€159,225 ▼ 35.2%
Current assets
€227,415 ▼ 3.1%
Equity and liabilities €386,640
Equity
€206,003 ▼ 16.7%
Debt
€180,637 ▼ 22.5%
Debt's share of the balance-sheet total falls from 48.5% to 46.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€76,563▼
2023 · €143,850
Cash flow
€24,137▼
2023 · €125,680
Quick ratio
2.21▼
2023 · 2.32
Debt to equity
0.88▼
2023 · 0.94
ROE
-10.5%▼
2023 · 25.5%
Interest coverage
4.02▼
2023 · 10.96
Debt ≤ 1 year
€99,402▲
2023 · €98,491
Debt > 1 year
€81,235▼
2023 · €134,414
Income taxes
-€4,215▼
2023 · €24,792
Staff costs
€1,317▼
2023 · €3,603
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,910 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
1.1%
went bankrupt
7.8%
stopped otherwise
91%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,910 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €415,901 | €478,572 | €442,851 | - | - | - |
| Non-recurring operating income76A | - | €1,690 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €350,391 | €364,706 | €377,935 | €420,760 | ▲ 11.3% |
| Remuneration, social security and pensions62 | - | €1,235 | €1,119 | €3,603 | €1,317 | ▼ 63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,349 | €21,458 | €36,630 | €62,570 | €45,866 | ▼ 26.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €29,783 | - | - | - | - |
| Other operating charges640/8 | - | €3,825 | €1,094 | €1,498 | €986 | ▼ 34.1% |
| Non-recurring operating charges66A | - | €5,784 | €34 | - | €32,533 | - |
| Gross operating margin9900 | €101,739 | €132,864 | €81,546 | €148,950 | €111,399 | ▼ 25.2% |
| Operating profit (loss)9901 | €79,852 | €70,778 | €42,669 | €81,279 | €30,697 | ▼ 62.2% |
| Financial income75/76B | - | €1,844 | €6,465 | €19,743 | €15,330 | ▼ 22.4% |
| Recurring financial income75 | €0 | €0 | €0 | €232 | €1 | ▼ 99.7% |
| Non-recurring financial income76B | - | €1,844 | €6,464 | €19,511 | €15,329 | ▼ 21.4% |
| Financial charges65/66B | - | €21,765 | €14,463 | €13,120 | €71,971 | ▲ 449% |
| Recurring financial charges65 | €11,676 | €15,723 | €12,530 | €13,120 | €19,061 | ▲ 45.3% |
| Non-recurring financial charges66B | - | €6,042 | €1,933 | - | €52,910 | - |
| Profit (loss) for the period before taxes9903 | €60,700 | €50,858 | €34,670 | €87,902 | -€25,945 | ▼ 130% |
| Income taxes67/77 | €16,200 | €4,346 | €7,471 | €24,792 | -€4,215 | ▼ 117% |
| Profit (loss) for the period9904 | €44,500 | €46,511 | €27,199 | €63,109 | -€21,730 | ▼ 134% |
| Profit (loss) for the period to be appropriated9905 | €44,500 | €46,511 | €27,199 | €63,109 | -€21,730 | ▼ 134% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €195,974 | €328,539 | €381,763 | €480,343 | €386,640 | ▼ 19.5% |
| Fixed assets21/28 | €41,771 | €146,325 | €218,340 | €245,704 | €159,225 | ▼ 35.2% |
| Intangible fixed assets21 | - | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €41,408 | €146,325 | €218,340 | €245,704 | €159,225 | ▼ 35.2% |
| Land and buildings22 | - | €2,555 | €1,453 | €2,459 | €1,687 | ▼ 31.4% |
| Plant, machinery and equipment23 | - | €2,384 | €6,124 | €5,225 | €3,796 | ▼ 27.4% |
| Furniture and vehicles24 | - | €125,858 | €200,280 | €232,580 | €151,641 | ▼ 34.8% |
| Leasing and similar rights25 | - | €14,808 | €9,969 | €5,130 | - | - |
| Other tangible fixed assets26 | - | €720 | €515 | €310 | €2,101 | ▲ 578% |
| Financial fixed assets28 | €363 | €0 | - | - | - | - |
| Current assets29/58 | €154,203 | €182,214 | €163,423 | €234,639 | €227,415 | ▼ 3.1% |
| Amounts receivable after more than one year29 | - | - | €2,970 | €8,225 | €3,125 | ▼ 62.0% |
| Other amounts receivable291 | - | - | €2,970 | €8,225 | €3,125 | ▼ 62.0% |
| Stocks and contracts in progress3 | €4,480 | €6,371 | €5,766 | €5,840 | €7,637 | ▲ 30.8% |
| Stocks30/36 | - | €6,371 | €5,766 | €5,840 | €7,637 | ▲ 30.8% |
| Amounts receivable within one year40/41 | €47,186 | €84,169 | €54,030 | €45,057 | €73,884 | ▲ 64.0% |
| Trade receivables40 | - | €57,062 | €38,487 | €29,211 | €48,804 | ▲ 67.1% |
| Other amounts receivable41 | - | €27,107 | €15,542 | €15,846 | €25,080 | ▲ 58.3% |
| Current investments50/53 | - | - | - | €173,750 | €138,147 | ▼ 20.5% |
| Cash at bank and in hand54/58 | €101,752 | €89,340 | €98,261 | - | - | - |
| Deferred charges and accrued income490/1 | - | €2,334 | €2,396 | €1,767 | €4,622 | ▲ 162% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €195,974 | €328,539 | €381,763 | €480,343 | €386,640 | ▼ 19.5% |
| Equity10/15 | €110,513 | €157,024 | €184,223 | €247,333 | €206,003 | ▼ 16.7% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €13,600 | ▼ 26.9% |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €90,053 | €136,564 | €163,763 | €226,873 | €190,543 | ▼ 16.0% |
| Amounts payable17/49 | €85,461 | €171,515 | €197,540 | €233,011 | €180,637 | ▼ 22.5% |
| Amounts payable after more than one year17 | €23,269 | €90,413 | €126,425 | €134,414 | €81,235 | ▼ 39.6% |
| Financial debts170/4 | - | €90,413 | €126,425 | €134,414 | €81,235 | ▼ 39.6% |
| Amounts payable within one year42/48 | €62,192 | €81,102 | €71,114 | €98,491 | €99,402 | ▲ 0.9% |
| Current portion of amounts payable after more than one year42 | - | €25,990 | €33,493 | €46,811 | €39,852 | ▼ 14.9% |
| Trade debts44 | €27,798 | €46,354 | €29,532 | €42,369 | €36,168 | ▼ 14.6% |
| Suppliers440/4 | - | €46,354 | €29,532 | €42,369 | €36,168 | ▼ 14.6% |
| Taxes, remuneration and social security45 | - | €8,705 | €6,540 | €9,079 | €15,427 | ▲ 69.9% |
| Taxes450/3 | - | €8,458 | €6,540 | €9,079 | €15,427 | ▲ 69.9% |
| Remuneration and social security454/9 | - | €247 | - | - | - | - |
| Other amounts payable47/48 | - | €52 | €1,550 | €232 | €7,956 | ▲ 3,326% |
| Accrued charges and deferred income492/3 | - | - | - | €105 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,500 | €46,511 | €27,199 | €63,109 | -€21,730 | ▼ 134% |
| + Depreciation and write-downs630 | €10,349 | €21,458 | €36,630 | €62,570 | €45,866 | ▼ 26.7% |
| Operating cash flow (approximation) | €54,849 | €67,969 | €63,830 | €125,680 | €24,137 | ▼ 80.8% |
| Investment in fixed assets (approximation) | - | -€126,012 | -€108,645 | -€89,935 | €40,613 | ▲ 145% |
| Change in cash | - | -€12,412 | €8,921 | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 27 days late
2024
23-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 54 days late
2023
31-12
Financial
Equity above €200,000Eq €247,333 ▲34.3%
5 profitable years in a row build equity to €247,333.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Equity above €150,000Eq €157,024 ▲42.1%
3 profitable years in a row build equity to €157,024.
27-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 58 days late
2020
31-12
Financial
Equity above €100,000Eq €110,513 ▲67.4%
2 profitable years in a row build equity to €110,513.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
31-12
Financial
Back to profitnet €63,965
Net result €63,965 after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 2.19
Current ratio from 1.02 to 2.19; short-term debt falls from €52,525 to €48,338.
Show earlier events
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 9 days late
2018
08-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 8 days late
2017
11-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 11 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 15 acts read
About the unread acts
We know of 15 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
15 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
Registered office, Faimes · 1 establishment unit since 2011
Ground area
1,288 m²
Building footprint
50 m²
Volume, LiDAR
336 m³
Parcel 61002A0274/00V000, Wallonia · tallest building 9.2 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Quality Services Insulation
since 20112.205.206.215
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61002A0274/00V000 | Wallonia | 1,288 m² | 1 · 50 m² | 9.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
1 categoryQUALITY SERVICES INSULATION SRL45696
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Of 4,269 companies in sector 43230 we hold annual accounts for 1,242. 982 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-10-2011
Fiscal year end31-12
Abbreviation FR
Q.S.I.
Activities, NACEBEL 2025
43230Insulation installation
81300Landscape service activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0840137091
Also
9925:BE0840137091
Registered
19-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.