ACTIVE

ISABEL

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Financial year 2025 · closed on 31/12/2025

Net result

13,2 M €

-95.7% YoY

Revenue

68,5 M €

+5.2% YoY

Equity

73,5 M €

-49.4% YoY

Workforce

151,6 ETP

+11.2% YoY

What does ISABEL do?

ISABEL is a Public limited company incorporated in 1995. Its main activity is: Computer programming activities. Its registered office is in Bruxelles. It employs on average 151,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0455.530.509

Incorporation

23/06/1995

Legal form

Public limited company

Registered office

Place Sainte-Gudule 14
1000 Bruxelles · BruxellesSee on map

Contributed capital

3 200 000,00 €

Latest accounts

31/12/2025

Average workforce

151,6 ETP

Activities (NACE)

62010Computer programming activities· main 62100Computer programming, consultancy and related activities 66199Other activities auxiliary to financial services, except insurance and pension funding 66199Other activities auxiliary to financial services, except insurance and pension funding 67130Autres auxiliaires financiers

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2016		2015		2014		2011		2008		2007		2006
Income statement
Revenue	68,5 M €	+5.2%	65,1 M €	+0.4%	64,8 M €	+9.3%	59,3 M €	+1.7%	58,3 M €	+3.3%	56,4 M €	+0.8%	56 M €	+2.0%	54,9 M €	-6.5%	58,7 M €	+4.5%	56,2 M €	+1.8%	55,2 M €	+5.5%	52,4 M €	+21.1%	43,2 M €	+4.7%	41,3 M €	+19.3%	34,6 M €
EBITDA	15,2 M €	+13763%	110 k €	-99.4%	19,3 M €	+41.7%	13,6 M €	-13.0%	15,6 M €	+18.6%	13,2 M €	-9.5%	14,6 M €	-1.0%	14,7 M €	+120%	6,7 M €	-2.0%	6,8 M €	-32.0%	10,1 M €	+127%	4,4 M €	+261%	-2,8 M €	-202%	2,7 M €	-31.7%	4 M €
Operating result	13,3 M €	+870%	-1,7 M €	-109%	18,2 M €	+49.1%	12,2 M €	-12.8%	14 M €	+26.3%	11,1 M €	-7.5%	12 M €	-3.7%	12,4 M €	+129%	5,4 M €	-9.5%	6 M €	-31.6%	8,8 M €	+522%	1,4 M €	+133%	-4,2 M €	-342%	1,8 M €	-50.1%	3,5 M €
Net result	13,2 M €	-95.7%	310,1 M €	+2132%	13,9 M €	+58.8%	8,7 M €	-14.6%	10,2 M €	+26.7%	8,1 M €	-1.0%	8,2 M €	-4.6%	8,6 M €	+149%	3,4 M €	-19.3%	4,3 M €	-17.1%	5,1 M €	+524%	824 k €	+120%	-4,2 M €	-426%	1,3 M €	-63.7%	3,6 M €
Balance sheet
Equity	73,5 M €	-49.4%	145,3 M €	+81.1%	80,3 M €	+20.9%	66,4 M €	+15.2%	57,6 M €	+21.6%	47,4 M €	+20.6%	39,3 M €	+26.2%	31,1 M €	+73.3%	18 M €	+23.6%	14,5 M €	+41.4%	10,3 M €	-24.2%	13,6 M €	+46.0%	9,3 M €	-31.2%	13,5 M €	+10.6%	12,2 M €
Total assets	170,5 M €	-56.4%	391,2 M €	+320%	93,2 M €	+17.6%	79,2 M €	+17.7%	67,3 M €	+18.7%	56,7 M €	+14.1%	49,7 M €	+23.4%	40,3 M €	+23.0%	32,7 M €	+26.5%	25,9 M €	-21.5%	32,9 M €	+38.6%	23,8 M €	+14.0%	20,9 M €	-1.1%	21,1 M €	+5.6%	19,9 M €
Cash	26,8 M €	-10.2%	29,8 M €	+102%	14,8 M €	-46.1%	27,4 M €	+13.3%	24,2 M €	+14.4%	21,2 M €	+22.0%	17,4 M €	+94.9%	8,9 M €	-3.8%	9,3 M €	-20.6%	11,7 M €	+7.3%	10,9 M €	+66.7%	6,5 M €	+672%	844,1 k €	-61.4%	2,2 M €	+419%	421,8 k €
Debts	95,5 M €	-61.0%	244,8 M €	+1931%	12,1 M €	+15.9%	10,4 M €	+18.6%	8,8 M €	+3.1%	8,5 M €	-6.7%	9,1 M €	+16.2%	7,9 M €	-38.3%	12,7 M €	+35.8%	9,4 M €	-52.4%	19,7 M €	+127%	8,7 M €	-19.2%	10,7 M €	+70.8%	6,3 M €	-15.0%	7,4 M €
Other
Workforce	151,6 ETP	+11.2%	136,3 ETP	-2.6%	139,9 ETP	-4.4%	146,3 ETP	+5.3%	138,9 ETP	+1.7%	136,6 ETP	+4.8%	130,4 ETP	-0.7%	131,3 ETP	+7.2%	122,5 ETP	+2.5%	119,5 ETP	-5.3%	126,2 ETP	-29.7%	179,6 ETP	+45.7%	123,3 ETP	+8.5%	113,6 ETP	+10.3%	103,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 8 active · 86 ended

Active mandates

Alessandra Guion

Director · since 08 novembre 2024 · until 02 mai 2030

Active

Tom Swerts

Director · since 22 août 2023 · until 02 mai 2030

Active

Kris De Ryck

Managing director · since 09 août 2023 · until 02 mai 2029

Active

Bram Somers

Chairman of the board of directors · since 31 janvier 2023 · until 18 avril 2026

Active

François Franssen

Director · since 24 juin 2022 · until 02 mai 2029

Active

Maarten Van Royen

Director · since 25 juin 2021 · until 17 avril 2026

Active

Filip Rombouts

Director · since 10 novembre 2017 · until 02 mai 2029

Active

Frank Stockx

Director · since 01 février 2016 · until 20 avril 2026

Active

Ended mandates

Tom Swerts

Director · since 22 août 2023 · until 02 mai 2024

Ended

Bram Somers

Chairman of the board of directors · since 31 janvier 2023 · until 02 mai 2029

Ended

Bram Somers

Director · since 31 janvier 2023 · until 03 mai 2023

Ended

François Franssen

Director · since 15 novembre 2022 · until 03 mai 2023

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	m120-f-p
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	27/05/2026	23/05/2025	27/05/2024	25/05/2023	19/05/2022	26/05/2021
General meeting	06/05/2026	07/05/2025	02/05/2024	03/05/2023	04/05/2022	05/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

30 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	06/05/2026	27/05/2026	Dutch	PDF
m120-f-p	31/12/2025	06/05/2026	27/05/2026	Dutch	PDF
Full model	31/12/2024	07/05/2025	23/05/2025	Dutch	PDF
m120-f-p	31/12/2024	07/05/2025	23/05/2025	Dutch	PDF
Full model	31/12/2023	02/05/2024	27/05/2024	Dutch	PDF
m120-f-p	31/12/2023	02/05/2024	27/05/2024	Dutch	PDF
Full model	31/12/2022	03/05/2023	25/05/2023	Dutch	PDF
m120-f-p	31/12/2022	03/05/2023	25/05/2023	Dutch	PDF
Full model	31/12/2021	04/05/2022	19/05/2022	Dutch	PDF
m120-f-p	31/12/2021	04/05/2022	19/05/2022	Dutch	PDF
Full model	31/12/2020	05/05/2021	25/05/2021	Dutch	PDF
m120-f-p	31/12/2020	05/05/2021	26/05/2021	Dutch	PDF
Full model	31/12/2019	06/05/2020	26/05/2020	Dutch	PDF
m120-f-p	31/12/2019	06/05/2020	26/05/2020	Dutch	PDF
Full model	31/12/2018	02/05/2019	23/05/2019	Dutch	PDF
m120-f-p	31/12/2018	02/05/2019	23/05/2019	Dutch	PDF
Full model	31/12/2017	02/05/2018	01/06/2018	Dutch	PDF
m120-f-p	31/12/2017	02/05/2018	01/06/2018	Dutch	PDF
Full model	31/12/2016	03/05/2017	16/05/2017	Dutch	PDF
m120-f-p	31/12/2016	02/05/2017	16/05/2017	Dutch	PDF
Full model	31/12/2015	06/04/2016	27/04/2016	Dutch	PDF
Full model	31/12/2014	01/04/2015	29/04/2015	Dutch	PDF
Full model	31/12/2013	02/04/2014	25/04/2014	Dutch	PDF
Full model	31/12/2012	03/04/2013	15/07/2013	Dutch	PDF

View all 30 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 8 active · 86 ended

Active mandates

Alessandra Guion

Director · since 08 novembre 2024 · until 02 mai 2030

Active

Tom Swerts

Director · since 22 août 2023 · until 02 mai 2030

Active

Kris De Ryck

Managing director · since 09 août 2023 · until 02 mai 2029

Active

Bram Somers

Chairman of the board of directors · since 31 janvier 2023 · until 18 avril 2026

Active

François Franssen

Director · since 24 juin 2022 · until 02 mai 2029

Active

Maarten Van Royen

Director · since 25 juin 2021 · until 17 avril 2026

Active

Filip Rombouts

Director · since 10 novembre 2017 · until 02 mai 2029

Active

Frank Stockx

Director · since 01 février 2016 · until 20 avril 2026

Active

Ended mandates

Tom Swerts

Director · since 22 août 2023 · until 02 mai 2024

Ended

Bram Somers

Chairman of the board of directors · since 31 janvier 2023 · until 02 mai 2029

Ended

Bram Somers

Director · since 31 janvier 2023 · until 03 mai 2023

Ended

François Franssen

Director · since 15 novembre 2022 · until 03 mai 2023

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates02/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Other03/03/2026
DIVERSEN
PDF
Mandates30/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/12/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/05/2023
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

06/05/2026
nominationMario De Vry — bestuurder
06/05/2026
nominationLieve De Mol — bestuurder
2025
Annual accounts 202513,2 M €↓
2024
Annual accounts 2024310,1 M €↑
08/11/2024
nominationAlessandra Guion — externe bestuurder
02/05/2024
nominationTom Swerts — bestuurder
2023
Annual accounts 202313,9 M €↑
09/08/2023
nominationKris De Rijck — gedelegeerde bestuurder
09/08/2023
nominationKris De Ryck — bestuurder en als gedelegeerd bestuurder belast met het dagelijks bestuur
03/05/2023
nominationFrançois Franssen — bestuurder
03/05/2023
nominationBram Somers — bestuurder
03/05/2023
reconductionFilip Rombouts — bestuurder
2022
Annual accounts 20228,7 M €↓
04/05/2022
nominationPricewaterhouseCoopers - bedrijfsrevisoren BV — commissaris
04/05/2022
reconductionFrank Stockx — extern bestuurder
2021
Annual accounts 202110,2 M €↑
25/11/2021
nominationBart De Rauw — bestuurder
24/06/2021
nominationMaarten Van Royen — bestuurder
05/05/2021
reconductionKPMG Bedrijfsrevisoren Burg. CVBA — commissaris
22/02/2021
nominationDirk Ector — bestuurder
2020
Annual accounts 20208,1 M €↓
2019
Annual accounts 20198,2 M €↓
2018
Annual accounts 20188,6 M €↑
2016
Annual accounts 20163,4 M €↓
2015
Annual accounts 20154,3 M €↓
2014
Annual accounts 20145,1 M €↑
2011
Annual accounts 2011824 k €↑
2008
Annual accounts 2008-4,2 M €↓
2007
Annual accounts 20071,3 M €↓
2006
Annual accounts 20063,6 M €
23/06/1995
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

ISABEL

Overview

What does ISABEL do?

Trend over 15 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline