Checked.be
Active
BE 0840.137.091Private limited company
QUALITY SERVICES INSULATION
Rue de la Champignotte(AIN) 3 ·4317 Faimes, Belgium· 14 yrs active
Sector: Insulation installation
(43230)
Conclusion
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 €206k and a net result of €-22k. Equity is growing by ~5.3% per year across the filed fiscal years. Its solvency ranks better than 58% of 36383 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.3% (low).
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €206k |
| Net result | €-22k |
| Better than sector | 58% |
| Active | 14 yrs |
Financial profile
64
/ 100
Strong profile, led by stability.
All 5 axes are computed from data Checked has read.
Health
70
Profitability
0
Solvency
96
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2011, 14 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
70
/ 100
Healthy
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€14k
estimate, not credit advice
Score history
94
2022
100
2023
70
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 2.29 (≥ 1.5)
+10
Quick ratio
Quick ratio 2.21 (≥ 1.0)
+5
Leverage
Debt/equity 0.88 (< 1.0)
+10
Profitability
Negatieve ROE -11%
-10
Interest coverage
Interest coverage 4.0× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 27-08-2025 with the NBB · fiscal year 2024 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~5.3%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 43, Specialised construction activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 53.3% | 46.6% | |
| Net result | €-22k | €9k | |
| Equity | €206k | €58k | |
| Gross operating margin | €111k | €38k | |
| Staff costs | €1k | €40k |
€443k
-
22-24
€77k
-46.8%
22-24
€-22k
-
22-24
€24k
-80.8%
22-24
€387k
-19.5%
22-24
€206k
-16.7%
22-24
€128k
-6.0%
22-24
€1k
-63.5%
22-24
€-4k
-
22-24
€15k
-
22-24
€181k
-22.5%
22-24
€99k
+0.9%
22-24
€81k
-39.6%
22-24
2.29
-4.0%
22-24
2.21
-4.8%
22-24
53.3%
+3.5%
22-24
0.88
-6.9%
22-24
-10.5%
-
22-24
-5.6%
-
22-24
6.1%
-
22-24
17.9%
-
22-24
4.02
-63.4%
22-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema |
| Revenue | - | - | €443k |
| EBITDA | €77k | €144k | €79k |
| Net profit | €-22k | €63k | €27k |
| Cash flow | €24k | €126k | €64k |
| Staff costs | €1k | €4k | €1k |
| Income taxes | €-4k | €25k | €7k |
| Dividends | €15k | - | - |
| Total assets | €387k | €480k | €382k |
| Equity | €206k | €247k | €184k |
| Debt | €181k | €233k | €198k |
| of which ≤ 1y | €99k | €98k | €71k |
| of which > 1y | €81k | €134k | €126k |
| Working capital | €128k | €136k | €92k |
| Employees (FTE) | - | - | - |
Ratios (computed)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Current ratio | 2.29 | 2.38 | 2.30 |
| Quick ratio | 2.21 | 2.32 | 2.22 |
| Working capital ratio | 33.1% | 28.3% | 24.2% |
| Solvency | 53.3% | 51.5% | 48.3% |
| Debt / equity | 0.88 | 0.94 | 1.07 |
| Long-term debt ratio | 0.39 | 0.54 | 0.69 |
| Interest coverage | 4.02 | 10.96 | 6.33 |
| Gross margin | - | - | 17.6% |
| Net margin | - | - | 6.1% |
| ROA | -5.6% | 13.1% | 7.1% |
| ROE | -10.5% | 25.5% | 14.8% |
| EBITDA margin | - | - | 17.9% |
| Days sales outstanding | - | - | 32d |
| Days payable outstanding | 31d | 41d | 30d |
| Inventory turnover | 55.10 | 64.71 | 63.25 |
| Days inventory (DSI) | 7d | 6d | 6d |
Balance-sheet composition 2024
Full annual accounts (26 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €387k | €480k | €382k |
| Fixed assets | 21/28 | €159k | €246k | €218k |
| Tangible fixed assets | 22/27 | €159k | €246k | €218k |
| Current assets | 29/58 | €227k | €235k | €163k |
| Stocks & contracts in progress | 3 | €8k | €6k | €6k |
| Amounts receivable within one year | 40/41 | €74k | €45k | €54k |
| Investments | 50/53 | €138k | €174k | - |
| Cash & bank | 54/58 | - | - | €98k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €387k | €480k | €382k |
| Equity | 10/15 | €206k | €247k | €184k |
| Contributions / capital | 10/11 | €14k | €19k | €19k |
| Reserves | 13 | €2k | €2k | €2k |
| Accumulated profits (losses) | 14 | €191k | €227k | €164k |
| Amounts payable | 17/49 | €181k | €233k | €198k |
| Amounts payable after one year | 17 | €81k | €134k | €126k |
| Amounts payable within one year | 42/48 | €99k | €98k | €71k |
| Trade debts payable within one year | 44 | €36k | €42k | €30k |
| Income statement | ||||
| Turnover | 70 | - | - | €443k |
| Gross operating margin | 9900 | €111k | €149k | €82k |
| Operating result | 9901 | €31k | €81k | €43k |
| Financial income | 75 | €1 | €232 | €0 |
| Financial charges | 65 | €19k | €13k | €13k |
| Result before taxes | 9903 | €-26k | €88k | €35k |
| Income taxes | 67/77 | €-4k | €25k | €7k |
| Net result for the period | 9904 | €-22k | €63k | €27k |
| Result to be appropriated | 9905 | €-22k | €63k | €27k |
Legal Structure
| NACE primary | Insulation installation(43230) |
| Legal form | Private limited company(610) |
| Incorporation | 11-10-2011 |
| Status | Active |
| Postal code | 4317 |
Establishment units
Quality Services Insulation
since 20112.205.206.215
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61002A0274/00V000 | Wallonia | 1,288 m² | 1 · 50 m² | 9.2 m · 3 fl. |
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.
Updates
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 27 days late
2024
31-12
Financial
Weakest financial yearnet €-22k ▼134%
Net result drops to €-22k, the lowest in the series.
23-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 54 days late
2023
31-12
Financial
Highest result since 2022net €63k ▲132%
Operating result €81k, net result €63k, both a record.
31-12
Financial
Equity above €200kEq €247k ▲34.3%
2 profitable years in a row build equity to €247k.
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
27-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 58 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
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
2016
12-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 43 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
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.
Credit advice
Company registry (CBE)
Activities
Insulation installation43230Specialised construction activities43291Landscape service activities81300
Names & trade names
| Legal nameFR | QUALITY SERVICES INSULATION |
| AbbreviationFR | Q.S.I. |
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