Summary
Cityforward has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €322.1m and a net result of -€40.7m. Equity is growing by ~42.2% per year across the filed fiscal years. Its solvency ranks better than 47% of 482 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity and financial fixed assets account for more than half of its assets. The general operating-company model is unsuitable for this profile, so we show no financial axes either. Filed figures remain available.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 30-06-2026, 31 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
31 d early
2024
27 d early
2023
42 d early
2022
7 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 23 days before the deadline; the sector median for financial year 2024 is 10 days before the deadline, and 32% 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 2 July (3 of the last 4 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check Which other companies belong to the same group?Cityforward · 23 companies What changed in the latest annual accounts?What changed
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#2 company by total assets in the Brussels-Capital Region, Computing infrastructure and information services sector#2 company by equity in the Brussels-Capital Region, Computing infrastructure and information services sector
Equity
€322.1m▲ 21.5%
2024 · €265.1m
Total assets
€746.7m▲ 17.2%
2024 · €637.0m
Net result
-€40.7m▼ 43.1%
2024 · -€28.4m
Working capital
-€100.6m▼ 236%
2024 · -€29.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 63, Computing infrastructure, data processing, hosting and other information service activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Operating result-€867,966--€7.0m▼ 704%-€7.4m▼ 6.1%-€8.2m▼ 10.6%
Net result€986,998above the sector's middle half--€17.3mbelow the sector's middle half-€28.4mbelow the sector's middle half▼ 64.6%-€40.7mbelow the sector's middle half▼ 43.1%
Equity€102.0mabove the sector's middle half-€93.5mabove the sector's middle half▼ 8.3%€265.1mabove the sector's middle half▲ 183%€322.1mabove the sector's middle half▲ 21.5%
Total assets€115.1mabove the sector's middle half-€185.8mabove the sector's middle half▲ 61.5%€637.0mabove the sector's middle half▲ 243%€746.7mabove the sector's middle half▲ 17.2%
Debt€13.1m-€92.3m▲ 605%€371.9m▲ 303%€424.6m▲ 14.2%
Working capital-€11.6mbelow the sector's middle half--€23.7mbelow the sector's middle half▼ 105%-€29.9mbelow the sector's middle half▼ 26.4%-€100.6mbelow the sector's middle half▼ 236%
Solvency88.6%above the sector's middle half-50.3%within the sector's middle half▼ 38.3pp41.6%within the sector's middle half▼ 8.7pp43.1%within the sector's middle half▲ 1.5pp
Current ratio0.12below the sector's middle half-0.06below the sector's middle half▼ 0.060.01below the sector's middle half▼ 0.050.00below the sector's middle half▼ 0.01
Return on assets (ROA)0.9%within the sector's middle half--9.3%below the sector's middle half▼ 10.2pp-4.5%below the sector's middle half▲ 4.8pp-5.5%below the sector's middle half▼ 1.0pp
above
within
below
the middle half (P25 to P75) of NACE 63, Computing infrastructure, data processing, hosting and other information service activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €8.2m in 2025 against €7.4m in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €746.7m
Fixed assets
€746.5m ▲ 17.3%
Current assets
€226,567 ▼ 28.4%
Equity and liabilities €746.7m
Equity
€322.1m ▲ 21.5%
Debt
€424.6m ▲ 14.2%
Debt's share of the balance-sheet total falls from 58.4% to 56.9%. Equity and debt are higher.
Key figures and ratios
ROE
-12.6%▼
2024 · -10.7%
Debt ≤ 1 year
€100.8m▲
2024 · €30.2m
Debt > 1 year
€323.7m▼
2024 · €341.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,064 | €4.0m | €7.2m | €7.2m | = |
| Other operating charges640/8 | €648 | €8,653 | €1,136 | €1,118 | ▼ 1.5% |
| Gross operating margin9900 | -€866,254 | -€3.0m | -€230,796 | -€1.0m | ▼ 340% |
| Operating profit (loss)9901 | -€867,966 | -€7.0m | -€7.4m | -€8.2m | ▼ 10.6% |
| Financial income75/76B | €2.3m | €119,499 | €1.0m | €795,928 | ▼ 21.1% |
| Recurring financial income75 | €2.3m | €119,499 | €1.0m | €795,928 | ▼ 21.1% |
| Financial charges65/66B | €42,578 | €10.4m | €22.0m | €33.3m | ▲ 51.2% |
| Recurring financial charges65 | €42,578 | €6.8m | €22.0m | €33.3m | ▲ 51.2% |
| Non-recurring financial charges66B | - | €3.7m | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.3m | -€17.3m | -€28.4m | -€40.7m | ▼ 43.2% |
| Income taxes67/77 | €359,291 | €2,309 | €14,554 | - | - |
| Profit (loss) for the period9904 | €986,998 | -€17.3m | -€28.4m | -€40.7m | ▼ 43.1% |
| Profit (loss) for the period to be appropriated9905 | €986,998 | -€17.3m | -€28.4m | -€40.7m | ▼ 43.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €115.1m | €185.8m | €637.0m | €746.7m | ▲ 17.2% |
| Formation expenses20 | €8,629 | €6,691 | €4,752 | €2,813 | ▼ 40.8% |
| Fixed assets21/28 | €113.6m | €184.3m | €636.7m | €746.5m | ▲ 17.3% |
| Intangible fixed assets21 | - | €31.6m | €24.4m | €17.2m | ▼ 29.4% |
| Financial fixed assets28 | €113.6m | €152.7m | €612.3m | €729.3m | ▲ 19.1% |
| Current assets29/58 | €1.5m | €1.5m | €316,383 | €226,567 | ▼ 28.4% |
| Amounts receivable within one year40/41 | €626,559 | €1.5m | €0 | €0 | - |
| Trade receivables40 | - | - | €0 | €0 | - |
| Other amounts receivable41 | €626,559 | €1.5m | €0 | - | - |
| Cash at bank and in hand54/58 | €875,696 | €36,237 | €261,801 | €208,876 | ▼ 20.2% |
| Deferred charges and accrued income490/1 | €13,383 | €12,817 | €54,581 | €17,691 | ▼ 67.6% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €115.1m | €185.8m | €637.0m | €746.7m | ▲ 17.2% |
| Equity10/15 | €102.0m | €93.5m | €265.1m | €322.1m | ▲ 21.5% |
| Contributions10/11 | €101.0m | €101.0m | €301.0m | €398.8m | ▲ 32.5% |
| Capital10 | €101.0m | - | - | - | - |
| Issued capital100 | €101.0m | - | - | - | - |
| Reserves13 | - | €1.2m | €1.2m | €1.2m | = |
| Non-distributable reserves130/1 | - | €1.2m | €1.2m | €1.2m | = |
| Reserves not available under the articles1311 | - | €1.2m | €1.2m | €1.2m | = |
| Profit (loss) carried forward14 | €986,998 | -€8.7m | -€37.1m | -€77.8m | ▼ 110% |
| Amounts payable17/49 | €13.1m | €92.3m | €371.9m | €424.6m | ▲ 14.2% |
| Amounts payable after more than one year17 | - | €67.1m | €341.6m | €323.7m | ▼ 5.2% |
| Financial debts170/4 | - | €67.1m | €341.6m | €303.7m | ▼ 11.1% |
| Other amounts payable178/9 | - | - | - | €20.0m | - |
| Amounts payable within one year42/48 | €13.1m | €25.2m | €30.2m | €100.8m | ▲ 233% |
| Current portion of amounts payable after more than one year42 | €9.5m | €11.5m | €2.1m | €74.0m | ▲ 3,381% |
| Financial debts43 | - | €1.8m | €13.5m | €11.3m | ▼ 16.8% |
| Credit institutions430/8 | - | €1.8m | €4.0m | €1.8m | ▼ 56.4% |
| Other loans439 | - | - | €9.5m | €9.5m | = |
| Trade debts44 | €213,322 | €1.5m | €731,510 | €143,055 | ▼ 80.4% |
| Suppliers440/4 | €213,322 | €1.5m | €731,510 | €143,055 | ▼ 80.4% |
| Taxes, remuneration and social security45 | €359,291 | €356,766 | €0 | - | - |
| Taxes450/3 | €359,291 | €356,766 | €0 | - | - |
| Other amounts payable47/48 | €3.0m | €10.0m | €13.9m | €15.4m | ▲ 10.9% |
| Accrued charges and deferred income492/3 | €22,904 | €24,146 | €1,241 | €33,699 | ▲ 2,614% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €986,998 | -€17.3m | -€28.4m | -€40.7m | ▼ 43.1% |
| + Depreciation and write-downs630 | €1,064 | €4.0m | €7.2m | €7.2m | = |
| Operating cash flow (approximation) | €988,061 | -€13.3m | -€21.3m | -€33.5m | ▼ 57.7% |
| Investment in fixed assets (approximation) | - | -€74.7m | -€459.5m | -€117.0m | ▲ 74.5% |
| Change in cash | - | -€839,459 | €225,564 | -€52,925 | ▼ 123% |
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
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€40.7m
Net result drops to -€40.7m, the lowest in the series.
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €250mEq €265.1m ▲183%
Equity rises from €93.5m to €265.1m.
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
07-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 7 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Brussel · 1 establishment unit since 2022
Ground area
1,150 m²
Building footprint
1,007 m²
Volume, LiDAR
19,645 m³
Parcel 21803C1122/00M002, Brussels · tallest building 28.8 m, ±8 floors. Linked by address, not a title deed.
52
companies at this address
See who is registered here
1 establishment unit
Cityforward
since 20222.329.923.073
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21803C1122/00M002 | Brussels | 1,150 m² | 1 · 1,007 m² | 28.8 m · 8 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.
Structure & network
Heads the group
Cityforward
23 companies
Group, risk and exposure
Owners and holdings
1 owner · 4 holdings · 23 subsidiaries in the treeOwners 1
- 37.61%
Holdings 4
-
100%
-
100%
-
100%
-
49.49%
All subsidiaries, including indirect ones 23
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- Bolivar JV Bel 100%
Cityforward Schuman HoldCo 100%20 subsidiaries
- Cityforward Belliard 232 100%
- Cityforward Belliard 68 100%
- Cityforward Borchette 100%
- Cityforward Demot 24 100%
- Cityforward Demot 28 100%
- Cityforward Froissart 101 100%
- Cityforward Joseph 54 100%
- Cityforward Joseph 70 100%
- Cityforward Joseph 79 100%
- Cityforward Joseph 99 100%
- Cityforward Loi 102 100%
- Cityforward Loi 130 100%
- Cityforward Loi 86 100%
- Cityforward Luxembourg 46 100%
- Cityforward Madou 100%
- Cityforward Montoyer 59 100%
- Cityforward Palmerston 100%
- Cityforward Spa 3 100%
- Cityforward Trèves 74 100%
- Cityforward Van Maerlant 18 100%
- Egmont Luxemburg S.A.R.L.LU 100%
According to the 2025 annual accounts of Cityforward and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 3,149 companies in sector 63920 we hold annual accounts for 1,525. 3 are within a factor 10 of this equity. See the whole sector
Identification & contact
Identification
Legal formLimited partnership
Founded05-04-2022
Fiscal year end31-12
Activities, NACEBEL 2025
63920Other information service activities
64210Activities of holding companies
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0784472652
Also
9925:BE0784472652
Registered
06-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.