FGD
ActiveFrom the official registers: KBO 20 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
FGD has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €7.4m and a net result of €1.1m, of which €1.5m non-recurring income. Equity has been growing by about 18% per year since 2018. Its solvency ranks better than 77% of 4,582 sector peers (NACE 70, financial year 2024). The computed 12-month bankruptcy probability is 1.4% (low).
Financials · financial year 2024, full format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 1 November 2026.
Annual accounts 2024
- Financial year ended
- 31-12-2024
- Filed on
- 24-12-2025
- Format
- full format
- Reference
- 2025-00591580
2019 to 2024, 5 financial years 2018 to 2024, 6 financial years
The operating result for 2024 is a loss of €238,874, smaller than the loss of €290,693 in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Companies with the same profile, two years later
Historical observationIn July 2024, 1,579 companies had the same profile as FGD has now. Two years later, 0.1% had gone bankrupt and 96.7% were still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
The bankruptcy probability of FGD itself is higher: 1.4% within 12 months. It rests on far more data about FGD than the profile alone.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,579 companies, not a prediction for FGD. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €0.03m | €0.03m | €0.07m | €0.1m | €0.1m | ▼ 4.3% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.007m | ▲ 369% |
| Non-recurring operating charges66A | - | - | - | €0.006m | - | €0.001m | - |
| Gross operating margin9900 | €0.07m | €0.07m | €0.07m | -€0.01m | -€0.1m | -€0.1m | ▲ 35.1% |
| Operating profit (loss)9901 | €0.01m | €0.02m | €0.04m | -€0.08m | -€0.3m | -€0.2m | ▲ 17.8% |
| Financial income75/76B | - | - | - | €1.0m | €0.8m | €1.5m | ▲ 78.6% |
| Recurring financial income75 | €0.2m | €0.4m | €0.2m | €0.2m | €6 | €41 | ▲ 547% |
| Non-recurring financial income76B | - | - | - | €0.8m | €0.8m | €1.5m | ▲ 78.6% |
| Financial charges65/66B | - | - | - | €0.05m | €0.02m | €0.2m | ▲ 596% |
| Recurring financial charges65 | €139 | €0.001m | €208 | €464 | €0.02m | €0.04m | ▲ 75.1% |
| Non-recurring financial charges66B | - | - | - | €0.05m | - | €0.1m | - |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.4m | €0.2m | €0.8m | €0.5m | €1.1m | ▲ 110% |
| Income taxes67/77 | €165 | €169 | €62 | €62 | €70 | €0.002m | ▲ 23× |
| Profit (loss) for the period9904 | €0.3m | €0.4m | €0.2m | €0.8m | €0.5m | €1.1m | ▲ 110% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.4m | €0.2m | €0.8m | €0.5m | €1.1m | ▲ 110% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €5.8m | €5.8m | €5.9m | €6.8m | €9.0m | €9.4m | ▲ 4.8% |
| Fixed assets21/28 | €4.5m | €4.7m | €4.8m | €4.6m | €2.2m | €3.3m | ▲ 51.4% |
| Intangible fixed assets21 | - | €0.1m | €0.3m | €0.4m | €0.5m | €0.4m | ▼ 16.5% |
| Financial fixed assets28 | €4.5m | €4.5m | €4.5m | €4.2m | €1.7m | €2.9m | ▲ 70.0% |
| Current assets29/58 | €1.2m | €1.1m | €1.1m | €2.2m | €6.8m | €6.1m | ▼ 9.9% |
| Amounts receivable within one year40/41 | €1.2m | €1.1m | €1.1m | €1.7m | €6.6m | €6.1m | ▼ 7.5% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | ▼ 2.5% |
| Other amounts receivable41 | - | - | - | €1.5m | €6.4m | €5.9m | ▼ 7.7% |
| Cash at bank and in hand54/58 | €0.002m | €0.007m | €0.02m | €0.5m | €0.2m | €0.02m | ▼ 91.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €5.8m | €5.8m | €5.9m | €6.8m | €9.0m | €9.4m | ▲ 4.8% |
| Equity10/15 | €2.8m | €3.2m | €3.4m | €4.2m | €6.3m | €7.4m | ▲ 17.4% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €2.8m | €3.1m | €3.3m | €4.2m | €6.3m | €7.4m | ▲ 17.5% |
| Amounts payable17/49 | €3.0m | €2.6m | €2.5m | €2.7m | €2.6m | €1.9m | ▼ 25.8% |
| Amounts payable within one year42/48 | €3.0m | €2.6m | €2.5m | €2.7m | €2.6m | €1.9m | ▼ 25.8% |
| Trade debts44 | €0.2m | €0.2m | €0.3m | €0.5m | €0.6m | €0.6m | ▲ 4.7% |
| Suppliers440/4 | - | - | - | €0.5m | €0.6m | €0.6m | ▲ 4.7% |
| Taxes, remuneration and social security45 | - | - | - | €124 | €133 | €133 | = |
| Taxes450/3 | - | - | - | €124 | €133 | €133 | = |
| Other amounts payable47/48 | - | - | - | €2.2m | €2.0m | €1.3m | ▼ 35.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.4m | €0.2m | €0.8m | €0.5m | €1.1m | ▲ 110% |
| + Depreciation and write-downs630 | - | €0.03m | €0.03m | €0.07m | €0.1m | €0.1m | ▼ 4.3% |
| Operating cash flow (approximation) | €0.3m | €0.4m | €0.2m | €0.9m | €0.7m | €1.2m | ▲ 85.4% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.2m | €0.09m | - | -€1.2m | - |
| Change in cash | - | €0.005m | €0.02m | €0.5m | - | -€0.2m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | full format | 24-12-2025 | 2025-00591580 | |
| 31-12-2023 | full format | 23-12-2024 | 2024-00625861 | |
| 31-12-2021 | full format | 23-12-2022 | 2022-20547279 | |
| 31-12-2020 | full format | 19-11-2021 | 2021-77700541 | |
| 31-12-2019 | full format | 30-10-2020 | 2020-68100332 | |
| 31-12-2018 | full format | 29-08-2019 | 2019-59100234 | |
| 31-12-2017 | full format | 21-12-2018 | 2018-75400048 | |
| 31-12-2016 | full format | 29-09-2017 | 2017-64800284 | |
| 31-12-2015 | full format | 30-09-2016 | 2016-63100226 | |
| 31-12-2014 | full format | 30-09-2016 | 2016-63100209 |
Comparable companies
These companies have the same main activity as FGD: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €8.8m and €12m, founded between 2000 and 2005.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| FGD Brussel | 2004 | €9.4m | €7.4m | -€0.1m | €1.1m | - | 2024 |
| BRNG Ukkel | 2001 | €9.8m | €6.0m | -€0.06m | €0.09m | 0 | 2025 |
| MERENA Watermaal-Bosvoorde | 2000 | €8.8m | €7.9m | -€0.05m | -€1.0m | - | 2025 |
| EUGEKA Sint-Pieters-Woluwe | 2005 | €12.1m | €8.7m | -€0.5m | -€0.2m | 6.1 | 2025 |
| MAVOR Wuustwezel | 2004 | €9.3m | €6.3m | -€0.1m | €0.2m | 0 | 2025 |
| GAPLUX Tournai | 2004 | €9.6m | €6.6m | -€0.08m | €0.4m | - | 2025 |
| ALBATROS MANAGEMENT COMPANY Affligem | 2004 | €10.4m | €9.6m | -€0.008m | -€0.005m | 0 | 2025 |
They were chosen from the 54,697 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.