FGM
ActiveSummary
FGM has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9.2m and a net result of -€2.5m. Equity is growing by ~69.5% per year across the filed fiscal years. Its solvency ranks better than 38% of 3221 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability11▼-8
Solvency64▼-10
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €460,000 at 30 days acceptable
Liquidity short (current ratio 0.11 against 0.19 in 2024; short-term debt: 61.3% and cash: 0% of total assets), and 61.3% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
38.7%
Return on assets
-10.5%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€2.5m
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 09-07-2026, 22 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
22 d early
2024
6 d early
2023
6 d early
2022
28 d late
2021
2 d early
2020
24 d late
2019
69 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 12 days after the deadline; the sector median for financial year 2024 is 9 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#4 company by total assets in Asse, Professional and technical services sector#7 company by equity in Asse, Professional and technical services sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€2.5m▼ 40.3%
2024 · -€1.8m
Working capital
-€12.9m▼ 34.0%
2024 · -€9.6m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€39,059▼ 122%-€210,933▼ 440%-€482,417▼ 129%-€385,459▲ 20.1%-€394,261▼ 2.3%
Net result€8.0m▲ 2,129%€8.9m▲ 11.0%-€100,702-€1.8m▼ 1,656%-€2.5m▼ 40.3%
Equity€5.2m▲ 630%€13.5m▲ 159%€13.4m▼ 0.7%€11.6m▼ 13.2%€9.2m▼ 21.3%
Total assets€16.6m▲ 45.8%€21.6m▲ 29.9%€22.2m▲ 3.0%€23.5m▲ 5.9%€23.7m▲ 0.6%
Debt€11.4m▲ 6.7%€8.1m▼ 29.1%€8.8m▲ 9.2%€11.9m▲ 35.0%€14.5m▲ 21.9%
Working capital-€6.0m▲ 10.7%€303,925-€4.8m-€9.6m▼ 101%-€12.9m▼ 34.0%
Staff (FTE)1.32▲ 53.8%2=1.1▼ 45.0%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €394,261 in 2025 against €385,459 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €23.7m
Fixed assets
€22.1m ▲ 3.7%
Current assets
€1.6m ▼ 29.1%
Equity and liabilities €23.7m
Equity
€9.2m ▼ 21.3%
Debt
€14.5m ▲ 21.9%
Debt's share of the balance-sheet total rises from 50.6% to 61.3%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
0.11▼
2024 · 0.19
Quick ratio
0.11▼
2024 · 0.19
Debt to equity
1.59▲
2024 · 1.02
ROE
-27.1%▼
2024 · -15.2%
ROA
-10.5%▼
2024 · -7.5%
Debt ≤ 1 year
€14.5m▲
2024 · €11.9m
Staff costs
€62,235▼
2024 · €130,023
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €49,456 | €142,865 | €130,023 | €62,235 | ▼ 52.1% |
| Other operating charges640/8 | €936 | €936 | €184,048 | €8,281 | €1,069 | ▼ 87.1% |
| Gross operating margin9900 | -€38,124 | -€160,542 | -€155,505 | -€247,155 | -€330,957 | ▼ 33.9% |
| Operating profit (loss)9901 | -€39,059 | -€210,933 | -€482,417 | -€385,459 | -€394,261 | ▼ 2.3% |
| Financial income75/76B | €10.1m | €13.4m | €704,915 | €1.1m | €1.1m | ▲ 3.9% |
| Recurring financial income75 | €16,233 | €56,029 | €248,604 | €207,562 | €42,490 | ▼ 79.5% |
| Non-recurring financial income76B | €10.1m | €13.4m | €456,311 | €845,968 | €1.1m | ▲ 24.3% |
| Financial charges65/66B | €97,707 | €1.3m | €323,086 | €2.4m | €3.2m | ▲ 30.5% |
| Recurring financial charges65 | €97,707 | €123,092 | €323,086 | €433,756 | €1.5m | ▲ 249% |
| Non-recurring financial charges66B | - | €1.2m | €0 | €2.0m | €1.7m | ▼ 16.8% |
| Profit (loss) for the period before taxes9903 | €10.0m | €11.9m | -€100,589 | -€1.8m | -€2.5m | ▼ 40.3% |
| Income taxes67/77 | €2.0m | €3.0m | €113 | €0 | - | - |
| Profit (loss) for the period9904 | €8.0m | €8.9m | -€100,702 | -€1.8m | -€2.5m | ▼ 40.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €2.0m | €0 | ▼ 100% |
| Transfer to tax-exempt reserves689 | €2.0m | €2.0m | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €6.0m | €6.9m | -€100,702 | €231,438 | -€2.5m | ▼ 1,172% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €16.6m | €21.6m | €22.2m | €23.5m | €23.7m | ▲ 0.6% |
| Fixed assets21/28 | €13.8m | €15.7m | €18.2m | €21.3m | €22.1m | ▲ 3.7% |
| Financial fixed assets28 | €13.8m | €15.7m | €18.2m | €21.3m | €22.1m | ▲ 3.7% |
| Current assets29/58 | €2.8m | €5.9m | €4.0m | €2.3m | €1.6m | ▼ 29.1% |
| Stocks and contracts in progress3 | €49,579 | €49,579 | €49,579 | €49,579 | €49,579 | = |
| Stocks30/36 | €49,579 | €49,579 | €49,579 | €49,579 | €49,579 | = |
| Amounts receivable within one year40/41 | €2.8m | €5.8m | €3.9m | €1.3m | €934,371 | ▼ 27.7% |
| Trade receivables40 | €3,703 | €0 | - | - | - | - |
| Other amounts receivable41 | €2.8m | €5.8m | €3.9m | €1.3m | €934,371 | ▼ 27.7% |
| Current investments50/53 | - | - | - | €470,147 | €615,147 | ▲ 30.8% |
| Cash at bank and in hand54/58 | €1,818 | €2,293 | €47,124 | €458,465 | €10,782 | ▼ 97.6% |
| Deferred charges and accrued income490/1 | €16,219 | €655 | €497 | €979 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €16.6m | €21.6m | €22.2m | €23.5m | €23.7m | ▲ 0.6% |
| Equity10/15 | €5.2m | €13.5m | €13.4m | €11.6m | €9.2m | ▼ 21.3% |
| Contributions10/11 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | = |
| Capital10 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | = |
| Issued capital100 | €3.6m | €3.6m | €3.6m | €3.6m | €3.6m | = |
| Uncalled capital101 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €2.3m | €4.4m | €4.4m | €4.4m | €6.6m | ▲ 50.6% |
| Non-distributable reserves130/1 | €308,852 | €358,765 | €358,765 | €358,765 | €358,765 | = |
| Legal reserve130 | €308,852 | €358,765 | €358,765 | €358,765 | €358,765 | = |
| Tax-exempt reserves132 | €2.0m | €4.0m | €4.0m | €2.0m | €2.0m | = |
| Distributable reserves133 | - | - | - | €2.0m | €4.2m | ▲ 110% |
| Profit (loss) carried forward14 | €319,554 | €6.6m | €6.5m | €4.7m | €0 | ▼ 100% |
| Amounts payable17/49 | €11.4m | €8.1m | €8.8m | €11.9m | €14.5m | ▲ 21.9% |
| Amounts payable after more than one year17 | €2.5m | €2.5m | €0 | - | - | - |
| Financial debts170/4 | €2.5m | €2.5m | €0 | - | - | - |
| Amounts payable within one year42/48 | €8.8m | €5.6m | €8.8m | €11.9m | €14.5m | ▲ 21.9% |
| Current portion of amounts payable after more than one year42 | - | - | €2.5m | €0 | - | - |
| Financial debts43 | €1,073 | €0 | - | €3.7m | €4.0m | ▲ 8.3% |
| Credit institutions430/8 | €1,073 | €0 | - | €3.7m | €4.0m | ▲ 8.3% |
| Trade debts44 | €549 | €63,644 | €1,125 | €73,007 | €67,000 | ▼ 8.2% |
| Suppliers440/4 | €549 | €63,644 | €1,125 | €73,007 | €67,000 | ▼ 8.2% |
| Advances received on contracts in progress46 | €3,703 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | €33,988 | €601,385 | €759,759 | €16,832 | €6,077 | ▼ 63.9% |
| Taxes450/3 | €33,988 | €594,894 | €743,784 | €1,406 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | €6,491 | €15,976 | €15,426 | €6,077 | ▼ 60.6% |
| Other amounts payable47/48 | €8.8m | €4.9m | €5.5m | €8.1m | €10.4m | ▲ 28.5% |
| Accrued charges and deferred income492/3 | €52,273 | €0 | €39,520 | €6,794 | €10,129 | ▲ 49.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8.0m | €8.9m | -€100,702 | -€1.8m | -€2.5m | ▼ 40.3% |
| Operating cash flow (approximation) | €8.0m | €8.9m | -€100,702 | -€1.8m | -€2.5m | ▼ 40.3% |
| Investment in fixed assets (approximation) | - | -€1.9m | -€2.5m | -€3.0m | -€792,639 | ▲ 73.8% |
| Change in cash | - | €475 | €44,832 | €411,341 | -€447,684 | ▼ 209% |
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
09-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€2.5m
Net result drops to -€2.5m, the lowest in the series.
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 28 days late
2022
31-12
Financial
Highest result since 2018net €8.9m ▲11%
Net result €8.9m, the highest in the series.
31-12
Financial
Liquidity triplescurrent ratio 1.05
Current ratio from 0.32 to 1.05; short-term debt falls from €8.8m to €5.6m.
31-12
Financial
Equity above €10mEq €13.5m ▲159%
3 profitable years in a row build equity to €13.5m.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €5mEq €5.2m ▲630%
2 profitable years in a row build equity to €5.2m.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 24 days late
2020
31-12
Financial
Back to profitnet €359,063
Net result €359,063 after 2 loss-making years.
Show earlier events
31-12
Financial
Equity above €500,000Eq €714,012 ▲101%
Equity rises from €354,948 to €714,012.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 69 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 29 days late
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 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
14 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, Asse · 1 establishment unit since 1989
Ground area
2,412 m²
Building footprint
2,060 m²
Volume, LiDAR
17,200 m³
Parcel 23095B0028/00P002, Flanders · tallest building 11.1 m, ±3 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
LA FONCIERE GEORGES MIGNON SA
since 19892.043.593.525
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23095B0028/00P002 | Flanders | 2,412 m² | 1 · 2,060 m² | 11.1 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.
Structure & network
Owners and holdings
1 ownerChain of control
- TROISMER
- FGM
Highest known parent: TROISMER. The sources do not say who stands above it.
Owners 1
- TROISMERparentSourceaccounts TROISMER 202591.58%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
Recognitions · licences · registrations
Legal Entity Identifier
967600NUGVW5C5G2NG50
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 7,300 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded15-02-1989
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
70200Business and other management consultancy
68122Development of non-residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0436824355
Registered
26-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.