Losses
-€4.3m in three years
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
FGM
Lifetime
20 annual accounts with figures on one time axis, 36 filings since 1990peak €78,839 (2015)
-€330,957▼ €83,803
lowest -€2.5m (2025)
-€2.5m▼ €712,026
peak €13.5m (2022)
€9.2m▼ 21.3%
€14.5m▲ 21.9%
peak 2 FTE (2023)
1.1 FTE▼ 45.0%
Board3 names since 2021
1 directorTROISMER
Owners
91.58%TROISMER
Documentsfilings and deeds
09-07-202622 days before the deadline
2025financial year
Gross margin from -€247,155 to -€330,957Loss of €2.5mStaff from 2 FTE to 1.1 FTEEquity from €11.6m to €9.2mDebts from €11.9m to €14.5mCash from €458,465 to €10,782
Key points
from the 2025 annual accountsFilings
36 annual accounts since 1990
Five of the last ten came late. The 2019 accounts came latest: 69 days after the end of the period.
Position in the sector
-€2.5m
Lower net result than 95% of companies in real estate. Sector median €20,526 · 5,817 companies.
Checked score
79
Excellent
Financially stronger than 19% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%lowest value
01-2025: 0.2%● unchanged vs 12-2024lowest value
02-2025: 0.2%● unchanged vs 01-2025lowest value
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.4%▲ +0.2 percentage points vs 07-2026highest value
09-2026: 0.4%● unchanged vs 08-2026highest value
10-2026: 0.4%● unchanged vs 09-2026highest value
11-2026: 0.4%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.11, cash €10,782, halved
Loss of €2.5m, the second in a row (financial year 2025)
lowers risk
Founded in 1989
Sector: Activities of head offices; management consultancy activities (NACE 70)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 37% of them on solvency, 8% on liquidity, 11% on profitability and 22% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit verdict
Credit of up to €700,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.11 (0.19 in 2024), below 1. Short-term debt is 61.3% and cash 0% of total assets. 61.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
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 days early
2024
6 days early
2023
6 days early
2022
28 days late
2021
2 days early
2020
24 days late
2019
69 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 12 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0436824355
2 directors resigning
Change of role: TROISMER, from director to sole director · Resignations: SEYNAVE Henri and SEYNAVE Camille · Permanent representative: SEYNAVE Léon · General meeting of 28-12-2023 · Gazette deed
2 directors resigning, 2 reappointments
Resignations: Henri Seynave and Camille Seynave · Reappointments: Henri Seynave and Camille Seynave · General meeting of 30-06-2022 · Gazette deed
1 director appointed, 1 resignation, 1 reappointment
Resignation: Troismer BV (managing director) · Reappointment: Troismer BV · Permanent representative: Léon Seynave · General meeting of 04-05-2021 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| FGM Asse | €23.7m | -€0.3m | 38.7% | 1.1 |
| BUILPROM Antwerp | €24.2m | -€0.1m | 44.3% | 1 |
| HPG BELGIUM Maasmechelen | €16.5m | -€0.1m | 99.8% | 0.5 |
| DG Management & Consulting Sint-Martens-Latem | €26.9m | -€0.06m | 20.1% | 1 |
| MOPRO INVEST II Antwerp | €19.0m | -€0.04m | -13.1% | 0.6 |
| MARCEL DE VOS & C° Beveren-Kruibeke-Zwijndrecht | €9.3m | -€1.1m | -32.0% | 1 |
| PROLAND Antwerp | €19.7m | -€0.2m | 62.3% | 2.5 |
These companies have the same main activity as FGM: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €9.3m and €27m, founded between 1966 and 2002.
Official details
Source: KBO- Status
- Active since 15-02-1989Normal situation
- Registered office
- 10 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 8 November 2026.
- Activity
- Development of residential building projectsNACE 68121
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.043.593.5251731 Asse, since 01-06-1989
- Financial year end
- 31 December
- Peppol
- Reachable since 26-11-2025
Annual accounts 2025
- €23.7m▲ 0.6%
- Employeeson 31-12-2025
- 1▼ 50.0%
- Filing
- Filed on 09-07-2026, 22 days before the end of the filing period
Insights on FGM
Solvency fell in 2025 from 49.4% to 38.7% because of the loss.
TROISMER holds 91.58% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about FGM
- What is the company number of FGM?
- The company number of FGM is 0436.824.355. The VAT number is the same number with BE in front: BE 0436.824.355.
- Where is FGM based?
- The registered office is at Z. 3 Doornveld 165, 1731 Asse.Company details
- What does FGM do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of FGM?
- FGM is a public limited company (NV).
- When was FGM founded?
- FGM was founded on 15-02-1989.
- Is FGM still active?
- Yes, FGM is an active enterprise in the KBO register.
- How many employees does FGM have?
- FGM had an average of 1.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does FGM fall under?
- In its 2025 annual accounts, FGM states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of FGM?
- The annual accounts for financial year 2025 state no turnover.
- Is FGM profitable?
- In financial year 2025, FGM made a loss of €2.5m.
- Where can I find the annual accounts of FGM?
- FGM filed 36 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of FGM due?
- FGM must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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