Checked.be
Active
BE 0758.765.672Private limited company
FGMA
Boomstraat(BOR) 85 ·2880 Bornem, Belgium· 5 yrs active
Sector: Activities of head offices
(70100)
Conclusion
FGMA has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-525k) and a net result of €-528k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 1400 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.9% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €-525k |
| Net result | €-528k |
| Better than sector | 5% |
| Active | 5 yrs |
Financial profile
53
/ 100
Mixed profile: strong on profitability, weaker on health.
All 5 axes are computed from data Checked has read.
Health
7
Profitability
100
Solvency
33
Growth
32
Stability
94
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
More than 3 years active
Founded in 2020, past the statistically most fragile first 3 years.
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
7
/ 100
Critical
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
No credit
negative equity or figures too weak
Score history
60
2021
68
2022
20
2023
7
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.16 (< 1.0)
-10
Quick ratio
Quick ratio 0.16 (< 0.6)
-5
Equity
Negative equity
-25
Profitability
ROE 101% (≥ 10%)
+10
Interest coverage
Interest coverage -7.6× (< 1.5×)
-10
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 26-06-2025 with the NBB · fiscal year 2024 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile
Too volatile to project: the yearly deviation from the trend is ~165% of the level (threshold 35%). We therefore deliberately show no projection line.
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 70, Activities of head offices; management consultancy activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -518.9% | 43.7% | |
| Net result | €-528k | €42k | |
| Equity | €-525k | €163k | |
| Gross operating margin | €-6k | €72k | |
| Employees (FTE) | 0.0 | 0.0 |
€-6k
-
21-24
€-528k
-20013.0%
21-24
€-528k
-
21-24
€101k
-83.5%
21-24
€-525k
-
21-24
€-528k
-13512.6%
21-24
0
-
21-24
€245
-21.7%
21-24
€0
-100.0%
21-24
€626k
+2.8%
21-24
€626k
+2.8%
21-24
0.16
-84.2%
21-24
0.16
-84.2%
21-24
-518.9%
-
21-24
-1.19
-
21-24
100.6%
-
21-24
-521.8%
-121552.7%
21-24
-7.65
-
21-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - |
| EBITDA | €-6k | €2k | €52k | - |
| Net profit | €-528k | €-3k | €40k | €47k |
| Cash flow | €-528k | €850 | €40k | - |
| Staff costs | - | - | - | - |
| Income taxes | €245 | €313 | €11k | €14k |
| Dividends | €0 | €84k | - | - |
| Total assets | €101k | €612k | €617k | €567k |
| Equity | €-525k | €3k | €90k | €50k |
| Debt | €626k | €609k | €527k | €516k |
| of which ≤ 1y | €626k | €609k | €527k | €516k |
| of which > 1y | - | - | - | - |
| Working capital | €-528k | €-4k | €80k | €50k |
| Employees (FTE) | 0.0 | 0.0 | - | - |
Ratios (computed)
| 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|
| Current ratio | 0.16 | 0.99 | 1.15 | 1.10 |
| Quick ratio | 0.16 | 0.99 | 1.15 | 1.10 |
| Working capital ratio | -521.4% | -0.6% | 12.9% | 8.9% |
| Solvency | -518.9% | 0.5% | 14.6% | 8.9% |
| Debt / equity | -1.19 | 202.99 | 5.85 | 10.25 |
| Long-term debt ratio | - | - | - | - |
| Interest coverage | -7.65 | 2.17 | 62.07 | - |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | -521.8% | -0.4% | 6.4% | 8.4% |
| ROE | 100.6% | -87.5% | 44.1% | 94.0% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2024
Full annual accounts (22 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €101k | €612k | €617k | €567k |
| Fixed assets | 21/28 | €3k | €7k | €10k | €1 |
| Tangible fixed assets | 22/27 | €3k | €7k | €10k | - |
| Financial fixed assets | 28 | €0 | €1 | €1 | €1 |
| Current assets | 29/58 | €99k | €605k | €607k | €567k |
| Amounts receivable within one year | 40/41 | €90k | €588k | €589k | €559k |
| Investments | 50/53 | €128 | €96 | €64 | - |
| Cash & bank | 54/58 | €7k | €7k | €15k | €4k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €101k | €612k | €617k | €567k |
| Equity | 10/15 | €-525k | €3k | €90k | €50k |
| Contributions / capital | 10/11 | €3k | €3k | €3k | €3k |
| Accumulated profits (losses) | 14 | €-528k | €0 | €87k | €47k |
| Amounts payable | 17/49 | €626k | €609k | €527k | €516k |
| Amounts payable within one year | 42/48 | €626k | €609k | €527k | €516k |
| Trade debts payable within one year | 44 | €12k | €12k | €2k | €323 |
| Income statement | |||||
| Gross operating margin | 9900 | €-6k | €3k | €53k | €66k |
| Operating result | 9901 | €-6k | €-1k | €52k | €62k |
| Financial charges | 65 | €845 | €995 | €837 | €1k |
| Result before taxes | 9903 | €-528k | €-2k | €51k | €61k |
| Income taxes | 67/77 | €245 | €313 | €11k | €14k |
| Net result for the period | 9904 | €-528k | €-3k | €40k | €47k |
| Result to be appropriated | 9905 | €-528k | €-3k | €40k | €47k |
Legal Structure
| NACE primary | Activities of head offices(70100) |
| Legal form | Private limited company(610) |
| Incorporation | 25-11-2020 |
| Status | Active |
| Postal code | 2880 |
Establishment units
FGMA
since 20202.309.867.037
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12007B0414/00K000 | Flanders | 300 m² | 1 · 313 m² | 14.3 m · 1 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
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €-528k
Net result drops to €-528k, the lowest in the series.
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Activities of head offices70100Business and other management consultancy70200Business consulting70220
Names & trade names
| Legal nameNL | FGMA |
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