FORCE BLUE
ActiveSummary
FORCE BLUE has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.54M and a net result of €-196k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 36% of 4556 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability24▼-3
Solvency48▼-2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85k at 30 days acceptable
short-term debt: 0.1% and cash: 1.2% of total assets, and 76.6% 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
23.4%
Return on assets
-3%
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 €-196k
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 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
23 d early
2023
27 d early
2022
26 d early
2021
25 d early
2020
23 d early
2019
14 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-196k▼ 61.9%
2024 · €-121k
Working capital
€4.98M▲ 1.3%
2024 · €4.92M
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€84k▲ 49.8%€126k▲ 50.3%€76k▼ 39.7%€84k▲ 10.9%€-26k
Net result€-46k▲ 47.5%€-25k▲ 44.2%€-105k▼ 311%€-121k▼ 15.8%€-196k▼ 61.9%
Equity€-1.51M▼ 3.1%€-1.53M▼ 1.7%€1.86M€1.74M▼ 6.5%€1.54M▼ 11.3%
Total assets€4.08M▼ 4.1%€3.91M▼ 4.0%€7.18M▲ 83.4%€6.90M▼ 3.8%€6.58M▼ 4.7%
Debt€5.59M▼ 2.3%€5.45M▼ 2.5%€5.32M▼ 2.4%€5.17M▼ 2.9%€5.04M▼ 2.5%
Working capital€1.05M▲ 24.4%€1.37M▲ 29.6%€4.91M▲ 260%€4.92M▲ 0.3%€4.98M▲ 1.3%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €26k after €84k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.58M
Fixed assets
€1.59M ▼ 14.5%
Current assets
€4.99M ▼ 1.1%
Equity and liabilities €6.58M
Equity
€1.54M ▼ 11.3%
Debt
€5.04M ▼ 2.5%
Debt's share of the balance-sheet total rises from 74.8% to 76.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€242k▼
2024 · €354k
Cash flow
€72k▼
2024 · €148k
Debt to equity
3.27▲
2024 · 2.97
ROE
-12.7%▼
2024 · -7.0%
ROA
-3.0%▼
2024 · -1.8%
Interest coverage
1.13▼
2024 · 1.20
Debt ≤ 1 year
€9k▼
2024 · €127k
Debt > 1 year
€5.01M=
2024 · €5.01M
Income taxes
€0=
2024 · €0
A ratio outside any meaningful range has been withheld (balance sheet total €6.58M, equity €1.54M).
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €278k | €270k | €270k | €270k | €268k | ▼ 0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €50k | - | €-119k | - | - | - |
| Other operating charges640/8 | €73k | €61k | €55k | €69k | €73k | ▲ 6.1% |
| Gross operating margin9900 | €485k | €457k | €282k | €422k | €315k | ▼ 25.4% |
| Operating profit (loss)9901 | €84k | €126k | €76k | €84k | €-26k | ▼ 131% |
| Financial income75/76B | €45k | €36k | €99k | €89k | €45k | ▼ 49.3% |
| Recurring financial income75 | €45k | €36k | €99k | €89k | €45k | ▼ 49.3% |
| Financial charges65/66B | €174k | €188k | €278k | €294k | €215k | ▼ 26.9% |
| Recurring financial charges65 | €174k | €188k | €278k | €294k | €215k | ▼ 26.9% |
| Profit (loss) for the period before taxes9903 | €-46k | €-25k | €-103k | €-121k | €-196k | ▼ 61.9% |
| Income taxes67/77 | - | - | €2k | €0 | €0 | - |
| Profit (loss) for the period9904 | €-46k | €-25k | €-105k | €-121k | €-196k | ▼ 61.9% |
| Profit (loss) for the period to be appropriated9905 | €-46k | €-25k | €-105k | €-121k | €-196k | ▼ 61.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.08M | €3.91M | €7.18M | €6.90M | €6.58M | ▼ 4.7% |
| Fixed assets21/28 | €2.66M | €2.39M | €2.13M | €1.86M | €1.59M | ▼ 14.5% |
| Tangible fixed assets22/27 | €2.66M | €2.39M | €2.13M | €1.86M | €1.59M | ▼ 14.5% |
| Land and buildings22 | €2.66M | €2.39M | €2.13M | €1.86M | €1.59M | ▼ 14.5% |
| Current assets29/58 | €1.42M | €1.52M | €5.05M | €5.05M | €4.99M | ▼ 1.1% |
| Amounts receivable within one year40/41 | €1.30M | €1.47M | €1.94M | €2.61M | €2.58M | ▼ 1.1% |
| Trade receivables40 | €53k | €87k | €1.54M | €2.04M | €2.08M | ▲ 1.7% |
| Other amounts receivable41 | €1.25M | €1.38M | €397k | €562k | €497k | ▼ 11.6% |
| Current investments50/53 | - | - | €2.80M | €2.30M | €2.30M | = |
| Cash at bank and in hand54/58 | €83k | €15k | €276k | €109k | €82k | ▼ 25.0% |
| Deferred charges and accrued income490/1 | €33k | €42k | €34k | €33k | €34k | ▲ 2.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.08M | €3.91M | €7.18M | €6.90M | €6.58M | ▼ 4.7% |
| Equity10/15 | €-1.51M | €-1.53M | €1.86M | €1.74M | €1.54M | ▼ 11.3% |
| Contributions10/11 | €63k | €63k | €3.56M | €3.56M | €3.56M | = |
| Capital10 | €63k | €63k | €3.56M | €3.56M | €3.56M | = |
| Issued capital100 | €63k | €63k | €3.56M | €3.56M | €3.56M | = |
| Profit (loss) carried forward14 | €-1.57M | €-1.60M | €-1.70M | €-1.82M | €-2.02M | ▼ 10.8% |
| Amounts payable17/49 | €5.59M | €5.45M | €5.32M | €5.17M | €5.04M | ▼ 2.5% |
| Amounts payable after more than one year17 | €5.20M | €5.20M | €5.09M | €5.01M | €5.01M | = |
| Financial debts170/4 | €5.01M | €5.01M | €5.01M | €5.01M | €5.01M | = |
| Other amounts payable178/9 | €189k | €189k | €82k | - | - | - |
| Amounts payable within one year42/48 | €362k | €159k | €144k | €127k | €9k | ▼ 93.2% |
| Trade debts44 | €362k | €159k | €143k | €44k | €9k | ▼ 80.7% |
| Suppliers440/4 | €362k | €159k | €143k | €44k | €9k | ▼ 80.7% |
| Other amounts payable47/48 | - | - | €452 | €82k | - | - |
| Accrued charges and deferred income492/3 | €24k | €91k | €81k | €29k | €19k | ▼ 32.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-46k | €-25k | €-105k | €-121k | €-196k | ▼ 61.9% |
| + Depreciation and write-downs630 | €278k | €270k | €270k | €270k | €268k | ▼ 0.4% |
| Operating cash flow (approximation) | €233k | €245k | €165k | €148k | €72k | ▼ 51.4% |
| Investment in fixed assets (approximation) | - | €0 | €-5k | €0 | €0 | - |
| Change in cash | - | €-68k | €261k | €-167k | €-27k | ▲ 83.7% |
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
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-196k
Net result drops to €-196k, the lowest in the series.
31-12
Financial
Liquidity times 15current ratio 581.46
Current ratio from 39.81 to 581.46; short-term debt falls from €127k to €9k.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity quadruplescurrent ratio 35.10
Current ratio from 9.60 to 35.10; short-term debt falls from €159k to €144k.
31-12
Financial
Equity above €1MEq €1.86M
Equity rises from €-1.53M to €1.86M.
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Liquidity doublescurrent ratio 9.60
Current ratio from 3.91 to 9.60; short-term debt falls from €362k to €159k.
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2019
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
04-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 16 acts read
About the unread acts
We know of 16 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
16 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, Antwerpen · 1 establishment unit since 2007
Ground area
4,953 m²
Building footprint
4,254 m²
Volume, LiDAR
64,385 m³
Parcel 11811L3665/00X000, Flanders · tallest building 29.2 m, ±6 floors. Linked by address, not a title deed.
24
companies at this address
See who is registered here
1 establishment unit
Force Blue
since 20072.163.461.670
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11811L3665/00X000 | Flanders | 4,953 m² | 1 · 4,254 m² | 29.2 m · 6 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
Part of the group
VOORUITZICHT
7 companies
Group, risk and exposure
Connections & network
No current directors or connected companies found in the register.
Ownership & control
1 parent companyControl over this companyparent company per the LEI register1
Antwerpen
controls
FORCE BLUEBE 0889.044.788
Recognitions · licences · registrations
Legal Entity Identifier
699400GWQEBCSPOTWE22
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Of 12,041 companies in sector 68203 we hold annual accounts for 5,989. 3,845 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
Founded26-04-2007
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.