FORCE DISTRIBUTION
ActiveFinancials · financial year 2026, full format
2026 annual accounts filed 30 days after the deadline Filed on 30 September 2026, deadline 31 August 2026 (7 months after the close on 31 January 2026, Companies Code art. 3:10). Source: NBB, 2026-00537227.
Annual accounts 2026 filed on 30-09-2026 at the NBB all 11 filings
Turnover
€19.9m▲ 1.1%
2025 · €19.7m
EBIT margin
4.7%▼ 2.2pp
2025 · 6.9%
Net result
€515,533▼ 36.0%
2025 · €805,909
Working capital
€2.2m▲ 34.5%
2025 · €1.6m
In the rankings
#9 employer in Evere, Wholesale and retail trade sector
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€19.9m
▲ 1.1%
2026
20192026
Operating result
€936,959
▼ 31.3%
2026
20192026
Net result
€515,533
▼ 36.0%
2026
20192026
EBIT margin
4.7%
▼ 2.2pp
2026
20192026
Equity
€2.4m
▲ 28.0%
2026
20192026
Total assets
€4.8m
▲ 13.4%
2026
20192026
Debt
€2.5m
▲ 2.3%
2026
20192026
Working capital
€2.2m
▲ 34.5%
2026
20192026
Solvency
48.8%
▲ 5.6pp
2026
20192026
Current ratio
1.93
▲ 0.21
2026
20192026
Return on assets (ROA)
10.7%
▼ 8.2pp
2026
20192026
Staff (FTE)
53.3
▼ 7.1%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€19.6m€19.7m▲ 0.3%€19.9m▲ 1.1%
Operating result€0.1m-€0.1m▲ 8.3%-€0.2m-€0.1m▲ 39.0%€0.7m€1.1m▲ 60.4%€1.4m▲ 19.4%€0.9m▼ 31.3%
Net result-€0.02m--€0.01m▲ 47.5%-€0.3mbelow the sector's middle half▼ 3,122%-€0.2mbelow the sector's middle half▲ 25.7%€0.6mabove the sector's middle half€0.7mabove the sector's middle half▲ 24.0%€0.8mabove the sector's middle half▲ 10.7%€0.5m▼ 36.0%
EBIT margin5.8%6.9%▲ 1.1pp4.7%▼ 2.2pp
Equity€0.3m-€0.3m▼ 3.3%-€0.03mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 924%€0.3mwithin the sector's middle half€1.0mabove the sector's middle half▲ 234%€1.8mabove the sector's middle half▲ 77.6%€2.4m▲ 28.0%
Total assets€3.0m-€2.8m▼ 6.1%€2.4mabove the sector's middle half▼ 14.2%€2.1mwithin the sector's middle half▼ 11.1%€3.0mabove the sector's middle half▲ 38.7%€3.7mabove the sector's middle half▲ 26.1%€4.3mabove the sector's middle half▲ 14.5%€4.8m▲ 13.4%
Debt€2.7m-€2.5m▼ 6.5%€2.4m▼ 2.5%€2.4m▼ 0.7%€2.6m▲ 9.9%€2.7m▲ 1.6%€2.4m▼ 9.9%€2.5m▲ 2.3%
Working capital€0.2m-€0.2m▲ 42.8%-€0.006mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 4,927%€0.3mwithin the sector's middle half€0.9mabove the sector's middle half▲ 251%€1.6mabove the sector's middle half▲ 75.4%€2.2m▲ 34.5%
Solvency10.7%-11.1%▲ 0.3pp-1.1%below the sector's middle half▼ 12.2pp-13.0%below the sector's middle half▼ 11.9pp10.5%below the sector's middle half▲ 23.5pp27.9%within the sector's middle half▲ 17.4pp43.2%within the sector's middle half▲ 15.4pp48.8%▲ 5.6pp
Current ratio1.09-1.14▲ 0.051.00below the sector's middle half▼ 0.150.83below the sector's middle half▼ 0.161.12within the sector's middle half▲ 0.281.38within the sector's middle half▲ 0.261.73within the sector's middle half▲ 0.351.93▲ 0.21
Return on assets (ROA)-0.7%--0.4%▲ 0.3pp-14.0%below the sector's middle half▼ 13.6pp-11.7%below the sector's middle half▲ 2.3pp19.9%above the sector's middle half▲ 31.6pp19.5%above the sector's middle half▼ 0.3pp18.9%above the sector's middle half▼ 0.6pp10.7%▼ 8.2pp
Staff (FTE)46.2-43.1▼ 6.7%32.1above the sector's middle half▼ 25.5%38.8above the sector's middle half▲ 20.9%45.6above the sector's middle half▲ 17.5%54.7above the sector's middle half▲ 20.0%57.4above the sector's middle half▲ 4.9%53.3▼ 7.1%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 operating result for 2026 is 31% lower than in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €4.8m
Fixed assets
€325,695 ▼ 22.9%
Current assets
€4.5m ▲ 17.4%
Equity and liabilities €4.8m
Equity
€2.4m ▲ 28.0%
Debt
€2.5m ▲ 2.3%
Debt's share of the balance-sheet total falls from 56.8% to 51.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.1m▼
2025 · €1.5m
Cash flow
€704,526▼
2025 · €967,911
Quick ratio
1.76▲
2025 · 1.56
Debt to equity
1.05▼
2025 · 1.31
ROE
21.8%▼
2025 · 43.7%
Interest coverage
55.72▼
2025 · over 100
Debt ≤ 1 year
€2.3m▲
2025 · €2.2m
Income taxes
€264,157▼
2025 · €398,479
Customer credit
69 days▲
2025 · 0 days
Supplier credit
40 days▲
2025 · 38 days
Staff costs
€1.9m▲
2025 · €1.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-01-2022 | 31-01-2023 | 31-01-2024 | 31-01-2025 | 31-01-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 45 | 60 | 75 | 70 | 74 |
| full-time | 26 | 34 | 42 | 47 | 45 |
| part-time | 19 | 26 | 33 | 23 | 29 |
| in full-time equivalents | 36.7 | 48.9 | 61.2 | 60.4 | 59.3 |
| Average over the year, in full-time equivalents | 38.8 | 45.6 | 54.7 | 57.4 | 53.3 |
| On a permanent contract | 20 | 28 | 38 | 39 | 38 |
| Joined | 797 | 912 | 833 | 586 | 676 |
| Left | 792 | 897 | 818 | 591 | 672 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-01-2022 | 31-01-2023 | 31-01-2024 | 31-01-2025 | 31-01-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €14,900 | €91,443 | €208,882 | €92,493 |
| Depreciation and write-downs of the year | €136,041 | €133,714 | €137,831 | €162,002 | €188,992 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | €19.8m | €20.2m | €20.2m | ▼ 0.1% |
| Turnover70 | - | - | - | - | - | €19.6m | €19.7m | €19.9m | ▲ 1.1% |
| Other operating income74 | - | - | - | - | - | €0.2m | €0.5m | €0.3m | ▼ 45.7% |
| Operating charges60/66A | - | - | - | - | - | €18.7m | €18.8m | €19.2m | ▲ 2.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | €14.7m | €15.0m | €15.3m | ▲ 1.7% |
| Purchases600/8 | - | - | - | - | - | €14.7m | €15.0m | €15.3m | ▲ 2.2% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | -€0.07m | €0.03m | -€0.04m | - |
| Services and other goods61 | - | - | - | - | - | €2.1m | €1.8m | €1.9m | ▲ 4.8% |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.3m | €1.7m | €1.8m | €1.9m | ▲ 3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 16.7% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.005m | €0.1m | €0.04m | €0.02m | ▼ 53.8% |
| Non-recurring operating charges66A | - | - | - | €60 | €0.004m | €137 | - | €90 | - |
| Gross operating margin9900 | €1.5m | €1.4m | €0.8m | €1.0m | €2.2m | - | - | - | - |
| Operating profit (loss)9901 | €0.1m | €0.1m | -€0.2m | -€0.1m | €0.7m | €1.1m | €1.4m | €0.9m | ▼ 31.3% |
| Financial income75/76B | - | - | - | - | €0 | €113 | €222 | €55 | ▼ 75.3% |
| Recurring financial income75 | €3 | €1 | €1 | - | €0 | €113 | €222 | €55 | ▼ 75.3% |
| Other financial income752/9 | - | - | - | - | - | €113 | €222 | €55 | ▼ 75.3% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 1.8% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 3.1% |
| Debt charges650 | - | - | - | - | - | €0.01m | €0.009m | €0.02m | ▲ 127% |
| Other financial charges652/9 | - | - | - | - | - | €0.2m | €0.2m | €0.1m | ▼ 10.7% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €0.002m | - |
| Profit (loss) for the period before taxes9903 | -€0.02m | -€0.01m | -€0.3m | -€0.2m | €0.6m | €1.0m | €1.2m | €0.8m | ▼ 35.3% |
| Income taxes67/77 | - | €0.001m | €0.002m | €0.002m | €0.002m | €0.2m | €0.4m | €0.3m | ▼ 33.7% |
| Taxes670/3 | - | - | - | - | - | €0.2m | €0.4m | €0.3m | ▼ 33.7% |
| Profit (loss) for the period9904 | -€0.02m | -€0.01m | -€0.3m | -€0.2m | €0.6m | €0.7m | €0.8m | €0.5m | ▼ 36.0% |
| Profit (loss) for the period to be appropriated9905 | -€0.02m | -€0.01m | -€0.3m | -€0.2m | €0.6m | €0.7m | €0.8m | €0.5m | ▼ 36.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.0m | €2.8m | €2.4m | €2.1m | €3.0m | €3.7m | €4.3m | €4.8m | ▲ 13.4% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.7m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 22.9% |
| Tangible fixed assets22/27 | €1.0m | €0.8m | €0.7m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 23.3% |
| Land and buildings22 | - | - | - | €0.09m | €0.07m | €0.05m | €0.03m | €0.01m | ▼ 62.0% |
| Plant, machinery and equipment23 | - | - | - | €0.4m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 19.6% |
| Furniture and vehicles24 | - | - | - | €416 | €0.002m | €0.005m | €0.02m | €0.01m | ▼ 33.0% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.002m | €0.002m | = |
| Financial fixed assets28 | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Other financial fixed assets284/8 | - | - | - | - | - | €0.007m | €0.007m | €0.007m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | €0.007m | €0.007m | €0.007m | = |
| Current assets29/58 | €2.0m | €1.9m | €1.7m | €1.6m | €2.5m | €3.4m | €3.8m | €4.5m | ▲ 17.4% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 11.4% |
| Stocks30/36 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 11.4% |
| Goods purchased for resale34 | - | - | - | - | - | €0.4m | €0.4m | €0.4m | ▲ 11.4% |
| Amounts receivable within one year40/41 | €1.4m | €1.5m | €1.3m | €1.1m | €2.0m | €2.7m | €3.1m | €3.8m | ▲ 21.3% |
| Trade receivables40 | - | - | - | - | - | - | €0.006m | - | - |
| Other amounts receivable41 | - | - | - | €1.1m | €2.0m | €2.7m | €3.1m | €3.8m | ▲ 21.5% |
| Cash at bank and in hand54/58 | €0.1m | €0.05m | €0.1m | €0.06m | €0.06m | €0.1m | €0.2m | €0.2m | ▼ 17.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 1.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.0m | €2.8m | €2.4m | €2.1m | €3.0m | €3.7m | €4.3m | €4.8m | ▲ 13.4% |
| Equity10/15 | €0.3m | €0.3m | -€0.03m | -€0.3m | €0.3m | €1.0m | €1.8m | €2.4m | ▲ 28.0% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.8m | €1.3m | ▲ 68.7% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | - | - | - | €0.7m | €1.2m | ▲ 71.5% |
| Profit (loss) carried forward14 | -€0.01m | -€0.02m | -€0.4m | -€0.6m | -€0.02m | €0.7m | €0.8m | €0.8m | ▲ 0.1% |
| Amounts payable17/49 | €2.7m | €2.5m | €2.4m | €2.4m | €2.6m | €2.7m | €2.4m | €2.5m | ▲ 2.3% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.5m | €0.4m | €0.2m | €0.1m | €0.05m | - | - |
| Financial debts170/4 | - | - | - | €0.4m | €0.2m | €0.1m | €0.05m | - | - |
| Credit institutions173 | - | - | - | - | - | €0.1m | €0.05m | - | - |
| Amounts payable within one year42/48 | €1.8m | €1.7m | €1.7m | €1.9m | €2.3m | €2.4m | €2.2m | €2.3m | ▲ 4.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.06m | €0.05m | ▼ 15.5% |
| Trade debts44 | €1.2m | €1.3m | €1.1m | €1.0m | €1.0m | €1.7m | €1.6m | €1.7m | ▲ 7.9% |
| Suppliers440/4 | - | - | - | €1.0m | €1.0m | €1.7m | €1.6m | €1.7m | ▲ 7.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.3m | €0.6m | €0.5m | ▼ 20.8% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.3m | €0.4m | €0.3m | ▼ 39.8% |
| Remuneration and social security454/9 | - | - | - | €0.09m | €0.1m | €0.08m | €0.1m | €0.2m | ▲ 38.1% |
| Other amounts payable47/48 | - | - | - | €0.7m | €1.0m | €0.2m | €0.01m | €0.1m | ▲ 844% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19,848 | -€10,426 | -€335,901 | -€249,741 | €587,197 | €727,856 | €805,909 | €515,533 | ▼ 36.0% |
| + Depreciation and write-downs630 | €204,892 | €205,194 | €192,759 | €136,041 | €133,714 | €137,831 | €162,002 | €188,992 | ▲ 16.7% |
| Operating cash flow (approximation) | €185,045 | €194,768 | -€143,142 | -€113,700 | €720,911 | €865,687 | €967,911 | €704,526 | ▼ 27.2% |
| Investment in fixed assets (approximation) | - | -€37,332 | -€18,315 | €0 | -€14,900 | -€91,443 | -€208,882 | -€92,493 | ▲ 55.7% |
| Change in cash | - | -€63,326 | €46,269 | -€33,430 | -€6,574 | €53,378 | €103,796 | -€37,412 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 546 companies had the same profile as FORCE DISTRIBUTION has now. Two years later, 95.2% were still going and 0.4% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.2%
was still going
4.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORCE DISTRIBUTION itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 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 546 companies, not a prediction for FORCE DISTRIBUTION. 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.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-01-2026 | full format | 30-09-2026 | 2026-00537227 | |
| 31-01-2025 | full format | 29-08-2025 | 2025-00443250 | |
| 31-01-2024 | full format | 30-09-2024 | 2024-00482274 | |
| 31-01-2023 | full format | 28-09-2023 | 2023-00457611 | |
| 31-01-2022 | full format | 25-08-2022 | 2022-20317925 | |
| 31-01-2021 | full format | 25-08-2021 | 2021-53800411 | |
| 31-01-2020 | full format | 14-09-2020 | 2020-52800432 | |
| 31-01-2019 | full format | 23-08-2019 | 2019-49500431 | |
| 31-01-2018 | full format | 27-09-2018 | 2018-67200415 | |
| 31-01-2017 | full format | 25-09-2017 | 2017-62900057 |