FORCEA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 19 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€8.9m▼ 7.8%
2024 · €9.7m
EBIT margin
1.6%▲ 0.6pp
2024 · 1.0%
Net result
-€1.1m▲ 0.9%
2024 · -€1.1m
Working capital
€245,038
2024 · -€942,219
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€8.9m
▼ 7.8%
2025
20182025
Operating result
€142,094
▲ 43.4%
2025
20182025
Net result
-€1.1m
▲ 0.9%
2025
lowest quarter of the sector
20182025
EBIT margin
1.6%
▲ 0.6pp
2025
20182025
Equity
€963,311
▼ 54.0%
2025
middle half of the sector
20182025
Total assets
€8.9m
▲ 3.2%
2025
highest quarter of the sector
20182025
Debt
€7.9m
▲ 21.5%
2025
20182025
Working capital
€245,038
2025
middle half of the sector
20182025
Solvency
10.8%
▼ 13.4pp
2025
lowest quarter of the sector
20182025
Current ratio
1.05
▲ 0.29
2025
middle half of the sector
20182025
Return on assets (ROA)
-12.7%
▲ 0.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
46.1
▲ 3.1%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€7.0m-€8.2m▲ 17.4%€7.2m▼ 12.2%€8.9m▲ 23.1%€8.3m▼ 6.9%€9.2m▲ 11.5%€9.7m▲ 4.7%€8.9m▼ 7.8%
Operating result€0.1m-€0.9m▲ 489%€0.6m▼ 36.7%€1.3m▲ 127%€0.2m▼ 81.2%€0.5m▲ 99.0%€0.1m▼ 78.8%€0.1m▲ 43.4%
Net result€0.1m-€0.6m▲ 529%€0.3mabove the sector's middle half▼ 49.4%€0.9mabove the sector's middle half▲ 196%€0.04mwithin the sector's middle half▼ 95.1%€0.1mwithin the sector's middle half▲ 232%-€1.1mbelow the sector's middle half-€1.1mbelow the sector's middle half▲ 0.9%
EBIT margin2.1%-10.6%▲ 8.5pp7.6%▼ 2.9pp14.1%▲ 6.4pp2.8%▼ 11.2pp5.1%▲ 2.2pp1.0%▼ 4.0pp1.6%▲ 0.6pp
Equity€1.2m-€1.8m▲ 50.2%€2.1mabove the sector's middle half▲ 16.9%€3.0mabove the sector's middle half▲ 42.8%€3.1mabove the sector's middle half▲ 1.5%€3.2mabove the sector's middle half▲ 4.8%€2.1mabove the sector's middle half▼ 35.3%€1.0mwithin the sector's middle half▼ 54.0%
Total assets€5.9m-€5.6m▼ 3.8%€6.6mabove the sector's middle half▲ 17.7%€7.4mabove the sector's middle half▲ 12.2%€9.1mabove the sector's middle half▲ 22.1%€10.4mabove the sector's middle half▲ 14.0%€8.6mabove the sector's middle half▼ 16.9%€8.9mabove the sector's middle half▲ 3.2%
Debt€4.7m-€3.8m▼ 17.9%€4.5m▲ 18.0%€4.4m▼ 2.3%€6.0m▲ 36.3%€7.1m▲ 18.7%€6.5m▼ 8.5%€7.9m▲ 21.5%
Working capital€2.5m-€2.1m▼ 17.0%€2.3mabove the sector's middle half▲ 9.1%€2.4mabove the sector's middle half▲ 5.9%-€0.4mbelow the sector's middle half-€0.3mbelow the sector's middle half▲ 43.0%-€0.9mbelow the sector's middle half▼ 271%€0.2mwithin the sector's middle half
Solvency20.7%-32.3%▲ 11.6pp32.1%within the sector's middle half▼ 0.2pp40.8%within the sector's middle half▲ 8.7pp33.9%within the sector's middle half▼ 6.9pp31.2%within the sector's middle half▼ 2.7pp24.3%within the sector's middle half▼ 6.9pp10.8%below the sector's middle half▼ 13.4pp
Current ratio2.24-2.36▲ 0.122.25within the sector's middle half▼ 0.122.29within the sector's middle half▲ 0.040.87below the sector's middle half▼ 1.410.94below the sector's middle half▲ 0.060.76below the sector's middle half▼ 0.181.05within the sector's middle half▲ 0.29
Return on assets (ROA)1.6%-10.8%▲ 9.1pp4.6%within the sector's middle half▼ 6.2pp12.2%within the sector's middle half▲ 7.6pp0.5%within the sector's middle half▼ 11.7pp1.4%within the sector's middle half▲ 0.9pp-13.2%below the sector's middle half▼ 14.6pp-12.7%below the sector's middle half▲ 0.5pp
Staff (FTE)36.4-39.4▲ 8.2%37.1above the sector's middle half▼ 5.8%40.6above the sector's middle half▲ 9.4%45above the sector's middle half▲ 10.8%51.6above the sector's middle half▲ 14.7%44.7above the sector's middle half▼ 13.4%46.1above the sector's middle half▲ 3.1%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 2025 is 43% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.9m
Fixed assets
€3.3m ▼ 41.7%
Current assets
€5.6m ▲ 90.1%
Equity and liabilities €8.9m
Equity
€963,311 ▼ 54.0%
Debt
€7.9m ▲ 21.5%
Debt's share of the balance-sheet total rises from 75.7% to 89.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1.4m▼
2024 · €1.7m
Cash flow
€137,265▼
2024 · €490,255
Debt to equity
8.23▲
2024 · 3.12
ROE
-117.2%▼
2024 · -54.5%
Interest coverage
10.08▲
2024 · 8.44
Debt ≤ 1 year
€5.3m▲
2024 · €3.9m
Income taxes
€8,412▼
2024 · €31,533
Customer credit
68 days▲
2024 · 64 days
Supplier credit
396 days▲
2024 · 379 days
Staff costs
€6.2m▲
2024 · €5.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 43 | 53 | 51 | 45 | 49 |
| full-time | 34 | 44 | 37 | 33 | 39 |
| part-time | 9 | 9 | 14 | 12 | 10 |
| in full-time equivalents | 41.4 | 51.4 | 48.1 | 42.9 | 46.9 |
| Average over the year, in full-time equivalents | 40.6 | 45 | 51.6 | 44.7 | 46.1 |
| On a permanent contract | 43 | 53 | 51 | 45 | 49 |
| Joined | 10 | 16 | 4 | 7 | 6 |
| Left | 5 | 6 | 6 | 13 | 2 |
| Training hours | 165 | 997 | 441 | 353 | 409 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €700 | €706 | €2,451 | €18,465 | €12,823 |
| Intangible fixed assets | €1.6m | €1.4m | €1.9m | €1.7m | - |
| Financial fixed assets | - | €2.8m | €215,022 | €182,875 | - |
| Depreciation and write-downs of the year | €977,169 | €1.3m | €1.5m | €1.6m | €1.3m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Forvis Mazars Réviseurs d’Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €10,000 | €11,100 | €12,248 | €12,623 | €12,864 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 · 1 entry · €2,185 awarded · €2,185 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €10.8m | €10.3m | €12.1m | €12.1m | €11.4m | ▼ 5.6% |
| Turnover70 | €7.0m | €8.2m | €7.2m | €8.9m | €8.3m | €9.2m | €9.7m | €8.9m | ▼ 7.8% |
| Own construction capitalised72 | - | - | - | €1.5m | €1.2m | €1.9m | €1.7m | - | - |
| Other operating income74 | - | - | - | €0.5m | €0.8m | €1.0m | €0.7m | €2.5m | ▲ 241% |
| Operating charges60/66A | - | - | - | €9.6m | €10.1m | €11.6m | €12.0m | €11.2m | ▼ 6.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €1.1m | €0.9m | €1.0m | €1.0m | €0.9m | ▼ 3.7% |
| Purchases600/8 | - | - | - | €1.1m | €0.9m | €1.0m | €1.0m | €0.9m | ▼ 3.7% |
| Services and other goods61 | - | - | - | €2.6m | €2.4m | €2.8m | €3.6m | €2.8m | ▼ 22.4% |
| Remuneration, social security and pensions62 | - | - | - | €4.9m | €5.4m | €6.3m | €5.7m | €6.2m | ▲ 8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.6m | €0.9m | €1.0m | €1.3m | €1.5m | €1.6m | €1.3m | ▼ 22.3% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.01m | €0.002m | €0.001m | €0.001m | ▲ 3.1% |
| Operating profit (loss)9901 | €0.1m | €0.9m | €0.6m | €1.3m | €0.2m | €0.5m | €0.1m | €0.1m | ▲ 43.4% |
| Financial income75/76B | - | - | - | €0.003m | €0.009m | €0.006m | €0.2m | €0.001m | ▼ 99.3% |
| Recurring financial income75 | €0.007m | €0.004m | €0.004m | €0.003m | €0.009m | €0.006m | €0.2m | €0.001m | ▼ 99.3% |
| Income from financial fixed assets750 | - | - | - | - | - | - | €0.2m | - | - |
| Income from current assets751 | - | - | - | €0.003m | €0.006m | €0.006m | - | - | - |
| Other financial income752/9 | - | - | - | €34 | €0.003m | €105 | €256 | €0.001m | ▲ 445% |
| Financial charges65/66B | - | - | - | €0.02m | €0.05m | €0.2m | €1.4m | €1.3m | ▼ 10.2% |
| Recurring financial charges65 | €0.04m | €0.03m | €0.03m | €0.02m | €0.05m | €0.2m | €0.2m | €0.1m | ▼ 27.8% |
| Debt charges650 | €0.03m | €0.03m | €0.02m | €0.02m | €0.04m | €0.2m | €0.2m | €0.1m | ▼ 31.8% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.004m | €0.002m | €0.002m | €0.01m | ▲ 329% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €1.2m | €1.1m | ▼ 7.2% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.8m | €0.5m | €1.2m | €0.2m | €0.3m | -€1.1m | -€1.1m | ▼ 1.1% |
| Income taxes67/77 | €0.02m | €0.2m | €0.2m | €0.3m | €0.2m | €0.1m | €0.03m | €0.008m | ▼ 73.3% |
| Taxes670/3 | - | - | - | €0.3m | €0.2m | €0.1m | €0.03m | €0.008m | ▼ 73.3% |
| Profit (loss) for the period9904 | €0.1m | €0.6m | €0.3m | €0.9m | €0.04m | €0.1m | -€1.1m | -€1.1m | ▲ 0.9% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.6m | €0.3m | €0.9m | €0.04m | €0.1m | -€1.1m | -€1.1m | ▲ 0.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.9m | €5.6m | €6.6m | €7.4m | €9.1m | €10.4m | €8.6m | €8.9m | ▲ 3.2% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €1.3m | €2.0m | €2.5m | €3.1m | €6.0m | €6.6m | €5.7m | €3.3m | ▼ 41.7% |
| Intangible fixed assets21 | €1.3m | €2.0m | €2.5m | €3.1m | €3.2m | €3.6m | €3.6m | €2.4m | ▼ 34.7% |
| Tangible fixed assets22/27 | €0.008m | €0.004m | €0.002m | €0.002m | €0.001m | €0.003m | €0.02m | €0.03m | ▲ 37.4% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €408 | €0.002m | €0.02m | €0.02m | ▲ 20.2% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €235 | - | €0.003m | - |
| Financial fixed assets28 | - | - | - | - | €2.8m | €3.0m | €2.0m | €0.9m | ▼ 54.9% |
| Affiliated companies280/1 | - | - | - | - | €2.8m | €3.0m | €2.0m | €0.9m | ▼ 55.6% |
| Participating interests280 | - | - | - | - | €2.8m | €3.0m | €2.0m | €0.9m | ▼ 55.6% |
| Other financial fixed assets284/8 | - | - | - | - | - | - | €0.03m | €0.03m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | €0.03m | €0.03m | = |
| Current assets29/58 | €4.6m | €3.7m | €4.2m | €4.3m | €3.1m | €3.7m | €2.9m | €5.6m | ▲ 90.1% |
| Amounts receivable within one year40/41 | €2.6m | €2.3m | €1.9m | €1.9m | €2.2m | €2.6m | €2.0m | €4.1m | ▲ 106% |
| Trade receivables40 | - | - | - | €1.9m | €1.4m | €1.8m | €1.7m | €1.7m | ▼ 1.3% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.8m | €0.8m | €0.3m | €2.4m | ▲ 745% |
| Current investments50/53 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Own shares50 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Cash at bank and in hand54/58 | €1.1m | €0.3m | €1.3m | €1.5m | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.6m | €0.5m | €0.8m | €0.6m | €1.2m | ▲ 84.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.9m | €5.6m | €6.6m | €7.4m | €9.1m | €10.4m | €8.6m | €8.9m | ▲ 3.2% |
| Equity10/15 | €1.2m | €1.8m | €2.1m | €3.0m | €3.1m | €3.2m | €2.1m | €1.0m | ▼ 54.0% |
| Contributions10/11 | €0.06m | €0.06m | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | - | - | - | €0.006m | €0.006m | = |
| Own shares acquired1312 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.7m | €1.3m | €1.6m | €2.6m | €2.6m | €2.7m | €1.6m | €0.5m | ▼ 70.4% |
| Amounts payable17/49 | €4.7m | €3.8m | €4.5m | €4.4m | €6.0m | €7.1m | €6.5m | €7.9m | ▲ 21.5% |
| Amounts payable within one year42/48 | €2.0m | €1.5m | €1.9m | €1.9m | €3.5m | €4.0m | €3.9m | €5.3m | ▲ 37.6% |
| Financial debts43 | - | - | - | - | €1.7m | €2.2m | €1.8m | €2.9m | ▲ 65.4% |
| Credit institutions430/8 | - | - | - | - | €1.7m | €2.2m | €1.8m | €2.9m | ▲ 65.4% |
| Trade debts44 | €0.7m | €0.6m | €0.6m | €0.5m | €0.6m | €0.8m | €1.0m | €1.0m | ▲ 0.8% |
| Suppliers440/4 | - | - | - | €0.5m | €0.6m | €0.8m | €1.0m | €1.0m | ▲ 0.8% |
| Taxes, remuneration and social security45 | - | - | - | €1.4m | €1.2m | €1.1m | €1.1m | €1.4m | ▲ 27.2% |
| Taxes450/3 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 15.2% |
| Remuneration and social security454/9 | - | - | - | €1.1m | €1.1m | €0.9m | €0.9m | €1.2m | ▲ 29.5% |
| Other amounts payable47/48 | - | - | - | - | - | €101 | - | €380 | - |
| Accrued charges and deferred income492/3 | - | - | - | €2.5m | €2.5m | €3.1m | €2.6m | €2.6m | ▼ 1.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.6m | €0.3m | €0.9m | €0.04m | €0.1m | -€1.1m | -€1.1m | ▲ 0.9% |
| + Depreciation and write-downs630 | €0.4m | €0.6m | €0.9m | €1.0m | €1.3m | €1.5m | €1.6m | €1.3m | ▼ 22.3% |
| Operating cash flow (approximation) | €0.5m | €1.2m | €1.2m | €1.9m | €1.3m | €1.7m | €0.5m | €0.1m | ▼ 72.0% |
| Investment in fixed assets (approximation) | - | -€1.3m | -€1.4m | -€1.6m | -€4.2m | -€2.1m | -€0.7m | €1.1m | - |
| Change in cash | - | -€0.7m | €1.0m | €0.2m | - | - | - | - | - |
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, 307 companies had the same profile as FORCEA has now. Two years later, 88.9% were still going and 4.9% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.9%
was still going
5.2%
stopped otherwise
4.9%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORCEA itself: 1.5% 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 307 companies, not a prediction for FORCEA. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-07-2026 | 2026-00293083 | |
| 31-12-2024 | full format | 23-07-2025 | 2025-00310650 | |
| 31-12-2023 | full format | 10-07-2024 | 2024-00234528 | |
| 31-12-2022 | full format | 14-07-2023 | 2023-00236545 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20230865 | |
| 31-12-2020 | full format | 04-08-2021 | 2021-46800247 | |
| 31-12-2019 | full format | 19-08-2020 | 2020-43900218 | |
| 31-12-2018 | full format | 09-07-2019 | 2019-30800003 | |
| 31-12-2017 | full format | 20-06-2018 | 2018-21700375 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-53100186 |