FORDAQ
ActiveSummary
FORDAQ has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.4m and a net result of -€56,607. Equity is growing by ~15.9% per year across the filed fiscal years. Its solvency ranks better than 79% of 4926 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability39▲+16
Solvency98▲+39
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €150,000 at 30 days acceptable
Liquidity ample (current ratio 2.71 against 0.9 in 2024; short-term debt: 24.6% and cash: 4.3% of total assets), and 26.9% 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 · 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
73.1%
Return on assets
-1.7%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-08-2026, 17 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
17 d late
2024
on the day
2023
28 d late
2022
26 d early
2021
32 d early
2020
40 d early
2019
17 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 10 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€56,607▲ 51.2%
2024 · -€115,996
Working capital
€1.4m
2024 · -€169,091
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€174,474▼ 45.5%-€19,040€301,655€1,598▼ 99.5%€36,765▲ 2,201%
Net result€141,334▼ 51.0%-€51,173€210,638-€115,996-€56,607▲ 51.2%
Equity€870,065▲ 19.4%€818,892▼ 5.9%€1.0m▲ 25.7%€913,534▼ 11.3%€2.4m▲ 161%
Total assets€1.3m▲ 3.4%€1.5m▲ 19.3%€2.2m▲ 40.6%€2.7m▲ 26.1%€3.3m▲ 20.1%
Debt€414,809▼ 19.2%€714,259▲ 72.2%€1.1m▲ 57.6%€1.8m▲ 60.3%€879,486▼ 51.2%
Working capital€309,842▲ 0.9%-€183,140€1,209-€169,091€1.4m
Staff (FTE)2=2=2=1.5▼ 25.0%1.5=
Why a figure moved sharply
- 2025 Equity +161% on 2024. Cause not known from the registers.
- 2021 Net result -51% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 2,201% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.3m
Fixed assets
€1.1m ▼ 6.4%
Current assets
€2.2m ▲ 40.0%
Equity and liabilities €3.3m
Equity
€2.4m ▲ 161%
Debt
€879,486 ▼ 51.2%
Debt's share of the balance-sheet total falls from 66.4% to 26.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€389,096▲
2024 · €163,880
Cash flow
€295,724▲
2024 · €46,285
Current ratio
2.71▲
2024 · 0.90
Debt to equity
0.37▼
2024 · 1.97
ROE
-2.4%▲
2024 · -12.7%
ROA
-1.7%▲
2024 · -4.3%
Interest coverage
2.75▲
2024 · 1.17
Debt ≤ 1 year
€803,260▼
2024 · €1.7m
Staff costs
€35,907▲
2024 · €35,871
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,304 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 12,304 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €41,704 | €38,047 | €34,548 | €35,871 | €35,907 | ▲ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €191,456 | €238,579 | €201,421 | €162,282 | €352,331 | ▲ 117% |
| Other operating charges640/8 | €16,076 | €19,971 | €16,558 | €5,164 | €6,763 | ▲ 31.0% |
| Gross operating margin9900 | €423,709 | €277,557 | €554,182 | €204,915 | €431,765 | ▲ 111% |
| Operating profit (loss)9901 | €174,474 | -€19,040 | €301,655 | €1,598 | €36,765 | ▲ 2,201% |
| Financial income75/76B | €4,145 | €5,409 | €10,908 | €22,639 | €48,187 | ▲ 113% |
| Recurring financial income75 | €4,145 | €5,409 | €10,908 | €22,639 | €48,187 | ▲ 113% |
| Financial charges65/66B | €37,285 | €37,542 | €101,922 | €140,233 | €141,558 | ▲ 0.9% |
| Recurring financial charges65 | €37,285 | €37,542 | €101,922 | €140,233 | €141,558 | ▲ 0.9% |
| Profit (loss) for the period before taxes9903 | €141,334 | -€51,173 | €210,640 | -€115,996 | -€56,607 | ▲ 51.2% |
| Income taxes67/77 | - | - | €2 | - | - | - |
| Profit (loss) for the period9904 | €141,334 | -€51,173 | €210,638 | -€115,996 | -€56,607 | ▲ 51.2% |
| Profit (loss) for the period to be appropriated9905 | €141,334 | -€51,173 | €210,638 | -€115,996 | -€56,607 | ▲ 51.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.3m | €1.5m | €2.2m | €2.7m | €3.3m | ▲ 20.1% |
| Fixed assets21/28 | €658,929 | €1.1m | €1.1m | €1.2m | €1.1m | ▼ 6.4% |
| Intangible fixed assets21 | €658,089 | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 6.7% |
| Financial fixed assets28 | €840 | €840 | €50,840 | €50,840 | €50,840 | = |
| Current assets29/58 | €625,945 | €432,868 | €1.0m | €1.6m | €2.2m | ▲ 40.0% |
| Amounts receivable within one year40/41 | €337,830 | €345,828 | €993,775 | €1.5m | €2.0m | ▲ 33.2% |
| Trade receivables40 | €163,834 | €169,547 | €457,710 | €258,099 | €532,336 | ▲ 106% |
| Other amounts receivable41 | €173,996 | €176,281 | €536,065 | €1.3m | €1.5m | ▲ 18.3% |
| Current investments50/53 | €200,016 | €50,016 | - | - | €0 | - |
| Cash at bank and in hand54/58 | €85,830 | €36,289 | €42,168 | €31,079 | €140,560 | ▲ 352% |
| Deferred charges and accrued income490/1 | €2,269 | €734 | €3,605 | €100 | €6,591 | ▲ 6,491% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.3m | €1.5m | €2.2m | €2.7m | €3.3m | ▲ 20.1% |
| Equity10/15 | €870,065 | €818,892 | €1.0m | €913,534 | €2.4m | ▲ 161% |
| Contributions10/11 | €4.2m | €4.2m | €4.2m | €4.2m | €5.7m | ▲ 36.4% |
| Capital10 | €4.2m | €4.2m | €4.2m | €4.2m | €5.7m | ▲ 36.4% |
| Issued capital100 | €4.2m | €4.2m | €4.2m | €4.2m | €5.8m | ▲ 37.6% |
| Uncalled capital101 | - | - | - | - | €50,215 | - |
| Reserves13 | €22,341 | €22,341 | €22,341 | €22,341 | €22,341 | = |
| Non-distributable reserves130/1 | €22,341 | €22,341 | €22,341 | €22,341 | €22,341 | = |
| Legal reserve130 | €22,341 | €22,341 | €22,341 | €22,341 | €22,341 | = |
| Profit (loss) carried forward14 | -€3.4m | -€3.4m | -€3.2m | -€3.3m | -€3.4m | ▼ 1.7% |
| Amounts payable17/49 | €414,809 | €714,259 | €1.1m | €1.8m | €879,486 | ▼ 51.2% |
| Amounts payable after more than one year17 | €1,758 | - | - | - | - | - |
| Financial debts170/4 | €1,758 | - | - | - | - | - |
| Amounts payable within one year42/48 | €316,103 | €616,008 | €1.0m | €1.7m | €803,260 | ▼ 53.4% |
| Current portion of amounts payable after more than one year42 | €20,847 | €1,758 | - | - | - | - |
| Trade debts44 | €295,113 | €463,420 | €246,244 | €389,135 | €516,423 | ▲ 32.7% |
| Suppliers440/4 | €295,113 | €463,420 | €246,244 | €389,135 | €516,423 | ▲ 32.7% |
| Taxes, remuneration and social security45 | €143 | €831 | €4,660 | €19,142 | €286,837 | ▲ 1,398% |
| Taxes450/3 | €143 | €831 | €4,660 | €19,142 | €18,725 | ▼ 2.2% |
| Remuneration and social security454/9 | - | - | - | - | €268,111 | - |
| Other amounts payable47/48 | - | €150,000 | €787,436 | €1.3m | - | - |
| Accrued charges and deferred income492/3 | €96,948 | €98,251 | €87,185 | €80,681 | €76,226 | ▼ 5.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €141,334 | -€51,173 | €210,638 | -€115,996 | -€56,607 | ▲ 51.2% |
| + Depreciation and write-downs630 | €191,456 | €238,579 | €201,421 | €162,282 | €352,331 | ▲ 117% |
| Operating cash flow (approximation) | €332,789 | €187,406 | €412,059 | €46,285 | €295,724 | ▲ 539% |
| Investment in fixed assets (approximation) | - | -€679,933 | -€216,645 | -€210,080 | -€277,671 | ▼ 32.2% |
| Change in cash | - | -€49,540 | €5,879 | -€11,089 | €109,481 | ▲ 1,087% |
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
17-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 17 days late
13-08
State Gazette act
Registered officeRegistered-office move · Power of attorney3 facts ▸
State Gazette act
Registered office
Registered-office move · Power of attorney3 facts ▸
- Board meeting, 29-05-2026
- Registered-office move, 1050 Ixelles, Avenue Louise, 231
- Power of attorney, Benoit Nieuwenhuys
2025
31-12
Financial
Liquidity triplescurrent ratio 2.71
Current ratio from 0.90 to 2.71; short-term debt falls from €1.7m to €803,260.
31-12
Financial
Equity above €2mEq €2.4m ▲161%
Equity rises from €913,534 to €2.4m.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€115,996
Net result drops to -€115,996, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 28 days late
2023
31-12
Financial
Back to profitnet €210,638
Net result €210,638 after one loss-making year.
31-12
Financial
Equity above €1mEq €1.0m ▲25.7%
Equity rises from €818,892 to €1.0m.
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
31-12
Financial
Highest result since 2018net €288,146 ▲568%
Operating result €320,274, net result €288,146, both a record.
31-12
Financial
Equity above €500,000Eq €728,732 ▲65.4%
2 profitable years in a row build equity to €728,732.
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €43,136
Net result €43,136 after one loss-making year.
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 26 days late
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
29-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2000
Ground area
6,714 m²
Building footprint
4,888 m²
Volume, LiDAR
103,853 m³
2 parcels, Brussels · tallest building 45.8 m, ±8 floors. Linked by address, not a title deed.
564
companies at this address
See who is registered here
1 establishment unit
Louizalaan 475, 1050 Brussel
since 20002.093.897.032
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0131/00T000 | Brussels | 5,672 m² | 1 · 3,878 m² | 45.8 m · 8 fl. |
| 21822R0224/00B008 | Brussels | 1,042 m² | 1 · 1,010 m² | 45.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
European research
1 project · 1 as coordinator · 50,000 EUR EU contributionProgrammes
Projects
Neural Grader - Digitizing the Wood Industry
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Of 1,076 companies in sector 46140 we hold annual accounts for 645. 252 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
Founded11-04-2000
Fiscal year end31-12
Activities, NACEBEL 2025
46140Agents in the wholesale of industrial machinery, ships and aircraft
46649Wholesale of other machinery and equipment
Contact
Phone
0471/664082Brussel
E-invoicing
Reachable via Peppol
Peppol ID
0208:0471664082
Also
9925:BE0471664082
Registered
11-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.