FORDAQ
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00402204.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 26 filings
Turnover
≈ €2.2m
Estimated: probably between €1.4m and €3.7m
EBIT margin
Not included in this filing
Net result
-€56,607▲ 51.2%
2024 · -€115,996
Working capital
€1.4m
2024 · -€169,091
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,765
▲ 23×
2025
20182025
Net result
-€56,607
▲ 51.2%
2025
lowest quarter of the sector
20182025
Equity
€2.4m
▲ 161%
2025
middle half of the sector
20182025
Total assets
€3.3m
▲ 20.1%
2025
middle half of the sector
20182025
Debt
€879,486
▼ 51.2%
2025
20182025
Working capital
€1.4m
2025
middle half of the sector
20182025
Solvency
73.1%
▲ 39.4pp
2025
highest quarter of the sector
20182025
Current ratio
2.71
▲ 1.81
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.7%
▲ 2.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.5
=
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.06m-€0.07m€0.3m▲ 345%€0.2m▼ 45.5%-€0.02m€0.3m€0.002m▼ 99.5%€0.04m▲ 23×
Net result-€0.08m-€0.04m€0.3mwithin the sector's middle half▲ 568%€0.1mwithin the sector's middle half▼ 51.0%-€0.05mbelow the sector's middle half€0.2mwithin the sector's middle half-€0.1mbelow the sector's middle half-€0.06mbelow the sector's middle half▲ 51.2%
Equity€0.4m-€0.4m▲ 10.9%€0.7mwithin the sector's middle half▲ 65.4%€0.9mwithin the sector's middle half▲ 19.4%€0.8mwithin the sector's middle half▼ 5.9%€1.0mwithin the sector's middle half▲ 25.7%€0.9mwithin the sector's middle half▼ 11.3%€2.4mwithin the sector's middle half▲ 161%
Total assets€0.7m-€0.8m▲ 8.8%€1.2mwithin the sector's middle half▲ 64.3%€1.3mwithin the sector's middle half▲ 3.4%€1.5mwithin the sector's middle half▲ 19.3%€2.2mwithin the sector's middle half▲ 40.6%€2.7mwithin the sector's middle half▲ 26.1%€3.3mwithin the sector's middle half▲ 20.1%
Debt€0.3m-€0.3m▲ 6.1%€0.5m▲ 62.8%€0.4m▼ 19.2%€0.7m▲ 72.2%€1.1m▲ 57.6%€1.8m▲ 60.3%€0.9m▼ 51.2%
Working capital€0.05m-€0.003m▼ 93.8%€0.3mwithin the sector's middle half▲ 108×€0.3mwithin the sector's middle half▲ 0.9%-€0.2mbelow the sector's middle half€0.001mbelow the sector's middle half-€0.2mbelow the sector's middle half€1.4mwithin the sector's middle half
Solvency57.2%-58.3%▲ 1.1pp58.7%within the sector's middle half▲ 0.4pp67.7%above the sector's middle half▲ 9.0pp53.4%within the sector's middle half▼ 14.3pp47.8%within the sector's middle half▼ 5.6pp33.6%within the sector's middle half▼ 14.2pp73.1%above the sector's middle half▲ 39.4pp
Current ratio1.27-1.01▼ 0.261.78within the sector's middle half▲ 0.761.98within the sector's middle half▲ 0.200.70below the sector's middle half▼ 1.281.00below the sector's middle half▲ 0.300.90below the sector's middle half▼ 0.102.71within the sector's middle half▲ 1.81
Return on assets (ROA)-12.2%-5.7%▲ 17.9pp23.2%above the sector's middle half▲ 17.5pp11.0%above the sector's middle half▼ 12.2pp-3.3%below the sector's middle half▼ 14.3pp9.8%above the sector's middle half▲ 13.1pp-4.3%below the sector's middle half▼ 14.0pp-1.7%below the sector's middle half▲ 2.5pp
Staff (FTE)3-2.5▼ 16.7%2below the sector's middle half▼ 20.0%2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=1.5below the sector's middle half▼ 25.0%1.5below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 23 times that of 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2025 Equity +161% on 2024. Capital increase of €1,478,199 (Official Gazette 26-09-2025).
The turnover shown is an estimate from the gross margin.
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
Debt to equity
0.37▼
2024 · 1.97
ROE
-2.4%▲
2024 · -12.7%
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 1 | 2 | 2 |
| full-time | 2 | 2 | 1 | 1 | 1 |
| part-time | - | - | - | 1 | 1 |
| in full-time equivalents | 2 | 2 | 1 | 1.5 | 1.5 |
| Average over the year, in full-time equivalents | 2 | 2 | 1 | 1.5 | 1.5 |
| On a permanent contract | 2 | 2 | 1 | 2 | 2 |
| Joined | - | - | 0 | 1 | - |
| Left | - | - | 1 | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | €310,443 | €679,933 | €166,645 | €210,080 | €277,671 |
| Financial fixed assets | - | - | €50,000 | - | - |
| Depreciation and write-downs of the year | €191,456 | €238,579 | €201,421 | €162,282 | €352,331 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
European research
1 project · 1 as coordinator · €50,000 EU contributionProgrammes
Projects
Neural Grader - Digitizing the Wood Industry
Annual accounts
| Line | 2018 | 2019 | 2020 | 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 | €205,314 | €235,735 | €261,307 | €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 | €260,358 | €385,049 | €636,098 | €423,709 | €277,557 | €554,182 | €204,915 | €431,765 | ▲ 111% |
| Operating profit (loss)9901 | -€56,168 | €71,994 | €320,274 | €174,474 | -€19,040 | €301,655 | €1,598 | €36,765 | ▲ 23× |
| Financial income75/76B | - | - | - | €4,145 | €5,409 | €10,908 | €22,639 | €48,187 | ▲ 113% |
| Recurring financial income75 | €893 | €237 | €3,285 | €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 | €29,650 | €29,095 | €35,413 | €37,285 | €37,542 | €101,922 | €140,233 | €141,558 | ▲ 0.9% |
| Profit (loss) for the period before taxes9903 | -€84,926 | €43,136 | €288,146 | €141,334 | -€51,173 | €210,640 | -€115,996 | -€56,607 | ▲ 51.2% |
| Income taxes67/77 | - | - | - | - | - | €2 | - | - | - |
| Profit (loss) for the period9904 | -€84,926 | €43,136 | €288,146 | €141,334 | -€51,173 | €210,638 | -€115,996 | -€56,607 | ▲ 51.2% |
| Profit (loss) for the period to be appropriated9905 | -€84,926 | €43,136 | €288,146 | €141,334 | -€51,173 | €210,638 | -€115,996 | -€56,607 | ▲ 51.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.8m | €1.2m | €1.3m | €1.5m | €2.2m | €2.7m | €3.3m | ▲ 20.1% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.5m | €0.7m | €1.1m | €1.1m | €1.2m | €1.1m | ▼ 6.4% |
| Intangible fixed assets21 | €0.5m | €0.5m | €0.5m | €0.7m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 6.7% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.05m | €0.05m | €0.05m | = |
| Current assets29/58 | €0.2m | €0.2m | €0.7m | €0.6m | €0.4m | €1.0m | €1.6m | €2.2m | ▲ 40.0% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | €1.0m | €1.5m | €2.0m | ▲ 33.2% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.5m | €0.3m | €0.5m | ▲ 106% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.5m | €1.3m | €1.5m | ▲ 18.3% |
| Current investments50/53 | €0.04m | €0.005m | €0.3m | €0.2m | €0.05m | - | - | €0 | - |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.09m | €0.09m | €0.04m | €0.04m | €0.03m | €0.1m | ▲ 352% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.001m | €0.004m | €100 | €0.007m | ▲ 66× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.8m | €1.2m | €1.3m | €1.5m | €2.2m | €2.7m | €3.3m | ▲ 20.1% |
| Equity10/15 | €0.4m | €0.4m | €0.7m | €0.9m | €0.8m | €1.0m | €0.9m | €2.4m | ▲ 161% |
| Contributions10/11 | €4.2m | €4.2m | €4.2m | €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 | - | - | - | - | - | - | - | €0.05m | - |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€3.8m | -€3.8m | -€3.5m | -€3.4m | -€3.4m | -€3.2m | -€3.3m | -€3.4m | ▼ 1.7% |
| Amounts payable17/49 | €0.3m | €0.3m | €0.5m | €0.4m | €0.7m | €1.1m | €1.8m | €0.9m | ▼ 51.2% |
| Amounts payable after more than one year17 | €0.06m | €0.04m | €0.02m | €0.002m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.002m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.4m | €0.3m | €0.6m | €1.0m | €1.7m | €0.8m | ▼ 53.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.002m | - | - | - | - |
| Trade debts44 | €0.1m | €0.2m | €0.2m | €0.3m | €0.5m | €0.2m | €0.4m | €0.5m | ▲ 32.7% |
| Suppliers440/4 | - | - | - | €0.3m | €0.5m | €0.2m | €0.4m | €0.5m | ▲ 32.7% |
| Taxes, remuneration and social security45 | - | - | - | €143 | €0.001m | €0.005m | €0.02m | €0.3m | ▲ 15× |
| Taxes450/3 | - | - | - | €143 | €0.001m | €0.005m | €0.02m | €0.02m | ▼ 2.2% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €0.3m | - |
| Other amounts payable47/48 | - | - | - | - | €0.2m | €0.8m | €1.3m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.09m | €0.08m | €0.08m | ▼ 5.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€84,926 | €43,136 | €288,146 | €141,334 | -€51,173 | €210,638 | -€115,996 | -€56,607 | ▲ 51.2% |
| + Depreciation and write-downs630 | €205,314 | €235,735 | €261,307 | €191,456 | €238,579 | €201,421 | €162,282 | €352,331 | ▲ 117% |
| Operating cash flow (approximation) | €120,389 | €278,872 | €549,453 | €332,789 | €187,406 | €412,059 | €46,285 | €295,724 | ▲ 539% |
| Investment in fixed assets (approximation) | - | -€300,736 | -€255,718 | -€310,443 | -€679,933 | -€216,645 | -€210,080 | -€277,671 | ▼ 32.2% |
| Change in cash | - | €2,343 | €52,866 | -€4,071 | -€49,540 | €5,879 | -€11,089 | €109,481 | - |
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, 12,322 companies had the same profile as FORDAQ has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORDAQ 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 12,322 companies, not a prediction for FORDAQ. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 17-08-2026 | 2026-00402204 | |
| 31-12-2024 | full format | 31-07-2025 | 2025-00364642 | |
| 31-12-2023 | full format | 28-08-2024 | 2024-00398303 | |
| 31-12-2022 | full format | 05-07-2023 | 2023-00204136 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20150459 | |
| 31-12-2020 | full format | 21-06-2021 | 2021-22400145 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-30400200 | |
| 31-12-2018 | full format | 26-08-2019 | 2019-49800257 | |
| 31-12-2017 | full format | 12-07-2018 | 2018-31500265 | |
| 31-12-2016 | full format | 29-05-2017 | 2017-14200096 |