FOREL
ActiveSummary
FOREL has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €268k and a net result of €60k. Equity is growing by ~35.6% per year across the filed fiscal years. Its solvency ranks better than 71% of 2318 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability84▲+5
Solvency80▲+18
Growth78=
Track record94
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19k at 30 days acceptable
Liquidity short (current ratio 0.33 against 0.59 in 2024; short-term debt: 17.5% and cash: 0.3% of total assets), and 45% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 93
Relative position
BE, all sectors
reference
Sports, amusement and recreation activities (NACE 93)
about 50% fewer 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
55%
Return on assets
12.4%
Age of the figures
9 mo
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-08-2026, 19 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 5 filingsDeviation from the deadline
2025
19 d late
2024
15 d early
2023
14 d early
2022
108 d early
2021
30 d late
← 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, micro schema
Equity
€268k▲ 29.0%
2024 · €208k
2021: €40klowest in 5 years
2022: €90k▲ +122% vs 2021
2023: €163k▲ +81.1% vs 2022
2024: €208k▲ +27.6% vs 2023
2025: €268k▲ +29.0% vs 2024highest in 5 years
2021 → 2025
Total assets
€487k▼ 12.5%
2024 · €556k
2021: €313klowest in 5 years
2022: €481k▲ +53.8% vs 2021
2023: €564k▲ +17.2% vs 2022highest in 5 years
2024: €556k▼ -1.3% vs 2023
2025: €487k▼ -12.5% vs 2024
2021 → 2025
Net result
€60k▼ 4.4%
2024 · €63k
2021: €39klowest in 5 years
2022: €49k▲ +25.3% vs 2021
2023: €73k▲ +47.6% vs 2022highest in 5 years
2024: €63k▼ -13.8% vs 2023
2025: €60k▼ -4.4% vs 2024
2021 → 2025
Working capital
€-57k▲ 1.3%
2024 · €-58k
2021: €-22khighest in 5 years
2022: €-46k▼ -112% vs 2021
2023: €-48k▼ -3.6% vs 2022
2024: €-58k▼ -21.6% vs 2023lowest in 5 years
2025: €-57k▲ +1.3% vs 2024
2021 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€40k-€90k▲ 122%€163k▲ 81.1%€208k▲ 27.6%€268k▲ 29.0%
2021: €40klowest in 5 years
2022: €90k▲ +122% vs 2021
2023: €163k▲ +81.1% vs 2022
2024: €208k▲ +27.6% vs 2023
2025: €268k▲ +29.0% vs 2024highest in 5 years
Operating result€64k-€65k▲ 0.5%€92k▲ 42.1%€64k▼ 30.1%€68k▲ 6.4%
2021: €64k
2022: €65k▲ +0.5% vs 2021
2023: €92k▲ +42.1% vs 2022highest in 5 years
2024: €64k▼ -30.1% vs 2023lowest in 5 years
2025: €68k▲ +6.4% vs 2024
Net result€39k-€49k▲ 25.3%€73k▲ 47.6%€63k▼ 13.8%€60k▼ 4.4%
2021: €39klowest in 5 years
2022: €49k▲ +25.3% vs 2021
2023: €73k▲ +47.6% vs 2022highest in 5 years
2024: €63k▼ -13.8% vs 2023
2025: €60k▼ -4.4% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 6% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €487k
Fixed assets
€459k ▼ 2.7%
Current assets
€28k ▼ 67.1%
Equity and liabilities €487k
Equity
€268k ▲ 29.0%
Debt
€219k ▼ 37.2%
Debt's share of the balance-sheet total falls from 62.6% to 45.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€82k▲
2024 · €78k
Cash flow
€74k▼
2024 · €77k
Current ratio
0.33▼
2024 · 0.59
Debt to equity
0.82▼
2024 · 1.68
ROE
22.5%▼
2024 · 30.3%
ROA
12.4%▲
2024 · 11.3%
Interest coverage
8.59▲
2024 · 5.50
Debt ≤ 1 year
€85k▼
2024 · €143k
Debt > 1 year
€134k▼
2024 · €206k
Income taxes
€17k▲
2024 · €14k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€556k€487k▼
Fixed assets21/28€472k€459k▼
Tangible fixed assets22/27€54k€41k▼
Furniture and vehicles24€41k€30k▼
Other tangible fixed assets26€13k€11k▼
Financial fixed assets28€418k€418k=
Current assets29/58€85k€28k▼
Amounts receivable within one year40/41€20k€22k▲
Trade receivables40€9k€11k▲
Other amounts receivable41€11k€11k▲
Cash at bank and in hand54/58€64k€1k▼
Deferred charges and accrued income490/1€1k€5k▲
Equity and liabilities
Total equity and liabilities10/49€556k€487k▼
Equity10/15€208k€268k▲
Contributions10/11€1k€1k=
Reserves13€207k€267k▲
Distributable reserves133€207k€267k▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€349k€219k▼
Amounts payable after more than one year17€206k€134k▼
Financial debts170/4€206k€134k▼
Amounts payable within one year42/48€143k€85k▼
Current portion of amounts payable after more than one year42€69k€72k▲
Financial debts43€25k€0▼
Credit institutions430/8€25k€0▼
Trade debts44€6k€5k▼
Suppliers440/4€6k€5k▼
Taxes, remuneration and social security45€24k€8k▼
Taxes450/3€23k€7k▼
Remuneration and social security454/9€2k€1k▼
Other amounts payable47/48€18k€25▼
Income statement
Code20242025
Non-recurring operating income76A€0-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14k€14k▲
Other operating charges640/8€732€1k▲
Gross operating margin9900€79k€84k▲
Operating profit (loss)9901€64k€68k▲
Financial income75/76B€27k€18k▼
Recurring financial income75€27k€18k▼
Financial charges65/66B€14k€10k▼
Recurring financial charges65€14k€10k▼
Profit (loss) for the period before taxes9903€77k€77k▼
Income taxes67/77€14k€17k▲
Profit (loss) for the period9904€63k€60k▼
Profit (loss) for the period to be appropriated9905€63k€60k▼
Appropriation of the result
Profit (loss) to be appropriated9906€63k€60k▼
Transfer to equity691/2€45k€60k▲
To other reserves6921€45k€60k▲
Profit to be distributed694/7€18k€0▼
Return on contributions (dividend)694€18k€0▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €176 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €9k | €7k | €14k | €14k | ▲ 2.9% |
| Other operating charges640/8 | €363 | €288 | €470 | €732 | €1k | ▲ 99.2% |
| Gross operating margin9900 | €71k | €74k | €100k | €79k | €84k | ▲ 6.7% |
| Operating profit (loss)9901 | €64k | €65k | €92k | €64k | €68k | ▲ 6.4% |
| Financial income75/76B | - | €9k | €15k | €27k | €18k | ▼ 34.2% |
| Recurring financial income75 | - | €9k | €15k | €27k | €18k | ▼ 34.2% |
| Financial charges65/66B | €8k | €7k | €12k | €14k | €10k | ▼ 32.3% |
| Recurring financial charges65 | €8k | €7k | €12k | €14k | €10k | ▼ 32.3% |
| Profit (loss) for the period before taxes9903 | €56k | €67k | €95k | €77k | €77k | ▼ 0.9% |
| Income taxes67/77 | €16k | €17k | €22k | €14k | €17k | ▲ 14.4% |
| Profit (loss) for the period9904 | €39k | €49k | €73k | €63k | €60k | ▼ 4.4% |
| Profit (loss) for the period to be appropriated9905 | €39k | €49k | €73k | €63k | €60k | ▼ 4.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €313k | €481k | €564k | €556k | €487k | ▼ 12.5% |
| Fixed assets21/28 | €259k | €399k | €485k | €472k | €459k | ▼ 2.7% |
| Tangible fixed assets22/27 | €33k | €42k | €68k | €54k | €41k | ▼ 23.3% |
| Furniture and vehicles24 | €33k | €25k | €53k | €41k | €30k | ▼ 25.9% |
| Other tangible fixed assets26 | - | €17k | €15k | €13k | €11k | ▼ 15.0% |
| Financial fixed assets28 | €226k | €357k | €418k | €418k | €418k | = |
| Current assets29/58 | €54k | €82k | €79k | €85k | €28k | ▼ 67.1% |
| Amounts receivable within one year40/41 | €14k | €15k | €22k | €20k | €22k | ▲ 10.4% |
| Trade receivables40 | €14k | €15k | €19k | €9k | €11k | ▲ 19.0% |
| Other amounts receivable41 | €32 | €0 | €3k | €11k | €11k | ▲ 3.3% |
| Cash at bank and in hand54/58 | €38k | €65k | €55k | €64k | €1k | ▼ 98.0% |
| Deferred charges and accrued income490/1 | €2k | €2k | €2k | €1k | €5k | ▲ 296% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €313k | €481k | €564k | €556k | €487k | ▼ 12.5% |
| Equity10/15 | €40k | €90k | €163k | €208k | €268k | ▲ 29.0% |
| Contributions10/11 | €1k | €1k | €1k | €1k | €1k | = |
| Reserves13 | €39k | €89k | €162k | €207k | €267k | ▲ 29.1% |
| Distributable reserves133 | €39k | €89k | €162k | €207k | €267k | ▲ 29.1% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €272k | €391k | €401k | €349k | €219k | ▼ 37.2% |
| Amounts payable after more than one year17 | €197k | €263k | €275k | €206k | €134k | ▼ 35.0% |
| Financial debts170/4 | €197k | €263k | €275k | €206k | €134k | ▼ 35.0% |
| Amounts payable within one year42/48 | €75k | €128k | €126k | €143k | €85k | ▼ 40.3% |
| Current portion of amounts payable after more than one year42 | €38k | €57k | €65k | €69k | €72k | ▲ 4.4% |
| Financial debts43 | - | - | - | €25k | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €25k | €0 | ▼ 100% |
| Trade debts44 | €3k | €17k | €1k | €6k | €5k | ▼ 14.6% |
| Suppliers440/4 | €3k | €17k | €1k | €6k | €5k | ▼ 14.6% |
| Taxes, remuneration and social security45 | €20k | €37k | €40k | €24k | €8k | ▼ 67.6% |
| Taxes450/3 | €18k | €35k | €39k | €23k | €7k | ▼ 71.6% |
| Remuneration and social security454/9 | €2k | €2k | €2k | €2k | €1k | ▼ 6.7% |
| Other amounts payable47/48 | €14k | €17k | €19k | €18k | €25 | ▼ 99.9% |
| Accrued charges and deferred income492/3 | €300 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39k | €49k | €73k | €63k | €60k | ▼ 4.4% |
| + Depreciation and write-downs630 | €6k | €9k | €7k | €14k | €14k | ▲ 2.9% |
| Operating cash flow (approximation) | €46k | €58k | €80k | €77k | €74k | ▼ 3.1% |
| Investment in fixed assets (approximation) | - | €-148k | €-94k | €0 | €-2k | - |
| Change in cash | - | €27k | €-10k | €8k | €-62k | ▼ 857% |
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
19-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 19 days late
2025
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €200kEq €208k ▲27.6%
4 profitable years in a row build equity to €208k.
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2021net €73k ▲47.6%
Operating result €92k, net result €73k, both a record.
31-12
Financial
Equity above €150kEq €163k ▲81.1%
3 profitable years in a row build equity to €163k.
14-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Kontich · 1 establishment unit since 2021
Ground area
2,100 m²
Building footprint
246 m²
Volume, LiDAR
1,393 m³
Parcel 11024A0025/00D000, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
FOREL
since 20212.311.517.225
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11024A0025/00D000 | Flanders | 2,100 m² | 1 · 245 m² | 8.4 m · 2 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.
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Of 3,875 companies in sector 93199 we hold annual accounts for 605. 382 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-12-2020
Fiscal year end31-12
Activities, NACEBEL 2025
93199Other sports activities
70200Business and other management consultancy
73110Advertising agencies
82990Other business support services
85510Sports and recreation education
86995Nutrition and dietetics services
Scores and ratios are computed by Checked and are not a credit decision.