Forest 1

Active

Public limited companyfounded 20205 yrs activeKoningsstraat 52, 1000 Brussel, BelgiumKBO/BCE: BE 0759.795.753

Forest 1 has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €18.15M and a net result of €217k. Equity remains stable across the filed fiscal years (±1.3% per year). Its solvency ranks better than 68% of 4522 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).

Watch Print / PDF

Checked score

Score 2025

73 / 100

Healthy

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability72=

Solvency86▲+1

Growth67▼-4

Track record94

Bankruptcy probability, 12 months

0.7% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €140k at 30 days acceptable

Liquidity ample (current ratio 11.81 against 11.26 in 2024; short-term debt: 0.4% and cash: 2.4% of total assets), and 38.7% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 68

Relative position

BE, all sectors

reference

Sector 68

lower

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

61.3%

Return on assets

0.7%

Age of the figures

9 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.

NBB · 5 filings

Deviation from the deadline

2025

8 d early

2024

43 d early

2023

34 d early

2022

43 d early

2021

58 d early

← before the deadline after the deadline →

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 months

Position in the running window

19-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€1.46M▼ 6.6%

2024 · €1.56M

2021: €1.27M 2022: €1.39M 2023: €1.50M 2024: €1.56M

2021 → 2025

EBIT margin

40.4%▼ 1.8pp

2024 · 42.2%

2021: 42.4% 2022: -25.7% 2023: 94.6% 2024: 42.2%

2021 → 2025

Net result

€217k▼ 13.2%

2024 · €250k

2021: €118k 2022: €-713k 2023: €959k 2024: €250k

2021 → 2025

Working capital

€1.14M▲ 33.0%

2024 · €856k

2021: €1.06M 2022: €758k 2023: €495k 2024: €856k

2021 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€1.27M-€1.39M▲ 9.4%€1.50M▲ 8.4%€1.56M▲ 4.0%€1.46M▼ 6.6%

Equity€17.44M-€16.72M▼ 4.1%€17.68M▲ 5.7%€17.93M▲ 1.4%€18.15M▲ 1.2%

Operating result€538k-€-356k€1.42M€661k▼ 53.6%€590k▼ 10.7%

Net result€118k-€-713k€959k€250k▼ 74.0%€217k▼ 13.2%

Result per fiscal year

Operating resultNet result

The operating result has fallen two years in a row; 2025 is 11% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €29.59M

95.8%

Fixed assets €28.35M▼ 1.7%

Current assets €1.24M▲ 32.4%

Equity and liabilities €29.60M

61.3%

38.7%

Equity €18.15M▲ 1.2%

Debt €11.45M▼ 3.6%

The debt ratio falls from 39.8% to 38.7%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€1.30M▼

2024 · €1.36M

Cash flow

€923k▼

2024 · €946k

Solvency

61.3%▲

2024 · 60.2%

Current ratio

11.81▲

2024 · 11.26

Quick ratio

11.81▲

2024 · 11.26

Debt / equity

0.63▼

2024 · 0.66

ROE

1.2%▼

2024 · 1.4%

ROA

0.7%▼

2024 · 0.8%

Interest coverage

4.64▲

2024 · 4.59

Debt

€11.45M▼

2024 · €11.87M

Debt ≤ 1 year

€105k▲

2024 · €83k

Debt > 1 year

€10.99M▼

2024 · €11.39M

Income taxes

€93k▼

2024 · €114k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€29.81M€29.60M▼

Formation expenses20€22k€4k▼

Fixed assets21/28€28.84M€28.35M▼

Tangible fixed assets22/27€28.84M€28.35M▼

Land and buildings22€28.84M€28.35M▼

Assets under construction and advance payments27€2k-

Current assets29/58€939k€1.24M▲

Amounts receivable within one year40/41€93k€64k▼

Trade receivables40€93k€63k▼

Other amounts receivable41-€509

Cash at bank and in hand54/58€382k€720k▲

Deferred charges and accrued income490/1€464k€460k▼

Equity and liabilities

Total equity and liabilities10/49€29.81M€29.60M▼

Equity10/15€17.93M€18.15M▲

Contributions10/11€17.32M€17.32M=

Capital10€62k€62k=

Issued capital100€62k€62k=

Outside capital11€17.26M€17.26M=

Share premium1100/10€17.26M€17.26M=

Reserves13€6k€6k=

Non-distributable reserves130/1€6k€6k=

Legal reserve130€6k€6k=

Profit (loss) carried forward14€607k€824k▲

Amounts payable17/49€11.87M€11.45M▼

Amounts payable after more than one year17€11.39M€10.99M▼

Financial debts170/4€11.39M€10.99M▼

Other loans174€11.39M€10.99M▼

Amounts payable within one year42/48€83k€105k▲

Trade debts44-€15k

Suppliers440/4-€15k

Taxes, remuneration and social security45€4k€10k▲

Taxes450/3€4k€10k▲

Other amounts payable47/48€80k€80k=

Accrued charges and deferred income492/3€403k€357k▼

Income statement Code20242025

Operating income70/76A€1.94M€1.90M▼

Turnover70€1.56M€1.46M▼

Other operating income74€373k€438k▲

Operating charges60/66A€1.28M€1.31M▲

Services and other goods61€204k€183k▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€696k€707k▲

Other operating charges640/8€377k€419k▲

Operating profit (loss)9901€661k€590k▼

Financial charges65/66B€297k€281k▼

Recurring financial charges65€297k€281k▼

Debt charges650€296k€280k▼

Other financial charges652/9€1k€1k▼

Profit (loss) for the period before taxes9903€364k€309k▼

Income taxes67/77€114k€93k▼

Taxes670/3€114k€100k▼

Tax adjustments and reversals of tax provisions77-€7k

Profit (loss) for the period9904€250k€217k▼

Profit (loss) for the period to be appropriated9905€250k€217k▼

Appropriation of the result

Profit (loss) to be appropriated9906€607k€824k▲

Profit (loss) brought forward from the previous period14P€357k€607k▲

The notes to these accounts (21 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

All 9Financial 3Gazette 1Filings 5

Next filing, fiscal year 2026, expected by 31-07-2027

2026

11-09

State Gazette act General meeting · Director reappointment

General meeting · Director reappointment · Registered-office move6 facts ▸

General meeting, 2026-05-26
Director reappointment, Baudouin Demeure (administrateur)
Director reappointment, Valentin Audrit (administrateur)
Director reappointment, Thomas Biliaud (administrateur)
Registered-office move, Rue Royale 52, 1000 Bruxelles
Permanent representative, Isabelle Comperé

23-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

18-06

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

31-12

Financial Liquidity triplescurrent ratio 11.26

Current ratio from 3.22 to 11.26; short-term debt falls from €223k to €83k.

27-06

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

31-12

Financial Back to profitnet €959k

Net result €959k after one loss-making year.

18-06

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-12

Financial Weakest financial yearnet €-713k ▼707%

Net result drops to €-713k, the lowest in the series; recovery starts the following year.

03-06

NBB filing Annual accounts filed

fiscal year 2021 · full schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

under verification

This board is reconstructed from a single act (26114460). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.

Baudouin Demeure

Director

Current

Thomas Biliaud

Director

Current

Valentin Audrit

Director

Current

Location & real-estate footprint

Registered office, Brussel · 1 establishment unit since 2020

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Koningsstraat 521000 Brussel

Ground area

6,132 m²

Building footprint

4,365 m²

Volume, LiDAR

97,143 m³

2 parcels, Brussels · tallest building 45.8 m, ±8 floors. Linked by address, not a title deed.

1 establishment unit

FOREST 1

Louizalaan 235, 1050 ElseneRenting and operating of own or leased non-residential real estate, excluding land

since 20202.314.142.757

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.
21804D1516/00C000 ProtectedMonumentHuis de FranceSource ↗	Brussels	460 m²	1 · 487 m²	32.6 m · 8 fl.