Forest 2
Annual accounts 2025
full format, filed on 21-08-2026, 21 days lateMoney flows
of every €100 of turnover, €34.38 remains as profit in 2025Balance sheet
balance sheet total €33.3m on 31-12-2025in €m
in €m
Position in the sector
72.1%
Higher than 76% of 5,810 companies in 2025.
3.87
Higher than 76% of 5,561 companies in 2025.
1.6%
Higher than 58% of 5,784 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
33.3m | 33.0m | 32.1m | 32.7m | 35.8m | |
20 |
3,855 | 21,614 | 39,413 | 57,211 | 75,009 | |
21/28 |
32.1m | 32.3m | 31.3m | 31.8m | 34.8m | |
22/27 |
32.1m | 32.3m | 31.3m | 31.8m | 34.8m | |
22 |
31.7m | 31.9m | 31.3m | 31.8m | 34.8m | |
26 |
432,587 | 416,561 | - | - | - | |
29/58 |
1.2m | 681,921 | 715,975 | 878,524 | 942,422 | |
40/41 |
350,601 | 285,993 | 289,586 | 139,494 | 210,591 | |
40 |
282,325 | 222,483 | 286,575 | 139,494 | 138,524 | |
41 |
68,277 | 63,510 | 3,010 | - | 72,067 | |
54/58 |
774,543 | 317,430 | 284,361 | 583,395 | 691,844 | |
490/1 |
71,993 | 78,498 | 142,028 | 155,635 | 39,988 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
33.3m | 33.0m | 32.1m | 32.7m | 35.8m | |
10/15 |
24.0m | 23.5m | 22.0m | 21.7m | 23.7m | |
10/11 |
23.4m | 23.4m | 23.4m | 23.4m | 23.4m | |
10 |
61,500 | 61,500 | 61,500 | 61,500 | 61,500 | |
100 |
61,500 | 61,500 | 61,500 | 61,500 | 61,500 | |
11 |
23.3m | 23.3m | 23.3m | 23.3m | 23.3m | |
1100/10 |
23.3m | 23.3m | 23.3m | 23.3m | 23.3m | |
13 |
15,435 | 15,435 | 15,435 | 15,435 | 15,435 | |
130/1 |
15,435 | 15,435 | 15,435 | 15,435 | 15,435 | |
130 |
15,435 | 15,435 | 15,435 | 15,435 | 15,435 | |
14 |
646,250 | 105,319 | -1.3m | -1.7m | 293,262 | |
17/49 |
9.3m | 9.6m | 10.0m | 11.1m | 12.2m | |
17 |
8.6m | 9.0m | 9.4m | 10.2m | 11.6m | |
170/4 |
8.6m | 9.0m | 9.4m | 10.2m | 11.5m | |
174 |
8.6m | 9.0m | 9.4m | 10.2m | 11.5m | |
178/9 |
- | - | - | - | 125,972 | |
42/48 |
309,187 | 202,024 | 198,419 | 443,169 | 133,507 | |
44 |
- | - | - | 219,328 | 18,651 | |
440/4 |
- | - | - | 219,328 | 18,651 | |
45 |
112,618 | 5,454 | 1,850 | 27,272 | 114,855 | |
450/3 |
112,618 | 5,454 | 1,850 | 27,272 | 114,855 | |
47/48 |
196,569 | 196,569 | 196,569 | 196,569 | - | |
492/3 |
441,952 | 395,718 | 429,565 | 408,310 | 448,143 | |
| Income statement | ||||||
70/76A |
2.4m | 3.3m | 2.4m | 2.0m | 1.9m | |
70 |
1.6m | 1.5m | 1.5m | 1.4m | 1.3m | |
74 |
467,477 | 416,898 | 382,426 | 567,168 | 569,200 | |
76A |
400,707 | 1.4m | 595,217 | - | - | |
60/66A |
1.6m | 1.5m | 1.8m | 3.7m | 1.2m | |
61 |
202,617 | 237,895 | 317,164 | 200,883 | 203,982 | |
630 |
884,433 | 841,214 | 1.1m | 679,095 | 685,945 | |
640/8 |
473,419 | 430,169 | 416,737 | 443,161 | 280,558 | |
66A |
- | - | - | 2.4m | - | |
9901 |
880,880 | 1.8m | 616,942 | -1.7m | 727,589 | |
65/66B |
220,101 | 231,834 | 247,753 | 290,106 | 306,492 | |
65 |
220,101 | 231,834 | 247,753 | 290,106 | 306,492 | |
650 |
219,030 | 230,907 | 246,814 | 286,113 | 303,397 | |
652/9 |
1,071 | 927 | 939 | 3,993 | 3,095 | |
9903 |
660,780 | 1.6m | 369,189 | -2.0m | 421,098 | |
67/77 |
119,849 | 118,384 | - | -0 | 112,401 | |
670/3 |
191,264 | 118,384 | - | - | 112,401 | |
77 |
71,415 | - | - | 0 | - | |
9904 |
540,931 | 1.5m | 369,189 | -2.0m | 308,697 | |
9905 |
540,931 | 1.5m | 369,189 | -2.0m | 308,697 | |
| Appropriation of the result | ||||||
9906 |
646,250 | 105,319 | -1.3m | -1.7m | 308,697 | |
14P |
105,319 | -1.3m | -1.7m | 293,262 | - | |
691/2 |
- | - | - | - | 15,435 | |
6920 |
- | - | - | - | 15,435 | |
| Document | ||||||
The notes to these accounts have 27 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 21-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 21 days after the deadline. Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00430609.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 21-08-2026 | 2026-00430609 | |
| 31-12-2024 | full format | 18-06-2025 | 2025-00177019 | |
| 31-12-2023 | full format | 27-06-2024 | 2024-00203122 | |
| 31-12-2022 | full format | 18-06-2023 | 2023-00139808 | |
| 31-12-2021 | full format | 03-06-2022 | 2022-20057009 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 1.8m | 2.6m | 1.7m | -1.0m | 1.4m | ||
| 1.4m | 2.3m | 1.5m | -1.3m | 994,642 | ||
| 262,838 | 458,959 | 613,015 | -2.4m | 35.5m | ||
| 457,113 | 33,069 | -299,034 | -108,449 | - | ||
| 887,950 | 479,897 | 517,555 | 435,354 | 808,916 | ||
| 56.0% | - | 42.3% | - | 54.8% | ||
| 72.1% | 71.1% | 68.7% | 66.2% | 66.0% | ||
| 3.87 | 3.38 | 3.61 | 1.98 | 7.06 | ||
| 0.39 | 0.41 | 0.46 | 0.51 | 0.51 | ||
| 2.3% | 6.2% | 1.7% | -9.3% | 1.3% | ||
| 1.6% | 4.4% | 1.2% | -6.1% | 0.9% | ||
| 8.06 | 11.45 | 6.90 | -3.63 | 4.66 | ||
| 66 days | 54 days | 72 days | 36 days | 38 days | ||
| - | - | - | 399 days | 33 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Overdue debts
tax and social security| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | €1,850 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €262,838 | €458,959 | - | - | €35.5m |
| €884,433 | €841,214 | €1.1m | €679,095 | €685,945 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
feesThe auditor is PricewaterhouseCoopers Reviseurs d'Entreprises.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fee for the audit | €9,580 | €9,300 | €9,000 | €9,000 | €9,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Insights on Forest 2
The operating result for 2025 is 51% lower than in 2024.
Debt's share of the balance-sheet total falls from 28.9% to 27.9%. Equity is higher and debt is lower.
- 2025 Net result -63% on 2024. The 2024 profit included a one-off income of €1,388,029.
- 2024 Net result +293% on 2023. The 2024 profit included a one-off income of €1,388,029.