Result
€540,931 ▼ 62.7%
The result fell in 2025: the 2024 profit included a one-off income of €1.4m.
Forest 2
Overview
Lifetime
5 annual accounts with figures on one time axispeak €1.6m (2025)
€1.6m▲ 4.4%
lowest -€2.0m (2022)
€540,931▼ 62.7%
peak €24.0m (2025)
€24.0m▲ 2.3%
€9.3m▼ 2.6%
Board9 names since 2020
5 directorsBaudouin Cyrille DEMEURE and 4 others
Owners2 names in the annual accounts
100%Swiss Life BelCo and 1 other
Documentsfilings and deeds
21-08-202621 days late
2025financial year
Result from €1.5m to €540,931Cash from €317,430 to €774,543
Key points
from the 2025 annual accountsGrowth
4 years
4 years of growth in a row. Turnover 2025: €1.6m.
Investments
€262,838 0.3 × depreciation
Green is investment, beige is depreciation.
Filings
5 annual accounts 1 late
The 2025 accounts came 21 days late. The other four were filed on time.
At the same address
47 companies
Position in the sector
€24.0m
More equity than 93% of companies in real estate. Sector median €942,893 · 5,811 companies.
Checked score
93
Excellent
Financially stronger than 78% of medium-sized companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 1,720 companies (NACE 68, medium-sized).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026highest value
09-2026: 0.1%▼ -0.1 percentage points vs 08-2026lowest value
10-2026: 0.2%▲ +0.1 percentage points vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
1 change of registered office in 24 months
Liquidity: current ratio 3.87, cash €774,543
lowers risk
Sector: Real estate activities (NACE 68)
Size: turnover €1.6m, total assets €33.3m
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, medium-sized). It does better than 83% of them on solvency, 76% on liquidity, 92% on profitability and 59% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 722 companies had the same profile as Forest 2 has now. Each dot stands for 2 companies, two years later.
95.3%
were still trading
4.2%
stopped another way
0.6%
went bankrupt
That fits the bankruptcy probability of Forest 2 itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 722 companies, not a prediction for Forest 2. 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.
Credit verdict
Credit of up to €150,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 3.87 (3.38 in 2024), above the usual 1.5. Short-term debt is 0.9% and cash 2.3% of total assets. 27.9% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · A punctual record breaks
This company filed 4 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 5 filingsDeviation from the deadline
2025
21 days late
2024
43 days early
2023
34 days early
2022
43 days early
2021
58 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 31 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 18 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 1 other
- Swiss Life BelCo 100%score 66equity €127.3m (2025) · annual accounts 2025
- SWISS LIFE ASSURANCE ET PATRIMOINE consolidatesannual accounts 2025
Recent changes
Registered office moved from Ixelles to Brussels
New registered office: Rue Royale 52, 1000 Bruxelles · Previous registered office: Avenue Louise 235, 1050 Ixelles · Reappointments: Baudouin Demeure, Valentin Audrit and Thomas Biliaud · General meeting of 26-05-2026 · Gazette deed
Resignation: Mohamed Oubial (director)
Appointment: Valentín Audrit (director) · Director discharge: Mohamed Oubial · General meeting of 28-05-2024 · Gazette deed
Reappointment: PwC Reviseurs d'Entreprises (statutory auditor)
General meeting of 22-07-2024 · Gazette deed
Appointment: TUBIN Eric (class B director)
General meeting of 12-05-2021 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Forest 2 Brussels | €1.6m | 56.0% | 72.1% | - |
| Forest 3 Brussels | €1.4m | 75.2% | 92.5% | - |
| Forest 1 Brussels | €1.5m | 40.4% | 61.3% | - |
| RLST Brussels | €0.9m | 19.8% | 16.0% | - |
| Poincaré Brussels | €1.3m | 21.8% | 97.7% | - |
| OMEGA GREEN BRUSSELS Charleroi | €2.7m | -22.4% | -6.9% | - |
| SA Rue de la Loi Brussels | €1.0m | 15.4% | 53.3% | - |
Grey: the largest companies of the sector (real estate (NACE 68)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Forest 2: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €24m and €34m, founded between 2018 and 2022.
Official details
Source: KBO- Status
- Active since 15-12-2020Normal situation
- Registered office
- 48 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203
- Establishment unit
- 2.314.272.1241050 Ixelles, since 15-12-2020
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €1.6m▲ 4.4%
- €540,931▼ 62.7%
- €24.0m▲ 2.3%
- €33.3m▲ 0.9%
- Filing
- Filed on 21-08-2026
Insights on Forest 2
Turnover has grown every year since 2021.
Swiss Life BelCo holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
full format, filed on 21-08-2026, 21 days late€1.6m
▲ 4.4%
€880,880
▼ 51.1%
€1.8m
▼ 33.2%
€1.4m
▼ 37.8%
72.1%
▲ 1.0 percentage points
3.87
▲ 0.50
Money flows
of every €100 of turnover, €34.38 remains as profit in 2025Balance sheet
balance sheet total €33.3m on 31-12-2025What the company ownsHow it is paid for
in €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.
Forest 2
Middle half of the sector
80% of the sector
Full accounts in real estate (NACE 68)
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.
Large changes and their cause
- 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.
Board & ownership
Board
6 directors, 1 auditor, no change since 2024Class A director
appointed by deed of 17-12-2020
term without a fixed end
also on the board of 6 other companies
Class B director
appointed by deed of 17-12-2020
also on the board of 3 other companies
Class B director
since 01-05-2021
6-year term from 2021
also on the board of 5 other companies
listed in the 2025 annual accounts, filed on 21-08-2026
Director
appointed by deed of 26-08-2024
term without a fixed end
also on the board of 10 other companies
Statutory auditor, permanent representative Didier MATRICHE
current term since 22-07-2024
3-year term from 2024
listed in the 2025 annual accounts, filed on 21-08-2026
Mandates through the years
9 names, the dashed line is todayBaudouin Cyrille DEMEURE
Class A director
Class A director
Baudouin Demeure
Director
Director
Thomas BILLIAUD
Class B director
Class B director
TUBIN Eric
Class B director
Class B director
Valentin AUDRIT
Director
Director
Thomas Biliaud
Director
Director
PricewaterhouseCoopers Reviseurs d'Entreprises
Statutory auditor
Statutory auditor
Mohamed OUBIAL
Class A director
Class A director
BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM
Class A director
Class A director
BoardEarlierRest of the termmandate already running before its first mention
Mandates as a list
- Baudouin Cyrille DEMEURE
- Class A director, from 11-12-2020 to date
- Baudouin Demeure
- Director, from 11-12-2020 to date
- Thomas BILLIAUD
- Class B director, from 11-12-2020 to date
- TUBIN Eric
- Class B director, from 01-05-2021 to date
- Valentin AUDRIT
- Director, from 28-05-2024 to date
- Thomas Biliaud
- Director, since before 11-09-2026
- PricewaterhouseCoopers Reviseurs d'Entreprises
- Statutory auditor, from 11-12-2020 to date
- Mohamed OUBIAL
- Class A director, appointed by deed of 24-03-2021, until 26-08-2024
- BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM
- Class A director, from 11-12-2020 to 24-03-2021
Control
Parent
Equity €127.3m
Profit €214,474 in 2025 (profit €1.9m in 2024)
Checked score 66
100%
This company
Forest 2
Equity €24.0m
Profit €540,931 in 2025
Further up the chainSWISS LIFE ASSURANCE ET PATRIMOINE S. Etr. FR 90%SWISS LIFE ASSURANCE ET PATRIMOINE FR consolidates
Capital
- Capital
- €61,500
- Shares
- 61,500 in the 2025 annual accounts
- Contribution per share
- €1
- Equity per share
- €391 in 2025
- Source
- deed of 17-12-2020
Owners through the years
as the annual accounts name themOwners as a list
- Swiss Life BelCo
- SWISS LIFE ASSURANCE ET PATRIMOINE
Source: shareholder structure in its own accounts, parent in its own accounts
Articles of association
deed of 17-12-2020 (in French)- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 3 directors
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Tuesday of May at 11:00
Shareholders
2 ownersOwners 2
- Swiss Life BelCoparentEquity €127.3m Profit of €214,474 in 2025 (profit of €1.9m in 2024) Checked score 66100%
- SWISS LIFE ASSURANCE ET PATRIMOINEFRconsolidating parentconsolidates
Capital transactions
Shareholders according to the deeds
At incorporation
deed of 17-12-2020 ↗
- Swiss Life BelCo (BE 0665.679.821) 61,500 shares (100%) · €24,385,726.21
Capital over time
- 17-12-2020 Incorporation · €61,500 · 61,500 shares
Network & group
Group
Swiss Life BelCo has 4 direct subsidiaries (2025 accounts)Belgium 4 Equity Result
- BE Forest 2 €24.0m result €540,931
- BE Montoyer 51 Leasehold €34.9m result -€15,615
- BE Forest 3 €28.5m result €809,005
- BE Forest 1 €18.1m result €216,716
Source: list of holdings in the 2025 accounts of Swiss Life BelCo. Every holding stands with its own latest accounts.
At the same address
Koningsstraat 52, 1000 Brussels · 47 other companies| BNP Paribas Fortis
establishment since 01-01-1954 · founded in 1934 · group BNP PARIBAS |
total assets €282.82bn (2025) 0403.199.702 |
| Celsius Holding Belgium
registered office since 05-11-2003 · founded in 2003 |
turnover €23.6m (2025) 0861.516.089 |
| CELSIUS BELGIUM
registered office since 19-08-2015 · founded in 2015 |
total assets €285.9m (2025) 0635.634.961 |
| CELSIUS WAASLAND
registered office since 04-11-2002 · founded in 2002 |
turnover €19.7m (2025) 0478.701.631 |
| Swiss Life BelCo
registered office since 02-11-2016 · founded in 2016 |
total assets €139.6m (2025) 0665.679.821 |
| BNP PARIBAS REAL ESTATE BELGIUM
registered office since 23-12-2002 · founded in 2002 |
100 FTE (2025) 0479.098.539 |
| Stéphanie Square
registered office since 13-12-2021 · founded in 2021 |
turnover €3.2m (2025) 0778.554.860 |
| MONTOYER 51 LEASEHOLD
registered office since 20-04-2006 · founded in 2006 |
turnover €3.3m (2025) 0880.824.633 |
| IMMOBILIERE DE LA LAINE
registered office since 28-09-2010 · founded in 2010 |
total assets €65.4m (2025) 0829.987.329 |
| GAUCHERET
registered office since 20-09-2005 · founded in 2005 |
turnover €3.5m (2025) 0876.146.758 |
Earlier ties
| CROWN AVENUE via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 31-03-2022 founded in 2004 · negative equity (2024) · accounts filed late |
total assets €60.9m (2024) |
| LUSO INVEST via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 05-07-2022 founded in 2011 · negative equity (2025) · group ENODIA |
total assets €42.2m (2025) |
| ECF Oxygen via BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM (at Forest 2 until 2021) and Mohamed OUBIAL (at Forest 2 until 2024) · Director · deeds of 30-05-2023 and 23-07-2019 founded in 2012 · negative equity (2025) |
total assets €18.2m (2025) |
| ECF BRUSSELS OFFICE LEASEHOLD via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 21-02-2022 founded in 2010 · negative equity (2025) |
total assets €2,768 (2025) |
| BNP PARIBAS REAL ESTATE BELGIUM via Mohamed OUBIAL, at Forest 2 until 2024 · Permanent representative · deed of 16-03-2023 founded in 2002 |
100 FTE (2025) |
| IMMOBILIERE DE LA LAINE via Mohamed OUBIAL, at Forest 2 until 2024 · Class A director · deed of 04-04-2025 founded in 2010 |
total assets €65.4m (2025) |
Show 16 more earlier ties
| GAUCHERET via BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM (at Forest 2 until 2021) and Mohamed OUBIAL (at Forest 2 until 2024) · Director · deeds of 09-11-2022 and 03-04-2014 founded in 2005 |
turnover €3.5m (2025) |
| RESIDENTIE DE VLAMME via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 08-11-2024 founded in 2008 |
total assets €46.8m (2025) |
| Leuven via Mohamed OUBIAL, at Forest 2 until 2024 · Class B director · deed of 15-09-2022 founded in 2020 |
turnover €2.0m (2025) |
| SOFIMMOCENTRALE via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 08-11-2024 founded in 1990 |
total assets €37.4m (2025) |
| Cortenbergh 107 via Mohamed OUBIAL, at Forest 2 until 2024 · Class B director · deed of 15-09-2022 founded in 2018 |
turnover €2.2m (2025) |
| LEXINVEST via Mohamed OUBIAL, at Forest 2 until 2024 · Sole director · deed of 09-08-2022 founded in 2006 |
total assets €29.9m (2025) |
| BIO-VERSNELLER via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 22-09-2022 founded in 2008 |
turnover €7.4m (2025) |
| SPE III AVIGNON via BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM, at Forest 2 until 2021 · Director · deed of 17-02-2021 founded in 2001 |
turnover €2.4m (2025) |
| Foncière du Berlaymont via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 14-01-2026 founded in 2011 |
total assets €15.1m (2025) |
| WOMBAT via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 08-11-2024 founded in 1998 |
total assets €14.4m (2025) |
| REF EP Belgium 1 via BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM, at Forest 2 until 2021 · Manager · deed of 13-09-2019 founded in 2012 |
total assets €10.8m (2026) |
| ECF BRUSSELS OFFICE FREEHOLD via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 21-02-2022 founded in 2010 |
total assets €234,239 (2025) |
| ECRE Belgique 1 via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 23-06-2022 |
founded in 2017 |
| HAS BOIS SAGE via Mohamed OUBIAL, at Forest 2 until 2024 · Director · deed of 08-09-2022 |
founded in 2018 |
| BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM via Mohamed OUBIAL, at Forest 2 until 2024 · Permanent representative · deed of 17-12-2020 No longer active |
63 FTE (2020) |
| MARQUIS BUILDING BRUSSELS via BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM, at Forest 2 until 2021 · Director · deed of 11-09-2020 No longer active |
turnover €5.3m (2023) |
Connections & network
9 connected companiesThis company
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Linked via shared directors
IPE Froissart
Founded in 2020 · turnover €886,689 (2025) · negative equity
→
MONTOYER 51 LEASEHOLD
Founded in 2006 · turnover €3.3m (2025)
→
BRU WAT 16
via Valentin AUDRIT · Director · deed of 17-07-2025
Founded in 2018 · total assets €59.5m (2018)
→
Forest 3
Founded in 2020 · turnover €1.4m (2025)
→
Show 5 more companies with a shared director
Forest 1
Founded in 2020 · turnover €1.5m (2025)
→
SA Rue de la Loi
Founded in 2022 · turnover €1.0m (2025)
→
RENAISSANCE OFFICE
Founded in 2004 · turnover €2.4m (2025)
→
MERRION
via Valentin AUDRIT · Director · deed of 25-09-2025
Founded in 2000 · total assets €9.8m (2025)
→
Immo Pan 2
Founded in 2020 · total assets €560,384 (2025)
→
Timeline
Timeline
15 events since 2020Board
Filings
Financial
Establishments
Address
2020202220242026
Deadline for the 2026 accounts: 31-07-2027
2026
Registered office moved from Ixelles to BrusselsNew registered office: Rue Royale 52, 1000 Bruxelles · Previous registered office: Avenue Louise 235, 1050 Ixelles · Reappointments: Baudouin Demeure, Valentin Audrit and Thomas Biliaud · General meeting of 26-05-20267 points ▸
- General meeting, 26-05-2026
- Director reappointment, Baudouin Demeure
- Director reappointment, Valentin Audrit
- Director reappointment, Thomas Biliaud
- Registered-office move, Rue Royale 52, 1000 Bruxelles
- Permanent representative, Isabelle COMPERE
- Power of attorney, Valentin Audrit
Annual accounts 2025 filed NBBfull format · 21 days late
2025
Annual accounts 2024 filed PDFfull format · 43 days before the deadline
2024
Highest result from 2021 to 2025 net €1.5m ▲293% The operating result of €1.8m and the net result of €1.5m are both a record.
Resignation: Mohamed Oubial (director)Appointment: Valentín Audrit (director) · Director discharge: Mohamed Oubial · General meeting of 28-05-20244 points ▸
- General meeting, 28-05-2024
- Director resignation, Mohamed Oubial
- Director discharge, Mohamed Oubial
- Director appointment, Valentín Audrit
Reappointment: PwC Reviseurs d'Entreprises (statutory auditor)General meeting of 22-07-20242 points ▸
- General meeting, 22-07-2024
- Auditor reappointment, PwC Reviseurs d'Entreprises (statutory auditor)
Annual accounts 2023 filed PDFfull format · 34 days before the deadline
2023
Back to profit net €369,189 The net result is €369,189, after one loss-making year.
Annual accounts 2022 filed PDFfull format · 43 days before the deadline
2022
Weakest financial year net -€2.0m The net result drops to -€2.0m, the lowest from 2021 to 2025. It recovers the following year.
Annual accounts 2021 filed PDFfull format · 58 days before the deadline
2021
- General meeting, 12-05-2021
- Director appointment, TUBIN Eric (class B director)
New class A directorMohamed OUBIAL appointed, BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM SA resigned · Permanent representative: Mohamed OUBIAL · Board meeting of 24-02-202110 points ▸
- General meeting, 21-01-2021
- Director resignation, BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM SA (class A director)
- Permanent representative, Mohamed OUBIAL
- Director appointment, Mohamed OUBIAL (class A director)
- Board composition, Mohamed OUBIAL (class A director)
- Board composition, Baudouin DEMEURE (class A director)
- Board composition, Thomas BILLIAUD (class B director)
- Board meeting, 24-02-2021
- Power of attorney, Mohamed OUBIAL
- Power of attorney, Baudouin DEMEURE
- The deed holds 2 more points.
2020
IncorporationFounding capital of €61,500, 61,500 shares · Founder: Swiss Life BelCo · Appointments: BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM SA (class A director), Baudouin DEMEURE (class A director), Thomas BILLIAUD (class B director) and PricewaterhouseCoopers Reviseurs d'Entreprises (statutory auditor) · published on 17-12-202010 points ▸
- Founder, Swiss Life BelCo
- Capital, €61,500, 61,500 shares
- Founding capital, €61,500, 61,500 shares
- Registered office clause, Avenue Louise 235, 1050 Bruxelles
- Board rule, 3
- Director appointment, BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM SA (class A director)
- Permanent representative, Mohamed OUBIAL (représentant permanent pour exercice mandat d'administrateur)
- Director appointment, Baudouin DEMEURE (class A director)
- Director appointment, Thomas BILLIAUD (class B director)
- Auditor appointment, PricewaterhouseCoopers Reviseurs d'Entreprises (statutory auditor)
- The deed holds 1 more point.
First establishment Louizalaan 235, Ixelles
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0759.802.483
- VAT number
- BE 0759.802.483
- Peppol ID
- 0208:0759802483
- Other Peppol ID
- 9925:BE0759802483
- Legal form
- Public limited company
- Status
- Active, normal situation
- Founded
- 15-12-2020
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Tuesday of May at 11:00deed of 17-12-2020 (in French)
- Peppol
- Reachable via PeppolFollow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- Forest 2 in French
- Entity type
- Legal entity
- Name clauseThe company operates under this name according to its articles.
- Forest 2deed of 17-12-2020 (in French)
Activities
NACEBEL 202568203
Renting and operating of own or leased non-residential real estate, excluding land main activity
Codes under NACEBEL 2008
68203
Real estate rental main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “L’achat,la vente,l’échange,l’aménagement,la construction,l’exploitation,la location ou souslocation en nu ou en meublé d’immeubles bâtis ou…”deed of 17-12-2020 (in French)
6 activities
- L’achat,la vente,l’échange,l’aménagement,la construction,l’exploitation,la location ou souslocation en nu ou en meublé d’immeubles bâtis ou non bâtis,même si ceux-ci n’ont aucun lien direct ou indirect avec l’objet de la société
- La détention en propriété ou en jouissance de tous biens et droits réels quel que soit l’usage de ces biens et,plus particulièrement,l’administration et l’exploitation desdits biens et droits réels
- La prise d’intérêts,par le biais d’achat,de coopération,de fusion ou autre,dans toutes associations,entreprises ou sociétés qui ont un objet identique,similaire ou connexe,ou qui sont susceptibles de favoriser son entreprise ou de faciliter la vente de ses produits ou services
- Toutes opérations permettant la réalisation de cet objet et notamment l’acquisition de terrains,la cession ou l’échange de tous immeubles,droits réels ou de tous titres de société ayant,directement ou indirectement,pour objet notamment le développement de projets immobiliers
- Généralement toutes opérations financières,commerciales,industrielles,civiles,mobilières et immobilières pouvant se rattacher directement ou indirectement à l’objet spécifié ci-dessus ou susceptibles d’en faciliter le développement ou l’extension
- La réalisation d’études,la prestation de services et la fourniture de conseils dans le domaine immobilier
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Koningsstraat 52 registered office 1000 Brussels | ||
| Louizalaan 235 1050 Ixelles | 15-12-2020 | 2.314.272.124 |
1 former office
- Avenue Louise 235, 1050 Ixelles until 26-05-2026 · deed of 11-09-2026
Buildings and parcels at the addresses
- Ground area
- 6,132 m²
- Buildings
- 4,365 m²
- Volume, LiDAR
- 97,143 m³
- Tallest building
- 45.8 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21807G0131/00T000 | 5,672 m² | 1 · 3,878 m² | 45.8 m · 8 |
| 21804D1516/00C000 | 460 m² | 1 · 487 m² | 32.6 m · 8 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.