Forest 3
ActiveForest 3 has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €28.48M and a net result of €809k. Equity remains stable across the filed fiscal years (±0.3% per year). Its solvency ranks better than 89% of 4500 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
100
/ 100
Excellent▲ +58 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability71▲+71
Solvency100=
Growth68▲+29
Stability94
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 2.55 against 2.01 in 2024), and 7.5% of the assets are financed with debt.
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
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 68
Relative position
BE, all sectors
reference
Sector 68
lower
← 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
92.5%
Return on assets
2.6%
Age of the figures
8 mo
neutral · 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 filingsDeviation 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 →
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
13-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€1.44M▼ 0.1%
2024 · €1.44M
2021: €1.21M
2022: €1.03M
2023: €1.52M
2024: €1.44M
2021 → 2025
EBIT margin
75.2%▲ 133.4pp
2024 · -58.2%
2021: 50.5%
2022: -133.1%
2023: 140.1%
2024: -58.2%
2021 → 2025
Net result
€809k
2024 · €-866k
2021: €344k
2022: €-1.50M
2023: €1.78M
2024: €-866k
2021 → 2025
Working capital
€895k▲ 88.8%
2024 · €474k
2021: €1.07M
2022: €575k
2023: €354k
2024: €474k
2021 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€1.21M-€1.03M▼ 15.0%€1.52M▲ 47.6%€1.44M▼ 5.4%€1.44M▼ 0.1%
Equity€28.26M-€26.76M▼ 5.3%€28.54M▲ 6.7%€27.67M▼ 3.0%€28.48M▲ 2.9%
Operating result€612k-€-1.37M€2.13M€-836k€1.08M
Net result€344k-€-1.50M€1.78M€-866k€809k
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €1.08M after a loss of €836k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €30.78M
Fixed assets
€29.31M▼ 0.2%
Current assets
€1.47M▲ 56.1%
Equity and liabilities €30.79M
Equity
€28.48M▲ 2.9%
Debt
€2.31M▼ 13.4%
The debt ratio falls from 8.8% to 7.5%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€1.84M▲
2024 · €-77k
Cash flow
€1.57M▲
2024 · €-106k
Solvency
92.5%▲
2024 · 91.2%
Current ratio
2.55▲
2024 · 2.01
Quick ratio
2.55▲
2024 · 2.01
Debt / equity
0.08▼
2024 · 0.10
ROE
2.8%▲
2024 · -3.1%
ROA
2.6%▲
2024 · -2.9%
Interest coverage
47.59▲
2024 · -1.23
Debt
€2.31M▼
2024 · €2.66M
Debt ≤ 1 year
€577k▲
2024 · €469k
Debt > 1 year
€1.30M▼
2024 · €1.80M
Income taxes
€232k▲
2024 · €-34k
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€30.34M€30.79M▲
Formation expenses20€22k€4k▼
Fixed assets21/28€29.37M€29.31M▼
Tangible fixed assets22/27€29.37M€29.31M▼
Land and buildings22€29.37M€29.31M▼
Current assets29/58€943k€1.47M▲
Amounts receivable within one year40/41€114k€130k▲
Trade receivables40€114k€130k▲
Cash at bank and in hand54/58€481k€1.06M▲
Deferred charges and accrued income490/1€348k€282k▼
Equity and liabilities
Total equity and liabilities10/49€30.34M€30.79M▲
Equity10/15€27.67M€28.48M▲
Contributions10/11€27.92M€27.92M=
Capital10€62k€62k=
Issued capital100€62k€62k=
Outside capital11€27.86M€27.86M=
Share premium1100/10€27.86M€27.86M=
Reserves13€17k€17k=
Non-distributable reserves130/1€17k€17k=
Legal reserve130€17k€17k=
Profit (loss) carried forward14€-262k€547k▲
Amounts payable17/49€2.66M€2.31M▼
Amounts payable after more than one year17€1.80M€1.30M▼
Financial debts170/4€1.80M€1.30M▼
Other loans174€1.80M€1.30M▼
Amounts payable within one year42/48€469k€577k▲
Trade debts44-€139k
Suppliers440/4-€139k
Taxes, remuneration and social security45€31k€624▼
Taxes450/3€31k€624▼
Other amounts payable47/48€438k€438k=
Accrued charges and deferred income492/3€392k€428k▲
Income statement
Code20242025
Operating income70/76A€1.85M€2.56M▲
Turnover70€1.44M€1.44M▼
Other operating income74€415k€459k▲
Non-recurring operating income76A-€662k
Operating charges60/66A€2.69M€1.48M▼
Services and other goods61€172k€257k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€760k€760k▲
Other operating charges640/8€416k€461k▲
Non-recurring operating charges66A€1.34M-
Operating profit (loss)9901€-836k€1.08M▲
Financial charges65/66B€63k€39k▼
Recurring financial charges65€63k€39k▼
Debt charges650€62k€39k▼
Other financial charges652/9€633€331▼
Profit (loss) for the period before taxes9903€-899k€1.04M▲
Income taxes67/77€-34k€232k▲
Taxes670/3€27k€232k▲
Tax adjustments and reversals of tax provisions77€61k-
Profit (loss) for the period9904€-866k€809k▲
Profit (loss) for the period to be appropriated9905€-866k€809k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-262k€547k▲
Profit (loss) brought forward from the previous period14P€604k€-262k▼
The notes to these accounts (24 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-09
State Gazette act
General meeting · Director reappointmentGeneral meeting · Director reappointment · Registered-office move6 facts ▸
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 COMPERE
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €809k
Net result €809k after one loss-making year.
18-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €1.78M
Net result €1.78M after one loss-making year.
18-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €-1.50M ▼537%
Net result drops to €-1.50M, 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 (26114463). 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
CurrentDirector
Thomas Biliaud
CurrentDirector
Valentin Audrit
CurrentDirector
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2020
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 BrusselGround 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 3
since 20202.314.273.312
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 | Brussels | 460 m² | 1 · 487 m² | 32.6 m · 8 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Similar companies · same sector, comparable size
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VASTGOED NATIE
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Antwerpen · Eq €29.00M
THE FIRST
BE 0449.936.577
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PachecoDvp
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Of 11,974 companies in sector 68203 we hold annual accounts for 5,947. 916 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded15-12-2020
Fiscal year end31-12
Activities, NACEBEL
68203Renting and operating of own or leased non-residential real estate, excluding land
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.