FOREST CM
ActiveSummary
FOREST CM has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €90,222 and a net result of €41,233. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 49% of 31896 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency80▲+18
Growth38=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity ample (current ratio 1.9 against 1.58 in 2024; short-term debt: 45.5% and cash: 83.4% of total assets), and 45.5% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% 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
54.5%
Return on assets
24.9%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 04-08-2026, 4 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
4 d late
2024
5 d late
2023
1 d early
2022
31 d early
2021
20 d early
2020
16 d late
2019
35 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Turnover
€662▼ 98.9%
2018 · €59,430
EBIT margin
-9208.5%▼ 9157.2pp
2018 · -51.3%
Net result
€41,233▼ 51.8%
2024 · €85,564
Working capital
€67,492▲ 39.4%
2024 · €48,411
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result-€49,804▲ 39.2%-€13,924▲ 72.0%€15,787€86,077▲ 445%€39,632▼ 54.0%
Net result-€50,211below the sector's middle half▲ 34.0%-€14,319below the sector's middle half▲ 71.5%€15,343within the sector's middle half€85,564above the sector's middle half▲ 458%€41,233within the sector's middle half▼ 51.8%
EBIT margin
Equity-€37,598below the sector's middle half-€51,918below the sector's middle half▼ 38.1%-€36,575below the sector's middle half▲ 29.6%€48,989within the sector's middle half€90,222within the sector's middle half▲ 84.2%
Total assets€8,022below the sector's middle half▼ 81.5%€6,030below the sector's middle half▼ 24.8%€50,440below the sector's middle half▲ 736%€132,245within the sector's middle half▲ 162%€165,422within the sector's middle half▲ 25.1%
Debt€45,620▲ 48.9%€57,948▲ 27.0%€87,014▲ 50.2%€83,256▼ 4.3%€75,200▼ 9.7%
Working capital-€38,570-€52,700▼ 36.6%-€37,167▲ 29.5%€48,411€67,492▲ 39.4%
Solvency-468.7%below the sector's middle half▼ 497.9pp-860.9%below the sector's middle half▼ 392.2pp-72.5%below the sector's middle half▲ 788.4pp37.0%within the sector's middle half▲ 109.6pp54.5%within the sector's middle half▲ 17.5pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 54% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €165,422
Fixed assets
€22,731 ▲ 3,835%
Current assets
€142,692 ▲ 8.4%
Equity and liabilities €165,422
Equity
€90,222 ▲ 84.2%
Debt
€75,200 ▼ 9.7%
Debt's share of the balance-sheet total falls from 63.0% to 45.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€43,351▼
2024 · €86,270
Cash flow
€44,952▼
2024 · €85,757
Current ratio
1.90▲
2024 · 1.58
Debt to equity
0.83▼
2024 · 1.70
ROE
45.7%▼
2024 · 174.7%
ROA
24.9%▼
2024 · 64.7%
Interest coverage
102.92▼
2024 · 231.01
Debt ≤ 1 year
€75,200▼
2024 · €83,256
Income taxes
€2,718▲
2024 · €140
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,672 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55 | €189 | €189 | €193 | €3,719 | ▲ 1,825% |
| Other operating charges640/8 | - | - | - | €1,513 | €1,233 | ▼ 18.5% |
| Gross operating margin9900 | -€49,749 | -€13,734 | €15,977 | €87,782 | €44,584 | ▼ 49.2% |
| Operating profit (loss)9901 | -€49,804 | -€13,924 | €15,787 | €86,077 | €39,632 | ▼ 54.0% |
| Financial income75/76B | €94 | €28 | €55 | - | €4,740 | - |
| Recurring financial income75 | €94 | €28 | €55 | - | €4,740 | - |
| Financial charges65/66B | €338 | €245 | €308 | €373 | €421 | ▲ 12.8% |
| Recurring financial charges65 | €338 | €245 | €308 | €373 | €421 | ▲ 12.8% |
| Profit (loss) for the period before taxes9903 | -€50,047 | -€14,141 | €15,534 | €85,703 | €43,951 | ▼ 48.7% |
| Income taxes67/77 | €164 | €178 | €191 | €140 | €2,718 | ▲ 1,848% |
| Profit (loss) for the period9904 | -€50,211 | -€14,319 | €15,343 | €85,564 | €41,233 | ▼ 51.8% |
| Profit (loss) for the period to be appropriated9905 | -€50,211 | -€14,319 | €15,343 | €85,564 | €41,233 | ▼ 51.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8,022 | €6,030 | €50,440 | €132,245 | €165,422 | ▲ 25.1% |
| Fixed assets21/28 | €972 | €782 | €593 | €578 | €22,731 | ▲ 3,835% |
| Tangible fixed assets22/27 | €514 | €324 | €135 | €120 | €22,273 | ▲ 18,504% |
| Plant, machinery and equipment23 | - | - | - | €120 | €60 | ▼ 49.6% |
| Furniture and vehicles24 | €514 | €324 | €135 | - | €22,212 | - |
| Financial fixed assets28 | €458 | €458 | €458 | €458 | €458 | = |
| Current assets29/58 | €7,050 | €5,248 | €49,847 | €131,667 | €142,692 | ▲ 8.4% |
| Amounts receivable within one year40/41 | €198 | €1,591 | €36,521 | €33,519 | €2,518 | ▼ 92.5% |
| Trade receivables40 | - | €1,000 | €35,206 | €32,758 | - | - |
| Other amounts receivable41 | €198 | €591 | €1,315 | €761 | €2,518 | ▲ 231% |
| Cash at bank and in hand54/58 | €6,319 | €3,609 | €13,247 | €96,105 | €137,885 | ▲ 43.5% |
| Deferred charges and accrued income490/1 | €533 | €48 | €79 | €2,043 | €2,289 | ▲ 12.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8,022 | €6,030 | €50,440 | €132,245 | €165,422 | ▲ 25.1% |
| Equity10/15 | -€37,598 | -€51,918 | -€36,575 | €48,989 | €90,222 | ▲ 84.2% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €166,816 | €166,816 | €114,862 | €114,862 | €114,862 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €164,956 | €164,956 | €113,002 | €113,002 | €113,002 | = |
| Profit (loss) carried forward14 | -€216,814 | -€231,133 | -€163,837 | -€78,273 | -€37,040 | ▲ 52.7% |
| Amounts payable17/49 | €45,620 | €57,948 | €87,014 | €83,256 | €75,200 | ▼ 9.7% |
| Amounts payable within one year42/48 | €45,620 | €57,948 | €87,014 | €83,256 | €75,200 | ▼ 9.7% |
| Trade debts44 | €203 | €1,048 | €155 | €4,876 | €24 | ▼ 99.5% |
| Suppliers440/4 | €203 | €1,048 | €155 | €4,876 | €24 | ▼ 99.5% |
| Taxes, remuneration and social security45 | €183 | €342 | €191 | €140 | - | - |
| Taxes450/3 | €183 | €342 | €191 | €140 | - | - |
| Other amounts payable47/48 | €45,234 | €56,558 | €86,669 | €78,241 | €75,177 | ▼ 3.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€50,211 | -€14,319 | €15,343 | €85,564 | €41,233 | ▼ 51.8% |
| + Depreciation and write-downs630 | €55 | €189 | €189 | €193 | €3,719 | ▲ 1,825% |
| Operating cash flow (approximation) | -€50,156 | -€14,130 | €15,532 | €85,757 | €44,952 | ▼ 47.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€178 | -€25,872 | ▼ 14,409% |
| Change in cash | - | -€2,709 | €9,638 | €82,858 | €41,780 | ▼ 49.6% |
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
04-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 4 days late
2025
05-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 5 days late
2024
31-12
Financial
Highest result since 2018net €85,564 ▲458%
Operating result €86,077, net result €85,564, both a record.
31-12
Financial
Liquidity triplescurrent ratio 1.58
Current ratio from 0.57 to 1.58; short-term debt falls from €87,014 to €83,256.
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €15,343
Net result €15,343 after 5 loss-making years.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
16-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 16 days late
2020
31-12
Financial
Weakest financial yearnet -€76,096
Net result drops to -€76,096, the lowest in the series; recovery starts the following year.
04-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 35 days late
2019
31-12
Financial
Liquidity quadruplescurrent ratio 106.06
Current ratio from 25.46 to 106.06; short-term debt falls from €6,077 to €840.
Show earlier events
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
01-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 1 day late
2017
03-10
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 64 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
4 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, Sint-Lambrechts-Woluwe · 1 establishment unit since 2012
Ground area
383 m²
Building footprint
182 m²
Volume, LiDAR
1,420 m³
2 parcels, Brussels · tallest building 12.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
FOREST CM
since 20122.209.841.033
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21684B0061/00Z013 | Brussels | 306 m² | 1 · 123 m² | 10.5 m · 3 fl. |
| 21673D0152/00K009 | Brussels | 77 m² | 1 · 59 m² | 12.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
Architectural & Real Estate Advice
BE 0735.707.287
Mechelen · Eq €90,217
TEXCELLENCE
BE 0471.745.741
Sint-Martens-Latem · Eq €90,210
Fiba Consult
BE 0768.858.226
Beringen · Eq €90,239
Aristeia
BE 1003.662.463
Puurs-Sint-Amands · Eq €90,247
Payudar Consulting
BE 0726.950.266
Kortrijk · Eq €90,194
Of 82,642 companies in sector 70200 we hold annual accounts for 52,626. 40,471 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 (pre-2019)
Founded15-05-2012
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0845956103
Also
9925:BE0845956103
Registered
07-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.