FOREST-DAB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 14 filings
Turnover
≈ €390,000
Estimated: probably between €260,000 and €600,000
EBIT margin
Not included in this filing
Net result
€65,060▲ 13.1%
2024 · €57,507
Working capital
€87,570▲ 173%
2024 · €32,074
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€86,919
▲ 9.9%
2025
20192025
Net result
€65,060
▲ 13.1%
2025
20192025
Equity
€287,415
▲ 29.3%
2025
20192025
Total assets
€590,281
▼ 0.3%
2025
20192025
Debt
€302,865
▼ 18.1%
2025
20192025
Working capital
€87,570
▲ 173%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€58,759-€50,644▼ 13.8%€64,384▲ 27.1%€68,522▲ 6.4%€82,818▲ 20.9%€79,054▼ 4.5%€86,919▲ 9.9%
Net result€10,659-€20,858▲ 95.7%-€11,320€43,062€59,426▲ 38.0%€57,507▼ 3.2%€65,060▲ 13.1%
Equity€52,821-€73,679▲ 39.5%€62,359▼ 15.4%€105,421▲ 69.1%€164,848▲ 56.4%€222,355▲ 34.9%€287,415▲ 29.3%
Total assets€902,261-€797,244▼ 11.6%€729,191▼ 8.5%€692,726▼ 5.0%€674,116▼ 2.7%€592,206▼ 12.2%€590,281▼ 0.3%
Debt€849,440-€723,565▼ 14.8%€666,831▼ 7.8%€587,304▼ 11.9%€509,269▼ 13.3%€369,851▼ 27.4%€302,865▼ 18.1%
Working capital€15,579--€26,473-€10,708▲ 59.6%-€4,106▲ 61.7%€55,786€32,074▼ 42.5%€87,570▲ 173%
The operating result for 2025 is 10% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €590,281
Fixed assets
€379,376 ▼ 13.1%
Current assets
€210,905 ▲ 35.7%
Equity and liabilities €590,281
Equity
€287,415 ▲ 29.3%
Debt
€302,865 ▼ 18.1%
Debt's share of the balance-sheet total falls from 62.5% to 51.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€154,039▲
2024 · €145,619
Cash flow
€132,180▲
2024 · €124,072
Current ratio
1.71▲
2024 · 1.26
Debt to equity
1.05▼
2024 · 1.66
ROE
22.6%▼
2024 · 25.9%
ROA
11.0%▲
2024 · 9.7%
Interest coverage
48.52▲
2024 · 31.44
Debt ≤ 1 year
€123,335=
2024 · €123,316
Debt > 1 year
€139,454▼
2024 · €246,534
Income taxes
€21,495▲
2024 · €19,891
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €3,816 | €9,680 |
| Depreciation and write-downs of the year | €66,364 | €66,364 | €66,364 | €66,565 | €67,120 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,174 | €66,209 | €66,364 | €66,364 | €66,364 | €66,565 | €67,120 | ▲ 0.8% |
| Other operating charges640/8 | - | - | €13,494 | €885 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €138,303 | €129,964 | €144,243 | €135,771 | €149,567 | €146,006 | €154,439 | ▲ 5.8% |
| Operating profit (loss)9901 | €58,759 | €50,644 | €64,384 | €68,522 | €82,818 | €79,054 | €86,919 | ▲ 9.9% |
| Financial income75/76B | - | - | - | - | €2,323 | €2,976 | €2,811 | ▼ 5.6% |
| Recurring financial income75 | - | €10,000 | - | - | €2,323 | €2,976 | €2,811 | ▼ 5.6% |
| Financial charges65/66B | - | - | €75,617 | €7,096 | €5,906 | €4,632 | €3,175 | ▼ 31.5% |
| Recurring financial charges65 | €43,181 | €38,721 | €75,617 | €7,096 | €5,906 | €4,632 | €3,175 | ▼ 31.5% |
| Profit (loss) for the period before taxes9903 | €15,578 | €21,923 | -€11,233 | €61,426 | €79,235 | €77,399 | €86,556 | ▲ 11.8% |
| Income taxes67/77 | €4,919 | €1,065 | €87 | €18,364 | €19,809 | €19,891 | €21,495 | ▲ 8.1% |
| Profit (loss) for the period9904 | €10,659 | €20,858 | -€11,320 | €43,062 | €59,426 | €57,507 | €65,060 | ▲ 13.1% |
| Profit (loss) for the period to be appropriated9905 | €10,659 | €20,858 | -€11,320 | €43,062 | €59,426 | €57,507 | €65,060 | ▲ 13.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €902,261 | €797,244 | €729,191 | €692,726 | €674,116 | €592,206 | €590,281 | ▼ 0.3% |
| Fixed assets21/28 | €763,341 | €698,657 | €632,293 | €565,929 | €499,564 | €436,815 | €379,376 | ▼ 13.1% |
| Tangible fixed assets22/27 | €763,341 | €698,657 | €632,293 | €565,929 | €499,564 | €436,815 | €379,376 | ▼ 13.1% |
| Land and buildings22 | - | - | €632,293 | €565,929 | €499,564 | €436,815 | €379,376 | ▼ 13.1% |
| Current assets29/58 | €138,920 | €98,587 | €96,898 | €126,797 | €174,552 | €155,390 | €210,905 | ▲ 35.7% |
| Amounts receivable within one year40/41 | €99,775 | - | €7,500 | €12,500 | €50,216 | €58,943 | €66,617 | ▲ 13.0% |
| Trade receivables40 | - | - | - | - | €2,723 | €8,364 | €13,336 | ▲ 59.4% |
| Other amounts receivable41 | - | - | €7,500 | €12,500 | €47,493 | €50,579 | €53,281 | ▲ 5.3% |
| Cash at bank and in hand54/58 | €39,145 | €97,331 | €88,097 | €112,861 | €122,774 | €94,875 | €142,702 | ▲ 50.4% |
| Deferred charges and accrued income490/1 | - | - | €1,301 | €1,436 | €1,562 | €1,572 | €1,586 | ▲ 0.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €902,261 | €797,244 | €729,191 | €692,726 | €674,116 | €592,206 | €590,281 | ▼ 0.3% |
| Equity10/15 | €52,821 | €73,679 | €62,359 | €105,421 | €164,848 | €222,355 | €287,415 | ▲ 29.3% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €45,860 | €45,860 | €45,860 | €45,860 | €45,860 | €45,860 | €45,860 | = |
| 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 | - | - | €44,000 | €44,000 | €44,000 | €44,000 | €44,000 | = |
| Profit (loss) carried forward14 | €761 | €21,619 | €10,299 | €53,361 | €112,788 | €170,295 | €235,355 | ▲ 38.2% |
| Amounts payable17/49 | €849,440 | €723,565 | €666,831 | €587,304 | €509,269 | €369,851 | €302,865 | ▼ 18.1% |
| Amounts payable after more than one year17 | €693,599 | €598,505 | €559,226 | €456,401 | €352,177 | €246,534 | €139,454 | ▼ 43.4% |
| Financial debts170/4 | - | - | €473,857 | €371,032 | €266,808 | €161,166 | €54,085 | ▼ 66.4% |
| Other amounts payable178/9 | - | - | €85,369 | €85,369 | €85,369 | €85,369 | €85,369 | = |
| Amounts payable within one year42/48 | €123,341 | €125,060 | €107,606 | €130,903 | €118,766 | €123,316 | €123,335 | = |
| Current portion of amounts payable after more than one year42 | - | - | €93,043 | €102,825 | €104,224 | €105,643 | €107,080 | ▲ 1.4% |
| Trade debts44 | €31,450 | €12,827 | - | €967 | - | €3,116 | €5,027 | ▲ 61.3% |
| Suppliers440/4 | - | - | - | €967 | - | €3,116 | €5,027 | ▲ 61.3% |
| Taxes, remuneration and social security45 | - | - | - | €12,548 | €4,809 | €4,825 | €1,495 | ▼ 69.0% |
| Taxes450/3 | - | - | - | €12,548 | €4,809 | €4,825 | €1,495 | ▼ 69.0% |
| Other amounts payable47/48 | - | - | €14,563 | €14,563 | €9,733 | €9,733 | €9,733 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | €38,326 | - | €40,076 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,659 | €20,858 | -€11,320 | €43,062 | €59,426 | €57,507 | €65,060 | ▲ 13.1% |
| + Depreciation and write-downs630 | €66,174 | €66,209 | €66,364 | €66,364 | €66,364 | €66,565 | €67,120 | ▲ 0.8% |
| Operating cash flow (approximation) | €76,833 | €87,067 | €55,045 | €109,426 | €125,791 | €124,072 | €132,180 | ▲ 6.5% |
| Investment in fixed assets (approximation) | - | -€1,525 | €0 | €0 | €0 | -€3,816 | -€9,680 | ▼ 154% |
| Change in cash | - | €58,186 | -€9,235 | €24,765 | €9,913 | -€27,899 | €47,827 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,811 companies had the same profile as FOREST-DAB has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of FOREST-DAB itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 17,811 companies, not a prediction for FOREST-DAB. 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.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00324922 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00167713 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00310865 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00428975 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20051981 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64300600 | |
| 31-12-2019 | full format | 07-01-2021 | 2021-00600263 | |
| 31-12-2017 | full format | 26-09-2018 | 2018-66400482 | |
| 31-12-2016 | full format | 02-03-2018 | 2018-06300116 | |
| 31-12-2014 | full format | 23-12-2015 | 2015-70300113 |