Financials
- Financial year
- 2025
- Total assets
- €10.5m
- Loss
- -€153,098
- Solvency
- 0.9%
Total assets▲ 402%
Net result
20192025
FORHAVEX
ActiveSummary
The annual accounts of FORHAVEX for financial year 2025 show a net loss of 61% of the equity at the start of that year. The 2025 annual accounts show equity of €96,071 and a net result of -€153,098. Equity is shrinking by about 22% per year and would, assuming unchanged policy, indicatively turn negative around financial year 2026. Its solvency ranks better than 19% of 3,691 sector peers (NACE 01, financial year 2025). The company has been active since 2013 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
Activity
Crop and animal production, hunting and related service activities
NACE 01700
7th largest company by total assets in the Brussels-Capital Region, Crop and animal production sector1 site
Size
€10.5mtotal assets 2025
- Equity
- €96,071
- Loss
- -€153,098
Turnover not published (micro format)
Structure
- GDS Consult SAManaging director · permanent representative Grégoire de Spoelberch
- Vervodev SADirector · permanent representative Tatiana Munchen
- Wesparc SADirector · permanent representative Paul de Spoelberch
Accounts 2 days early2 of 6 deeds read
Why 53raises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLiquidity: current ratio 0.83, cash €2,384Equity €96,071 (0.9% of total assets)lowers riskSize: total assets €10.5mSector: Crop and animal production, hunting and related service activities (NACE 01)Show the evidence
Checked score
Score 2025
53
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 10% of its sector peers (NACE 01, medium-sized)
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Weak
Solvency
26-11
equity 0.9% of total assets
Liquidity
0-1
short-term debt 99.1% · cash 0.0%
Profitability
22-40
return on assets -1.5%
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.3%
12-2024: 0.3%● unchanged vs 11-2024
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.4%▲ +0.1 percentage points vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025highest value
05-2025: 0.3%▼ -0.1 percentage points vs 04-2025lowest value
06-2025: 0.3%● unchanged vs 05-2025lowest value
07-2025: 0.3%● unchanged vs 06-2025lowest value
08-2025: 0.3%● unchanged vs 07-2025lowest value
09-2025: 0.3%● unchanged vs 08-2025lowest value
10-2025: 0.3%● unchanged vs 09-2025lowest value
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.4%▲ +0.1 percentage points vs 03-2026
05-2026: 0.3%▼ -0.1 percentage points vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.3%● unchanged vs 07-2026
09-2026: 0.3%● unchanged vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026
Credit of up to €5,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity insufficient (current ratio 0.83, compared with 0.03 in 2024, below 1; short-term debt: 99.1% and cash: 0% of total assets), and 99.1% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 01, medium-sized): better than 8% on solvency, 3% on liquidity, 24% on profitability and 5% on growth.
The bankruptcy probability was computed on 21-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€153,098
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 3691 sector peers (2025).
NBB · sector comparisonPosition among 3691 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 28-04-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 days early
2024
26 days early
2023
46 days early
2022
37 days early
2021
43 days early
2020
32 days early
2019
34 days early
← 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 31 days before the deadline; the sector median (NACE 01) for financial year 2024 is 3 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 24 March (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end22-10-2026 today30-04-2027 deadline
- Annual accounts filedfinancial year 2025 · micro…
- Resignation: Clearvolt (director)Appointments: Vervodev SA, Wesparc SA…
- Annual accounts filedfinancial year 2024 · micro…
Key points
- Risk: 4 loss-making years in a rowloss financial year 2025 -€153,098 View
- Caution: Among the weakest 5% on net resultsector median €7,173 · 3,688 companies -€153,098 View
- Caution: Equity fell in 2025from €249,169 to €96,071 ▼ 61.4% View
- Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
By topic
Board & ownership
- Board
- 3 members
- GDS Consult SAManaging director
- Vervodev SADirector
- Wesparc SADirector
Timeline
- Events
- 15
- Since
- 2015
- Next accounts
- by 30-04-2027
- 24-06-2024Amendment of the articles
- 15-03-2024Annual accounts filed
- 24-03-2023Annual accounts filed
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Crop and animal production, hunting and related service…NACE 01700
- Founded
- 19-03-2013
- Year ends
- 30-09
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 41
- Annual meeting
- Third Friday of March at 11:00
- Purpose
- “Toutes les opérations se rapportant à l'exécution de tous travaux,recherches,étude,ainsi…” (deed in French)
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