FORIER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-07-2026 at the NBB all 30 filings
Turnover
€71,690
EBIT margin
-8.7%
Net result
€3,828▼ 6.2%
2024 · €4,080
Working capital
€31,598▲ 38.1%
2024 · €22,875
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€3,907
▼ 4.1%
2025
20182025
Net result
€3,828
▼ 6.2%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€98,672
▲ 4.0%
2025
20182025
Total assets
€106,770
▼ 2.9%
2025
20182025
Debt
€8,098
▼ 46.3%
2025
20182025
Working capital
€31,598
▲ 38.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€71,690
Operating result-€6,353--€11,408▼ 79.6%-€14,356▼ 25.8%-€6,213▲ 56.7%-€3,704▲ 40.4%€3,822€4,073▲ 6.6%€3,907▼ 4.1%
Net result-€6,481--€4,140▲ 36.1%-€14,438▼ 249%-€5,132▲ 64.5%-€4,897▲ 4.6%€11,084€4,080▼ 63.2%€3,828▼ 6.2%
EBIT margin-8.7%
Equity€106,927-€102,787▼ 3.9%€88,350▼ 14.0%€84,577▼ 4.3%€79,680▼ 5.8%€90,764▲ 13.9%€94,844▲ 4.5%€98,672▲ 4.0%
Total assets€208,215-€195,534▼ 6.1%€166,589▼ 14.8%€156,125▼ 6.3%€122,908▼ 21.3%€112,380▼ 8.6%€109,926▼ 2.2%€106,770▼ 2.9%
Debt€101,288-€92,747▼ 8.4%€78,239▼ 15.6%€71,548▼ 8.6%€43,227▼ 39.6%€21,616▼ 50.0%€15,081▼ 30.2%€8,098▼ 46.3%
Working capital-€10,309--€9,840▲ 4.5%-€4,316▲ 56.1%-€539▲ 87.5%€2,534€13,782▲ 444%€22,875▲ 66.0%€31,598▲ 38.1%
The operating result for 2025 is 4% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €106,770
Fixed assets
€68,108 ▼ 6.0%
Current assets
€38,662 ▲ 3.1%
Equity and liabilities €106,770
Equity
€98,672 ▲ 4.0%
Debt
€8,098 ▼ 46.3%
Debt's share of the balance-sheet total falls from 13.7% to 7.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€8,239▼
2024 · €8,616
Cash flow
€8,160▼
2024 · €8,622
Current ratio
5.47▲
2024 · 2.57
Debt to equity
0.08▼
2024 · 0.16
ROE
3.9%▼
2024 · 4.3%
ROA
3.6%▼
2024 · 3.7%
Interest coverage
52.73▼
2024 · over 100
Debt ≤ 1 year
€7,064▼
2024 · €14,610
Income taxes
€264▲
2024 · €124
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 | €820 | - | €8,006 | - | - |
| Depreciation and write-downs of the year | €8,369 | €7,970 | €8,170 | €4,542 | €4,333 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €71,690 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €58,204 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,264 | €21,219 | €21,467 | €8,369 | €7,970 | €8,170 | €4,542 | €4,333 | ▼ 4.6% |
| Other operating charges640/8 | - | - | - | €11,331 | €62 | €5,274 | €5,269 | €5,505 | ▲ 4.5% |
| Non-recurring operating charges66A | - | - | - | - | €13,996 | - | - | - | - |
| Gross operating margin9900 | €16,023 | €14,007 | €11,587 | €13,486 | €18,324 | €17,266 | €13,885 | €13,745 | ▼ 1.0% |
| Operating profit (loss)9901 | -€6,353 | -€11,408 | -€14,356 | -€6,213 | -€3,704 | €3,822 | €4,073 | €3,907 | ▼ 4.1% |
| Financial income75/76B | - | - | - | €1,370 | €358 | €7,447 | €198 | €341 | ▲ 71.9% |
| Recurring financial income75 | €59 | €33 | - | €1,370 | €9 | €7,447 | €198 | €341 | ▲ 71.9% |
| Non-recurring financial income76B | - | - | - | €1,370 | €348 | €7,447 | - | - | - |
| Financial charges65/66B | - | - | - | €170 | €1,439 | €61 | €67 | €156 | ▲ 132% |
| Recurring financial charges65 | €79 | €0 | -€35 | €170 | €1,439 | €61 | €67 | €156 | ▲ 132% |
| Profit (loss) for the period before taxes9903 | -€6,374 | -€3,821 | -€14,322 | -€5,013 | -€4,785 | €11,207 | €4,204 | €4,091 | ▼ 2.7% |
| Income taxes67/77 | €107 | €318 | €116 | €119 | €112 | €123 | €124 | €264 | ▲ 112% |
| Profit (loss) for the period9904 | -€6,481 | -€4,140 | -€14,438 | -€5,132 | -€4,897 | €11,084 | €4,080 | €3,828 | ▼ 6.2% |
| Profit (loss) for the period to be appropriated9905 | -€6,481 | -€4,140 | -€14,438 | -€5,132 | -€4,897 | €11,084 | €4,080 | €3,828 | ▼ 6.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €208,215 | €195,534 | €166,589 | €156,125 | €122,908 | €112,380 | €109,926 | €106,770 | ▼ 2.9% |
| Fixed assets21/28 | €117,236 | €112,627 | €92,665 | €85,117 | €77,147 | €76,983 | €72,440 | €68,108 | ▼ 6.0% |
| Tangible fixed assets22/27 | €117,236 | €112,627 | €92,665 | €85,117 | €77,147 | €76,983 | €72,440 | €68,108 | ▼ 6.0% |
| Land and buildings22 | - | - | - | €71,761 | €69,223 | €74,344 | €71,194 | €68,108 | ▼ 4.3% |
| Plant, machinery and equipment23 | - | - | - | €7,682 | €5,087 | €2,639 | €1,246 | - | - |
| Furniture and vehicles24 | - | - | - | €5,673 | €2,836 | - | - | - | - |
| Current assets29/58 | €90,979 | €82,906 | €73,924 | €71,008 | €45,761 | €35,398 | €37,485 | €38,662 | ▲ 3.1% |
| Amounts receivable within one year40/41 | €15,374 | €15,367 | €15,060 | €15,060 | €50 | €50 | €50 | €50 | = |
| Trade receivables40 | - | - | - | €15,010 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €50 | €50 | €50 | €50 | €50 | = |
| Cash at bank and in hand54/58 | €74,455 | €65,737 | €56,529 | €53,692 | €45,711 | €35,348 | €37,435 | €35,591 | ▼ 4.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,256 | - | - | - | €3,021 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €208,215 | €195,534 | €166,589 | €156,125 | €122,908 | €112,380 | €109,926 | €106,770 | ▼ 2.9% |
| Equity10/15 | €106,927 | €102,787 | €88,350 | €84,577 | €79,680 | €90,764 | €94,844 | €98,672 | ▲ 4.0% |
| Contributions10/11 | €160,000 | €160,000 | - | €160,000 | €160,000 | €160,000 | €160,000 | €160,000 | = |
| Profit (loss) carried forward14 | -€53,073 | -€57,213 | -€71,650 | -€75,423 | -€80,320 | -€69,236 | -€65,156 | -€61,328 | ▲ 5.9% |
| Amounts payable17/49 | €101,288 | €92,747 | €78,239 | €71,548 | €43,227 | €21,616 | €15,081 | €8,098 | ▼ 46.3% |
| Amounts payable within one year42/48 | €101,288 | €92,747 | €78,239 | €71,548 | €43,227 | €21,616 | €14,610 | €7,064 | ▼ 51.6% |
| Trade debts44 | €1,264 | €3,039 | €1,555 | €8,322 | €3,784 | - | €3,090 | €3,690 | ▲ 19.4% |
| Suppliers440/4 | - | - | - | €8,322 | €3,784 | - | €3,090 | €3,690 | ▲ 19.4% |
| Taxes, remuneration and social security45 | - | - | - | €1,674 | €1,786 | €1,909 | €92 | €122 | ▲ 32.4% |
| Taxes450/3 | - | - | - | €1,674 | €1,786 | €1,909 | €92 | €122 | ▲ 32.4% |
| Other amounts payable47/48 | - | - | - | €61,551 | €37,657 | €19,706 | €11,429 | €3,253 | ▼ 71.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €471 | €1,034 | ▲ 119% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,481 | -€4,140 | -€14,438 | -€5,132 | -€4,897 | €11,084 | €4,080 | €3,828 | ▼ 6.2% |
| + Depreciation and write-downs630 | €18,264 | €21,219 | €21,467 | €8,369 | €7,970 | €8,170 | €4,542 | €4,333 | ▼ 4.6% |
| Operating cash flow (approximation) | €11,784 | €17,080 | €7,030 | €3,236 | €3,073 | €19,255 | €8,622 | €8,160 | ▼ 5.4% |
| Investment in fixed assets (approximation) | - | -€16,611 | -€1,505 | -€820 | €0 | -€8,006 | €0 | €0 | - |
| Change in cash | - | -€8,719 | -€9,208 | -€2,837 | -€7,981 | -€10,364 | €2,088 | -€1,844 | - |
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, 17,041 companies had the same profile as FORIER has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORIER 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 17,041 companies, not a prediction for FORIER. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-07-2026 | 2026-00312166 | |
| 31-12-2024 | micro format | 30-08-2025 | 2025-00471704 | |
| 31-12-2023 | micro format | 21-07-2024 | 2024-00282918 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00423438 | |
| 31-12-2021 | micro format | 28-11-2022 | 2022-20527706 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63300407 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-57000446 | |
| 31-12-2018 | micro format | 15-08-2019 | 2019-47200169 | |
| 31-12-2017 | micro format | 04-06-2018 | 2018-15700466 | |
| 31-12-2016 | micro format | 25-09-2017 | 2017-62500534 |