FORM+
InactiveFORM+ was declared bankrupt on 15-10-2024 (Ondernemingsrechtbank Gent, afdeling Kortrijk); the bankruptcy was closed by liquidation by judgment of 28-04-2026, published in the Belgian State Gazette on 04-05-2026.
Summary
Inactive; last annual accounts for fiscal year 2021.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2022 close31-07-2023 deadline26-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 03-10-2022, 64 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
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
64 d late
2020
52 d late
2019
65 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 17 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Financials · fiscal year 2021, abbreviated schema
Equity
-€15,779
2020 · €33,264
Total assets
€502,424▼ 4.6%
2020 · €526,399
Net result
-€49,043
2020 · €4,175
Working capital
-€99,093▼ 406%
2020 · -€19,568
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Operating result€14,801-€43,767▲ 196%€13,682▼ 68.7%-€34,905
Net result€148-€29,347▲ 19,752%€4,175▼ 85.8%-€49,043
Equity€808-€30,155▲ 3,633%€33,264▲ 10.3%-€15,779
Total assets€412,703-€500,861▲ 21.4%€526,399▲ 5.1%€502,424▼ 4.6%
Debt€411,895-€470,706▲ 14.3%€493,135▲ 4.8%€518,203▲ 5.1%
Working capital-€103,981--€74,884▲ 28.0%-€19,568▲ 73.9%-€99,093▼ 406%
Staff (FTE)3-3=2.9▼ 3.3%1.2▼ 58.6%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2021: a loss of €34,905 after €13,682 in 2020, the lowest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €502,424
Fixed assets
€199,347 ▲ 38.8%
Current assets
€303,077 ▼ 20.8%
Key figures and ratios
EBITDA
-€757▼
2020 · €56,070
Cash flow
-€14,895▼
2020 · €46,563
Solvency
-3.1%▼
2020 · 6.3%
Current ratio
0.75▼
2020 · 0.95
Quick ratio
0.26▼
2020 · 0.79
Debt to equity
-32.84▼
2020 · 2.69
ROA
-9.8%▼
2020 · 0.8%
Interest coverage
-0.05
Debt ≤ 1 year
€402,171=
2020 · €402,348
Debt > 1 year
€116,032▲
2020 · €89,404
Income taxes
€246▼
2020 · €8,795
Staff costs
€43,387
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €43,387 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,779 | €42,548 | €42,388 | €34,148 | ▼ 19.4% |
| Other operating charges640/8 | - | - | - | €3,692 | - |
| Gross operating margin9900 | €158,803 | €203,479 | €154,815 | €46,322 | ▼ 70.1% |
| Operating profit (loss)9901 | €14,801 | €43,767 | €13,682 | -€34,905 | ▼ 355% |
| Financial income75/76B | - | - | - | €0 | - |
| Recurring financial income75 | €3 | €10,104 | €9,287 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €13,892 | - |
| Recurring financial charges65 | €11,133 | €7,863 | €9,998 | €13,892 | ▲ 38.9% |
| Profit (loss) for the period before taxes9903 | €3,671 | €46,008 | €12,970 | -€48,796 | ▼ 476% |
| Income taxes67/77 | €3,523 | €16,661 | €8,795 | €246 | ▼ 97.2% |
| Profit (loss) for the period9904 | €148 | €29,347 | €4,175 | -€49,043 | ▼ 1,275% |
| Profit (loss) for the period to be appropriated9905 | €148 | €29,347 | €4,175 | -€49,043 | ▼ 1,275% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €412,703 | €500,861 | €526,399 | €502,424 | ▼ 4.6% |
| Fixed assets21/28 | €157,617 | €174,837 | €143,619 | €199,347 | ▲ 38.8% |
| Intangible fixed assets21 | €35,000 | €30,000 | €25,000 | €91,539 | ▲ 266% |
| Tangible fixed assets22/27 | €113,437 | €138,507 | €112,289 | €101,478 | ▼ 9.6% |
| Plant, machinery and equipment23 | - | - | - | €14,791 | - |
| Furniture and vehicles24 | - | - | - | €21,278 | - |
| Other tangible fixed assets26 | - | - | - | €65,409 | - |
| Financial fixed assets28 | €9,180 | €6,330 | €6,330 | €6,330 | = |
| Current assets29/58 | €255,086 | €326,024 | €382,780 | €303,077 | ▼ 20.8% |
| Stocks and contracts in progress3 | €40,539 | €62,800 | €63,050 | €199,712 | ▲ 217% |
| Stocks30/36 | - | - | - | €73,707 | - |
| Contracts in progress37 | - | - | - | €126,005 | - |
| Amounts receivable within one year40/41 | €164,159 | €100,522 | €182,378 | €58,629 | ▼ 67.9% |
| Trade receivables40 | - | - | - | €36,156 | - |
| Other amounts receivable41 | - | - | - | €22,472 | - |
| Cash at bank and in hand54/58 | €41,347 | €60,613 | €3,575 | €40,471 | ▲ 1,032% |
| Deferred charges and accrued income490/1 | - | - | - | €4,266 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €412,703 | €500,861 | €526,399 | €502,424 | ▼ 4.6% |
| Equity10/15 | €808 | €30,155 | €33,264 | -€15,779 | ▼ 147% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | - |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | - |
| Profit (loss) carried forward14 | -€19,643 | €9,703 | €12,813 | -€36,230 | ▼ 383% |
| Amounts payable17/49 | €411,895 | €470,706 | €493,135 | €518,203 | ▲ 5.1% |
| Amounts payable after more than one year17 | €49,582 | €63,766 | €89,404 | €116,032 | ▲ 29.8% |
| Financial debts170/4 | - | - | - | €83,532 | - |
| Other amounts payable178/9 | - | - | - | €32,500 | - |
| Amounts payable within one year42/48 | €359,067 | €400,908 | €402,348 | €402,171 | = |
| Current portion of amounts payable after more than one year42 | - | - | - | €47,869 | - |
| Financial debts43 | - | - | - | €189,042 | - |
| Credit institutions430/8 | - | - | - | €189,042 | - |
| Trade debts44 | €128,595 | €160,285 | €146,445 | €113,246 | ▼ 22.7% |
| Suppliers440/4 | - | - | - | €113,246 | - |
| Taxes, remuneration and social security45 | - | - | - | €44,305 | - |
| Taxes450/3 | - | - | - | €34,375 | - |
| Remuneration and social security454/9 | - | - | - | €9,931 | - |
| Other amounts payable47/48 | - | - | - | €7,708 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €148 | €29,347 | €4,175 | -€49,043 | ▼ 1,275% |
| + Depreciation and write-downs630 | €36,779 | €42,548 | €42,388 | €34,148 | ▼ 19.4% |
| Operating cash flow (approximation) | €36,927 | €71,895 | €46,563 | -€14,895 | ▼ 132% |
| Investment in fixed assets (approximation) | - | -€59,768 | -€11,170 | -€89,876 | ▼ 705% |
| Change in cash | - | €19,267 | -€57,038 | €36,896 | ▲ 165% |
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
2026
04-05
Bankruptcy
Bankruptcy closure (by liquidation)
Ondernemingsrechtbank Gent, afdeling Kortrijk · event 28-04-2026
2024
21-10
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Kortrijk · event 15-10-2024
24-05
Bankruptcy
Judicial dissolution
Ondernemingsrechtbank Gent, afdeling Kortrijk
2022
03-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 64 days late
2021
31-12
Financial
Weakest financial yearnet -€49,043
Net result drops to -€49,043, the lowest in the series.
21-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 52 days late
2020
27-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Highest result since 2018net €29,347 ▲19,752%
Operating result €43,767, net result €29,347, both a record.
17-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
15-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
2016
29-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 29 days late
Show earlier events
2015
26-08
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 26 days late
2014
29-08
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema · 29 days late
2013
29-08
NBB filing
Annual accounts filed
fiscal year 2012 · abbreviated schema · 29 days late
SignalFinancial 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.
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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
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | VIRGINIE BAILLEUL PRINSESSESTRAAT 103,
8870 IZEGEM |
15-10-2024 → 28-04-2026 |