FORMA
ActiveSummary
FORMA has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €648k and a net result of €176k. Equity remains stable across the filed fiscal years (±0.9% per year). Its solvency ranks better than 66% of 4178 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▲+6
Solvency77▲+6
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50k at 30 days acceptable
Liquidity ample (current ratio 1.97 against 1.77 in 2024; short-term debt: 48.4% and cash: 36.5% of total assets), and 48.4% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more 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
51.6%
Return on assets
14%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €648k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-04-2026, 106 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
106 d early
2024
87 d early
2023
82 d early
2022
84 d early
2021
67 d early
2020
80 d early
2019
on the day
← before the deadline
after the deadline →
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
25-09-2026 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 simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€176k▲ 37.2%
2024 · €128k
Working capital
€588k▲ 2.7%
2024 · €573k
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
Line20212022202320242025
Operating result€179k▼ 32.7%€182k▲ 1.5%€214k▲ 18.0%€163k▼ 23.7%€242k▲ 48.3%
Net result€119k▼ 39.0%€128k▲ 6.9%€128k▲ 0.1%€128k▲ 0.2%€176k▲ 37.2%
Equity€358k▼ 47.9%€386k▲ 7.7%€514k▲ 33.1%€642k▲ 24.9%€648k▲ 0.9%
Total assets€2.25M▼ 1.1%€1.76M▼ 22.0%€1.40M▼ 20.3%€1.39M▼ 0.9%€1.26M▼ 9.5%
Debt€1.89M▲ 19.2%€1.37M▼ 27.6%€885k▼ 35.4%€745k▼ 15.9%€607k▼ 18.4%
Working capital€258k▼ 53.7%€294k▲ 13.9%€406k▲ 38.1%€573k▲ 41.1%€588k▲ 2.7%
Staff (FTE)4.9▼ 15.5%4.5▼ 8.2%4.7▲ 4.4%4▼ 14.9%4=
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 48% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.26M
Fixed assets
€60k ▼ 14.9%
Current assets
€1.20M ▼ 9.2%
Equity and liabilities €1.26M
Equity
€648k ▲ 0.9%
Debt
€607k ▼ 18.4%
Debt's share of the balance-sheet total falls from 53.7% to 48.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€266k▲
2024 · €189k
Cash flow
€199k▲
2024 · €154k
Current ratio
1.97▲
2024 · 1.77
Quick ratio
1.85▲
2024 · 1.34
Debt to equity
0.94▼
2024 · 1.16
ROE
27.1%▲
2024 · 20.0%
ROA
14.0%▲
2024 · 9.2%
Interest coverage
76.02▲
2024 · 32.96
Debt ≤ 1 year
€607k▼
2024 · €744k
Income taxes
€69k▲
2024 · €33k
Staff costs
€424k▲
2024 · €382k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €457k | €454k | €400k | €382k | €424k | ▲ 10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48k | €41k | €45k | €26k | €24k | ▼ 8.6% |
| Other operating charges640/8 | €10k | €2k | €5k | €14k | €7k | ▼ 48.9% |
| Gross operating margin9900 | €694k | €678k | €664k | €585k | €697k | ▲ 19.0% |
| Operating profit (loss)9901 | €179k | €182k | €214k | €163k | €242k | ▲ 48.3% |
| Financial income75/76B | €3k | €988 | €2k | €3k | €6k | ▲ 73.4% |
| Recurring financial income75 | €3k | €988 | €2k | €3k | €6k | ▲ 73.4% |
| Financial charges65/66B | €9k | €8k | €21k | €6k | €3k | ▼ 39.1% |
| Recurring financial charges65 | €9k | €8k | €21k | €6k | €3k | ▼ 39.1% |
| Profit (loss) for the period before taxes9903 | €172k | €175k | €196k | €161k | €245k | ▲ 51.9% |
| Income taxes67/77 | €53k | €47k | €68k | €33k | €69k | ▲ 109% |
| Profit (loss) for the period9904 | €119k | €128k | €128k | €128k | €176k | ▲ 37.2% |
| Profit (loss) for the period to be appropriated9905 | €119k | €128k | €128k | €128k | €176k | ▲ 37.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.25M | €1.76M | €1.40M | €1.39M | €1.26M | ▼ 9.5% |
| Fixed assets21/28 | €104k | €92k | €108k | €70k | €60k | ▼ 14.9% |
| Intangible fixed assets21 | €13k | €8k | €2k | €13k | €10k | ▼ 24.4% |
| Tangible fixed assets22/27 | €85k | €78k | €100k | €51k | €44k | ▼ 14.0% |
| Plant, machinery and equipment23 | - | - | €1k | €850 | €1k | ▲ 54.6% |
| Furniture and vehicles24 | €52k | €47k | €75k | €23k | €11k | ▼ 51.0% |
| Other tangible fixed assets26 | €33k | €31k | €23k | €27k | €31k | ▲ 15.6% |
| Financial fixed assets28 | €6k | €6k | €6k | €6k | €6k | ▼ 2.5% |
| Current assets29/58 | €2.15M | €1.66M | €1.29M | €1.32M | €1.20M | ▼ 9.2% |
| Stocks and contracts in progress3 | €44k | €274k | €68k | €321k | €74k | ▼ 77.0% |
| Stocks30/36 | €44k | €274k | €68k | €321k | €74k | ▼ 77.0% |
| Amounts receivable within one year40/41 | €1.56M | €719k | €709k | €553k | €643k | ▲ 16.2% |
| Trade receivables40 | €1.56M | €706k | €529k | €398k | €569k | ▲ 42.9% |
| Other amounts receivable41 | €1k | €13k | €180k | €155k | €74k | ▼ 52.2% |
| Cash at bank and in hand54/58 | €510k | €653k | €501k | €428k | €458k | ▲ 7.0% |
| Deferred charges and accrued income490/1 | €36k | €17k | €13k | €14k | €20k | ▲ 49.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.25M | €1.76M | €1.40M | €1.39M | €1.26M | ▼ 9.5% |
| Equity10/15 | €358k | €386k | €514k | €642k | €648k | ▲ 0.9% |
| Contributions10/11 | €6k | €6k | - | - | - | - |
| Outside capital11 | €6k | - | - | - | - | - |
| Other1109/19 | €6k | - | - | - | - | - |
| Reserves13 | €11k | €11k | €17k | €17k | €17k | = |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | €9k | €9k | €17k | €17k | €17k | = |
| Profit (loss) carried forward14 | €342k | €369k | €497k | €625k | €631k | ▲ 0.9% |
| Amounts payable17/49 | €1.89M | €1.37M | €885k | €745k | €607k | ▼ 18.4% |
| Amounts payable after more than one year17 | €3k | - | - | - | - | - |
| Financial debts170/4 | €3k | - | - | - | - | - |
| Amounts payable within one year42/48 | €1.89M | €1.37M | €885k | €744k | €607k | ▼ 18.3% |
| Current portion of amounts payable after more than one year42 | €447k | €421k | €271k | €32k | €19k | ▼ 42.8% |
| Trade debts44 | €745k | €438k | €405k | €200k | €409k | ▲ 104% |
| Suppliers440/4 | €745k | €438k | €405k | €200k | €409k | ▲ 104% |
| Advances received on contracts in progress46 | €69k | €173k | €92k | €339k | €105k | ▼ 69.1% |
| Taxes, remuneration and social security45 | €215k | €264k | €117k | €172k | €64k | ▼ 63.1% |
| Taxes450/3 | €177k | €222k | €78k | €132k | €22k | ▼ 83.5% |
| Remuneration and social security454/9 | €38k | €42k | €39k | €40k | €42k | ▲ 4.5% |
| Other amounts payable47/48 | €412k | €74k | - | - | €12k | - |
| Accrued charges and deferred income492/3 | €360 | €20 | - | €938 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €119k | €128k | €128k | €128k | €176k | ▲ 37.2% |
| + Depreciation and write-downs630 | €48k | €41k | €45k | €26k | €24k | ▼ 8.6% |
| Operating cash flow (approximation) | €168k | €168k | €173k | €154k | €199k | ▲ 29.5% |
| Investment in fixed assets (approximation) | - | €-29k | €-61k | €12k | €-13k | ▼ 211% |
| Change in cash | - | €144k | €-152k | €-73k | €30k | ▲ 141% |
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
16-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
05-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
10-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €500kEq €514k ▲33.1%
6 profitable years in a row build equity to €514k.
08-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
25-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet €119k ▼39%
Net result drops to €119k, the lowest in the series; recovery starts the following year.
12-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
21-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
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.
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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
Registered office, Ukkel · 1 establishment unit since 1985
Ground area
1,408 m²
Building footprint
796 m²
Volume, LiDAR
10,381 m³
Parcel 21616A0089/00R003, Brussels · tallest building 23.9 m, ±4 floors. Linked by address, not a title deed.
32
companies at this address
See who is registered here
1 establishment unit
FORMA
since 19852.026.954.065
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21616A0089/00R003 | Brussels | 1,408 m² | 1 · 796 m² | 23.9 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel 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
LEEN BAKKER BELGIE NV
BE 0427.448.514
Schoten · Eq €648k
Restiriors
BE 0631.842.063
Kruisem · Eq €649k
LITERIE JEHAES
BE 0431.421.455
Liège · Eq €646k
CHRISLO
BE 0474.353.556
Morlanwelz · Eq €650k
SANSKRIET
BE 0446.445.072
Brussel · Eq €640k
Of 2,606 companies in sector 47551 we hold annual accounts for 1,718. 1,163 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
Founded01-04-1985
Fiscal year end31-12
Legal name FR
FORMA.
Legal name FR
Forma Brussels
Activities, NACEBEL 2025
46494Wholesale of non-electrical household articles
47551Retail sale of household furniture
71111Activities of building architects
71112Activities of interior architects
Scores and ratios are computed by Checked and are not a credit decision.