FORMA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 32 filings
Equity
€10,998▼ 60.4%
2024 · €27,798
Total assets
€17,422▼ 70.7%
2024 · €59,527
Net result
-€16,800
2024 · €2,622
Working capital
€10,998▼ 29.2%
2024 · €15,540
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€16,957
2025
20182025
Net result
-€16,800
2025
lowest quarter of the sector
20182025
Equity
€10,998
▼ 60.4%
2025
middle half of the sector
20182025
Total assets
€17,422
▼ 70.7%
2025
lowest quarter of the sector
20182025
Debt
€6,424
▼ 79.8%
2025
20182025
Working capital
€10,998
▼ 29.2%
2025
middle half of the sector
20182025
Solvency
63.1%
▲ 16.4pp
2025
highest quarter of the sector
20182025
Current ratio
2.71
▲ 1.22
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-96.4%
▼ 100.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€20,332--€5,280▲ 74.0%€90,151-€10,941€4,447-€8,529€2,739-€16,957
Net result-€28,188--€14,060▲ 50.1%€78,457above the sector's middle half-€7,624below the sector's middle half€4,176within the sector's middle half-€9,436below the sector's middle half€2,622within the sector's middle half-€16,800below the sector's middle half
Equity-€26,337--€40,396▼ 53.4%€38,060within the sector's middle half€30,436within the sector's middle half▼ 20.0%€34,612within the sector's middle half▲ 13.7%€25,176within the sector's middle half▼ 27.3%€27,798within the sector's middle half▲ 10.4%€10,998within the sector's middle half▼ 60.4%
Total assets€104,366-€92,791▼ 11.1%€89,139within the sector's middle half▼ 3.9%€65,290within the sector's middle half▼ 26.8%€73,504within the sector's middle half▲ 12.6%€62,824within the sector's middle half▼ 14.5%€59,527within the sector's middle half▼ 5.2%€17,422below the sector's middle half▼ 70.7%
Debt€130,703-€133,187▲ 1.9%€51,079▼ 61.6%€34,854▼ 31.8%€38,892▲ 11.6%€37,648▼ 3.2%€31,729▼ 15.7%€6,424▼ 79.8%
Working capital-€65,892--€87,073▼ 32.1%€7,938within the sector's middle half€6,768within the sector's middle half▼ 14.7%€17,398within the sector's middle half▲ 157%€12,918within the sector's middle half▼ 25.7%€15,540within the sector's middle half▲ 20.3%€10,998within the sector's middle half▼ 29.2%
Solvency-25.2%--43.5%▼ 18.3pp42.7%within the sector's middle half▲ 86.2pp46.6%within the sector's middle half▲ 3.9pp47.1%within the sector's middle half▲ 0.5pp40.1%within the sector's middle half▼ 7.0pp46.7%within the sector's middle half▲ 6.6pp63.1%above the sector's middle half▲ 16.4pp
Current ratio0.26-0.18▼ 0.081.16within the sector's middle half▲ 0.971.19within the sector's middle half▲ 0.041.45within the sector's middle half▲ 0.251.34within the sector's middle half▼ 0.101.49within the sector's middle half▲ 0.152.71above the sector's middle half▲ 1.22
Return on assets (ROA)-27.0%--15.2%▲ 11.9pp88.0%above the sector's middle half▲ 103.2pp-11.7%below the sector's middle half▼ 99.7pp5.7%within the sector's middle half▲ 17.4pp-15.0%below the sector's middle half▼ 20.7pp4.4%within the sector's middle half▲ 19.4pp-96.4%below the sector's middle half▼ 100.8pp
Staff (FTE)17.5-
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €16,957, after a profit of €2,739 in 2024. It is the lowest result since 2018.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €17,422
Equity
€10,998 ▼ 60.4%
Debt
€6,424 ▼ 79.8%
Debt's share of the balance-sheet total falls from 53.3% to 36.9%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.58▼
2024 · 1.14
ROE
-152.8%▼
2024 · 9.4%
Debt ≤ 1 year
€6,424▼
2024 · €31,729
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €12,257 | - | - |
| Depreciation and write-downs of the year | €6,454 | €6,454 | - | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,875 | €7,875 | €2,672 | €6,454 | €6,454 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €885 | €554 | €4,049 | €387 | €400 | ▲ 3.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €9,960 | - |
| Gross operating margin9900 | €6,941 | €9,375 | €99,717 | -€3,602 | €11,456 | -€4,480 | €3,126 | -€6,597 | - |
| Operating profit (loss)9901 | -€20,332 | -€5,280 | €90,151 | -€10,941 | €4,447 | -€8,529 | €2,739 | -€16,957 | - |
| Financial income75/76B | - | - | - | €6,041 | - | - | €0 | €297 | ▲ 4,247× |
| Recurring financial income75 | €1,176 | €2,899 | €1,891 | €6,041 | - | - | €0 | €297 | ▲ 4,247× |
| Financial charges65/66B | - | - | - | €107 | €113 | €659 | €117 | €140 | ▲ 19.9% |
| Recurring financial charges65 | €9,032 | €11,679 | €2,736 | €107 | €113 | €659 | €117 | €140 | ▲ 19.9% |
| Profit (loss) for the period before taxes9903 | -€28,188 | -€14,060 | €89,306 | -€5,008 | €4,335 | -€9,188 | €2,622 | -€16,800 | - |
| Income taxes67/77 | - | - | €10,849 | €2,617 | €159 | €248 | - | - | - |
| Profit (loss) for the period9904 | -€28,188 | -€14,060 | €78,457 | -€7,624 | €4,176 | -€9,436 | €2,622 | -€16,800 | - |
| Profit (loss) for the period to be appropriated9905 | -€28,188 | -€14,060 | €78,457 | -€7,624 | €4,176 | -€9,436 | €2,622 | -€16,800 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €104,366 | €92,791 | €89,139 | €65,290 | €73,504 | €62,824 | €59,527 | €17,422 | ▼ 70.7% |
| Fixed assets21/28 | €81,024 | €73,149 | €30,123 | €23,668 | €17,214 | €12,257 | €12,257 | - | - |
| Tangible fixed assets22/27 | €80,500 | €72,625 | €29,599 | €23,145 | €16,690 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €23,145 | €16,690 | - | - | - | - |
| Financial fixed assets28 | €524 | €524 | €524 | €524 | €524 | €12,257 | €12,257 | - | - |
| Current assets29/58 | €23,342 | €19,642 | €59,017 | €41,622 | €56,290 | €50,566 | €47,269 | €17,422 | ▼ 63.1% |
| Amounts receivable within one year40/41 | €18,537 | €17,241 | €20,298 | €27,446 | €53,157 | €42,102 | €39,216 | €13,635 | ▼ 65.2% |
| Trade receivables40 | - | - | - | €6,201 | €30,687 | €24,987 | €22,695 | €12,095 | ▼ 46.7% |
| Other amounts receivable41 | - | - | - | €21,245 | €22,470 | €17,115 | €16,521 | €1,540 | ▼ 90.7% |
| Cash at bank and in hand54/58 | €62 | €62 | €38,719 | €13,937 | €3,133 | €8,465 | €8,054 | €3,787 | ▼ 53.0% |
| Deferred charges and accrued income490/1 | - | - | - | €239 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €104,366 | €92,791 | €89,139 | €65,290 | €73,504 | €62,824 | €59,527 | €17,422 | ▼ 70.7% |
| Equity10/15 | -€26,337 | -€40,396 | €38,060 | €30,436 | €34,612 | €25,176 | €27,798 | €10,998 | ▼ 60.4% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Contributions outside capital11 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Other1109/19 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€46,788 | -€60,847 | €17,609 | €9,985 | €14,161 | €4,724 | €7,346 | -€9,454 | - |
| Amounts payable17/49 | €130,703 | €133,187 | €51,079 | €34,854 | €38,892 | €37,648 | €31,729 | €6,424 | ▼ 79.8% |
| Amounts payable after more than one year17 | €41,469 | €26,471 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €89,234 | €106,716 | €51,079 | €34,854 | €38,892 | €37,648 | €31,729 | €6,424 | ▼ 79.8% |
| Trade debts44 | €32,775 | €27,940 | €21,575 | €14,951 | €20,042 | €15,087 | €16,766 | €400 | ▼ 97.6% |
| Suppliers440/4 | - | - | - | €14,951 | €20,042 | €15,087 | €16,766 | €400 | ▼ 97.6% |
| Taxes, remuneration and social security45 | - | - | - | €5,391 | €159 | €407 | - | - | - |
| Taxes450/3 | - | - | - | €5,391 | €159 | €407 | - | - | - |
| Other amounts payable47/48 | - | - | - | €14,511 | €18,691 | €22,154 | €14,963 | €6,024 | ▼ 59.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€28,188 | -€14,060 | €78,457 | -€7,624 | €4,176 | -€9,436 | €2,622 | -€16,800 | - |
| + Depreciation and write-downs630 | €7,875 | €7,875 | €2,672 | €6,454 | €6,454 | - | - | - | - |
| Operating cash flow (approximation) | -€20,313 | -€6,185 | €81,129 | -€1,170 | €10,630 | -€9,436 | €2,622 | -€16,800 | - |
| Investment in fixed assets (approximation) | - | €0 | €40,354 | €0 | €0 | €4,957 | €0 | - | - |
| Change in cash | - | €0 | €38,657 | -€24,782 | -€10,803 | €5,331 | -€411 | -€4,267 | ▼ 938% |
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, 5,831 companies had the same profile as FORMA has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORMA itself: 0.6% 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 5,831 companies, not a prediction for FORMA. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00344830 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00208448 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00253906 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00205295 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20108885 | |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47900418 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-28200463 | |
| 31-12-2018 | micro format | 26-11-2019 | 2019-74700532 | |
| 31-12-2017 | micro format | 30-10-2018 | 2018-71600034 | |
| 31-12-2016 | micro format | 31-10-2017 | 2017-69200087 |