FORMA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 25-11-2025 PDF all 16 filings
Turnover
≈ €2.2m
Estimated: probably between €1.5m and €3.6m
Total assets
€1.1m▲ 38.0%
2024 · €787,176
Net result
€283,221
2024 · -€624,971
Working capital
€288,281▲ 237%
2024 · €85,557
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€383,095
▲ 81.7%
2025
20192025
Net result
€283,221
2025
highest quarter of the sector
20192025
Equity
€344,685
▲ 458%
2025
middle half of the sector
20192025
Total assets
€1.1m
▲ 38.0%
2025
middle half of the sector
20192025
Debt
€741,547
▲ 2.2%
2025
20192025
Working capital
€288,281
▲ 237%
2025
highest quarter of the sector
20192025
Solvency
31.7%
▲ 23.9pp
2025
middle half of the sector
20192025
Current ratio
1.48
▲ 0.32
2025
middle half of the sector
20192025
Return on assets (ROA)
26.1%
▲ 105.5pp
2025
highest quarter of the sector
20192025
Staff (FTE)
8.2
▲ 9.3%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.06m-€0.1m▲ 149%€0.2m▲ 55.3%€0.2m▼ 15.7%€0.3m▲ 49.7%€0.2m▼ 25.5%€0.4m▲ 81.7%
Net result€1.0m-€0.06mwithin the sector's middle half▼ 93.9%€0.1mabove the sector's middle half▲ 90.9%€0.1mabove the sector's middle half▼ 4.1%€0.2mabove the sector's middle half▲ 76.9%-€0.6mbelow the sector's middle half€0.3mabove the sector's middle half
Equity€0.2m-€0.3mwithin the sector's middle half▲ 31.2%€0.4mwithin the sector's middle half▲ 45.4%€0.5mwithin the sector's middle half▲ 29.9%€0.7mwithin the sector's middle half▲ 40.7%€0.06mwithin the sector's middle half▼ 91.1%€0.3mwithin the sector's middle half▲ 458%
Total assets€1.4m-€1.4mwithin the sector's middle half▲ 1.1%€1.6mwithin the sector's middle half▲ 9.3%€1.7mwithin the sector's middle half▲ 8.4%€3.2mabove the sector's middle half▲ 84.8%€0.8mwithin the sector's middle half▼ 75.2%€1.1mwithin the sector's middle half▲ 38.0%
Debt€1.2m-€1.2m▼ 3.7%€1.2m▲ 1.4%€1.2m▲ 1.7%€2.5m▲ 102%€0.7m▼ 70.8%€0.7m▲ 2.2%
Working capital€0.6m-€0.6mabove the sector's middle half▲ 6.1%€0.8mabove the sector's middle half▲ 27.1%€0.7mabove the sector's middle half▼ 11.3%€0.8mabove the sector's middle half▲ 12.9%€0.09mwithin the sector's middle half▼ 89.5%€0.3mabove the sector's middle half▲ 237%
Solvency13.8%-17.9%within the sector's middle half▲ 4.1pp23.9%within the sector's middle half▲ 5.9pp28.6%within the sector's middle half▲ 4.7pp21.8%within the sector's middle half▼ 6.8pp7.8%below the sector's middle half▼ 13.9pp31.7%within the sector's middle half▲ 23.9pp
Current ratio1.81-1.97within the sector's middle half▲ 0.162.32within the sector's middle half▲ 0.351.85within the sector's middle half▼ 0.471.37within the sector's middle half▼ 0.471.15within the sector's middle half▼ 0.221.48within the sector's middle half▲ 0.32
Return on assets (ROA)71.0%-4.3%within the sector's middle half▼ 66.7pp7.4%within the sector's middle half▲ 3.2pp6.6%within the sector's middle half▼ 0.9pp6.3%within the sector's middle half▼ 0.3pp-79.4%below the sector's middle half▼ 85.7pp26.1%above the sector's middle half▲ 105.5pp
Staff (FTE)4.9-6.6within the sector's middle half▲ 34.7%6.8within the sector's middle half▲ 3.0%6.9within the sector's middle half▲ 1.5%7.4within the sector's middle half▲ 7.2%7.5within the sector's middle half▲ 1.4%8.2above the sector's middle half▲ 9.3%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 82% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€194,911 ▲ 33.5%
Current assets
€891,322 ▲ 39.0%
Equity and liabilities €1.1m
Equity
€344,685 ▲ 458%
Debt
€741,547 ▲ 2.2%
Debt's share of the balance-sheet total falls from 92.2% to 68.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€440,368▲
2024 · €230,857
Cash flow
€340,495▲
2024 · -€604,994
Debt to equity
2.15▼
2024 · 11.75
ROE
82.2%
Interest coverage
16.35▲
2024 · 2.59
Debt ≤ 1 year
€603,041▲
2024 · €555,600
Debt > 1 year
€109,589▼
2024 · €127,255
Income taxes
€73,030▲
2024 · €61,040
Staff costs
€822,080▲
2024 · €589,636
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 8 | 8 | 7 |
| full-time | 6 | 5 | 5 | 6 |
| part-time | 2 | 3 | 3 | 1 |
| in full-time equivalents | 7.6 | 7.5 | 7.5 | 6.8 |
| Average over the year, in full-time equivalents | 6.9 | 7.4 | 7.5 | 8.2 |
| On a permanent contract | 7 | 8 | 8 | 7 |
| Joined | 2 | 1 | - | 4 |
| Left | 1 | 1 | - | 5 |
| Training hours | - | - | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €80,471 | €74,578 | €69,018 | €69,018 |
| Debts guaranteed by Belgian public bodies | €57,280 | €17,018 | - | - |
| Mortgages, amount registered | €91,000 | €91,000 | €91,000 | €91,000 |
| Carrying value of the mortgaged assets | €85,576 | €83,278 | €80,980 | €78,107 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €17,637 | €39,963 | €22,177 | €106,300 |
| Financial fixed assets | - | - | €6,380 | - |
| Depreciation and write-downs of the year | €27,776 | €10,004 | €19,977 | €57,273 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €7,029 awarded · €7,404 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €3,409 | €3,409 |
| 2024 | 1 | €1,320 | €1,320 |
| 2023 | 1 | €0 | €375 |
| 2022 | 1 | €2,300 | €2,300 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €0.005m | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.5m | €0.6m | €0.8m | ▲ 39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.03m | €0.03m | €0.01m | €0.02m | €0.06m | ▲ 187% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.001m | - |
| Other operating charges640/8 | - | - | - | €0.005m | €0.006m | €0.007m | €0.009m | ▲ 39.4% |
| Gross operating margin9900 | €0.5m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €1.3m | ▲ 53.9% |
| Operating profit (loss)9901 | €0.06m | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | €0.4m | ▲ 81.7% |
| Financial income75/76B | - | - | - | €5 | €0.05m | €0.09m | €88 | ▼ 99.9% |
| Recurring financial income75 | €0.03m | €1 | €0 | €5 | €0.04m | €0.09m | €88 | ▼ 99.9% |
| Non-recurring financial income76B | - | - | - | - | €0.004m | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.03m | €0.05m | €0.9m | €0.03m | ▼ 96.9% |
| Recurring financial charges65 | €0.06m | €0.05m | €0.06m | €0.03m | €0.05m | €0.09m | €0.03m | ▼ 69.8% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.8m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €1.0m | €0.1m | €0.2m | €0.2m | €0.3m | -€0.6m | €0.4m | - |
| Income taxes67/77 | €0.02m | €0.04m | €0.05m | €0.05m | €0.08m | €0.06m | €0.07m | ▲ 19.6% |
| Profit (loss) for the period9904 | €1.0m | €0.06m | €0.1m | €0.1m | €0.2m | -€0.6m | €0.3m | - |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €0.06m | €0.1m | €0.1m | €0.2m | -€0.6m | €0.3m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.6m | €1.7m | €3.2m | €0.8m | €1.1m | ▲ 38.0% |
| Fixed assets21/28 | €0.09m | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 33.5% |
| Intangible fixed assets21 | €0.003m | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 37.1% |
| Land and buildings22 | - | - | - | €0.09m | €0.08m | €0.08m | €0.08m | ▼ 3.5% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.05m | €0.05m | €0.1m | ▲ 101% |
| Financial fixed assets28 | €0.008m | €0.008m | €0.05m | €0.05m | €0.05m | €0.01m | €0.01m | ▼ 1.0% |
| Current assets29/58 | €1.3m | €1.3m | €1.4m | €1.6m | €3.0m | €0.6m | €0.9m | ▲ 39.0% |
| Amounts receivable after more than one year29 | - | - | - | €1.0m | €1.0m | €0 | - | - |
| Other amounts receivable291 | - | - | - | €1.0m | €1.0m | €0 | - | - |
| Amounts receivable within one year40/41 | €0.3m | €0.2m | €0.3m | €0.3m | €1.7m | €0.4m | €0.5m | ▲ 21.3% |
| Trade receivables40 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 21.4% |
| Other amounts receivable41 | - | - | - | €0.008m | €1.3m | €0.03m | €0.03m | ▲ 19.2% |
| Cash at bank and in hand54/58 | €0.08m | €0.08m | €0.2m | €0.3m | €0.3m | €0.2m | €0.4m | ▲ 64.6% |
| Deferred charges and accrued income490/1 | - | - | - | €269 | €0.04m | €0.003m | €0.02m | ▲ 538% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.6m | €1.7m | €3.2m | €0.8m | €1.1m | ▲ 38.0% |
| Equity10/15 | €0.2m | €0.3m | €0.4m | €0.5m | €0.7m | €0.06m | €0.3m | ▲ 458% |
| Contributions10/11 | €0.2m | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.004m | €0.1m | €0.2m | €0.3m | €0.5m | €0 | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.5m | €0 | - | - |
| Profit (loss) carried forward14 | €0.04m | - | - | - | - | -€0.09m | €0.2m | - |
| Amounts payable17/49 | €1.2m | €1.2m | €1.2m | €1.2m | €2.5m | €0.7m | €0.7m | ▲ 2.2% |
| Amounts payable after more than one year17 | €0.5m | €0.5m | €0.6m | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 13.9% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 13.9% |
| Trade debts175 | - | - | - | €0 | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €0.6m | €0.9m | €2.2m | €0.6m | €0.6m | ▲ 8.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €1.6m | €0.09m | €0.07m | ▼ 20.7% |
| Financial debts43 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Credit institutions430/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Trade debts44 | €0.3m | €0.2m | €0.1m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 8.8% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 8.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 71.0% |
| Taxes450/3 | - | - | - | €0.03m | €0.06m | €0.02m | €0.08m | ▲ 307% |
| Remuneration and social security454/9 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 25.9% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0 | €0.004m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.08m | €0.08m | €0.04m | €0.03m | ▼ 32.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €0.06m | €0.1m | €0.1m | €0.2m | -€0.6m | €0.3m | - |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.03m | €0.03m | €0.01m | €0.02m | €0.06m | ▲ 187% |
| Operating cash flow (approximation) | €1.0m | €0.09m | €0.1m | €0.1m | €0.2m | -€0.6m | €0.3m | - |
| Investment in fixed assets (approximation) | - | -€0.09m | -€0.03m | -€0.02m | -€0.04m | €0.01m | -€0.1m | - |
| Change in cash | - | €0.003m | €0.08m | €0.1m | €0.002m | -€0.04m | €0.1m | - |
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, 34,693 companies had the same profile as FORMA has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FORMA 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 34,693 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 25-11-2025 | 2025-00571147 | |
| 31-03-2024 | abbreviated format | 22-10-2024 | 2024-00511265 | |
| 31-03-2023 | abbreviated format | 29-09-2023 | 2023-00464188 | |
| 31-03-2022 | abbreviated format | 31-10-2022 | 2022-20516185 | |
| 31-03-2021 | abbreviated format | 06-09-2021 | 2021-66300042 | |
| 31-03-2020 | abbreviated format | 03-09-2020 | 2020-50500194 | |
| 31-03-2019 | abbreviated format | 27-07-2019 | 2019-41800490 | |
| 31-03-2018 | abbreviated format | 25-10-2018 | 2018-70600093 | |
| 31-03-2017 | abbreviated format | 18-10-2017 | 2017-67400599 | |
| 31-03-2016 | abbreviated format | 31-10-2016 | 2016-67200150 |