FORMA SERVICES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 15 filings
Turnover
≈ €570,000
Estimated: probably between €380,000 and €890,000
Total assets
€239,412▲ 4.1%
2024 · €229,984
Net result
€41,063▼ 18.6%
2024 · €50,428
Working capital
€174,418▲ 35.3%
2024 · €128,919
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€57,536
▼ 17.5%
2025
20182025
Net result
€41,063
▼ 18.6%
2025
highest quarter of the sector
20182025
Equity
€184,295
▲ 28.7%
2025
highest quarter of the sector
20182025
Total assets
€239,412
▲ 4.1%
2025
middle half of the sector
20182025
Debt
€55,117
▼ 36.5%
2025
20182025
Working capital
€174,418
▲ 35.3%
2025
highest quarter of the sector
20182025
Solvency
77.0%
▲ 14.7pp
2025
highest quarter of the sector
20182025
Current ratio
4.19
▲ 1.71
2025
highest quarter of the sector
20182025
Return on assets (ROA)
17.2%
▼ 4.8pp
2025
middle half of the sector
20182025
Staff (FTE)
3.9
▼ 7.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€46,302--€16,642€1,878-€11,785€51,025€34,068▼ 33.2%€69,699▲ 105%€57,536▼ 17.5%
Net result€35,337--€22,855€333within the sector's middle half-€13,430below the sector's middle half€41,901above the sector's middle half€23,047within the sector's middle half▼ 45.0%€50,428above the sector's middle half▲ 119%€41,063above the sector's middle half▼ 18.6%
Equity€70,308-€47,454▼ 32.5%€47,787within the sector's middle half▲ 0.7%€34,357within the sector's middle half▼ 28.1%€76,258within the sector's middle half▲ 122%€99,305within the sector's middle half▲ 30.2%€143,233above the sector's middle half▲ 44.2%€184,295above the sector's middle half▲ 28.7%
Total assets€101,182-€80,717▼ 20.2%€77,803within the sector's middle half▼ 3.6%€69,615within the sector's middle half▼ 10.5%€101,584within the sector's middle half▲ 45.9%€169,413within the sector's middle half▲ 66.8%€229,984within the sector's middle half▲ 35.8%€239,412within the sector's middle half▲ 4.1%
Debt€30,874-€33,264▲ 7.7%€30,016▼ 9.8%€35,258▲ 17.5%€25,326▼ 28.2%€70,108▲ 177%€86,752▲ 23.7%€55,117▼ 36.5%
Working capital€52,811-€31,136▼ 41.0%€40,295within the sector's middle half▲ 29.4%€26,060within the sector's middle half▼ 35.3%€66,186within the sector's middle half▲ 154%€78,331above the sector's middle half▲ 18.3%€128,919above the sector's middle half▲ 64.6%€174,418above the sector's middle half▲ 35.3%
Solvency69.5%-58.8%▼ 10.7pp61.4%within the sector's middle half▲ 2.6pp49.4%within the sector's middle half▼ 12.1pp75.1%above the sector's middle half▲ 25.7pp58.6%within the sector's middle half▼ 16.5pp62.3%within the sector's middle half▲ 3.7pp77.0%above the sector's middle half▲ 14.7pp
Current ratio3.43-2.12▼ 1.312.77within the sector's middle half▲ 0.641.85within the sector's middle half▼ 0.924.12above the sector's middle half▲ 2.282.24within the sector's middle half▼ 1.882.49within the sector's middle half▲ 0.244.19above the sector's middle half▲ 1.71
Return on assets (ROA)34.9%--28.3%▼ 63.2pp0.4%within the sector's middle half▲ 28.7pp-19.3%below the sector's middle half▼ 19.7pp41.2%above the sector's middle half▲ 60.5pp13.6%within the sector's middle half▼ 27.6pp21.9%within the sector's middle half▲ 8.3pp17.2%within the sector's middle half▼ 4.8pp
Staff (FTE)2.2-1.8▼ 18.2%1.8within the sector's middle half=3▲ 66.7%2▼ 33.3%4.2▲ 110%4.2=3.9▼ 7.1%
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 17% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €239,412
Fixed assets
€10,374 ▼ 27.5%
Current assets
€229,038 ▲ 6.2%
Equity and liabilities €239,412
Equity
€184,295 ▲ 28.7%
Debt
€55,117 ▼ 36.5%
Debt's share of the balance-sheet total falls from 37.7% to 23.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€63,620▼
2024 · €75,338
Cash flow
€47,147▼
2024 · €56,067
Debt to equity
0.30▼
2024 · 0.61
ROE
22.3%▼
2024 · 35.2%
Interest coverage
41.56▼
2024 · 56.02
Debt ≤ 1 year
€54,621▼
2024 · €86,752
Income taxes
€14,944▼
2024 · €17,973
Staff costs
€161,727▼
2024 · €182,339
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 5 | 5 | 4 |
| full-time | 0 | 0 | 1 | 0 | 2 |
| part-time | 3 | 2 | 4 | 5 | 2 |
| in full-time equivalents | 1.8 | 1.6 | 3.6 | 3.1 | 3.2 |
| Average over the year, in full-time equivalents | 1.7 | 1.5 | 3.1 | 2.6 | 2.7 |
| On a permanent contract | 3 | 2 | 2 | 1 | 2 |
| Joined | - | 0 | - | 7 | 5 |
| Left | - | 1 | - | 7 | 6 |
| Training hours | 84 | 43 | - | 23 | 78 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €4,299 | €18,119 | €1,639 | €2,144 |
| Financial fixed assets | - | - | €23 | €26 | €0 |
| Depreciation and write-downs of the year | €1,914 | €2,254 | €3,335 | €5,639 | €6,084 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €91,408 | €91,210 | €193,073 | €182,339 | €161,727 | ▼ 11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,367 | €7,448 | €7,137 | €1,914 | €2,254 | €3,335 | €5,639 | €6,084 | ▲ 7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,304 | €1,008 | €1,042 | €1,223 | €3,538 | ▲ 189% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,027 | €0 | - | - |
| Gross operating margin9900 | €123,202 | €64,778 | €71,614 | €82,842 | €145,497 | €232,545 | €258,900 | €228,884 | ▼ 11.6% |
| Operating profit (loss)9901 | €46,302 | -€16,642 | €1,878 | -€11,785 | €51,025 | €34,068 | €69,699 | €57,536 | ▼ 17.5% |
| Financial income75/76B | - | - | - | €5 | €44 | €47 | €47 | €1 | ▼ 96.8% |
| Recurring financial income75 | €0 | €3 | €9 | €5 | €44 | €47 | €47 | €1 | ▼ 96.8% |
| Financial charges65/66B | - | - | - | €1,533 | €1,583 | €514 | €1,345 | €1,531 | ▲ 13.8% |
| Recurring financial charges65 | €854 | €1,427 | €1,438 | €1,533 | €1,583 | €514 | €1,345 | €1,531 | ▲ 13.8% |
| Profit (loss) for the period before taxes9903 | €45,448 | -€18,066 | €449 | -€13,313 | €49,486 | €33,601 | €68,400 | €56,006 | ▼ 18.1% |
| Income taxes67/77 | €10,110 | €4,789 | €116 | €117 | €7,585 | €10,553 | €17,973 | €14,944 | ▼ 16.9% |
| Profit (loss) for the period9904 | €35,337 | -€22,855 | €333 | -€13,430 | €41,901 | €23,047 | €50,428 | €41,063 | ▼ 18.6% |
| Profit (loss) for the period to be appropriated9905 | €35,337 | -€22,855 | €333 | -€13,430 | €41,901 | €23,047 | €50,428 | €41,063 | ▼ 18.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €101,182 | €80,717 | €77,803 | €69,615 | €101,584 | €169,413 | €229,984 | €239,412 | ▲ 4.1% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €26,648 | €21,836 | €14,700 | €12,785 | €14,209 | €27,990 | €14,313 | €10,374 | ▼ 27.5% |
| Intangible fixed assets21 | €9,027 | €4,513 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €7,298 | €7,000 | €4,376 | €2,462 | €4,506 | €18,263 | €14,263 | €10,324 | ▼ 27.6% |
| Furniture and vehicles24 | - | - | - | €408 | €3,479 | €18,263 | €14,263 | €10,324 | ▼ 27.6% |
| Other tangible fixed assets26 | - | - | - | €2,054 | €1,027 | €0 | - | - | - |
| Financial fixed assets28 | €10,323 | €10,323 | €10,323 | €10,323 | €9,703 | €9,727 | €50 | €50 | = |
| Current assets29/58 | €74,534 | €58,881 | €63,104 | €56,830 | €87,375 | €141,423 | €215,671 | €229,038 | ▲ 6.2% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €19,909 | €32,991 | €9,647 | €16,095 | €37,454 | €118,834 | €204,127 | €209,739 | ▲ 2.7% |
| Trade receivables40 | - | - | - | €13,727 | €36,324 | €118,763 | €204,127 | €204,682 | ▲ 0.3% |
| Other amounts receivable41 | - | - | - | €2,367 | €1,130 | €71 | €0 | €5,056 | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | €3,090 | - |
| Cash at bank and in hand54/58 | €49,519 | €19,979 | €48,867 | €15,652 | €45,658 | €21,884 | €10,300 | €14,750 | ▲ 43.2% |
| Deferred charges and accrued income490/1 | - | - | - | €25,084 | €4,263 | €705 | €1,244 | €1,460 | ▲ 17.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €101,182 | €80,717 | €77,803 | €69,615 | €101,584 | €169,413 | €229,984 | €239,412 | ▲ 4.1% |
| Equity10/15 | €70,308 | €47,454 | €47,787 | €34,357 | €76,258 | €99,305 | €143,233 | €184,295 | ▲ 28.7% |
| Contributions10/11 | €17,500 | €17,500 | €17,500 | €17,500 | €17,500 | €17,500 | €11,000 | €11,000 | = |
| Capital10 | - | - | - | €17,500 | €17,500 | €17,500 | €11,000 | - | - |
| Issued capital100 | - | - | - | €17,500 | €17,500 | €17,500 | €11,000 | - | - |
| Reserves13 | €52,808 | €29,954 | €30,287 | €16,857 | €58,758 | €81,805 | €132,233 | €173,295 | ▲ 31.1% |
| Non-distributable reserves130/1 | - | - | - | €789 | €789 | €789 | €789 | €0 | ▼ 100% |
| Legal reserve130 | - | - | - | €789 | €789 | €789 | €789 | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | - | €0 | - |
| Distributable reserves133 | - | - | - | €16,068 | €57,969 | €81,016 | €131,444 | €173,295 | ▲ 31.8% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €30,874 | €33,264 | €30,016 | €35,258 | €25,326 | €70,108 | €86,752 | €55,117 | ▼ 36.5% |
| Amounts payable after more than one year17 | €4,770 | €690 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €21,723 | €27,745 | €22,809 | €30,770 | €21,189 | €63,093 | €86,752 | €54,621 | ▼ 37.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €7,273 | €5,131 | €2,807 | €5,871 | €4,042 | €25,280 | €41,203 | €26,183 | ▼ 36.5% |
| Suppliers440/4 | - | - | - | €5,871 | €4,042 | €25,280 | €41,203 | €26,183 | ▼ 36.5% |
| Taxes, remuneration and social security45 | - | - | - | €24,899 | €17,099 | €37,813 | €45,437 | €28,327 | ▼ 37.7% |
| Taxes450/3 | - | - | - | €3,988 | €7,630 | €12,431 | €23,359 | €13,605 | ▼ 41.8% |
| Remuneration and social security454/9 | - | - | - | €20,911 | €9,469 | €25,382 | €22,078 | €14,722 | ▼ 33.3% |
| Other amounts payable47/48 | - | - | - | - | €48 | €0 | €111 | €111 | = |
| Accrued charges and deferred income492/3 | - | - | - | €4,488 | €4,138 | €7,016 | €0 | €496 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,337 | -€22,855 | €333 | -€13,430 | €41,901 | €23,047 | €50,428 | €41,063 | ▼ 18.6% |
| + Depreciation and write-downs630 | €7,367 | €7,448 | €7,137 | €1,914 | €2,254 | €3,335 | €5,639 | €6,084 | ▲ 7.9% |
| Operating cash flow (approximation) | €42,704 | -€15,406 | €7,470 | -€11,515 | €44,155 | €26,382 | €56,067 | €47,147 | ▼ 15.9% |
| Investment in fixed assets (approximation) | - | -€2,637 | €0 | €0 | -€3,679 | -€17,115 | €8,038 | -€2,144 | - |
| Change in cash | - | -€29,540 | €28,888 | -€33,215 | €30,006 | -€23,774 | -€11,584 | €4,450 | - |
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 SERVICES 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 SERVICES 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 SERVICES. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00163105 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00231156 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00109642 | |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00232012 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20115235 | |
| 31-12-2020 | micro format | 02-06-2021 | 2021-16900230 | |
| 31-12-2019 | micro format | 16-09-2020 | 2020-53400298 | |
| 31-12-2018 | micro format | 15-07-2019 | 2019-32600419 | |
| 31-12-2017 | micro format | 08-06-2018 | 2018-17100079 | |
| 31-12-2016 | micro format | 06-06-2017 | 2017-14800385 |