Formando
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 6 filings
Turnover
≈ €580,000
Estimated: probably between €390,000 and €900,000
Total assets
€586,057▼ 1.0%
2024 · €592,126
Net result
€6,646▼ 20.9%
2024 · €8,397
Working capital
-€33,965▼ 132%
2024 · -€14,645
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€25,767
▲ 1.9%
2025
20202025
Net result
€6,646
▼ 20.9%
2025
middle half of the sector
20202025
Equity
€119,652
▲ 5.9%
2025
highest quarter of the sector
20202025
Total assets
€586,057
▼ 1.0%
2025
highest quarter of the sector
20202025
Debt
€466,405
▼ 2.7%
2025
20202025
Working capital
-€33,965
▼ 132%
2025
lowest quarter of the sector
20202025
Solvency
20.4%
▲ 1.3pp
2025
middle half of the sector
20202025
Current ratio
0.81
▼ 0.10
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
1.1%
▼ 0.3pp
2025
middle half of the sector
20202025
Staff (FTE)
2.8
▲ 16.7%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€6,854-€50,452▲ 636%€11,424▼ 77.4%€22,458▲ 96.6%€25,292▲ 12.6%€25,767▲ 1.9%
Net result€6,011within the sector's middle half-€40,871above the sector's middle half▲ 580%€8,914within the sector's middle half▼ 78.2%€9,814within the sector's middle half▲ 10.1%€8,397within the sector's middle half▼ 14.4%€6,646within the sector's middle half▼ 20.9%
Equity€45,011within the sector's middle half-€85,882within the sector's middle half▲ 90.8%€94,796within the sector's middle half▲ 10.4%€104,610within the sector's middle half▲ 10.4%€113,006above the sector's middle half▲ 8.0%€119,652above the sector's middle half▲ 5.9%
Total assets€99,850within the sector's middle half-€161,136within the sector's middle half▲ 61.4%€571,957above the sector's middle half▲ 255%€546,507above the sector's middle half▼ 4.4%€592,126above the sector's middle half▲ 8.3%€586,057above the sector's middle half▼ 1.0%
Debt€54,839-€75,254▲ 37.2%€477,161▲ 534%€441,897▼ 7.4%€479,119▲ 8.4%€466,405▼ 2.7%
Working capital-€5,250below the sector's middle half-€29,694within the sector's middle half€10,693within the sector's middle half▼ 64.0%€28,491within the sector's middle half▲ 166%-€14,645below the sector's middle half-€33,965below the sector's middle half▼ 132%
Solvency45.1%within the sector's middle half-53.3%within the sector's middle half▲ 8.2pp16.6%within the sector's middle half▼ 36.7pp19.1%within the sector's middle half▲ 2.6pp19.1%within the sector's middle half▼ 0.1pp20.4%within the sector's middle half▲ 1.3pp
Current ratio0.90below the sector's middle half-1.39within the sector's middle half▲ 0.491.06within the sector's middle half▼ 0.331.25within the sector's middle half▲ 0.180.91below the sector's middle half▼ 0.330.81below the sector's middle half▼ 0.10
Return on assets (ROA)6.0%within the sector's middle half-25.4%above the sector's middle half▲ 19.3pp1.6%within the sector's middle half▼ 23.8pp1.8%within the sector's middle half▲ 0.2pp1.4%within the sector's middle half▼ 0.4pp1.1%within the sector's middle half▼ 0.3pp
Staff (FTE)1within the sector's middle half-1.2▲ 20.0%1.7▲ 41.7%1.9▲ 11.8%2.4▲ 26.3%2.8▲ 16.7%
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 2% higher than in 2024. It is the third rise in a row, after the fall in 2022.
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 €586,057
Fixed assets
€437,106 ▼ 0.5%
Current assets
€148,951 ▼ 2.5%
Equity and liabilities €586,057
Equity
€119,652 ▲ 5.9%
Debt
€466,405 ▼ 2.7%
Debt's share of the balance-sheet total falls from 80.9% to 79.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€77,606▲
2024 · €66,820
Cash flow
€58,484▲
2024 · €49,925
Quick ratio
0.71▼
2024 · 0.81
Debt to equity
3.90▼
2024 · 4.24
ROE
5.6%▼
2024 · 7.4%
Interest coverage
4.51▼
2024 · 4.71
Debt ≤ 1 year
€182,916▲
2024 · €167,465
Debt > 1 year
€283,489▼
2024 · €301,654
Income taxes
€2,273▼
2024 · €2,743
Staff costs
€151,059▲
2024 · €115,006
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 | 1 | 2 | 2 | 3 | 3 |
| full-time | 1 | 2 | 2 | 2 | 1 |
| part-time | - | - | - | 1 | 2 |
| in full-time equivalents | 1 | 2 | 2 | 2.8 | 2.7 |
| Average over the year, in full-time equivalents | 1.2 | 1.7 | 1.9 | 2.4 | 2.8 |
| On a permanent contract | 1 | 2 | 2 | 3 | 3 |
| Joined | 1 | 3 | 4 | 2 | - |
| Left | 2 | 2 | 4 | 1 | - |
| Training hours | 3 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €25,000 | €25,000 | €25,000 | - |
| Mortgage mandates | - | €339,000 | €339,000 | €339,000 | - |
| Carrying value of the mortgaged assets | - | €351,908 | €372,626 | €369,527 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,649 | €354,117 | €46,597 | €74,797 | €42,967 |
| Intangible fixed assets | €6,494 | - | - | €3,819 | €6,671 |
| Depreciation and write-downs of the year | €11,215 | €15,650 | €37,033 | €41,528 | €51,839 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €48,281 | €49,107 | €87,097 | €115,006 | €151,059 | ▲ 31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,141 | €11,215 | €15,650 | €37,033 | €41,528 | €51,839 | ▲ 24.8% |
| Other operating charges640/8 | - | €348 | €348 | €384 | €2,854 | €3,555 | ▲ 24.5% |
| Non-recurring operating charges66A | - | - | €300 | - | - | - | - |
| Gross operating margin9900 | €73,525 | €110,295 | €76,828 | €146,973 | €184,680 | €232,220 | ▲ 25.7% |
| Operating profit (loss)9901 | €6,854 | €50,452 | €11,424 | €22,458 | €25,292 | €25,767 | ▲ 1.9% |
| Financial income75/76B | - | €223 | €66 | €21 | €23 | €348 | ▲ 15× |
| Recurring financial income75 | €227 | €223 | €66 | €21 | €23 | €348 | ▲ 15× |
| Financial charges65/66B | - | €150 | €2,576 | €12,665 | €14,174 | €17,197 | ▲ 21.3% |
| Recurring financial charges65 | €178 | €150 | €2,576 | €12,665 | €14,174 | €17,197 | ▲ 21.3% |
| Profit (loss) for the period before taxes9903 | €6,903 | €50,525 | €8,914 | €9,814 | €11,140 | €8,919 | ▼ 19.9% |
| Income taxes67/77 | €892 | €9,654 | - | - | €2,743 | €2,273 | ▼ 17.1% |
| Profit (loss) for the period9904 | €6,011 | €40,871 | €8,914 | €9,814 | €8,397 | €6,646 | ▼ 20.9% |
| Profit (loss) for the period to be appropriated9905 | €6,011 | €40,871 | €8,914 | €9,814 | €8,397 | €6,646 | ▼ 20.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €99,850 | €161,136 | €571,957 | €546,507 | €592,126 | €586,057 | ▼ 1.0% |
| Fixed assets21/28 | €50,260 | €56,188 | €392,655 | €402,218 | €439,306 | €437,106 | ▼ 0.5% |
| Intangible fixed assets21 | - | €5,689 | €4,390 | €3,091 | €5,092 | €7,391 | ▲ 45.1% |
| Tangible fixed assets22/27 | €50,260 | €50,499 | €388,265 | €399,127 | €434,214 | €429,715 | ▼ 1.0% |
| Land and buildings22 | - | - | €351,908 | €350,664 | €369,527 | €364,681 | ▼ 1.3% |
| Plant, machinery and equipment23 | - | €48,313 | €34,828 | €42,029 | €60,258 | €55,424 | ▼ 8.0% |
| Furniture and vehicles24 | - | - | - | €5,562 | €4,215 | €9,610 | ▲ 128% |
| Other tangible fixed assets26 | - | €2,186 | €1,528 | €871 | €214 | - | - |
| Current assets29/58 | €49,589 | €104,948 | €179,302 | €144,288 | €152,819 | €148,951 | ▼ 2.5% |
| Stocks and contracts in progress3 | - | - | €1,500 | €25,922 | €16,633 | €19,207 | ▲ 15.5% |
| Stocks30/36 | - | - | €1,500 | €25,922 | €16,633 | €19,207 | ▲ 15.5% |
| Amounts receivable within one year40/41 | €33,116 | €35,851 | €112,292 | €63,064 | €76,584 | €70,294 | ▼ 8.2% |
| Trade receivables40 | - | €35,851 | €57,602 | €60,564 | €74,013 | €68,194 | ▼ 7.9% |
| Other amounts receivable41 | - | - | €54,690 | €2,500 | €2,572 | €2,100 | ▼ 18.3% |
| Cash at bank and in hand54/58 | €16,473 | €68,699 | €65,076 | €55,185 | €58,040 | €57,714 | ▼ 0.6% |
| Deferred charges and accrued income490/1 | - | €397 | €434 | €118 | €1,562 | €1,736 | ▲ 11.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €99,850 | €161,136 | €571,957 | €546,507 | €592,126 | €586,057 | ▼ 1.0% |
| Equity10/15 | €45,011 | €85,882 | €94,796 | €104,610 | €113,006 | €119,652 | ▲ 5.9% |
| Contributions10/11 | - | €39,000 | €39,000 | €39,000 | €39,000 | €39,000 | = |
| Reserves13 | €6,011 | €46,882 | €55,796 | €65,610 | €74,006 | €80,652 | ▲ 9.0% |
| Distributable reserves133 | - | €46,882 | €55,796 | €65,610 | €74,006 | €80,652 | ▲ 9.0% |
| Amounts payable17/49 | €54,839 | €75,254 | €477,161 | €441,897 | €479,119 | €466,405 | ▼ 2.7% |
| Amounts payable after more than one year17 | - | - | €308,551 | €326,100 | €301,654 | €283,489 | ▼ 6.0% |
| Financial debts170/4 | - | - | €308,551 | €322,500 | €301,654 | €280,189 | ▼ 7.1% |
| Other amounts payable178/9 | - | - | - | €3,600 | - | €3,300 | - |
| Amounts payable within one year42/48 | €54,839 | €75,254 | €168,610 | €115,797 | €167,465 | €182,916 | ▲ 9.2% |
| Current portion of amounts payable after more than one year42 | - | - | €19,659 | €20,216 | €20,845 | €21,466 | ▲ 3.0% |
| Trade debts44 | €18,195 | €25,299 | €64,733 | €15,816 | €9,947 | €14,828 | ▲ 49.1% |
| Suppliers440/4 | - | €25,299 | €64,733 | €15,816 | €9,947 | €14,828 | ▲ 49.1% |
| Taxes, remuneration and social security45 | - | €25,080 | €20,376 | €24,271 | €34,031 | €42,162 | ▲ 23.9% |
| Taxes450/3 | - | €22,282 | €10,749 | €6,337 | €18,734 | €12,014 | ▼ 35.9% |
| Remuneration and social security454/9 | - | €2,798 | €9,627 | €17,934 | €15,297 | €30,148 | ▲ 97.1% |
| Other amounts payable47/48 | - | €24,875 | €63,842 | €55,494 | €102,641 | €104,461 | ▲ 1.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €10,000 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,011 | €40,871 | €8,914 | €9,814 | €8,397 | €6,646 | ▼ 20.9% |
| + Depreciation and write-downs630 | €7,141 | €11,215 | €15,650 | €37,033 | €41,528 | €51,839 | ▲ 24.8% |
| Operating cash flow (approximation) | €13,152 | €52,086 | €24,564 | €46,847 | €49,925 | €58,484 | ▲ 17.1% |
| Investment in fixed assets (approximation) | - | -€17,143 | -€352,117 | -€46,597 | -€78,616 | -€49,638 | ▲ 36.9% |
| Change in cash | - | €52,226 | -€3,624 | -€9,891 | €2,855 | -€326 | - |
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, 3,274 companies had the same profile as Formando has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Formando itself is lower: 0.1% within 12 months. It rests on far more data about Formando than the profile alone.
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 3,274 companies, not a prediction for Formando. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00265142 | |
| 31-12-2024 | micro format | 22-04-2025 | 2025-00072634 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00180695 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00268847 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20160580 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20000562 |