Formarin

Active

Public limited companyfounded 20196 yrs activeOude Spoorbaan 98J, 3500 Hasselt, BelgiumKBO/BCE: BE 0737.923.540

Summary

The computed 12-month bankruptcy probability of Formarin is 2.5% (moderate). The 2024 annual accounts show equity of €211k and a net result of €35k. Its solvency ranks better than 22% of 1851 sector peers (fiscal year 2024). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2024

59 / 100

Fair

The score weighs solvency, liquidity and profitability. The bankruptcy probability (2.5%) counts for 35% and brings the score to 59. A confirmed filing finding caps the score. Each of these causes sets the same score on its own. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability73▼-2

Solvency45▲+4

Growth52

Track record100

Bankruptcy probability, 12 months

2.5% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €12k at 30 days only on tighter terms

Liquidity ample (current ratio 2.69 against 2.36 in 2023; short-term debt: 6.2% and cash: 14.4% of total assets), but 80.1% of the assets are financed with debt.

How do we compute the score and the probability?

Credit check for your own amount and term

Signals

Seven signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 49

Relative position

BE, all sectors

reference

Sector 49

higher

← fewer bankruptcies more bankruptcies →

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Annual accounts: weaker financial profile

The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.

NBB · annual accounts 2024

Solvency, return and age of the figures

Solvency

19.9%

Return on assets

3.3%

Age of the figures

24 mo

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 1851 sector peers (2024).

NBB · sector comparison

Position among 1851 sector peers

Solvency

better than 22%

← weakest strongest →

Annual accounts not filed

The financial year that closed on 30-09-2025 was due at the National Bank by 30-04-2026. Nothing is on record, 147 days later.

NBB · 2 filings

Position against the passed deadline

30-09-2025 close30-04-2026 deadline24-09-2026 today

Latest accounts filed on time

The financial year that closed on 30-09-2024 was due by 30-04-2025 and was filed on 10-04-2025, 20 days ahead of the deadline.

NBB · 2 filings

Deviation from the deadline

2025

not filed

2024

20 d early

2023

26 d early

← before the deadline after the deadline →

Checked, nothing found (1)

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, abbreviated schema

Equity

€211k▲ 19.7%

2023 · €176k

2023: €176k

2023 → 2024

Total assets

€1.06M▼ 0.8%

2023 · €1.07M

2023: €1.07M

2023 → 2024

Net result

€35k▼ 34.0%

2023 · €53k

2023: €53k

2023 → 2024

Working capital

€110k▲ 34.4%

2023 · €82k

2023: €82k

2023 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20232024Trend

Equity€176k-€211k▲ 19.7%

Operating result€63k-€45k▼ 29.1%

Net result€53k-€35k▼ 34.0%

Turnover and EBIT margin not published: the abbreviated schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result falls in 2024; 2024 is 29% below 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €1.06M

83.4%

16.6%

Fixed assets €885k ▼ 4.4%

Current assets €176k ▲ 23.1%

Equity and liabilities €1.06M

19.9%

80.1%

Equity €211k ▲ 19.7%

Debt €849k ▼ 4.8%

Debt's share of the balance-sheet total falls from 83.5% to 80.1%. Equity is higher and debt is lower.

Key figures and ratios

2024 value · change against 2023

EBITDA

€89k▼

2023 · €112k

Cash flow

€79k▼

2023 · €101k

Current ratio

2.69▲

2023 · 2.36

Debt to equity

4.02▼

2023 · 5.06

ROE

16.5%▼

2023 · 29.9%

ROA

3.3%▼

2023 · 4.9%

Interest coverage

7.99▼

2023 · 10.43

Debt ≤ 1 year

€65k▲

2023 · €61k

Debt > 1 year

€784k▼

2023 · €831k

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Filed annual accounts As filed with the NBB · 2024 against 2023 · 49 lines

Balance sheet Code20232024

Assets

Total assets20/58€1.07M€1.06M▼

Fixed assets21/28€926k€885k▼

Tangible fixed assets22/27€912k€871k▼

Land and buildings22€868k€839k▼

Plant, machinery and equipment23€13k€12k▼

Furniture and vehicles24€6k€7k▲

Leasing and similar rights25€25k€13k▼

Financial fixed assets28€14k€14k=

Current assets29/58€143k€176k▲

Amounts receivable within one year40/41€9k€17k▲

Trade receivables40€9k€16k▲

Other amounts receivable41€18€318▲

Cash at bank and in hand54/58€130k€153k▲

Deferred charges and accrued income490/1€4k€7k▲

Equity and liabilities

Total equity and liabilities10/49€1.07M€1.06M▼

Equity10/15€176k€211k▲

Contributions10/11€80k€80k=

Capital10€80k€80k=

Issued capital100€80k€80k=

Reserves13€96k€131k▲

Non-distributable reserves130/1€8k€8k=

Legal reserve130€8k€8k=

Distributable reserves133€88k€123k▲

Amounts payable17/49€892k€849k▼

Amounts payable after more than one year17€831k€784k▼

Financial debts170/4€831k€784k▼

Amounts payable within one year42/48€61k€65k▲

Current portion of amounts payable after more than one year42€52k€51k▼

Trade debts44€5k€7k▲

Suppliers440/4€5k€7k▲

Taxes, remuneration and social security45€3k€5k▲

Taxes450/3€3k€5k▲

Other amounts payable47/48€1k€3k▲

Accrued charges and deferred income492/3€653€605▼

Income statement Code20232024

Non-recurring operating income76A-€348

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€48k€45k▼

Other operating charges640/8€3k€13k▲

Gross operating margin9900€115k€103k▼

Operating profit (loss)9901€63k€45k▼

Financial income75/76B€224€1k▲

Recurring financial income75€224€1k▲

Financial charges65/66B€11k€11k▲

Recurring financial charges65€11k€11k▲

Profit (loss) for the period before taxes9903€53k€35k▼

Profit (loss) for the period9904€53k€35k▼

Profit (loss) for the period to be appropriated9905€53k€35k▼

Appropriation of the result

Profit (loss) to be appropriated9906€53k€35k▼

Transfer to equity691/2€53k€35k▼

To other reserves6921€53k€35k▼

The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 3Financial 1Filings 2

2025

10-04

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

2024

30-09

Financial Equity above €200kEq €211k ▲19.7%

2 profitable years in a row build equity to €211k.

04-04

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

2 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, Hasselt · 1 establishment unit since 2019

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Oude Spoorbaan 98J3500 Hasselt

Ground area

1.7 ha

Building footprint

3,021 m²

Volume, LiDAR

25,084 m³

Parcel 71327G0365/00M005, Flanders · tallest building 11.3 m, ±3 floors. Linked by address, not a title deed.

1 establishment unit

Formarin

Oude Spoorbaan 98J, 3500 HasseltFreight transport by road

since 20192.296.012.170

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
71327G0365/00M005	Flanders	1.7 ha	1 · 3,021 m²	11.2 m · 3 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Public money · subsidies and aid

Flemish government

2024 to 2025 · 2 entries · 253 EUR awarded · 253 EUR paid

Year	Entries	awarded	paid
2025	1	207 EUR	207 EUR
2024	1	46 EUR	46 EUR

Schemes

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

2 entries · 253 EUR · 253 EUR paid · Fonds voor Innoveren en Ondernemen

Similar companies · same sector, comparable size

SECURIBOX

BE 0643.844.230

Mons · Eq €214,820

All Logistics Services

BE 0544.930.558

Anderlecht · Eq €206,113

Of 996 companies in sector 49420 we hold annual accounts for 450. 324 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification

Legal formPublic limited company

Founded21-11-2019

Fiscal year end30-09

Activities, NACEBEL 2025

49420Removal services

49410Freight transport by road

53200Other postal and courier activities

Sources

Crossroads Bank for EnterprisesNational Bank · 2 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.