ForMat Efficiency
ActiveSummary
The computed 12-month bankruptcy probability of ForMat Efficiency is 2.1% (moderate). The 2024 annual accounts show negative equity (-€181,262) and a net result of -€210,014. Equity is shrinking by ~14.6% per year across the filed fiscal years. Its solvency ranks better than 13% of 26040 sector peers (fiscal year 2024). The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability0=
Solvency0▼-47
Growth32=
Track record100
Bankruptcy probability, 12 months
2.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.54 against 1.25 in 2023; short-term debt: 139.8% and cash: 35.7% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · 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 2024Solvency, return and age of the figures
Solvency
-39.9%
Return on assets
-46.2%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
192021222324
2019 to 2024 · latest year -€181,262
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 03-07-2025, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2024
28 d early
2023
on the day
2022
32 d early
2021
22 d late
2020
2 d early
2019
28 d late
2018
21 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
-€181,262
2023 · €28,752
Total assets
€454,332▲ 245%
2023 · €131,568
Net result
-€210,014▼ 601%
2023 · -€29,978
Working capital
-€292,649
2023 · €25,824
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€37,403€7,804▼ 79.1%€34,010▲ 336%-€29,099-€169,172▼ 481%
Net result€31,636above the sector's middle half€4,157within the sector's middle half▼ 86.9%€31,545above the sector's middle half▲ 659%-€29,978below the sector's middle half-€210,014below the sector's middle half▼ 601%
Equity€54,028within the sector's middle half▼ 6.1%€58,185within the sector's middle half▲ 7.7%€58,730within the sector's middle half▲ 0.9%€28,752within the sector's middle half▼ 51.0%-€181,262below the sector's middle half
Total assets€168,392within the sector's middle half▼ 21.8%€164,718within the sector's middle half▼ 2.2%€177,473within the sector's middle half▲ 7.7%€131,568within the sector's middle half▼ 25.9%€454,332above the sector's middle half▲ 245%
Debt€114,364▼ 27.6%€106,533▼ 6.8%€118,743▲ 11.5%€102,816▼ 13.4%€635,594▲ 518%
Working capital€16,280▼ 85.1%€47,158▲ 190%€58,387▲ 23.8%€25,824▼ 55.8%-€292,649
Solvency32.1%within the sector's middle half▲ 5.4pp35.3%within the sector's middle half▲ 3.2pp33.1%within the sector's middle half▼ 2.2pp21.9%within the sector's middle half▼ 11.2pp-39.9%below the sector's middle half▼ 61.7pp
Staff (FTE)0.3
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Why a figure moved sharply
- 2024 Net result -601% on 2023. This fiscal year ran 18 months, the previous one 12.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €169,172 in 2024 against €29,099 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €454,332
Fixed assets
€111,763 ▲ 3,157%
Current assets
€342,569 ▲ 167%
Key figures and ratios
EBITDA
-€114,688▼
2023 · -€27,002
Cash flow
-€155,530▼
2023 · -€27,881
Current ratio
0.54▼
2023 · 1.25
Quick ratio
0.49▼
2023 · 1.25
Debt to equity
-3.51▼
2023 · 3.58
ROA
-46.2%▼
2023 · -22.8%
Interest coverage
-6.43▲
2023 · -12.89
Debt ≤ 1 year
€635,218▲
2023 · €102,312
Income taxes
€16,982▲
2023 · -€1,216
Staff costs
€30,076
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,940 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.5%
went bankrupt
8.0%
stopped otherwise
85%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,940 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €30,076 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,033 | €8,785 | €5,542 | €2,097 | €54,484 | ▲ 2,498% |
| Other operating charges640/8 | - | - | €642 | €791 | €9,405 | ▲ 1,088% |
| Non-recurring operating charges66A | - | - | €4,828 | - | €390 | - |
| Gross operating margin9900 | €62,708 | €17,942 | €45,023 | -€26,211 | -€74,816 | ▼ 185% |
| Operating profit (loss)9901 | €37,403 | €7,804 | €34,010 | -€29,099 | -€169,172 | ▼ 481% |
| Financial income75/76B | - | - | - | - | €1 | - |
| Recurring financial income75 | - | - | - | - | €1 | - |
| Financial charges65/66B | - | - | €1,241 | €2,095 | €23,860 | ▲ 1,039% |
| Recurring financial charges65 | €1,599 | €620 | €1,241 | €2,095 | €17,838 | ▲ 752% |
| Non-recurring financial charges66B | - | - | - | - | €6,022 | - |
| Profit (loss) for the period before taxes9903 | €35,804 | €7,183 | €32,770 | -€31,194 | -€193,032 | ▼ 519% |
| Income taxes67/77 | €4,168 | €3,027 | €1,224 | -€1,216 | €16,982 | ▲ 1,496% |
| Profit (loss) for the period9904 | €31,636 | €4,157 | €31,545 | -€29,978 | -€210,014 | ▼ 601% |
| Profit (loss) for the period to be appropriated9905 | €31,636 | €4,157 | €31,545 | -€29,978 | -€210,014 | ▼ 601% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €168,392 | €164,718 | €177,473 | €131,568 | €454,332 | ▲ 245% |
| Fixed assets21/28 | €38,070 | €11,027 | €656 | €3,432 | €111,763 | ▲ 3,157% |
| Tangible fixed assets22/27 | €38,031 | €10,988 | €617 | €3,392 | €101,558 | ▲ 2,894% |
| Plant, machinery and equipment23 | - | - | - | - | €39,548 | - |
| Furniture and vehicles24 | - | - | €617 | €3,392 | €62,010 | ▲ 1,728% |
| Financial fixed assets28 | €39 | €39 | €39 | €39 | €10,205 | ▲ 25,966% |
| Current assets29/58 | €130,323 | €153,691 | €176,817 | €128,137 | €342,569 | ▲ 167% |
| Stocks and contracts in progress3 | - | - | - | - | €28,163 | - |
| Stocks30/36 | - | - | - | - | €28,163 | - |
| Amounts receivable within one year40/41 | €98,204 | €140,432 | €160,978 | €7,296 | €150,659 | ▲ 1,965% |
| Trade receivables40 | - | - | €115,723 | €7,296 | €111,069 | ▲ 1,422% |
| Other amounts receivable41 | - | - | €45,255 | - | €39,590 | - |
| Cash at bank and in hand54/58 | €29,690 | €12,052 | €13,527 | €75,434 | €162,200 | ▲ 115% |
| Deferred charges and accrued income490/1 | - | - | €2,312 | €45,407 | €1,548 | ▼ 96.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €168,392 | €164,718 | €177,473 | €131,568 | €454,332 | ▲ 245% |
| Equity10/15 | €54,028 | €58,185 | €58,730 | €28,752 | -€181,262 | ▼ 730% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €45,968 | €50,125 | €50,670 | €20,692 | -€189,322 | ▼ 1,015% |
| Amounts payable17/49 | €114,364 | €106,533 | €118,743 | €102,816 | €635,594 | ▲ 518% |
| Amounts payable within one year42/48 | €114,043 | €106,533 | €118,430 | €102,312 | €635,218 | ▲ 521% |
| Financial debts43 | - | - | €21,000 | €21,000 | €459,525 | ▲ 2,088% |
| Credit institutions430/8 | - | - | €21,000 | €21,000 | - | - |
| Other loans439 | - | - | - | - | €459,525 | - |
| Trade debts44 | €13,031 | €13,020 | €5,879 | €12,678 | €171,680 | ▲ 1,254% |
| Suppliers440/4 | - | - | €5,879 | €12,678 | €171,680 | ▲ 1,254% |
| Advances received on contracts in progress46 | - | - | €50,000 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €10,551 | €32,626 | €3,972 | ▼ 87.8% |
| Taxes450/3 | - | - | €10,551 | €32,626 | €1,726 | ▼ 94.7% |
| Remuneration and social security454/9 | - | - | - | - | €2,247 | - |
| Other amounts payable47/48 | - | - | €31,000 | €36,008 | €40 | ▼ 99.9% |
| Accrued charges and deferred income492/3 | - | - | €313 | €503 | €376 | ▼ 25.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,636 | €4,157 | €31,545 | -€29,978 | -€210,014 | ▼ 601% |
| + Depreciation and write-downs630 | €25,033 | €8,785 | €5,542 | €2,097 | €54,484 | ▲ 2,498% |
| Operating cash flow (approximation) | €56,669 | €12,942 | €37,088 | -€27,881 | -€155,530 | ▼ 458% |
| Investment in fixed assets (approximation) | - | €18,258 | €4,828 | -€4,872 | -€162,816 | ▼ 3,242% |
| Change in cash | - | -€17,638 | €1,475 | €61,907 | €86,766 | ▲ 40.2% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€210,014
Net result drops to -€210,014, the lowest in the series.
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
30-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
22-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 22 days late
2021
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
Financial
Back to profitnet €31,636
Net result €31,636 after one loss-making year.
28-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
10-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2015
16-12
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 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, Grez-Doiceau · 2 establishment units since 2014
Ground area
9,590 m²
Building footprint
2,668 m²
Volume, LiDAR
1,754 m³
2 parcels, Wallonia · tallest building 9.5 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
ForMat Efficiency
since 20142.233.889.115
Rue des Tiges 1, 5330 Assesse
since 20232.349.007.824
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25037D0010/00C007 | Wallonia | 5,131 m² | 1 · 255 m² | 9.5 m · 2 fl. |
| 92006B0222/00N000 | Wallonia | 4,459 m² | 1 · 2,413 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 2,445 companies in sector 47820 we hold annual accounts for 780. 488 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-06-2014
Fiscal year end31-12
Abbreviation FR
ForMat
Activities, NACEBEL 2025
95311General maintenance and repair of cars and light vans (up to 3.5 tonnes)
47820Retail sale of motor vehicle parts and accessories
E-invoicing
Reachable via Peppol
Peppol ID
0208:0553995110
Also
9925:BE0553995110
Registered
17-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.