FORONEX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 14 filings
Turnover
€18.6m▲ 100%
2019 · €9.3m
EBIT margin
0.3%▼ 5.7pp
2019 · 6.0%
Net result
-€98,651▼ 53.7%
2024 · -€64,197
Working capital
-€455,336▼ 83.6%
2024 · -€247,967
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
€169,831
▲ 74.2%
2025
20182025
Net result
-€98,651
▼ 53.7%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€61,740
▼ 61.5%
2025
lowest quarter of the sector
20182025
Total assets
€5.4m
▼ 10.4%
2025
highest quarter of the sector
20182025
Debt
€5.3m
▼ 9.0%
2025
20182025
Working capital
-€455,336
▼ 83.6%
2025
lowest quarter of the sector
20182025
Solvency
1.1%
▼ 1.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.91
▼ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.8%
▼ 0.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
12.3
▼ 9.6%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920212022202320242025
Turnover€11.4m-€9.3m▼ 18.3%€18.6m-
Operating result€0.005m-€0.6m▲ 104×€0.05m-€0.6m▲ 951%€0.8m▲ 48.8%€0.1m▼ 88.2%€0.2m▲ 74.2%
Net result-€1.2m--€0.3m▲ 78.5%-€1.1mbelow the sector's middle half-€0.5mabove the sector's middle half€0.7mabove the sector's middle half▲ 44.1%-€0.06mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 53.7%
EBIT margin0.0%-6.0%▲ 6.0pp0.3%-
Equity€0.4m-€0.1m▼ 69.2%-€1.0mbelow the sector's middle half--€0.5mbelow the sector's middle half▲ 50.2%€0.2mwithin the sector's middle half€0.2mwithin the sector's middle half▼ 28.6%€0.06mbelow the sector's middle half▼ 61.5%
Total assets€7.6m-€3.9m▼ 48.4%€3.2mwithin the sector's middle half-€4.7mabove the sector's middle half▲ 49.0%€7.5mabove the sector's middle half▲ 57.6%€6.0mabove the sector's middle half▼ 19.1%€5.4mabove the sector's middle half▼ 10.4%
Debt€7.2m-€3.8m▼ 47.4%€4.2m-€5.2m▲ 25.3%€7.2m▲ 38.3%€5.9m▼ 18.9%€5.3m▼ 9.0%
Working capital-€1.1m--€1.4m▼ 24.7%-€0.1mbelow the sector's middle half--€0.8mbelow the sector's middle half▼ 638%-€0.2mbelow the sector's middle half▲ 79.6%-€0.2mbelow the sector's middle half▼ 47.5%-€0.5mbelow the sector's middle half▼ 83.6%
Solvency4.8%-2.8%▼ 1.9pp-31.5%below the sector's middle half--10.5%below the sector's middle half▲ 21.0pp3.0%below the sector's middle half▲ 13.5pp2.7%below the sector's middle half▼ 0.4pp1.1%below the sector's middle half▼ 1.5pp
Current ratio0.76-0.55▼ 0.200.96below the sector's middle half-0.84below the sector's middle half▼ 0.120.98below the sector's middle half▲ 0.140.96below the sector's middle half▼ 0.020.91below the sector's middle half▼ 0.04
Return on assets (ROA)-15.3%--6.4%▲ 8.9pp-35.0%below the sector's middle half-10.6%within the sector's middle half▲ 45.6pp9.7%within the sector's middle half▼ 0.9pp-1.1%below the sector's middle half▼ 10.8pp-1.8%below the sector's middle half▼ 0.8pp
Staff (FTE)10.1-7.3▼ 27.7%8.8within the sector's middle half-10.9within the sector's middle half▲ 23.9%11.9within the sector's middle half▲ 9.2%13.6within the sector's middle half▲ 14.3%12.3above the sector's middle half▼ 9.6%
above
within
below
The sector band is the middle half of the companies in Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16). 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 74% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.4m
Fixed assets
€587,880 ▼ 7.9%
Current assets
€4.8m ▼ 10.7%
Equity and liabilities €5.4m
Equity
€61,740 ▼ 61.5%
Debt
€5.3m ▼ 9.0%
Debt's share of the balance-sheet total rises from 97.3% to 98.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€301,413▲
2024 · €216,181
Cash flow
€32,931▼
2024 · €54,490
Quick ratio
0.61▼
2024 · 0.79
Debt to equity
86.49▲
2024 · 36.60
ROE
-159.8%▼
2024 · -40.0%
Interest coverage
2.41▲
2024 · 1.30
Debt ≤ 1 year
€5.3m▼
2024 · €5.6m
Debt > 1 year
€43,846▼
2024 · €110,352
Income taxes
€143,518▲
2024 · €1,779
Staff costs
€1.1m▼
2024 · €1.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-11-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 12 | 13 | 16 | 12 | 13 |
| full-time | 8 | 10 | 14 | 11 | 12 |
| part-time | 4 | 3 | 2 | 1 | 1 |
| in full-time equivalents | 9.3 | 10.9 | 14.8 | 11.3 | 12.3 |
| Average over the year, in full-time equivalents | 8.8 | 10.9 | 11.9 | 13.6 | 12.3 |
| On a permanent contract | 11 | 12 | 16 | 12 | 13 |
| Joined | 7 | 9 | 6 | 2 | 2 |
| Left | 5 | 8 | 3 | 2 | 1 |
| Training hours | 44 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-11-2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €750,000 | €111,153 | €46,919 | - | - |
| Pledge on the business | €750,000 | €750,000 | €750,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-11-2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €151,939 | €95,806 | €234,783 | €88,533 | €34,814 |
| Intangible fixed assets | - | - | - | €221,193 | €39,652 |
| Financial fixed assets | €100,000 | €20,000 | €4,500 | - | €7,074 |
| Depreciation and write-downs of the year | €429,929 | €113,217 | €79,996 | €118,688 | €131,582 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is RSM INTERAUDIT.
| Item | 30-11-2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €8,564 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €624 awarded · €624 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €504 | €504 |
| 2022 | 1 | €120 | €120 |
Annual accounts
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €19.0m | - | - | - | - | - |
| Turnover70 | €11.4m | €9.3m | €18.6m | - | - | - | - | - |
| Other operating income74 | - | - | €0.3m | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.2m | - | - | - | - |
| Operating charges60/66A | - | - | €18.9m | - | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | €14.2m | - | - | - | - | - |
| Purchases600/8 | - | - | €14.1m | - | - | - | - | - |
| Change in stocks: decrease (increase)609 | - | - | €0.2m | - | - | - | - | - |
| Services and other goods61 | - | - | €2.7m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €0.9m | €0.8m | €0.9m | €1.2m | €1.1m | ▼ 3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.4m | €0.4m | €0.1m | €0.08m | €0.1m | €0.1m | ▲ 10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.02m | €0.03m | - | - |
| Other operating charges640/8 | - | - | €0.7m | €0.02m | €0.3m | €0.1m | €0.02m | ▼ 78.0% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.001m | €0.007m | ▲ 12× |
| Gross operating margin9900 | - | - | - | €1.5m | €2.1m | €1.5m | €1.4m | ▼ 4.6% |
| Operating profit (loss)9901 | €0.005m | €0.6m | €0.05m | €0.6m | €0.8m | €0.1m | €0.2m | ▲ 74.2% |
| Financial income75/76B | - | - | €0.008m | €0.001m | €0.009m | €0.007m | - | - |
| Recurring financial income75 | - | - | €0.008m | €0.001m | €0.009m | €0.007m | - | - |
| Other financial income752/9 | - | - | €0.008m | - | - | - | - | - |
| Financial charges65/66B | - | - | €1.2m | €0.05m | €0.1m | €0.2m | €0.1m | ▼ 25.0% |
| Recurring financial charges65 | €1.1m | €0.7m | €0.1m | €0.04m | €0.1m | €0.2m | €0.1m | ▼ 25.0% |
| Debt charges650 | €0.1m | €0.08m | €0.08m | - | - | - | - | - |
| Other financial charges652/9 | - | - | €0.02m | - | - | - | - | - |
| Non-recurring financial charges66B | - | - | €1.1m | €0.02m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€1.2m | -€0.3m | -€1.1m | €0.5m | €0.7m | -€0.06m | €0.04m | - |
| Income taxes67/77 | - | €308 | €0.001m | €0.001m | €0.001m | €0.002m | €0.1m | ▲ 81× |
| Taxes670/3 | - | - | €0.001m | - | - | - | - | - |
| Profit (loss) for the period9904 | -€1.2m | -€0.3m | -€1.1m | €0.5m | €0.7m | -€0.06m | -€0.1m | ▼ 53.7% |
| Profit (loss) for the period to be appropriated9905 | -€1.2m | -€0.3m | -€1.1m | €0.5m | €0.7m | -€0.06m | -€0.1m | ▼ 53.7% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €7.6m | €3.9m | €3.2m | €4.7m | €7.5m | €6.0m | €5.4m | ▼ 10.4% |
| Fixed assets21/28 | €4.1m | €2.2m | €0.8m | €0.4m | €0.5m | €0.6m | €0.6m | ▼ 7.9% |
| Intangible fixed assets21 | €0.02m | €0.07m | €0.05m | €0.04m | €0.03m | €0.2m | €0.2m | ▼ 1.0% |
| Tangible fixed assets22/27 | €2.2m | €1.6m | €0.5m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 13.7% |
| Land and buildings22 | - | - | €0.04m | €0.05m | €0.1m | €0.1m | €0.1m | ▲ 11.4% |
| Plant, machinery and equipment23 | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 18.9% |
| Furniture and vehicles24 | - | - | €0.07m | €0.03m | €0.02m | €0.04m | €0.04m | ▼ 19.1% |
| Leasing and similar rights25 | - | - | €0.3m | €0.1m | €0.08m | €0.05m | €0.02m | ▼ 47.7% |
| Financial fixed assets28 | €1.9m | €0.6m | €0.2m | €0.02m | €0.03m | €0.006m | €0.01m | ▲ 124% |
| Affiliated companies280/1 | - | - | €0.2m | - | - | - | - | - |
| Participating interests280 | - | - | €0.2m | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | €0.002m | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | €0.002m | - | - | - | - | - |
| Current assets29/58 | €3.5m | €1.7m | €2.4m | €4.3m | €7.0m | €5.4m | €4.8m | ▼ 10.7% |
| Stocks and contracts in progress3 | €0.3m | €0.4m | €0.2m | €0.5m | €1.4m | €0.9m | €1.6m | ▲ 71.5% |
| Stocks30/36 | - | - | €0.2m | €0.5m | €1.4m | €0.9m | €1.6m | ▲ 71.5% |
| Raw materials and consumables30/31 | - | - | €0.2m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €3.0m | €1.3m | €2.0m | €3.8m | €4.7m | €3.9m | €3.0m | ▼ 22.6% |
| Trade receivables40 | - | - | €1.6m | €3.2m | €3.1m | €3.4m | €2.6m | ▼ 23.4% |
| Other amounts receivable41 | - | - | €0.4m | €0.6m | €1.6m | €0.5m | €0.4m | ▼ 17.0% |
| Cash at bank and in hand54/58 | €0.2m | €0.02m | €0.1m | €0.05m | €0.6m | €0.5m | €0.1m | ▼ 69.8% |
| Deferred charges and accrued income490/1 | - | - | €0.05m | €0.03m | €0.3m | €0.07m | €0.05m | ▼ 24.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €7.6m | €3.9m | €3.2m | €4.7m | €7.5m | €6.0m | €5.4m | ▼ 10.4% |
| Equity10/15 | €0.4m | €0.1m | -€1.0m | -€0.5m | €0.2m | €0.2m | €0.06m | ▼ 61.5% |
| Contributions10/11 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Profit (loss) carried forward14 | -€1.7m | -€1.9m | -€3.0m | -€2.5m | -€1.8m | -€1.9m | -€2.0m | ▼ 5.3% |
| Amounts payable17/49 | €7.2m | €3.8m | €4.2m | €5.2m | €7.2m | €5.9m | €5.3m | ▼ 9.0% |
| Amounts payable after more than one year17 | €2.4m | €0.6m | €1.6m | €0.06m | €0.02m | €0.1m | €0.04m | ▼ 60.3% |
| Financial debts170/4 | - | - | €0.1m | €0.04m | €0.001m | €0.1m | €0.03m | ▼ 70.0% |
| Leasing and similar obligations172 | - | - | €0.1m | - | - | - | - | - |
| Other amounts payable178/9 | - | - | €1.5m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Amounts payable within one year42/48 | €4.7m | €3.2m | €2.5m | €5.2m | €7.2m | €5.6m | €5.3m | ▼ 6.6% |
| Current portion of amounts payable after more than one year42 | - | - | €0.1m | €0.07m | €0.05m | €0.07m | €0.08m | ▲ 22.9% |
| Financial debts43 | - | - | €0.8m | €2.0m | €2.8m | €2.6m | €2.3m | ▼ 14.3% |
| Credit institutions430/8 | - | - | - | €1.0m | €1.8m | €1.6m | €2.3m | ▲ 38.5% |
| Other loans439 | - | - | €0.8m | €1.0m | €1.0m | €1.0m | - | - |
| Trade debts44 | €3.8m | €2.8m | €1.6m | €3.0m | €4.2m | €2.6m | €2.0m | ▼ 21.5% |
| Suppliers440/4 | - | - | €1.6m | €3.0m | €4.2m | €2.6m | €2.0m | ▼ 21.5% |
| Taxes, remuneration and social security45 | - | - | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 48.2% |
| Taxes450/3 | - | - | €0.004m | €0.01m | €0.01m | €0.002m | €0.02m | ▲ 924% |
| Remuneration and social security454/9 | - | - | €0.08m | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 32.0% |
| Other amounts payable47/48 | - | - | - | - | - | €0.3m | €0.8m | ▲ 166% |
| Accrued charges and deferred income492/3 | - | - | €0.01m | €0.02m | €0.06m | €0.1m | €0.03m | ▼ 77.4% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.2m | -€0.3m | -€1.1m | €0.5m | €0.7m | -€0.06m | -€0.1m | ▼ 53.7% |
| + Depreciation and write-downs630 | €0.4m | €0.4m | €0.4m | €0.1m | €0.08m | €0.1m | €0.1m | ▲ 10.9% |
| Operating cash flow (approximation) | -€0.7m | €0.2m | -€0.7m | €0.6m | €0.8m | €0.05m | €0.03m | ▼ 39.6% |
| Investment in fixed assets (approximation) | - | €1.5m | - | €0.2m | -€0.1m | -€0.3m | -€0.08m | ▲ 71.9% |
| Change in cash | - | -€0.2m | - | -€0.08m | €0.6m | -€0.1m | -€0.3m | ▼ 170% |
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, 912 companies had the same profile as FORONEX has now. Two years later, 95.3% were still going and 2.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency under 10%
- a small loss
95.3%
was still going
2.1%
stopped otherwise
2.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORONEX itself: 1.1% 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 912 companies, not a prediction for FORONEX. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00203647 | |
| 31-12-2024 | abbreviated format | 02-07-2025 | 2025-00216104 | |
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00224266 | |
| 31-12-2022 | abbreviated format | 15-05-2023 | 2023-00086930 | |
| 30-11-2021 | full format | 15-09-2022 | 2022-20429330 | |
| 31-12-2019 | full format | 02-09-2020 | 2020-50500014 | |
| 31-12-2018 | full format | 08-10-2019 | 2019-68900388 | |
| 31-12-2017 | full format | 30-04-2019 | 2019-11800419 | |
| 31-12-2016 | full format | 26-07-2017 | 2017-36900510 | |
| 31-12-2015 | full format | 07-07-2016 | 2016-29300597 |