FORPRO
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 14-09-2026 at the NBB all 18 filings
Turnover
€5.5m▼ 3.1%
2025 · €5.6m
EBIT margin
0.8%▼ 0.2pp
2025 · 1.0%
Net result
€22,707▼ 33.7%
2025 · €34,241
Working capital
-€172,488▲ 40.1%
2025 · -€288,192
In the rankings
#10 employer in Frameries, Wholesale and retail trade sector
Trend over the years
2022 to 2026, 5 financial years 2019 to 2026, 8 financial years
The operating result for 2026 is 21% lower than in 2025.
Turnover€5.5m
2026
Operating result€0.05m
2026
Net result€0.02m
2026
Total assets€0.8m
2026
Equity€0.04m
2026
Debt€0.8m
2026
Working capital-€0.2m
2026
EBIT margin0.8%
2026
Staff (FTE)14.3
2026
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€6.7m€5.8m▼ 12.3%€5.5m▼ 6.7%€5.6m▲ 2.8%€5.6m▲ 0.4%€5.5m▼ 3.1%
Operating result€0.1m--€0.01m€0.1m€0.008m▼ 93.8%-€0.05m€0.04m€0.06m▲ 37.4%€0.05m▼ 21.4%
Net result€0.07m--€0.08m€0.1m-€0.009m-€0.07m▼ 682%€0.02m€0.03m▲ 71.3%€0.02m▼ 33.7%
EBIT margin2.1%0.1%▼ 1.9pp-1.0%▼ 1.1pp0.8%▲ 1.8pp1.0%▲ 0.3pp0.8%▼ 0.2pp
Equity€0.3m-€0.01m▼ 95.9%€0.05m▲ 273%€0.04m▼ 20.3%-€0.04m-€0.02m▲ 55.3%€0.02m€0.04m▲ 126%
Total assets€2.1m-€1.0m▼ 53.8%€0.8m▼ 19.8%€0.7m▼ 7.8%€0.8m▲ 10.6%€0.8m▲ 1.3%€0.9m▲ 8.7%€0.8m▼ 2.8%
Debt€1.8m-€1.0m▼ 46.8%€0.7m▼ 23.6%€0.7m▼ 7.0%€0.8m▲ 21.9%€0.8m▼ 1.2%€0.9m▲ 4.4%€0.8m▼ 5.5%
Working capital-€0.4m--€0.3m▲ 27.2%-€0.2m▲ 35.2%-€0.1m▲ 23.7%-€0.3m▼ 134%-€0.2m▲ 20.4%-€0.3m▼ 20.1%-€0.2m▲ 40.1%
Staff (FTE)13.4-11.6▼ 13.4%12.4▲ 6.9%13.1▲ 5.6%12.2▼ 6.9%11.6▼ 4.9%12.1▲ 4.3%14.3▲ 18.2%
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €849,276
Fixed assets
€289,627 ▼ 5.6%
Current assets
€559,649 ▼ 1.2%
Equity and liabilities €849,276
Equity
€40,777 ▲ 126%
Debt
€808,499 ▼ 5.5%
Debt's share of the balance-sheet total falls from 97.9% to 95.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€81,620▼
2025 · €91,930
Cash flow
€58,743▼
2025 · €68,187
Current ratio
0.76▲
2025 · 0.66
Quick ratio
0.24▲
2025 · 0.22
Debt to equity
19.83▼
2025 · 47.33
ROE
55.7%▼
2025 · 189.5%
ROA
2.7%▼
2025 · 3.9%
Interest coverage
8.97▲
2025 · 7.72
Debt ≤ 1 year
€732,136▼
2025 · €854,737
Debt > 1 year
€75,000
Income taxes
€1,563
Customer credit
2 days▲
2025 · 1 day
Supplier credit
40 days▼
2025 · 46 days
Staff costs
€355,590▼
2025 · €379,935
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 18 | 17 | 17 | 18 | 20 |
| full-time | 4 | 6 | 5 | 4 | 7 |
| part-time | 14 | 11 | 12 | 14 | 13 |
| in full-time equivalents | 13.1 | 12.5 | 11.7 | 12.3 | 15.2 |
| Average over the year, in full-time equivalents | 13.1 | 12.2 | 11.6 | 12.1 | 14.3 |
| On a permanent contract | 10 | 9 | 9 | 9 | 11 |
| Joined | 15 | 17 | 11 | 16 | 17 |
| Left | 13 | 18 | 11 | 15 | 15 |
| Training hours | 930 | 3,138 | 4,000 | 3,475 | 4,156 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Overdue debts
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | - | - | - | - | €1,312 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts)
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €53,200 | €36,192 |
| Debts guaranteed by Belgian public bodies | - | €34,525 | €40,735 | - | - |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,180 | €8,580 | €20,616 | €16,902 | €8,812 |
| Depreciation and write-downs of the year | €69,456 | €44,120 | €33,142 | €33,946 | €36,036 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €5.9m | €5.5m | €5.6m | €5.6m | €5.5m | ▼ 3.1% |
| Turnover70 | - | - | €6.7m | €5.8m | €5.5m | €5.6m | €5.6m | €5.5m | ▼ 3.1% |
| Other operating income74 | - | - | - | €0.03m | €0.07m | €0.02m | €0.01m | €0.01m | ▲ 19.4% |
| Operating charges60/66A | - | - | - | €5.9m | €5.6m | €5.6m | €5.6m | €5.4m | ▼ 2.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €4.9m | €4.6m | €4.7m | €4.7m | €4.5m | ▼ 3.1% |
| Purchases600/8 | - | - | - | €5.0m | €4.6m | €4.7m | €4.7m | €4.6m | ▼ 3.2% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.02m | -€0.04m | €0.008m | -€0.01m | -€0.006m | ▲ 39.4% |
| Services and other goods61 | - | - | - | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | ▲ 1.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | ▼ 6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.1m | €0.07m | €0.07m | €0.04m | €0.03m | €0.03m | €0.04m | ▲ 6.2% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | ▲ 9.3% |
| Gross operating margin9900 | €1.7m | €1.3m | - | - | - | - | - | - | - |
| Operating profit (loss)9901 | €0.1m | -€0.01m | €0.1m | €0.008m | -€0.05m | €0.04m | €0.06m | €0.05m | ▼ 21.4% |
| Financial income75/76B | - | - | - | - | €229 | €130 | €8 | - | - |
| Recurring financial income75 | €0.005m | €0.003m | €0.002m | - | €229 | €130 | €8 | - | - |
| Other financial income752/9 | - | - | - | - | €229 | €130 | €8 | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 10.3% |
| Recurring financial charges65 | €0.06m | €0.07m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 10.3% |
| Debt charges650 | - | - | €0.007m | €0.003m | €0.005m | €0.01m | €0.01m | €0.009m | ▼ 23.6% |
| Other financial charges652/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 3.2% |
| Profit (loss) for the period before taxes9903 | €0.09m | -€0.08m | €0.1m | -€0.009m | -€0.07m | €0.02m | €0.03m | €0.02m | ▼ 29.1% |
| Income taxes67/77 | €0.03m | €453 | €0.01m | - | - | - | - | €0.002m | - |
| Taxes670/3 | - | - | - | - | - | - | - | €0.02m | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | - | €0.02m | - |
| Profit (loss) for the period9904 | €0.07m | -€0.08m | €0.1m | -€0.009m | -€0.07m | €0.02m | €0.03m | €0.02m | ▼ 33.7% |
| Profit (loss) for the period to be appropriated9905 | €0.07m | -€0.08m | €0.1m | -€0.009m | -€0.07m | €0.02m | €0.03m | €0.02m | ▼ 33.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.1m | €1.0m | €0.8m | €0.7m | €0.8m | €0.8m | €0.9m | €0.8m | ▼ 2.8% |
| Fixed assets21/28 | €1.6m | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | ▼ 5.6% |
| Intangible fixed assets21 | €0.01m | €0.007m | €0.003m | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.6m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | €0.05m | ▼ 33.3% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.05m | €0.06m | €0.05m | €0.03m | ▼ 38.0% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0 | - | - | €0.004m | - |
| Leasing and similar rights25 | - | - | - | €0.001m | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.08m | €0.06m | €0.04m | €0.03m | €0.02m | ▼ 37.3% |
| Assets under construction and advance payments27 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 4.4% |
| Affiliated companies280/1 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 4.5% |
| Amounts receivable281 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 4.5% |
| Other financial fixed assets284/8 | - | - | - | €0.005m | €0.1m | €0.1m | €0.005m | €0.005m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.005m | €0.1m | €0.1m | €0.005m | €0.005m | = |
| Current assets29/58 | €0.5m | €0.7m | €0.6m | €0.6m | €0.5m | €0.6m | €0.6m | €0.6m | ▼ 1.2% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.5% |
| Stocks30/36 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.5% |
| Goods purchased for resale34 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.5% |
| Amounts receivable within one year40/41 | €0.01m | €0.2m | €0.05m | €0.08m | €0.02m | €0.02m | €0.04m | €0.05m | ▲ 27.9% |
| Trade receivables40 | - | - | - | €0.02m | €0.02m | €0.01m | €0.02m | €0.03m | ▲ 32.3% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.003m | €0.003m | €0.02m | €0.02m | ▲ 23.1% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 23.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 28.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.1m | €1.0m | €0.8m | €0.7m | €0.8m | €0.8m | €0.9m | €0.8m | ▼ 2.8% |
| Equity10/15 | €0.3m | €0.01m | €0.05m | €0.04m | -€0.04m | -€0.02m | €0.02m | €0.04m | ▲ 126% |
| Contributions10/11 | €0.2m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.05m | €0.01m | €0.01m | €0.01m | €0.01m | - | - | €0.006m | - |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | - | €0.006m | - |
| Profit (loss) carried forward14 | €0.09m | -€0.03m | €0.002m | -€0.008m | -€0.08m | -€0.05m | -€0.02m | €0.001m | - |
| Amounts payable17/49 | €1.8m | €1.0m | €0.7m | €0.7m | €0.8m | €0.8m | €0.9m | €0.8m | ▼ 5.5% |
| Amounts payable after more than one year17 | €0.9m | €0.005m | €0.003m | €0.001m | - | - | - | €0.08m | - |
| Financial debts170/4 | - | - | - | €0.001m | - | - | - | - | - |
| Leasing and similar obligations172 | - | - | - | €0.001m | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €0.08m | - |
| Amounts payable within one year42/48 | €0.9m | €0.9m | €0.7m | €0.7m | €0.8m | €0.8m | €0.9m | €0.7m | ▼ 14.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.04m | €0.05m | €0.04m | ▼ 32.0% |
| Financial debts43 | - | - | - | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Credit institutions430/8 | - | - | - | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Trade debts44 | €0.6m | €0.6m | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 17.2% |
| Suppliers440/4 | - | - | - | €0.5m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 17.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.07m | €0.06m | €0.08m | €0.08m | ▼ 4.3% |
| Taxes450/3 | - | - | - | €10 | €0.005m | €0.001m | €14 | €180 | ▲ 13× |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.07m | €0.06m | €0.08m | €0.08m | ▼ 4.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €64 | €64 | €0.001m | €0.001m | ▲ 131% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | -€0.08m | €0.1m | -€0.009m | -€0.07m | €0.02m | €0.03m | €0.02m | ▼ 33.7% |
| + Depreciation and write-downs630 | €0.2m | €0.1m | €0.07m | €0.07m | €0.04m | €0.03m | €0.03m | €0.04m | ▲ 6.2% |
| Operating cash flow (approximation) | €0.2m | €0.03m | €0.2m | €0.06m | -€0.03m | €0.05m | €0.07m | €0.06m | ▼ 13.8% |
| Investment in fixed assets (approximation) | - | €1.2m | -€0.01m | -€0.01m | -€0.1m | €0.009m | -€0.1m | -€0.02m | ▲ 83.9% |
| Change in cash | - | €0.006m | €0.02m | -€0.06m | -€0.003m | €0.06m | -€0.05m | -€0.03m | ▲ 41.9% |
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, 1,448 companies had the same profile as FORPRO has now. Two years later, 2.0% had gone bankrupt and 95.6% were still going.
- Small
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
2.0%
went bankrupt
2.1%
stopped otherwise
95.6%
was still going
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORPRO itself: 0.9% 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 1,448 companies, not a prediction for FORPRO. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 14-09-2026 | 2026-00512850 | |
| 31-03-2025 | unclassified schema | 10-10-2025 | 2025-00541786 | |
| 31-03-2024 | unclassified schema | 21-10-2024 | 2024-00510902 | |
| 31-03-2023 | unclassified schema | 29-09-2023 | 2023-00458750 | |
| 31-03-2022 | unclassified schema | 09-11-2022 | 2022-20518574 | |
| 31-03-2021 | unclassified schema | 16-11-2021 | 2021-77500036 | |
| 31-03-2020 | full format | 06-10-2020 | 2020-59200321 | |
| 31-03-2019 | full format | 26-09-2019 | 2019-66000117 | |
| 31-03-2018 | full format | 24-10-2018 | 2018-70100174 | |
| 31-03-2017 | full format | 06-02-2018 | 2018-04500085 |