FORPUS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 34 filings
Turnover
≈ €88,000
Estimated: probably between €40,000 and €210,000
Total assets
€73,555▲ 4.1%
2024 · €70,626
Net result
€3,214▼ 14.4%
2024 · €3,757
Working capital
€43,667▲ 23.2%
2024 · €35,452
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,965
▼ 13.3%
2025
20182025
Net result
€3,214
▼ 14.4%
2025
20182025
Equity
€70,528
▲ 4.8%
2025
20182025
Total assets
€73,555
▲ 4.1%
2025
20182025
Debt
€3,027
▼ 8.6%
2025
20182025
Working capital
€43,667
▲ 23.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,740-€7,088▲ 159%€5,967▼ 15.8%-€5,175€5,505€2,695▼ 51.0%€5,725▲ 112%€4,965▼ 13.3%
Net result€1,820-€4,777▲ 163%€4,301▼ 10.0%-€5,221€5,358€1,943▼ 63.7%€3,757▲ 93.3%€3,214▼ 14.4%
Equity€77,399-€57,177▼ 26.1%€61,478▲ 7.5%€56,257▼ 8.5%€61,614▲ 9.5%€63,557▲ 3.2%€67,314▲ 5.9%€70,528▲ 4.8%
Total assets€121,699-€66,946▼ 45.0%€63,094▼ 5.8%€59,267▼ 6.1%€62,599▲ 5.6%€65,932▲ 5.3%€70,626▲ 7.1%€73,555▲ 4.1%
Debt€44,299-€9,769▼ 77.9%€1,616▼ 83.5%€3,010▲ 86.2%€984▼ 67.3%€2,375▲ 141%€3,312▲ 39.4%€3,027▼ 8.6%
Working capital€50,080-€32,499▼ 35.1%€39,441▲ 21.4%€12,978▼ 67.1%€22,356▲ 72.3%€27,194▲ 21.6%€35,452▲ 30.4%€43,667▲ 23.2%
The operating result for 2025 is 13% lower than in 2024.
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 €73,555
Fixed assets
€27,362 ▼ 14.1%
Current assets
€46,194 ▲ 19.2%
Equity and liabilities €73,555
Equity
€70,528 ▲ 4.8%
Debt
€3,027 ▼ 8.6%
Debt's share of the balance-sheet total falls from 4.7% to 4.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9,466▼
2024 · €10,226
Cash flow
€7,715▼
2024 · €8,258
Current ratio
18.28▲
2024 · 11.71
Debt to equity
0.04▼
2024 · 0.05
ROE
4.6%▼
2024 · 5.6%
ROA
4.4%▼
2024 · 5.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€2,527▼
2024 · €3,312
Income taxes
€1,670▼
2024 · €1,924
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €25,078 | - | €1,603 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €3,233 | €4,519 | €4,499 | €4,501 | €4,501 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,641 | €2,641 | €2,641 | €3,233 | €4,519 | €4,499 | €4,501 | €4,501 | = |
| Other operating charges640/8 | - | - | - | €1,681 | €1,710 | €1,869 | €1,932 | €1,997 | ▲ 3.4% |
| Non-recurring operating charges66A | - | - | - | €105 | - | - | - | - | - |
| Gross operating margin9900 | €6,958 | €11,330 | €10,280 | -€157 | €11,735 | €9,063 | €12,158 | €11,463 | ▼ 5.7% |
| Operating profit (loss)9901 | €2,740 | €7,088 | €5,967 | -€5,175 | €5,505 | €2,695 | €5,725 | €4,965 | ▼ 13.3% |
| Financial charges65/66B | - | - | - | €46 | €45 | €45 | €45 | €81 | ▲ 80.6% |
| Recurring financial charges65 | €42 | €42 | €50 | €46 | €45 | €45 | €45 | €81 | ▲ 80.6% |
| Profit (loss) for the period before taxes9903 | €2,698 | €7,046 | €5,918 | -€5,221 | €5,460 | €2,650 | €5,680 | €4,884 | ▼ 14.0% |
| Income taxes67/77 | €878 | €2,269 | €1,616 | - | €102 | €707 | €1,924 | €1,670 | ▼ 13.2% |
| Profit (loss) for the period9904 | €1,820 | €4,777 | €4,301 | -€5,221 | €5,358 | €1,943 | €3,757 | €3,214 | ▼ 14.4% |
| Profit (loss) for the period to be appropriated9905 | €1,820 | €4,777 | €4,301 | -€5,221 | €5,358 | €1,943 | €3,757 | €3,214 | ▼ 14.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €121,699 | €66,946 | €63,094 | €59,267 | €62,599 | €65,932 | €70,626 | €73,555 | ▲ 4.1% |
| Fixed assets21/28 | €27,319 | €24,678 | €22,037 | €43,778 | €39,259 | €36,363 | €31,862 | €27,362 | ▼ 14.1% |
| Tangible fixed assets22/27 | €27,319 | €24,678 | €22,037 | €43,778 | €39,259 | €36,363 | €31,862 | €27,362 | ▼ 14.1% |
| Land and buildings22 | - | - | - | €43,778 | €39,259 | €36,363 | €31,862 | €27,362 | ▼ 14.1% |
| Current assets29/58 | €94,380 | €42,268 | €41,057 | €15,489 | €23,340 | €29,569 | €38,763 | €46,194 | ▲ 19.2% |
| Amounts receivable after more than one year29 | - | - | - | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Other amounts receivable291 | - | - | - | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Amounts receivable within one year40/41 | €23,675 | - | €3,413 | €2,084 | €5,206 | €7,474 | €11,156 | €14,668 | ▲ 31.5% |
| Other amounts receivable41 | - | - | - | €2,084 | €5,206 | €7,474 | €11,156 | €14,668 | ▲ 31.5% |
| Cash at bank and in hand54/58 | €10,705 | €10,161 | €5,644 | €1,405 | €6,134 | €10,095 | €15,607 | €19,526 | ▲ 25.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €121,699 | €66,946 | €63,094 | €59,267 | €62,599 | €65,932 | €70,626 | €73,555 | ▲ 4.1% |
| Equity10/15 | €77,399 | €57,177 | €61,478 | €56,257 | €61,614 | €63,557 | €67,314 | €70,528 | ▲ 4.8% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €3,243 | €3,243 | €3,243 | €3,243 | €43,064 | €45,007 | €48,764 | €51,978 | ▲ 6.6% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €1,855 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €1,855 | €0 | - | - |
| Distributable reserves133 | - | - | - | €1,388 | €41,209 | €43,152 | €48,764 | €51,978 | ▲ 6.6% |
| Profit (loss) carried forward14 | €55,606 | €35,384 | €39,685 | €34,464 | - | - | - | - | - |
| Amounts payable17/49 | €44,299 | €9,769 | €1,616 | €3,010 | €984 | €2,375 | €3,312 | €3,027 | ▼ 8.6% |
| Amounts payable within one year42/48 | €44,299 | €9,769 | €1,616 | €2,510 | €984 | €2,375 | €3,312 | €2,527 | ▼ 23.7% |
| Trade debts44 | - | - | - | €37 | €25 | €811 | €531 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €37 | €25 | €811 | €531 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €1,616 | €102 | €707 | €1,924 | €1,670 | ▼ 13.2% |
| Taxes450/3 | - | - | - | €1,616 | €102 | €707 | €1,924 | €1,670 | ▼ 13.2% |
| Other amounts payable47/48 | - | - | - | €857 | €857 | €857 | €857 | €857 | = |
| Accrued charges and deferred income492/3 | - | - | - | €500 | - | - | - | €500 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,820 | €4,777 | €4,301 | -€5,221 | €5,358 | €1,943 | €3,757 | €3,214 | ▼ 14.4% |
| + Depreciation and write-downs630 | €2,641 | €2,641 | €2,641 | €3,233 | €4,519 | €4,499 | €4,501 | €4,501 | = |
| Operating cash flow (approximation) | €4,460 | €7,418 | €6,942 | -€1,989 | €9,877 | €6,442 | €8,258 | €7,715 | ▼ 6.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€24,974 | €0 | -€1,603 | €0 | €0 | - |
| Change in cash | - | -€544 | -€4,517 | -€4,239 | €4,729 | €3,961 | €5,512 | €3,919 | ▼ 28.9% |
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, 17,041 companies had the same profile as FORPUS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORPUS itself: < 0.1% 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 17,041 companies, not a prediction for FORPUS. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00199327 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00305488 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00259296 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00238859 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20205266 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-41100479 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-35000176 | |
| 31-12-2018 | micro format | 08-07-2019 | 2019-30600595 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-21700593 | |
| 31-12-2016 | micro format | 04-07-2017 | 2017-27600031 |