FORRET.COM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 25 filings
Turnover
≈ €680,000
Estimated: probably between €470,000 and €1.1m
Total assets
€572,099▲ 37.8%
2024 · €415,257
Net result
€156,694▲ 74.8%
2024 · €89,639
Working capital
€294,377▲ 118%
2024 · €135,280
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€231,082
▲ 73.9%
2025
20182025
Net result
€156,694
▲ 74.8%
2025
highest quarter of the sector
20182025
Equity
€464,482
▲ 50.9%
2025
highest quarter of the sector
20182025
Total assets
€572,099
▲ 37.8%
2025
highest quarter of the sector
20182025
Debt
€107,618
▲ 0.1%
2025
20182025
Working capital
€294,377
▲ 118%
2025
highest quarter of the sector
20182025
Solvency
81.2%
▲ 7.1pp
2025
highest quarter of the sector
20182025
Current ratio
4.02
▲ 1.27
2025
middle half of the sector
20182025
Return on assets (ROA)
27.4%
▲ 5.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,118-€41,703▲ 6.6%€14,400▼ 65.5%€57,290▲ 298%€58,360▲ 1.9%€59,447▲ 1.9%€132,853▲ 123%€231,082▲ 73.9%
Net result€24,706-€27,141▲ 9.9%-€26,523below the sector's middle half€38,765within the sector's middle half€38,890within the sector's middle half▲ 0.3%€39,200within the sector's middle half▲ 0.8%€89,639above the sector's middle half▲ 129%€156,694above the sector's middle half▲ 74.8%
Equity€192,502-€219,643▲ 14.1%€193,120above the sector's middle half▼ 12.1%€183,282above the sector's middle half▼ 5.1%€222,172above the sector's middle half▲ 21.2%€218,149above the sector's middle half▼ 1.8%€307,787above the sector's middle half▲ 41.1%€464,482above the sector's middle half▲ 50.9%
Total assets€391,344-€395,549▲ 1.1%€345,672above the sector's middle half▼ 12.6%€425,893above the sector's middle half▲ 23.2%€424,404above the sector's middle half▼ 0.3%€422,123above the sector's middle half▼ 0.5%€415,257above the sector's middle half▼ 1.6%€572,099above the sector's middle half▲ 37.8%
Debt€198,842-€175,906▼ 11.5%€152,552▼ 13.3%€242,611▲ 59.0%€202,231▼ 16.6%€203,974▲ 0.9%€107,470▼ 47.3%€107,618▲ 0.1%
Working capital€105,659-€122,089▲ 15.5%€76,102within the sector's middle half▼ 37.7%€35,343within the sector's middle half▼ 53.6%€63,171within the sector's middle half▲ 78.7%€49,806within the sector's middle half▼ 21.2%€135,280above the sector's middle half▲ 172%€294,377above the sector's middle half▲ 118%
Solvency49.2%-55.5%▲ 6.3pp55.9%within the sector's middle half▲ 0.3pp43.0%within the sector's middle half▼ 12.8pp52.3%within the sector's middle half▲ 9.3pp51.7%within the sector's middle half▼ 0.7pp74.1%within the sector's middle half▲ 22.4pp81.2%above the sector's middle half▲ 7.1pp
Current ratio3.16-3.66▲ 0.502.79within the sector's middle half▼ 0.871.31below the sector's middle half▼ 1.481.58within the sector's middle half▲ 0.271.34within the sector's middle half▼ 0.242.75within the sector's middle half▲ 1.404.02within the sector's middle half▲ 1.27
Return on assets (ROA)6.3%-6.9%▲ 0.5pp-7.7%below the sector's middle half▼ 14.5pp9.1%within the sector's middle half▲ 16.8pp9.2%within the sector's middle half▲ 0.1pp9.3%within the sector's middle half▲ 0.1pp21.6%within the sector's middle half▲ 12.3pp27.4%within the sector's middle half▲ 5.8pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 and the highest since 2021. It is the fourth rise in a row.
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 €572,099
Fixed assets
€180,111 ▼ 11.1%
Current assets
€391,988 ▲ 84.3%
Equity and liabilities €572,099
Equity
€464,482 ▲ 50.9%
Debt
€107,618 ▲ 0.1%
Debt's share of the balance-sheet total falls from 25.9% to 18.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€258,216▲
2024 · €160,865
Cash flow
€183,828▲
2024 · €117,651
Debt to equity
0.23▼
2024 · 0.35
ROE
33.7%▲
2024 · 29.1%
Interest coverage
over 100▲
2024 · 40.27
Debt ≤ 1 year
€97,611▲
2024 · €77,463
Debt > 1 year
€10,007▼
2024 · €30,007
Income taxes
€71,584▲
2024 · €39,294
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 | €67,600 | €4,353 | €3,508 | €2,763 | €4,731 |
| Depreciation and write-downs of the year | €18,737 | €27,811 | €28,167 | €28,013 | €27,134 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €1,631 awarded · €1,631 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,145 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,308 | €12,853 | €13,067 | €18,737 | €27,811 | €28,167 | €28,013 | €27,134 | ▼ 3.1% |
| Other operating charges640/8 | - | - | - | €1,308 | €1,891 | €1,499 | €4,757 | €2,487 | ▼ 47.7% |
| Gross operating margin9900 | €53,156 | €55,430 | €28,012 | €77,335 | €88,061 | €89,113 | €165,622 | €260,702 | ▲ 57.4% |
| Operating profit (loss)9901 | €39,118 | €41,703 | €14,400 | €57,290 | €58,360 | €59,447 | €132,853 | €231,082 | ▲ 73.9% |
| Financial income75/76B | - | - | - | €4 | €14 | €75 | €74 | €271 | ▲ 264% |
| Recurring financial income75 | €73 | €26 | €925 | €4 | €14 | €75 | €74 | €271 | ▲ 264% |
| Financial charges65/66B | - | - | - | €2,216 | €2,503 | €3,662 | €3,995 | €3,075 | ▼ 23.0% |
| Recurring financial charges65 | €2,912 | €2,445 | €39,494 | €2,216 | €2,503 | €3,662 | €3,995 | €2,174 | ▼ 45.6% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €901 | - |
| Profit (loss) for the period before taxes9903 | €36,279 | €39,143 | -€22,669 | €55,078 | €55,871 | €55,860 | €128,932 | €228,278 | ▲ 77.1% |
| Income taxes67/77 | €11,573 | €12,002 | €3,853 | €16,312 | €16,981 | €16,660 | €39,294 | €71,584 | ▲ 82.2% |
| Profit (loss) for the period9904 | €24,706 | €27,141 | -€26,523 | €38,765 | €38,890 | €39,200 | €89,639 | €156,694 | ▲ 74.8% |
| Profit (loss) for the period to be appropriated9905 | €24,706 | €27,141 | -€26,523 | €38,765 | €38,890 | €39,200 | €89,639 | €156,694 | ▲ 74.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €391,344 | €395,549 | €345,672 | €425,893 | €424,404 | €422,123 | €415,257 | €572,099 | ▲ 37.8% |
| Fixed assets21/28 | €236,842 | €227,553 | €227,018 | €275,881 | €252,424 | €227,764 | €202,515 | €180,111 | ▼ 11.1% |
| Tangible fixed assets22/27 | €236,842 | €227,553 | €227,018 | €275,881 | €252,424 | €227,764 | €202,515 | €180,111 | ▼ 11.1% |
| Land and buildings22 | - | - | - | €210,171 | €198,959 | €188,855 | €177,405 | €166,025 | ▼ 6.4% |
| Plant, machinery and equipment23 | - | - | - | €3,425 | €3,609 | €2,641 | €2,223 | €2,275 | ▲ 2.3% |
| Furniture and vehicles24 | - | - | - | €62,286 | €49,856 | €36,269 | €22,886 | €11,811 | ▼ 48.4% |
| Current assets29/58 | €154,502 | €167,996 | €118,654 | €150,012 | €171,980 | €194,358 | €212,742 | €391,988 | ▲ 84.3% |
| Amounts receivable within one year40/41 | €102,474 | €29,763 | €30,829 | €50,115 | €20,881 | €81,092 | €55,952 | €129,059 | ▲ 131% |
| Trade receivables40 | - | - | - | €42,306 | €20,490 | €58,051 | €37,904 | €128,331 | ▲ 239% |
| Other amounts receivable41 | - | - | - | €7,809 | €392 | €23,041 | €18,048 | €727 | ▼ 96.0% |
| Current investments50/53 | €37,500 | €37,500 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €12,074 | €97,671 | €85,837 | €98,569 | €149,226 | €111,242 | €155,255 | €261,058 | ▲ 68.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,328 | €1,873 | €2,025 | €1,535 | €1,871 | ▲ 21.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €391,344 | €395,549 | €345,672 | €425,893 | €424,404 | €422,123 | €415,257 | €572,099 | ▲ 37.8% |
| Equity10/15 | €192,502 | €219,643 | €193,120 | €183,282 | €222,172 | €218,149 | €307,787 | €464,482 | ▲ 50.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €178,661 | €205,802 | €205,802 | €177,082 | €215,972 | €211,949 | €301,587 | €458,282 | ▲ 52.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €175,222 | €214,112 | €211,949 | €301,587 | €458,282 | ▲ 52.0% |
| Profit (loss) carried forward14 | €7,641 | €7,641 | -€18,882 | - | - | - | - | - | - |
| Amounts payable17/49 | €198,842 | €175,906 | €152,552 | €242,611 | €202,231 | €203,974 | €107,470 | €107,618 | ▲ 0.1% |
| Amounts payable after more than one year17 | €150,000 | €130,000 | €110,000 | €127,265 | €93,422 | €59,422 | €30,007 | €10,007 | ▼ 66.7% |
| Financial debts170/4 | - | - | - | €127,265 | €93,422 | €59,422 | €30,007 | €10,007 | ▼ 66.7% |
| Amounts payable within one year42/48 | €48,842 | €45,907 | €42,553 | €114,669 | €108,809 | €144,552 | €77,463 | €97,611 | ▲ 26.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €33,687 | €33,843 | €34,000 | €29,415 | €20,000 | ▼ 32.0% |
| Trade debts44 | €2,839 | €5,507 | €12,213 | €1,496 | €2,333 | €745 | €8,242 | €9,634 | ▲ 16.9% |
| Suppliers440/4 | - | - | - | €1,496 | €2,333 | €745 | €8,242 | €9,634 | ▲ 16.9% |
| Taxes, remuneration and social security45 | - | - | - | €30,883 | €28,693 | €6,154 | €16,330 | €39,800 | ▲ 144% |
| Taxes450/3 | - | - | - | €30,883 | €28,693 | €6,154 | €16,330 | €39,800 | ▲ 144% |
| Other amounts payable47/48 | - | - | - | €48,603 | €43,941 | €103,654 | €23,476 | €28,177 | ▲ 20.0% |
| Accrued charges and deferred income492/3 | - | - | - | €677 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,706 | €27,141 | -€26,523 | €38,765 | €38,890 | €39,200 | €89,639 | €156,694 | ▲ 74.8% |
| + Depreciation and write-downs630 | €13,308 | €12,853 | €13,067 | €18,737 | €27,811 | €28,167 | €28,013 | €27,134 | ▼ 3.1% |
| Operating cash flow (approximation) | €38,014 | €39,994 | -€13,456 | €57,502 | €66,701 | €67,367 | €117,651 | €183,828 | ▲ 56.2% |
| Investment in fixed assets (approximation) | - | -€3,564 | -€12,532 | -€67,600 | -€4,353 | -€3,508 | -€2,763 | -€4,731 | ▼ 71.2% |
| Change in cash | - | €85,597 | -€11,834 | €12,732 | €50,656 | -€37,983 | €44,013 | €105,803 | ▲ 140% |
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, 20,136 companies had the same profile as FORRET.COM has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of FORRET.COM 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 20,136 companies, not a prediction for FORRET.COM. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00361282 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00283552 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00272825 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00384205 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20222136 | |
| 31-12-2020 | micro format | 26-07-2021 | 2021-39300161 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-29200558 | |
| 31-12-2018 | micro format | 04-06-2019 | 2019-15500111 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-32700065 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-34700148 |