FORTECH
ActiveSummary
FORTECH has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.4m and a net result of €119,937. Equity is growing by ~4.2% per year across the filed fiscal years. Its solvency ranks better than 70% of 279 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability53▼-2
Solvency80▲+1
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500,000 at 30 days acceptable
Liquidity ample (current ratio 6.54 against 6.48 in 2024; short-term debt: 11.2% and cash: 10.7% of total assets), and 45.1% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
54.9%
Return on assets
0.9%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 09-12-2025, 53 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
53 d early
2024
59 d early
2023
49 d early
2022
69 d early
2021
54 d early
2020
43 d early
2019
59 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 55 days before the deadline; the sector median for financial year 2024 is 23 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#3 company by total assets in Sint-Gillis-Waas#6 company by equity in Sint-Gillis-Waas#10 oldest company in East Flanders, Energy sector
Equity
€7.4m=
2024 · €7.4m
Total assets
€13.6m▼ 1.1%
2024 · €13.7m
Net result
€119,937▼ 79.3%
2024 · €580,238
Working capital
€8.4m▼ 2.9%
2024 · €8.6m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, 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
Line20212022202320242025
Operating result€725,505▼ 41.6%€351,003▼ 51.6%€1.1m▲ 225%€226,560▼ 80.1%€259,982▲ 14.8%
Net result€378,025above the sector's middle half▼ 46.0%€218,772within the sector's middle half▼ 42.1%€714,388above the sector's middle half▲ 227%€580,238above the sector's middle half▼ 18.8%€119,937within the sector's middle half▼ 79.3%
Equity€6.4mabove the sector's middle half▲ 3.0%€6.5mabove the sector's middle half▲ 0.5%€7.0mabove the sector's middle half▲ 8.8%€7.4mabove the sector's middle half▲ 5.8%€7.4mabove the sector's middle half=
Total assets€12.6mabove the sector's middle half▼ 10.8%€12.5mabove the sector's middle half▼ 0.9%€13.1mabove the sector's middle half▲ 5.3%€13.7mabove the sector's middle half▲ 4.4%€13.6mabove the sector's middle half▼ 1.1%
Debt€5.0m▼ 28.6%€4.8m▼ 3.5%€4.8m▲ 1.1%€4.5m▼ 6.6%€4.3m▼ 5.1%
Working capital€5.3mabove the sector's middle half▲ 17.5%€5.8mabove the sector's middle half▲ 9.2%€6.5mabove the sector's middle half▲ 13.1%€8.6mabove the sector's middle half▲ 32.2%€8.4mabove the sector's middle half▼ 2.9%
Solvency51.2%within the sector's middle half▲ 6.8pp51.8%within the sector's middle half▲ 0.7pp53.6%within the sector's middle half▲ 1.7pp54.3%within the sector's middle half▲ 0.7pp54.9%within the sector's middle half▲ 0.7pp
Current ratio4.67above the sector's middle half▲ 1.694.01above the sector's middle half▼ 0.654.06above the sector's middle half▲ 0.056.48above the sector's middle half▲ 2.416.54above the sector's middle half▲ 0.06
Return on assets (ROA)3.0%within the sector's middle half▼ 2.0pp1.8%within the sector's middle half▼ 1.3pp5.4%within the sector's middle half▲ 3.7pp4.2%within the sector's middle half▼ 1.2pp0.9%within the sector's middle half▼ 3.3pp
Staff (FTE)0.8below the sector's middle half=0.8below the sector's middle half=0.8within the sector's middle half=1.2within the sector's middle half▲ 50.0%2.9within the sector's middle half▲ 142%
above
within
below
the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 15% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.6m
Fixed assets
€3.6m ▲ 4.4%
Current assets
€9.9m ▼ 3.0%
Equity and liabilities €13.6m
Equity
€7.4m =
Provisions
€1.8m ▲ 3.9%
Debt
€4.3m ▼ 5.1%
Debt's share of the balance-sheet total falls from 33.0% to 31.7%. Debt is lower.
Key figures and ratios
EBITDA
€717,348▲
2024 · €646,774
Cash flow
€577,303▼
2024 · €1.0m
Debt to equity
0.58▼
2024 · 0.61
ROE
1.6%▼
2024 · 7.8%
Interest coverage
4.00▲
2024 · 3.75
Debt ≤ 1 year
€1.5m▼
2024 · €1.6m
Debt > 1 year
€2.8m▼
2024 · €2.9m
Income taxes
€62,870▼
2024 · €66,108
Staff costs
€296,015▲
2024 · €116,340
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,027 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 17,027 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €230,790 | - |
| Remuneration, social security and pensions62 | - | €70,020 | €77,824 | €116,340 | €296,015 | ▲ 154% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.5m | €1.1m | €409,716 | €420,214 | €457,366 | ▲ 8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €8,100 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €38,765 | €40,717 | €64,172 | €68,003 | ▲ 6.0% |
| Other operating charges640/8 | - | €19,095 | €14,034 | €18,173 | €32,064 | ▲ 76.4% |
| Non-recurring operating charges66A | - | - | €6,574 | €729,974 | - | - |
| Gross operating margin9900 | €2.6m | €1.6m | €1.7m | €1.6m | €1.1m | ▼ 29.7% |
| Operating profit (loss)9901 | €725,505 | €351,003 | €1.1m | €226,560 | €259,982 | ▲ 14.8% |
| Financial income75/76B | - | €109,231 | €69,034 | €592,489 | €102,311 | ▼ 82.7% |
| Recurring financial income75 | €109,873 | €109,231 | €69,034 | €592,489 | €102,311 | ▼ 82.7% |
| Financial charges65/66B | - | €177,172 | €163,702 | €172,703 | €179,486 | ▲ 3.9% |
| Recurring financial charges65 | €215,752 | €177,172 | €163,702 | €172,703 | €179,486 | ▲ 3.9% |
| Profit (loss) for the period before taxes9903 | €612,672 | €283,062 | €1.0m | €646,346 | €182,807 | ▼ 71.7% |
| Income taxes67/77 | €234,647 | €64,290 | €332,104 | €66,108 | €62,870 | ▼ 4.9% |
| Profit (loss) for the period9904 | €378,025 | €218,772 | €714,388 | €580,238 | €119,937 | ▼ 79.3% |
| Profit (loss) for the period to be appropriated9905 | €378,025 | €218,772 | €714,388 | €580,238 | €119,937 | ▼ 79.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €12.6m | €12.5m | €13.1m | €13.7m | €13.6m | ▼ 1.1% |
| Fixed assets21/28 | €5.9m | €4.8m | €4.5m | €3.5m | €3.6m | ▲ 4.4% |
| Tangible fixed assets22/27 | €5.3m | €4.2m | €3.8m | €3.4m | €3.1m | ▼ 8.5% |
| Land and buildings22 | - | €62,163 | €62,163 | €325,696 | €317,744 | ▼ 2.4% |
| Plant, machinery and equipment23 | - | €4.1m | €3.8m | €3.0m | €2.8m | ▼ 9.2% |
| Furniture and vehicles24 | - | €1,067 | €699 | €2,569 | €3,576 | ▲ 39.2% |
| Financial fixed assets28 | €584,903 | €588,503 | €625,653 | €134,096 | €570,496 | ▲ 325% |
| Current assets29/58 | €6.7m | €7.7m | €8.7m | €10.2m | €9.9m | ▼ 3.0% |
| Amounts receivable within one year40/41 | €2.3m | €2.1m | €2.3m | €2.5m | €2.3m | ▼ 10.5% |
| Trade receivables40 | - | €1.9m | €2.0m | €1.6m | €720,142 | ▼ 53.7% |
| Other amounts receivable41 | - | €187,975 | €243,923 | €959,152 | €1.5m | ▲ 59.5% |
| Current investments50/53 | €512,600 | €512,600 | €512,600 | €508,200 | €6.2m | ▲ 1,112% |
| Cash at bank and in hand54/58 | €3.9m | €5.1m | €5.9m | €7.2m | €1.5m | ▼ 79.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €45,041 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €12.6m | €12.5m | €13.1m | €13.7m | €13.6m | ▼ 1.1% |
| Equity10/15 | €6.4m | €6.5m | €7.0m | €7.4m | €7.4m | = |
| Contributions10/11 | - | €1.0m | €873,100 | €698,100 | €547,440 | ▼ 21.6% |
| Reserves13 | €5.2m | €5.4m | €6.2m | €6.7m | €6.9m | ▲ 1.8% |
| Non-distributable reserves130/1 | - | €512,600 | €512,600 | €508,200 | €502,788 | ▼ 1.1% |
| Own shares acquired1312 | - | €512,600 | €512,600 | €508,200 | €502,788 | ▼ 1.1% |
| Distributable reserves133 | - | €4.9m | €5.7m | €6.2m | €6.4m | ▲ 2.0% |
| Investment grants15 | - | - | - | - | €34,416 | - |
| Provisions and deferred taxes16 | €1.2m | €1.2m | €1.3m | €1.7m | €1.8m | ▲ 3.9% |
| Provisions for liabilities and charges160/5 | - | €1.2m | €1.3m | €1.7m | €1.8m | ▲ 3.9% |
| Other liabilities and charges164/5 | - | €1.2m | €1.3m | €1.7m | €1.8m | ▲ 3.9% |
| Amounts payable17/49 | €5.0m | €4.8m | €4.8m | €4.5m | €4.3m | ▼ 5.1% |
| Amounts payable after more than one year17 | €3.5m | €2.9m | €2.7m | €2.9m | €2.8m | ▼ 5.7% |
| Financial debts170/4 | - | €2.9m | €2.7m | €2.9m | €2.8m | ▼ 5.7% |
| Amounts payable within one year42/48 | €1.4m | €1.9m | €2.1m | €1.6m | €1.5m | ▼ 3.9% |
| Current portion of amounts payable after more than one year42 | - | €649,999 | €166,666 | €166,666 | €166,666 | = |
| Trade debts44 | €532,246 | €1.1m | €1.5m | €1.2m | €1.1m | ▼ 7.4% |
| Suppliers440/4 | - | €1.1m | €1.5m | €1.2m | €1.1m | ▼ 7.4% |
| Taxes, remuneration and social security45 | - | €12,361 | €344,237 | €17,919 | €70,995 | ▲ 296% |
| Taxes450/3 | - | - | €334,087 | €4,647 | €39,930 | ▲ 759% |
| Remuneration and social security454/9 | - | €12,361 | €10,150 | €13,272 | €31,065 | ▲ 134% |
| Other amounts payable47/48 | - | €147,245 | €147,245 | €175,049 | €150,660 | ▼ 13.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €378,025 | €218,772 | €714,388 | €580,238 | €119,937 | ▼ 79.3% |
| + Depreciation and write-downs630 | €1.5m | €1.1m | €409,716 | €420,214 | €457,366 | ▲ 8.8% |
| Operating cash flow (approximation) | €1.9m | €1.3m | €1.1m | €1.0m | €577,303 | ▼ 42.3% |
| Investment in fixed assets (approximation) | - | -€26,740 | -€91,142 | €558,633 | -€609,416 | ▼ 209% |
| Change in cash | - | €1.2m | €780,229 | €1.3m | -€5.7m | ▼ 539% |
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
Next filing, fiscal year 2026, expected by
2025
09-12
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
30-06
Financial
Weakest financial yearnet €119,937 ▼79.3%
Net result drops to €119,937, the lowest in the series.
2024
03-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
13-12
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
30-06
Financial
Highest result since 2019net €714,388 ▲227%
Net result €714,388, the highest in the series.
2022
23-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
08-12
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
19-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
03-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
20-12
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
14-12
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
28-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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, Sint-Gillis-Waas · 1 establishment unit since 2000
Ground area
3,264 m²
Building footprint
220 m²
Volume, LiDAR
1,459 m³
Parcel 46020E0333/00F000, Flanders · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Samelstraat(SGW) 21 A, 9170 Sint-Gillis-Waas
since 20002.101.026.433
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46020E0333/00F000 | Flanders | 3,264 m² | 1 · 220 m² | 10.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
-
10%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 48,076 EUR awarded · 38,516 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 2 | 276 EUR | 38,516 EUR |
| 2022 | 1 | 47,800 EUR | 0 EUR |
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Of 149 companies in sector 35120 we hold annual accounts for 80. 39 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
Founded21-09-2000
Fiscal year end30-06
Activities, NACEBEL 2025
35120Electricity, gas, steam and air conditioning supply
E-invoicing
Reachable via Peppol
Peppol ID
0208:0472734646
Registered
27-03-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.