FORTYEIGHT
ActiveFORTYEIGHT has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €426k and a net result of €156k. Equity is growing by ~30.4% per year across the filed fiscal years. Its solvency ranks better than 27% of 227 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
76
/ 100
Excellent▲ +35 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100▲+81
Solvency33▲+15
Growth78▲+26
Stability100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity tight (current ratio 1.45 against 0.93 in 2024), and 81.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
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
18.1%
Return on assets
6.6%
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 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
10 d early
2023
on the day
2022
1 d early
2021
9 d late
2020
18 d late
2019
on the day
← before the deadline
after the deadline →
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 close15-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€156k▲ 1,410%
2024 · €10k
2019: €19k
2020: €-29k
2021: €40k
2022: €75k
2023: €84k
2024: €10k
2019 → 2025
Working capital
€148k
2024 · €-25k
2019: €53k
2020: €16k
2021: €82k
2022: €111k
2023: €818k
2024: €-25k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€108k-€181k▲ 68.7%€264k▲ 45.7%€273k▲ 3.3%€426k▲ 55.8%
Operating result€54k-€100k▲ 86.8%€121k▲ 20.3%€83k▼ 31.4%€304k▲ 266%
Net result€40k-€75k▲ 88.1%€84k▲ 13.0%€10k▼ 87.7%€156k▲ 1,410%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 266% above 2024 and is the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.35M
Fixed assets
€1.87M▲ 7.9%
Current assets
€480k▲ 38.7%
Equity and liabilities €2.35M
Equity
€426k▲ 55.8%
Provisions
€61k
Debt
€1.86M▲ 3.2%
The debt ratio falls from 86.9% to 79.3%: equity grows faster than debt.
Key figures and ratios
EBITDA
€477k▲
2024 · €235k
Cash flow
€330k▲
2024 · €162k
Solvency
18.1%▲
2024 · 13.1%
Current ratio
1.45▲
2024 · 0.93
Quick ratio
1.45▲
2024 · 0.93
Debt / equity
4.38▼
2024 · 6.62
ROE
36.7%▲
2024 · 3.8%
ROA
6.6%▲
2024 · 0.5%
Interest coverage
5.39▲
2024 · 3.14
Debt
€1.86M▲
2024 · €1.81M
Debt ≤ 1 year
€331k▼
2024 · €370k
Debt > 1 year
€1.53M▲
2024 · €1.44M
Income taxes
€310▼
2024 · €2k
Staff costs
€189k▼
2024 · €211k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€2.08M€2.35M▲
Fixed assets21/28€1.73M€1.87M▲
Tangible fixed assets22/27€1.73M€1.87M▲
Land and buildings22€228k€1.53M▲
Plant, machinery and equipment23€179k€168k▼
Furniture and vehicles24€5k€12k▲
Leasing and similar rights25€181k€119k▼
Other tangible fixed assets26€43k€42k▼
Assets under construction and advance payments27€1.10M€0▼
Financial fixed assets28€30€530▲
Current assets29/58€346k€480k▲
Amounts receivable within one year40/41€317k€282k▼
Trade receivables40€167k€262k▲
Other amounts receivable41€150k€20k▼
Cash at bank and in hand54/58€19k€188k▲
Deferred charges and accrued income490/1€10k€10k▼
Equity and liabilities
Total equity and liabilities10/49€2.08M€2.35M▲
Equity10/15€273k€426k▲
Contributions10/11€6k€6k=
Reserves13€42k€286k▲
Tax-exempt reserves132-€244k
Distributable reserves133€42k€42k=
Profit (loss) carried forward14€223k€133k▼
Investment grants15€2k€0▼
Provisions and deferred taxes16-€61k
Deferred taxes168-€61k
Amounts payable17/49€1.81M€1.86M▲
Amounts payable after more than one year17€1.44M€1.53M▲
Financial debts170/4€1.44M€1.53M▲
Amounts payable within one year42/48€370k€331k▼
Current portion of amounts payable after more than one year42€124k€145k▲
Financial debts43€41k€2k▼
Credit institutions430/8€41k€2k▼
Trade debts44€151k€127k▼
Suppliers440/4€110k€66k▼
Bills of exchange payable441€40k€61k▲
Taxes, remuneration and social security45€54k€52k▼
Taxes450/3€31k€28k▼
Remuneration and social security454/9€23k€24k▲
Other amounts payable47/48€833€6k▲
Income statement
Code20242025
Non-recurring operating income76A-€322k
Remuneration, social security and pensions62€211k€189k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€152k€174k▲
Other operating charges640/8€18k€11k▼
Gross operating margin9900€464k€677k▲
Operating profit (loss)9901€83k€304k▲
Financial income75/76B€4k€3k▼
Recurring financial income75€4k€3k▼
Financial charges65/66B€75k€89k▲
Recurring financial charges65€75k€89k▲
Profit (loss) for the period before taxes9903€12k€218k▲
Transfer from deferred taxes780-€3k
Transfer to deferred taxes680-€64k
Income taxes67/77€2k€310▼
Profit (loss) for the period9904€10k€156k▲
Transfer from tax-exempt reserves789-€13k
Transfer to tax-exempt reserves689-€258k
Profit (loss) for the period to be appropriated9905€10k€-88k▼
Appropriation of the result
Profit (loss) to be appropriated9906€234k€133k▼
Profit (loss) brought forward from the previous period14P€224k€221k▼
Transfer to equity691/2€10k€0▼
To other reserves6921€10k€0▼
Profit to be distributed694/7€833€0▼
Return on contributions (dividend)694€833€0▼
Social balance
Average headcount (FTE)90875.04.9▼
The notes to these accounts (30 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-06
Financial
Highest result since 2019net €156k ▲1410%
Operating result €304k, net result €156k, both a record.
21-01
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-06
Financial
Liquidity triplescurrent ratio 3.38
Current ratio from 1.33 to 3.38.
30-06
Financial
Equity above €200kEq €264k ▲45.7%
3 profitable years in a row build equity to €264k.
30-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Equity above €150kEq €181k ▲68.7%
2 profitable years in a row build equity to €181k.
09-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 9 days late
2021
30-06
Financial
Back to profitnet €40k
Net result €40k after one loss-making year.
30-06
Financial
Equity above €100kEq €108k ▲56.8%
Equity rises from €69k to €108k.
18-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 18 days late
2020
30-06
Financial
Weakest financial yearnet €-29k ▼249%
Net result drops to €-29k, the lowest in the series; recovery starts the following year.
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
25-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
28-02
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
2017
27-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 27 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, La Bruyère · 1 establishment unit since 2024
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Saint-Sauveur,Meux 195081 La BruyèreGround area
4,839 m²
Building footprint
134 m²
2 parcels, Wallonia. Linked by address, not a title deed.
1 establishment unit
Fortyeight
since 20242.363.615.430
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92120F0153/00A000 | Wallonia | 3,678 m² | - | - |
| 92088A0149/00D000 | Wallonia | 1,161 m² | 1 · 134 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Wallonia-Brussels Federation
2021 · 1 entry · 15,000 EUR in total| Year | Entries | paid |
|---|---|---|
| 2021 | 1 | 15,000 EUR |
Similar companies · same sector, comparable size
SIVANCO
BE 0811.459.339
Brugge · Eq €424k
EXPERTEN HASSELT
BE 0462.582.508
Hasselt · Eq €420k
VERDOOLAEGE
BE 0417.482.456
Antwerpen · Eq €432k
DOXIS LIGHTING FACTORY
BE 0475.597.829
Genk · Eq €432k
FLOS BENELUX
BE 0429.690.204
Brussel · Eq €435k
Of 971 companies in sector 46431 we hold annual accounts for 700. 526 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded13-10-2005
Fiscal year end30-06
Activities, NACEBEL
46431Wholesale of electrical household appliances and audio-video equipment
90393Specialised image, lighting and sound technical services
Sources
Crossroads Bank for EnterprisesNational Bank · 20 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryWebsite:www.fortyeight.tv