FORUM
ActiveSummary
FORUM has been active since 1973 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €438,262 and a net result of €168,637. The figures fluctuate too strongly year-on-year for a reliable trend projection. The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability88▲+17
Solvency64▲+10
Growth58=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 13.37 against 9.83 in 2023; short-term debt: 7.3% and cash: 79.5% of total assets), but 60.7% of the assets are financed with debt.
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Signals
Five 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
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-05-2025, 64 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
64 d early
2023
43 d early
2022
64 d late
2021
25 d early
2020
1 d early
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 6 accounts on average 6 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€168,637▲ 127%
2023 · €74,207
Working capital
€1.0m▲ 24.6%
2023 · €810,324
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€66,382€36,813▼ 44.5%€181,354▲ 393%€140,396▼ 22.6%€300,073▲ 114%
Net result€68,758€28,007▼ 59.3%-€14,808€74,207€168,637▲ 127%
Equity€2.8m▼ 21.6%€578,374▼ 79.6%€419,578▼ 27.5%€269,625▼ 35.7%€438,262▲ 62.5%
Total assets€3.6m▼ 19.3%€1.4m▼ 62.1%€1.2m▼ 11.6%€938,643▼ 22.9%€1.1m▲ 18.9%
Debt€799,460▼ 9.9%€799,423=€797,906▼ 0.2%€669,018▼ 16.2%€630,364▼ 5.8%
Working capital€3.4m▼ 19.5%€1.1m▼ 66.7%€979,008▼ 13.2%€810,324▼ 17.2%€1.0m▲ 24.6%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 114% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.1m
Fixed assets
€24,691 ▼ 32.4%
Current assets
€1.1m ▲ 21.0%
Equity and liabilities €1.1m
Equity
€438,262 ▲ 62.5%
Provisions
€47,694
Debt
€630,364 ▼ 5.8%
Debt's share of the balance-sheet total falls from 71.3% to 56.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€319,579▲
2023 · €160,083
Cash flow
€188,142▲
2023 · €93,893
Current ratio
13.37▲
2023 · 9.83
Debt to equity
1.44▼
2023 · 2.48
ROE
38.5%▲
2023 · 27.5%
ROA
15.1%▲
2023 · 7.9%
Interest coverage
10.38▲
2023 · 5.09
Debt ≤ 1 year
€81,661▼
2023 · €91,778
Debt > 1 year
€535,300▼
2023 · €565,700
Income taxes
€103,356▲
2023 · €35,669
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 0.9% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 20,129 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,589 | €49,177 | €29,550 | €19,687 | €19,505 | ▼ 0.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €47,694 | - |
| Other operating charges640/8 | - | €14,549 | €14,885 | €16,917 | €4,815 | ▼ 71.5% |
| Gross operating margin9900 | €131,510 | €100,539 | €225,789 | €177,000 | €372,088 | ▲ 110% |
| Operating profit (loss)9901 | €66,382 | €36,813 | €181,354 | €140,396 | €300,073 | ▲ 114% |
| Financial income75/76B | - | €41,311 | €4,595 | €919 | €2,699 | ▲ 194% |
| Recurring financial income75 | €57,332 | €41,311 | €4,595 | €919 | €2,699 | ▲ 194% |
| Financial charges65/66B | - | €34,539 | €155,746 | €31,440 | €30,780 | ▼ 2.1% |
| Recurring financial charges65 | €47,459 | €34,539 | €155,746 | €31,440 | €30,780 | ▼ 2.1% |
| Profit (loss) for the period before taxes9903 | €76,255 | €43,586 | €30,203 | €109,875 | €271,993 | ▲ 148% |
| Income taxes67/77 | €7,497 | €15,578 | €45,011 | €35,669 | €103,356 | ▲ 190% |
| Profit (loss) for the period9904 | €68,758 | €28,007 | -€14,808 | €74,207 | €168,637 | ▲ 127% |
| Profit (loss) for the period to be appropriated9905 | €68,758 | €28,007 | -€14,808 | €74,207 | €168,637 | ▲ 127% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.6m | €1.4m | €1.2m | €938,643 | €1.1m | ▲ 18.9% |
| Fixed assets21/28 | €130,105 | €80,928 | €51,378 | €36,541 | €24,691 | ▼ 32.4% |
| Tangible fixed assets22/27 | €129,855 | €80,678 | €51,128 | €36,291 | €24,441 | ▼ 32.7% |
| Land and buildings22 | - | €600 | - | - | - | - |
| Plant, machinery and equipment23 | - | €1,487 | €667 | - | €6,051 | - |
| Furniture and vehicles24 | - | €78,591 | €50,461 | €36,291 | €18,389 | ▼ 49.3% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €3.5m | €1.3m | €1.2m | €902,102 | €1.1m | ▲ 21.0% |
| Amounts receivable within one year40/41 | €207,579 | €117,624 | €97,610 | €140,522 | €204,185 | ▲ 45.3% |
| Trade receivables40 | - | €108,991 | €97,610 | €135,923 | €203,490 | ▲ 49.7% |
| Other amounts receivable41 | - | €8,632 | - | €4,599 | €695 | ▼ 84.9% |
| Current investments50/53 | €1.3m | €123,267 | - | - | - | - |
| Cash at bank and in hand54/58 | €2.0m | €1.1m | €1.1m | €760,870 | €886,920 | ▲ 16.6% |
| Deferred charges and accrued income490/1 | - | - | €3,713 | €710 | €524 | ▼ 26.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.6m | €1.4m | €1.2m | €938,643 | €1.1m | ▲ 18.9% |
| Equity10/15 | €2.8m | €578,374 | €419,578 | €269,625 | €438,262 | ▲ 62.5% |
| Contributions10/11 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Capital10 | - | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Issued capital100 | - | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Reserves13 | €2.7m | €409,513 | €265,525 | €115,573 | €284,209 | ▲ 146% |
| Non-distributable reserves130/1 | - | €408,549 | €264,561 | €114,609 | €12,395 | ▼ 89.2% |
| Legal reserve130 | - | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Reserves not available under the articles1311 | - | €396,155 | €252,167 | €102,214 | - | - |
| Tax-exempt reserves132 | - | €964 | €964 | €964 | €964 | = |
| Distributable reserves133 | - | - | - | - | €270,851 | - |
| Profit (loss) carried forward14 | €44,913 | €44,913 | €30,106 | €30,106 | €30,106 | = |
| Provisions and deferred taxes16 | - | - | - | - | €47,694 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €47,694 | - |
| Other liabilities and charges164/5 | - | - | - | - | €47,694 | - |
| Amounts payable17/49 | €799,460 | €799,423 | €797,906 | €669,018 | €630,364 | ▼ 5.8% |
| Amounts payable after more than one year17 | €684,092 | €630,385 | €596,100 | €565,700 | €535,300 | ▼ 5.4% |
| Financial debts170/4 | - | €630,385 | €596,100 | €565,700 | €535,300 | ▼ 5.4% |
| Amounts payable within one year42/48 | €115,369 | €169,038 | €187,098 | €91,778 | €81,661 | ▼ 11.0% |
| Current portion of amounts payable after more than one year42 | - | €53,707 | €34,285 | €30,400 | €30,400 | = |
| Trade debts44 | €29,719 | €83,550 | €80,949 | €3,823 | €2,934 | ▼ 23.2% |
| Suppliers440/4 | - | €83,550 | €80,949 | €3,823 | €2,934 | ▼ 23.2% |
| Taxes, remuneration and social security45 | - | €31,743 | €69,918 | €37,189 | €40,537 | ▲ 9.0% |
| Taxes450/3 | - | €31,743 | €69,918 | €37,189 | €40,537 | ▲ 9.0% |
| Other amounts payable47/48 | - | €39 | €1,946 | €20,366 | €7,790 | ▼ 61.8% |
| Accrued charges and deferred income492/3 | - | - | €14,708 | €11,540 | €13,402 | ▲ 16.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €68,758 | €28,007 | -€14,808 | €74,207 | €168,637 | ▲ 127% |
| + Depreciation and write-downs630 | €50,589 | €49,177 | €29,550 | €19,687 | €19,505 | ▼ 0.9% |
| Operating cash flow (approximation) | €119,347 | €77,184 | €14,743 | €93,893 | €188,142 | ▲ 100% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€4,850 | -€7,656 | ▼ 57.8% |
| Change in cash | - | -€965,227 | €8,806 | -€303,914 | €126,050 | ▲ 141% |
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
2025
28-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €168,637 ▲127%
Operating result €300,073, net result €168,637, both a record.
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €74,207
Net result €74,207 after one loss-making year.
03-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 64 days late
2022
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €68,758
Net result €68,758 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
31-12
Financial
Weakest financial yearnet -€102,941
Net result drops to -€102,941, the lowest in the series; recovery starts the following year.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
16-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 16 days late
2016
11-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 11 days late
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, Watermaal-Bosvoorde · 1 establishment unit since 1973
Ground area
738 m²
Building footprint
212 m²
Volume, LiDAR
3,288 m³
Parcel 21652E0369/00R000, Brussels · tallest building 20.5 m, ±5 floors. Linked by address, not a title deed.
13
companies at this address
See who is registered here
1 establishment unit
Vorsterielaan 2, 1170 Watermaal-Bosvoorde
since 19732.008.128.246
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21652E0369/00R000 | Brussels | 738 m² | 1 · 212 m² | 20.5 m · 5 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.
Recognitions · licences · registrations
Legal Entity Identifier
967600SRVU06MCDH7N46
Identification & contact
Identification
Legal formPublic limited company
Founded23-02-1973
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0413003432
Registered
16-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.