Forum ETHIBEL
ActiveSummary
Forum ETHIBEL has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.01M and a net result of €-366k. Equity is growing by ~11.5% per year across the filed fiscal years. Its solvency ranks better than 90% of 1638 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
78
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-83
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75k at 30 days acceptable
Liquidity ample (current ratio 13.26 against 11.96 in 2024; short-term debt: 7.4% and cash: 89.6% of total assets), and 10.1% of the assets are financed with debt.
Credit advice for your own amount and term
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
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
89.9%
Return on assets
-32.4%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-05-2026, 77 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
77 d early
2024
57 d early
2023
68 d early
2022
73 d early
2021
34 d early
2020
31 d early
2019
31 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€1.01M▼ 26.5%
2024 · €1.38M
2018: €366k
2019: €690k
2020: €1.06M
2021: €1.29M
2022: €1.42M
2023: €1.19M
2024: €1.38M
2018 → 2025
Total assets
€1.13M▼ 28.5%
2024 · €1.58M
2018: €413k
2019: €840k
2020: €1.23M
2021: €1.43M
2022: €1.56M
2023: €1.32M
2024: €1.58M
2018 → 2025
Net result
€-366k
2024 · €186k
2018: €-133k
2019: €323k
2020: €366k
2021: €236k
2022: €133k
2023: €-231k
2024: €186k
2018 → 2025
Working capital
€1.03M▼ 28.1%
2024 · €1.43M
2018: €336k
2019: €574k
2020: €1.06M
2021: €1.29M
2022: €1.42M
2023: €1.20M
2024: €1.43M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.29M-€1.42M▲ 10.3%€1.19M▼ 16.2%€1.38M▲ 15.6%€1.01M▼ 26.5%
Operating result€236k-€133k▼ 43.6%€-233k€179k€-370k
Net result€236k-€133k▼ 43.5%€-231k€186k€-366k
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €370k after €179k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.13M
Fixed assets
€13k ▼ 2.6%
Current assets
€1.11M ▼ 28.7%
Equity and liabilities €1.13M
Equity
€1.01M ▼ 26.5%
Debt
€114k ▼ 42.2%
Debt's share of the balance-sheet total falls from 12.5% to 10.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-365k▼
2024 · €186k
Cash flow
€-361k▼
2024 · €192k
Current ratio
13.26▲
2024 · 11.96
Debt to equity
0.11▼
2024 · 0.14
ROE
-36.1%▼
2024 · 13.5%
ROA
-32.4%▼
2024 · 11.8%
Interest coverage
-849.31▼
2024 · 806.99
Debt ≤ 1 year
€84k▼
2024 · €131k
Staff costs
€594k▼
2024 · €612k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 40 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.58M€1.13M▼
Fixed assets21/28€14k€13k▼
Tangible fixed assets22/27€6k€6k▼
Plant, machinery and equipment23€2k€3k▲
Furniture and vehicles24€4k€3k▼
Financial fixed assets28€8k€8k=
Current assets29/58€1.56M€1.11M▼
Amounts receivable within one year40/41€226k€77k▼
Trade receivables40€187k€60k▼
Other amounts receivable41€40k€17k▼
Cash at bank and in hand54/58€1.31M€1.01M▼
Deferred charges and accrued income490/1€24k€28k▲
Equity and liabilities
Total equity and liabilities10/49€1.58M€1.13M▼
Equity10/15€1.38M€1.01M▼
Reserves13€417k€417k=
Profit (loss) carried forward14€962k€597k▼
Amounts payable17/49€196k€114k▼
Amounts payable within one year42/48€131k€84k▼
Trade debts44€9k€8k▼
Suppliers440/4€9k€8k▼
Taxes, remuneration and social security45€106k€75k▼
Taxes450/3€46k€15k▼
Remuneration and social security454/9€60k€59k▼
Accrued charges and deferred income492/3€66k€30k▼
Income statement
Code20242025
Remuneration, social security and pensions62€612k€594k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€5k▼
Other operating charges640/8€19k€5k▼
Non-recurring operating charges66A€654-
Gross operating margin9900€818k€234k▼
Operating profit (loss)9901€179k€-370k▼
Financial income75/76B€7k€5k▼
Recurring financial income75€7k€5k▼
Financial charges65/66B€230€430▲
Recurring financial charges65€230€430▲
Profit (loss) for the period before taxes9903€186k€-366k▼
Profit (loss) for the period9904€186k€-366k▼
Profit (loss) for the period to be appropriated9905€186k€-366k▼
Appropriation of the result
Profit (loss) to be appropriated9906€962k€597k▼
Profit (loss) brought forward from the previous period14P€776k€962k▲
Social balance
Average headcount (FTE)90877.46.8▼
The notes to these accounts (10 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
17-08
State Gazette act
Resignation: Eduard Laurijssen (director and chair)Reappointments: Bart Corijn (director) and Matilde Defraeije (director) · Appointment: Bart Corijn (chair)5 facts ▸
State Gazette act
Resignation: Eduard Laurijssen (director and chair)
Reappointments: Bart Corijn (director) and Matilde Defraeije (director) · Appointment: Bart Corijn (chair)5 facts ▸
- General meeting, 23-04-2026
- Director resignation, Eduard Laurijssen (director and chair)
- Director reappointment, Bart Corijn (director)
- Director appointment, Bart Corijn (chair)
- Director reappointment, Matilde Defraeije (director)
15-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-366k ▼297%
Net result drops to €-366k, the lowest in the series.
04-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €186k
Net result €186k after one loss-making year.
24-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
19-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €366k ▲13.2%
Operating result €366k, net result €366k, both a record.
31-12
Financial
Equity above €1MEq €1.06M ▲53.1%
2 profitable years in a row build equity to €1.06M.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2019
31-12
Financial
Back to profitnet €323k
Net result €323k after one loss-making year.
31-12
Financial
Equity above €500kEq €690k ▲88.2%
Equity rises from €366k to €690k.
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.An act published in both Dutch and French appears here once.
Directors · office · real estate
Directors
2 directors, no change since 2026
Bart Corijn
CurrentDirector · since 23-04-2026
Matilde Defraeije
CurrentDirector · since 23-04-2026
23-04-2026
Bart Corijn: Mandate renewed as Director
23-04-2026
Bart Corijn: Appointed as Chair
23-04-2026
Bart Corijn: Appointed as Chair
23-04-2026
Matilde Defraeije: Mandate renewed as Director
23-04-2026
Eduard Laurijssen: Resigned as Director and chair
Location & real-estate footprint
Registered office, Schaarbeek · 1 establishment unit since 2006
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.
Vooruitgangstraat 3331030 SchaarbeekGround area
2,166 m²
Building footprint
250 m²
Volume, LiDAR
4,137 m³
Parcel 21910E0036/00C027, Brussels · tallest building 21.3 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
Ethibel Forum
since 20062.157.879.816
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21910E0036/00C027 | Brussels | 2,166 m² | 1 · 250 m² | 21.3 m · 6 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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
Connections & network
2 connected companiesLinked via shared directors
via Bart Corijn · Director
former→
via Bart Corijn · Director
former→
Public money · subsidies and aid
Federal government
2023 to 2025 · 5 entries · 100,738 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Kanselarij | 2 | 38,069 EUR |
| 2024 | FOD Kanselarij | 2 | 44,656 EUR |
| 2023 | FOD Kanselarij | 1 | 18,013 EUR |
Budget allocations
Toelagen aan verenigingen
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Of 2,713 companies in sector 73200 we hold annual accounts for 1,783. 1,087 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formNon-profit association
Founded25-10-1991
Fiscal year end31-12
Activities, NACEBEL 2025
73200Market research and public opinion polling
94999Other membership organisations
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.