FORWARD (0455.995.812): financials and annual accounts

FORWARD

Blegny ·KBO/BCE: BE 0455.995.812

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
`20/58`	3.5m	2.7m	2.4m	2.1m	1.3m	993,958	651,354	539,557	538,288	827,517	479,812	531,831	568,414	472,074	426,208	758,318	827,165	704,522	432,931	433,927
`20`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0
`21/28`	1.3m	919,557	792,416	763,846	240,713	245,345	233,328	233,850	235,065	237,258	237,995	239,801	243,804	263,880	285,281	443,139	472,927	251,813	170,178	168,171
`21`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	112	332
`22/27`	288,580	322,751	195,609	167,039	7,906	12,538	522	1,044	2,258	4,451	5,189	6,995	11,048	31,123	52,524	215,883	261,445	220,234	138,488	135,432
`23`	-	-	0	-	-	-	-	-	-	-	-	-	-	-	0	97,968	121,330	145,562	105,673	88,636
`24`	104,433	135,203	7,630	7,477	7,906	12,538	522	1,044	2,195	4,325	1,758	2,011	3,101	2,508	3,242	30,334	31,146	29,086	16,121	18,484
`25`	159,563	159,563	159,563	159,563	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`26`	24,584	27,984	28,416	-	-	0	0	0	63	126	758	1,010	-	-	0	24,923	24,536	34,899	16,694	28,312
`28`	1.0m	596,807	596,807	596,807	232,807	232,807	232,807	232,807	232,807	232,807	232,807	232,807	232,757	232,757	232,757	227,256	211,482	31,578	31,578	32,408
`280/1`	1.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`280`	1.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`284/8`	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`29/58`	2.2m	1.8m	1.6m	1.3m	1.0m	748,613	418,025	305,707	303,223	590,259	241,817	292,030	324,610	208,194	140,927	315,178	354,238	452,709	262,753	265,756
`3`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	15,509	12,354	20,687	15,608	10,352
`30/36`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	15,509	12,354	20,687	15,608	10,352
`40/41`	2.1m	1.8m	1.5m	1.3m	970,451	614,395	349,914	192,485	115,210	124,840	108,205	88,193	153,104	120,087	91,707	57,059	141,509	29,392	30,356	23,714
`40`	453,590	328,368	199,401	122,830	52,270	43,217	3,312	22,714	35,053	85,359	87,932	63,836	55,664	71,495	91,707	12,264	18,571	3,290	4,128	1,340
`41`	1.7m	1.4m	1.3m	1.2m	918,181	571,178	346,602	169,772	80,157	39,481	20,273	24,357	97,440	48,591	0	44,795	122,939	26,102	26,228	22,374
`50/53`	2,372	2,378	2,383	2,390	2,396	2,410	2,408	2,406	5,390	125,289	100,062	175,000	131,155	80,533	20,000	120,007	3,474	273,945	1,027	72,172
`51/53`	2,372	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`54/58`	27,549	20,736	59,054	26,190	72,125	129,824	59,330	98,315	164,287	32,645	21,082	7,991	10,865	2,000	22,423	81,967	156,243	76,595	179,102	112,795
`490/1`	6,441	10,291	4,388	4,163	2,139	1,984	6,374	12,501	18,336	307,485	12,468	20,846	29,486	5,575	6,796	40,637	40,657	52,090	36,660	46,724
Balance sheet: equity and liabilities
`10/49`	3.5m	2.7m	2.4m	2.1m	1.3m	993,958	651,354	539,557	538,288	827,517	479,812	531,831	568,414	472,074	426,208	758,318	827,165	704,522	432,931	433,927
`10/15`	1.9m	1.8m	1.8m	1.7m	683,571	658,833	554,076	274,511	326,100	582,834	293,421	215,013	222,556	242,258	152,052	179,126	123,269	122,672	74,796	73,209
`10/11`	19,073	19,073	19,073	19,073	19,073	19,073	19,073	19,073	19,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073
`100`	-	-	-	-	-	-	19,073	19,073	19,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073	109,073
`13`	186,707	186,707	186,707	186,707	186,707	530,594	530,594	235,594	235,594	244,594	164,594	59,794	59,794	59,794	20,697	17,297	11,997	11,497	11,386	11,386
`130/1`	-	-	0	1,907	1,907	1,907	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`130`	-	-	-	-	-	-	1,907	1,907	1,907	10,907	10,907	10,907	10,907	10,907	9,311	5,911	611	111	-	-
`1311`	-	-	0	1,907	1,907	1,907	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`132`	-	-	-	-	0	11,386	11,386	11,386	11,386	11,386	11,386	48,886	48,886	48,886	11,386	11,386	11,386	11,386	11,386	11,386
`133`	186,707	186,707	186,707	184,800	184,800	517,300	517,300	222,300	222,300	222,300	142,300	-	-	-	-	-	-	-	-	-
`14`	1.7m	1.6m	1.5m	1.5m	477,791	109,167	4,409	19,844	71,434	229,167	19,754	46,146	53,690	73,391	22,282	52,756	2,199	2,102	-45,663	-47,251
`17/49`	1.6m	890,651	619,111	409,417	604,253	335,125	97,278	265,047	212,188	244,683	186,391	316,818	345,858	229,816	274,155	579,192	703,896	581,850	358,135	360,719
`17`	74,168	124,731	50,236	72,882	-	-	-	-	-	-	0	0	2,307	19,204	32,152	102,281	158,854	134,919	8,294	26,834
`170/4`	74,168	124,731	50,236	72,882	-	-	-	-	-	-	0	0	2,307	19,204	32,152	102,281	158,854	134,919	8,294	26,834
`172`	74,168	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`42/48`	1.5m	765,921	568,875	336,535	604,253	335,125	97,278	265,047	212,188	244,683	186,391	316,818	343,462	210,612	242,003	476,635	545,042	446,787	349,841	333,885
`42`	50,563	49,205	22,646	22,312	-	-	-	-	-	0	1,761	2,307	4,432	12,948	20,790	56,573	56,849	46,766	18,540	27,079
`43`	0	0	0	0	0	0	0	0	0	0	0	0	0	0	20,436	33,062	19,188	62,854	39,863	37,999
`430/8`	0	0	0	0	0	0	0	0	0	0	0	0	0	0	20,436	33,062	19,188	62,854	39,863	37,999
`44`	170,042	102,015	80,902	101,117	12,923	20,303	2,648	5,139	49,901	145,266	2,566	19,762	107,542	66,977	27,945	192,663	222,635	210,663	191,484	149,892
`440/4`	170,042	102,015	80,902	101,117	12,923	20,303	2,648	5,139	49,901	145,266	2,566	19,762	107,542	66,977	27,945	192,663	222,635	210,663	191,484	149,892
`45`	6,972	110	5,385	0	309	11,899	4,685	2,676	22,014	4,956	20,391	28,163	45,142	33,837	53,954	141,873	165,369	110,276	99,954	105,916
`450/3`	6,972	110	5,385	0	309	11,899	4,685	2,676	22,014	4,956	20,391	28,163	45,142	33,837	53,954	43,079	42,905	26,942	17,140	29,792
`454/9`	-	-	-	-	-	-	-	-	0	-	-	-	-	-	0	98,795	122,464	83,334	82,814	76,123
`47/48`	1.3m	614,591	459,943	213,106	591,021	302,922	89,945	257,232	140,273	94,461	161,673	266,586	186,346	96,850	118,877	52,464	81,000	16,228	0	13,000
`492/3`	-	-	-	-	-	-	-	-	-	-	-	0	88	0	0	275	0	144	0	0
Income statement
`70/76A`	576,352	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`70`	9,651	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
`74`	566,701	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`76A`	-	-	-	-	-	-	-	-	-	379	-	-	0	-	-	0	4,179	242	500	3,552
`9900`	-	136,431	126,129	22,755	44,991	149,270	128,245	73,138	50,487	49,509	193,580	112,338	112,158	111,075	141,053	1.2m	1.2m	992,792	810,306	827,958
`60/66A`	508,923	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`60/61`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
`61`	464,313	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`62`	-	-	-	-	-	-	-	-	-	0	-	0	-	0	0	899,351	945,321	797,589	735,691	715,168
`630`	35,721	24,330	8,095	5,049	4,632	1,880	522	1,215	1,072	2,224	6,263	5,316	5,558	22,135	23,290	79,335	76,761	69,349	44,450	41,466
`640/8`	8,889	9,400	6,881	15,345	1,194	2,426	2,904	3,541	3,007	3,835	3,154	3,432	6,122	8,325	4,786	19,609	23,007	19,622	20,587	19,729
`66A`	-	-	-	-	0	-	-	-	-	-	-	-	372	0	-	531	16,790	664	359	2,272
`9901`	67,428	102,700	111,153	2,361	39,165	144,964	124,819	68,382	46,408	43,450	184,164	103,591	100,477	80,615	112,977	186,824	160,117	106,233	9,578	51,595
`75/76B`	13	15	5	1.0m	0	3	200,003	37,012	108,805	300,190	418	1,426	43,728	45,938	0	1,434	1,673	4,884	3,012	1,382
`75`	13	15	5	1.0m	0	3	200,003	37,012	108,805	300,190	418	1,426	43,728	45,938	0	1,434	1,673	4,884	3,012	1,382
`750`	13	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`65/66B`	9,313	7,722	4,377	2,445	663	447	2,771	1,810	2,586	9,429	24,526	8,717	6,480	7,278	7,650	16,422	16,845	14,607	9,479	8,278
`65`	9,313	7,722	4,377	2,445	663	447	2,771	1,810	2,586	9,429	24,526	8,717	6,480	7,278	7,650	16,422	16,845	14,607	9,479	8,278
`650`	8,929	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`652/9`	384	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`9903`	58,128	94,993	106,781	999,916	38,502	144,520	322,051	103,584	152,627	334,211	160,056	96,300	137,354	119,275	105,327	171,305	132,334	96,088	3,252	45,979
`67/77`	16,194	24,407	30,970	6,278	13,764	39,762	42,486	25,173	48,360	44,798	21,648	33,843	22,055	30,895	37,400	65,448	50,736	34,213	1,664	6,875
`670/3`	17,197	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`77`	1,003	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`9904`	41,934	70,587	75,811	993,638	24,738	104,758	279,565	78,410	104,267	289,413	138,408	62,457	115,299	88,380	67,927	105,857	81,597	61,875	1,588	39,104
`789`	-	-	-	-	11,386	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`689`	-	-	-	-	-	-	-	-	-	-	-	-	-	37,500	-	-	-	-	-	-
`9905`	41,934	70,587	75,811	993,638	36,124	104,758	279,565	78,410	104,267	289,413	138,408	62,457	115,299	50,880	67,927	105,857	81,597	61,875	1,588	39,104
Appropriation of the result
`9906`	1.7m	1.6m	1.5m	1.5m	145,291	109,167	299,409	149,844	333,434	309,167	184,554	116,146	188,690	74,888	120,682	108,056	83,699	16,212	-45,663	-22,251
`14P`	1.6m	1.5m	1.5m	477,791	109,167	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`791/2`	-	-	-	-	332,500	-	-	-	9,000	-	-	-	-	-	-	-	-	-	-	-
`691/2`	-	-	-	-	-	-	295,000	-	-	80,000	104,800	-	-	1,497	3,400	5,300	500	111	-	-
`6920`	-	-	-	-	-	-	-	-	-	-	104,800	-	-	1,497	3,400	5,300	500	111	-	-
`6921`	-	-	-	-	-	-	295,000	-	-	80,000	-	-	-	-	-	-	-	-	-	-
`694/7`	-	-	-	-	-	-	-	130,000	271,000	-	60,000	70,000	135,000	-	95,000	50,000	81,000	14,000	-	25,000
`694`	-	-	-	-	-	-	-	130,000	271,000	-	60,000	70,000	135,000	-	95,000	50,000	81,000	14,000	-	-
`695`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25,000
Social balance sheet
`9087`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	29.6	29.8	27.3	23.8	23.9
Hours worked`1013`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	49,668	49,058	45,833	43,421	42,501
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	31-08-2026	2026-00500047	PDF
31-12-2024	full format	30-08-2025	2025-00466471	PDF
31-12-2023	full format	14-08-2024	2024-00353871	PDF
31-12-2022	full format	31-08-2023	2023-00395382	PDF
31-12-2021	full format	03-08-2022	2022-20266130	PDF
31-12-2020	full format	30-08-2021	2021-57200051	PDF
31-12-2019	full format	28-08-2020	2020-48400567	PDF
31-12-2018	full format	13-08-2019	2019-46300497	PDF
31-12-2017	full format	10-07-2018	2018-31000037	PDF
31-12-2016	full format	24-07-2017	2017-35000287	PDF
31-12-2015	full format	16-08-2016	2016-43300428	PDF
31-12-2014	full format	31-08-2015	2015-57900308	PDF
31-12-2013	full format	30-08-2014	2014-57700087	PDF
31-12-2012	full format	08-08-2013	2013-41500577	PDF
31-12-2011	full format	17-07-2012	2012-32500151	PDF
31-12-2010	full format	19-07-2011	2011-31200530	PDF
31-12-2009	full format	29-07-2010	2010-35700217	PDF
31-12-2008	full format	20-07-2009	2009-43900168	PDF
31-12-2007	full format	17-07-2008	2008-42800024	PDF
31-12-2006	full format	24-07-2007	2007-46100139	PDF
31-12-2005	full format	30-06-2006	2006-38702290	PDF
31-12-2004	full format	25-07-2005	2005-55301672	PDF
31-12-2003	full format	16-07-2004	2004-47401630	PDF
31-12-2002	full format	30-07-2003	2003-56100673	PDF
31-12-2001	full format	30-07-2002	2002-43100160	PDF
31-12-2000	full format	24-07-2001	2001-40700179	PDF
31-12-1999	full format	28-07-2000	2000-46500245	PDF
31-12-1998	full format	27-07-1999	1999-36901155	PDF
31-12-1997	full format	28-07-1998	1998-36400063	PDF
31-12-1996	full format	01-08-1997	1997-35602137	PDF

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
103,149	127,030	119,248	7,409	43,797	146,844	125,341	69,597	47,480	45,673	190,426	108,906	106,036	102,750	136,267	266,158	236,878	175,582	54,028	93,061
77,655	94,917	83,906	998,686	29,370	106,637	280,087	79,625	105,339	291,637	144,670	67,772	120,857	110,516	91,217	185,192	158,358	131,225	46,038	80,570
426,050	151,472	36,665	528,182	0	13,896	0	0	1,566	2,054	4,456	1,263	2,549	734	38,316	54,117	300,186	161,385	47,145	59,773
6,813	-38,317	32,864	-45,936	-57,698	70,494	-38,986	-65,972	131,642	11,563	13,092	-2,874	8,865	-20,423	-59,544	-74,277	79,648	-102,507	66,307	-
629,823	1.0m	1.0m	986,245	442,858	413,488	320,747	40,660	91,035	345,576	55,426	-24,788	-18,852	-2,418	-101,077	-161,457	-190,804	5,922	-87,088	-68,129
53.8%	67.2%	73.9%	80.4%	53.1%	66.3%	85.1%	50.9%	60.6%	70.4%	61.2%	40.4%	39.2%	51.3%	35.7%	23.6%	14.9%	17.4%	17.3%	16.9%
1.41	2.34	2.78	3.93	1.73	2.23	4.30	1.15	1.43	2.41	1.30	0.92	0.95	0.99	0.58	0.66	0.65	1.01	0.75	0.80
1.41	2.34	2.78	3.93	1.73	2.23	4.30	1.15	1.43	2.41	1.30	0.92	0.95	0.99	0.58	0.63	0.63	0.97	0.71	0.76
0.86	0.49	0.35	0.24	0.88	0.51	0.18	0.97	0.65	0.42	0.64	1.47	1.55	0.95	1.80	3.23	5.71	4.74	4.79	4.93
2.2%	3.9%	4.3%	59.2%	3.6%	15.9%	50.5%	28.6%	32.0%	49.7%	47.2%	29.0%	51.8%	36.5%	44.7%	59.1%	66.2%	50.4%	2.1%	53.4%
1.2%	2.6%	3.2%	47.6%	1.9%	10.5%	42.9%	14.5%	19.4%	35.0%	28.8%	11.7%	20.3%	18.7%	15.9%	14.0%	9.9%	8.8%	0.4%	9.0%
11.55	16.45	27.24	3.03	66.03	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
17155 days	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
134 days	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

By activity	2024	2025
Prestations de gestion	€553,923	€566,641
Refacturations de frais	€10,659	€9,651
Total	€564,582	€576,292

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€124,731	€173,935	€72,882	€95,194	-
Pledge on other assets, amount secured	€124,731	€173,935	€72,882	€95,194	-
Carrying value of the other pledged assets	€262,509	€293,127	€159,563	€159,563	-

FORWARD

Annual accounts 2025

Money flows

Balance sheet

in €m

in euro

Position in the sector

53.8%

1.41

1.2%

Staff

Filed annual accounts

Filings

Key figures and ratios

Revenue breakdown

By activity 2025

Securities and guarantees

Investments

Insights on FORWARD

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€1,550	€151,472	€36,665	€164,182	-
Financial fixed assets	€424,500	-	-	€364,000	-
	€35,721	€24,330	€8,095	€5,049	€4,632

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency53.8%

Current ratio1.41

Return on assets1.2%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Revenue breakdown

By activity 2025

Securities and guarantees

Investments

Insights on FORWARD

Next steps

in €m

in euro

53.8%

1.41

1.2%