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FORWARD

Active Private limited companyfounded 1995active for 31 yearsRue Haute-Saive 55C, 4671 BlegnyKBO/BCE: BE 0455.995.812 subsidiary of INVEST'X#5 company by total assets in Blegny, Professional and technical services sector
FORWARD
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Overview

Lifetime

20 annual accounts with figures on one time axis, 30 filings since 1996
peak €1.2m (2009)
-not published
peak €993,638 (2022)
€41,934▼ 40.6%
peak €1.9m (2025)
€1.9m▲ 2.3%
€1.6m▲ 80.1%
peak 29.8 FTE (2009)
-not published
Board3 names since 2018
1 directorSPRL INVEST'X
Owners
100%INVEST'X
Documentsfilings and deeds
31-08-202631 days late
2025financial year
Result from €70,587 to €41,934Debts from €890,651 to €1.6mInvestments €426,050Cash from €20,736 to €27,549

Key points

from the 2025 annual accounts

Equity

€1.9m ▲ 2.3%

FORWARD has made a profit in every financial year since 2006.

Debts

€1.6m ▲ 80.1%
Other debts
+0.7
Suppliers
+0.07
Taxes and wages
+0.01

Debts rose by €713,284 in 2025.

Filings

30 annual accounts since 1996
AprilJune31 JulyOctober200020102020

Eight of the last ten came late. The 2022 accounts came latest: 31 days after the end of the period.

Checked score

92
Excellent
Financially stronger than 47% of small companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).

About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.2% 01-2025: 0.2%● unchanged vs 12-2024 02-2025: 0.2%● unchanged vs 01-2025 03-2025: 0.2%● unchanged vs 02-2025 04-2025: 0.2%● unchanged vs 03-2025 05-2025: 0.3%▲ +0.1 percentage points vs 04-2025 06-2025: 0.3%● unchanged vs 05-2025 07-2025: 0.3%● unchanged vs 06-2025 08-2025: 0.4%▲ +0.1 percentage points vs 07-2025 09-2025: 0.5%▲ +0.1 percentage points vs 08-2025highest value 10-2025: 0.3%▼ -0.2 percentage points vs 09-2025 11-2025: 0.3%● unchanged vs 10-2025 12-2025: 0.3%● unchanged vs 11-2025 01-2026: 0.3%● unchanged vs 12-2025 02-2026: 0.1%▼ -0.2 percentage points vs 01-2026lowest value 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026 07-2026: 0.1%● unchanged vs 06-2026 08-2026: 0.3%▲ +0.2 percentage points vs 07-2026 09-2026: 0.1%▼ -0.2 percentage points vs 08-2026 10-2026: 0.1%● unchanged vs 09-2026 11-2026: 0.1%● unchanged vs 10-2026

Financial strength
Strong

79-13equity 53.8% of total assets
30-10short-term debt 44.1% · cash 0.8%
80+8return on assets 1.2%

Score breakdown

raises risk
Liquidity: current ratio 1.41, cash €27,549
Last filed accounts filed 31 days late; 1 of the last 3 accounts late
lowers risk
Size: turnover €9,651, total assets €3.5m
Figures for financial year 2025 (filed on 04-09-2026)
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, small). It does better than 51% of them on solvency, 15% on liquidity, 79% on profitability and 44% on growth.

The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Comparable companies, two years later

In July 2024, 14,766 companies had the same profile as FORWARD has now. Each dot stands for 37 companies, two years later.

96.2%
were still trading
3.5%
stopped another way
0.2%
went bankrupt
  • Small
  • 20 years or older
  • solvency 30% or more
  • a profit under 5% of the balance sheet

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of FORWARD itself: 0.1% within 12 months.

Test of the method

The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 0.9%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 14,766 companies, not a prediction for FORWARD. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Credit verdict

Credit of up to €500 on 30-day terms is acceptable

Liquidity is tight, with a current ratio of 1.41 (2.34 in 2024), below the usual 1.5. Short-term debt is 44.1% and cash 0.8% of total assets. 46.2% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises risk
lowers risk · Size: turnover €9,651, total assets €3.5m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · Liquidity: current ratio 1.41, cash €27,549
NBB · annual accounts
raises risk · Last filed accounts filed 31 days late; 1 of the last 3 accounts late
NBB · filings
lowers risk · Figures for financial year 2025 (filed on 04-09-2026)
NBB · annual accounts
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filings
Deviation from the deadline
2025
31 days late
2024
30 days late
2023
14 days late
2022
31 days late
2021
3 days late
2020
30 days late
2019
28 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 24 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 August (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

SI
SPRL INVEST'X
Manager, VAESEN Xavier, since 19-01-2024

Shares in 4 companies, including CIFOR and FORBIS

Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0455995812
Registered office moved from Wandre to Blegny New registered office: rue Haute-Salve 55C, 4671 Blegny (Saive) · Previous registered office: Chemin de Rabosée 107 à 4020 WANDRE · Resignation: INVEST'X (director) · Gazette deed
Appointment: Xavier VAESEN (manager) Permanent representative: Xavier VAESEN · General meeting of 07-03-2019 · Gazette deed
Registered office moved to Wandre New registered office: Chemin de Rabosée 107 à 4020 WANDRE · Resignation: Roland VAESEN (manager) · Appointment: SPRL INVEST'X (manager) · General meeting of 28-06-2018 · Gazette deed
All 46 events

Comparable companies

same main activity, similar in size and age
Company
FORWARD Blegny €9,651 - 53.8% -
RICAREL Mechelen €34,800 -55.0% 11.4% -
UNIFERT GROUP Ixelles €67,814 -83.2% 98.4% 3.1
WOODSTOCK INTERNATIONAL Turnhout €18,000 10.3% 99.6% -
H M & P Amblève - - 52.4% -
S.G.A.M. Eupen - - 79.0% -
BRICO INVEST Oupeye - - 52.2% 1.9

These companies have the same main activity as FORWARD: activities of head offices (NACE 70100). They are comparable in size and age: total assets between €467,000 and €10m, founded between 1985 and 1999.

Official details

Source: KBO
Status
Active since 26-09-1995Normal situation
Activity
Activities of head officesNACE 70100
Establishment unit
2.073.748.8454671 Blegny, since 19-10-1995
Financial year end
31 December
Peppol
Reachable since 16-12-2025
Company details

Annual accounts 2025

€9,651
€576,352
€41,934▼ 40.6%
€1.9m▲ 2.3%
€3.5m▲ 27.8%
Filing
Filed on 31-08-2026
Financials

Companies linked to FORWARD

Insights on FORWARD

FORWARD has existed since 1995. The gross margin fell from €1.2m in 2010 to €141,053 in 2011.

Solvency fell in 2025 from 67.2% to 53.8%.

INVEST'X holds all the shares.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

full format, filed on 31-08-2026, 31 days late
€576,352
€67,428
▼ 34.3%
€103,149
▼ 18.8%
€77,655
▼ 18.2%
53.8%
▼ 13.4 percentage points
1.41
▼ 0.93
In the rankings #5 company by total assets in Blegny, Professional and technical services sector#7 company by equity in Blegny, Professional and technical services sector#10 oldest company in Blegny, Professional and technical services sector

Money flows

turnover is 1.7% of income in 2025

Balance sheet

balance sheet total €3.5m on 31-12-2025
What the company ownsHow it is paid for

in €m

in euro

Position in the sector

Compare with sector

53.8%

Higher than 50% of 3,873 companies in 2025.

1.41

Higher than 52% of 3,727 companies in 2025.

1.2%

Higher than 40% of 3,849 companies in 2025.

FORWARD Middle half of the sector 80% of the sector Full accounts in head offices and management consultancy (NACE 70)

Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half

Staff

Staff costs divided by the average number of full-time equivalents.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
Balance sheet: assets
20/58 3.5m2.7m2.4m2.1m1.3m993,958651,354539,557538,288827,517479,812531,831568,414472,074426,208758,318827,165704,522432,931433,927
20 --------------000000
21/28 1.3m919,557792,416763,846240,713245,345233,328233,850235,065237,258237,995239,801243,804263,880285,281443,139472,927251,813170,178168,171
21 --------------0000112332
22/27 288,580322,751195,609167,0397,90612,5385221,0442,2584,4515,1896,99511,04831,12352,524215,883261,445220,234138,488135,432
23 --0-----------097,968121,330145,562105,67388,636
24 104,433135,2037,6307,4777,90612,5385221,0442,1954,3251,7582,0113,1012,5083,24230,33431,14629,08616,12118,484
25 159,563159,563159,563159,563----------------
26 24,58427,98428,416--000631267581,010--024,92324,53634,89916,69428,312
28 1.0m596,807596,807596,807232,807232,807232,807232,807232,807232,807232,807232,807232,757232,757232,757227,256211,48231,57831,57832,408
280/1 1.0m-------------------
280 1.0m-------------------
284/8 0-------------------
29/58 2.2m1.8m1.6m1.3m1.0m748,613418,025305,707303,223590,259241,817292,030324,610208,194140,927315,178354,238452,709262,753265,756
3 --------------015,50912,35420,68715,60810,352
30/36 --------------015,50912,35420,68715,60810,352
40/41 2.1m1.8m1.5m1.3m970,451614,395349,914192,485115,210124,840108,20588,193153,104120,08791,70757,059141,50929,39230,35623,714
40 453,590328,368199,401122,83052,27043,2173,31222,71435,05385,35987,93263,83655,66471,49591,70712,26418,5713,2904,1281,340
41 1.7m1.4m1.3m1.2m918,181571,178346,602169,77280,15739,48120,27324,35797,44048,591044,795122,93926,10226,22822,374
50/53 2,3722,3782,3832,3902,3962,4102,4082,4065,390125,289100,062175,000131,15580,53320,000120,0073,474273,9451,02772,172
51/53 2,372-------------------
54/58 27,54920,73659,05426,19072,125129,82459,33098,315164,28732,64521,0827,99110,8652,00022,42381,967156,24376,595179,102112,795
490/1 6,44110,2914,3884,1632,1391,9846,37412,50118,336307,48512,46820,84629,4865,5756,79640,63740,65752,09036,66046,724
Balance sheet: equity and liabilities
10/49 3.5m2.7m2.4m2.1m1.3m993,958651,354539,557538,288827,517479,812531,831568,414472,074426,208758,318827,165704,522432,931433,927
10/15 1.9m1.8m1.8m1.7m683,571658,833554,076274,511326,100582,834293,421215,013222,556242,258152,052179,126123,269122,67274,79673,209
10/11 19,07319,07319,07319,07319,07319,07319,07319,07319,073109,073109,073109,073109,073109,073109,073109,073109,073109,073109,073109,073
100 ------19,07319,07319,073109,073109,073109,073109,073109,073109,073109,073109,073109,073109,073109,073
13 186,707186,707186,707186,707186,707530,594530,594235,594235,594244,594164,59459,79459,79459,79420,69717,29711,99711,49711,38611,386
130/1 --01,9071,9071,907--------------
130 ------1,9071,9071,90710,90710,90710,90710,90710,9079,3115,911611111--
1311 --01,9071,9071,907--------------
132 ----011,38611,38611,38611,38611,38611,38648,88648,88648,88611,38611,38611,38611,38611,38611,386
133 186,707186,707186,707184,800184,800517,300517,300222,300222,300222,300142,300---------
14 1.7m1.6m1.5m1.5m477,791109,1674,40919,84471,434229,16719,75446,14653,69073,39122,28252,7562,1992,102-45,663-47,251
17/49 1.6m890,651619,111409,417604,253335,12597,278265,047212,188244,683186,391316,818345,858229,816274,155579,192703,896581,850358,135360,719
17 74,168124,73150,23672,882------002,30719,20432,152102,281158,854134,9198,29426,834
170/4 74,168124,73150,23672,882------002,30719,20432,152102,281158,854134,9198,29426,834
172 74,168-------------------
42/48 1.5m765,921568,875336,535604,253335,12597,278265,047212,188244,683186,391316,818343,462210,612242,003476,635545,042446,787349,841333,885
42 50,56349,20522,64622,312-----01,7612,3074,43212,94820,79056,57356,84946,76618,54027,079
43 0000000000000020,43633,06219,18862,85439,86337,999
430/8 0000000000000020,43633,06219,18862,85439,86337,999
44 170,042102,01580,902101,11712,92320,3032,6485,13949,901145,2662,56619,762107,54266,97727,945192,663222,635210,663191,484149,892
440/4 170,042102,01580,902101,11712,92320,3032,6485,13949,901145,2662,56619,762107,54266,97727,945192,663222,635210,663191,484149,892
45 6,9721105,385030911,8994,6852,67622,0144,95620,39128,16345,14233,83753,954141,873165,369110,27699,954105,916
450/3 6,9721105,385030911,8994,6852,67622,0144,95620,39128,16345,14233,83753,95443,07942,90526,94217,14029,792
454/9 --------0-----098,795122,46483,33482,81476,123
47/48 1.3m614,591459,943213,106591,021302,92289,945257,232140,27394,461161,673266,586186,34696,850118,87752,46481,00016,228013,000
492/3 -----------08800275014400
Income statement
70/76A 576,352-------------------
70 9,651------------------0
74 566,701-------------------
76A ---------379--0--04,1792425003,552
9900 -136,431126,12922,75544,991149,270128,24573,13850,48749,509193,580112,338112,158111,075141,0531.2m1.2m992,792810,306827,958
60/66A 508,923-------------------
60/61 -------------------0
61 464,313-------------------
62 ---------0-0-00899,351945,321797,589735,691715,168
630 35,72124,3308,0955,0494,6321,8805221,2151,0722,2246,2635,3165,55822,13523,29079,33576,76169,34944,45041,466
640/8 8,8899,4006,88115,3451,1942,4262,9043,5413,0073,8353,1543,4326,1228,3254,78619,60923,00719,62220,58719,729
66A ----0-------3720-53116,7906643592,272
9901 67,428102,700111,1532,36139,165144,964124,81968,38246,40843,450184,164103,591100,47780,615112,977186,824160,117106,2339,57851,595
75/76B 131551.0m03200,00337,012108,805300,1904181,42643,72845,93801,4341,6734,8843,0121,382
75 131551.0m03200,00337,012108,805300,1904181,42643,72845,93801,4341,6734,8843,0121,382
750 13-------------------
65/66B 9,3137,7224,3772,4456634472,7711,8102,5869,42924,5268,7176,4807,2787,65016,42216,84514,6079,4798,278
65 9,3137,7224,3772,4456634472,7711,8102,5869,42924,5268,7176,4807,2787,65016,42216,84514,6079,4798,278
650 8,929-------------------
652/9 384-------------------
9903 58,12894,993106,781999,91638,502144,520322,051103,584152,627334,211160,05696,300137,354119,275105,327171,305132,33496,0883,25245,979
67/77 16,19424,40730,9706,27813,76439,76242,48625,17348,36044,79821,64833,84322,05530,89537,40065,44850,73634,2131,6646,875
670/3 17,197-------------------
77 1,003-------------------
9904 41,93470,58775,811993,63824,738104,758279,56578,410104,267289,413138,40862,457115,29988,38067,927105,85781,59761,8751,58839,104
789 ----11,386---------------
689 -------------37,500------
9905 41,93470,58775,811993,63836,124104,758279,56578,410104,267289,413138,40862,457115,29950,88067,927105,85781,59761,8751,58839,104
Appropriation of the result
9906 1.7m1.6m1.5m1.5m145,291109,167299,409149,844333,434309,167184,554116,146188,69074,888120,682108,05683,69916,212-45,663-22,251
14P 1.6m1.5m1.5m477,791109,167---------------
791/2 ----332,500---9,000-----------
691/2 ------295,000--80,000104,800--1,4973,4005,300500111--
6920 ----------104,800--1,4973,4005,300500111--
6921 ------295,000--80,000----------
694/7 -------130,000271,000-60,00070,000135,000-95,00050,00081,00014,000-25,000
694 -------130,000271,000-60,00070,000135,000-95,00050,00081,00014,000--
695 -------------------25,000
Social balance sheet
9087 --------------029.629.827.323.823.9
Hours worked1013 --------------049,66849,05845,83343,42142,501
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 10 older financial years (1996-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 52 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00500047.

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

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
103,149127,030119,2487,40943,797146,844125,34169,59747,48045,673190,426108,906106,036102,750136,267266,158236,878175,58254,02893,061
77,65594,91783,906998,68629,370106,637280,08779,625105,339291,637144,67067,772120,857110,51691,217185,192158,358131,22546,03880,570
426,050151,47236,665528,182013,896001,5662,0544,4561,2632,54973438,31654,117300,186161,38547,14559,773
6,813-38,31732,864-45,936-57,69870,494-38,986-65,972131,64211,56313,092-2,8748,865-20,423-59,544-74,27779,648-102,50766,307-
629,8231.0m1.0m986,245442,858413,488320,74740,66091,035345,57655,426-24,788-18,852-2,418-101,077-161,457-190,8045,922-87,088-68,129
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%
1.412.342.783.931.732.234.301.151.432.411.300.920.950.990.580.660.651.010.750.80
1.412.342.783.931.732.234.301.151.432.411.300.920.950.990.580.630.630.970.710.76
0.860.490.350.240.880.510.180.970.650.420.641.471.550.951.803.235.714.744.794.93
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%
11.5516.4527.243.0366.03---------------
17155 days-------------------
134 days-------------------

EBIT margin. Not meaningful: turnover is only a small part of operating income.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Revenue breakdown

as filed

By activity 2025

  • Prestations de gestion €566,64198.3%
  • Refacturations de frais €9,6511.7%

Total €576,292

Revenue in the income statement €9,651

Source: 2025 accounts, page 23, filing 2026-00500047

All years (2024 to 2025)
By activity20242025
Prestations de gestion€553,923€566,641
Refacturations de frais€10,659€9,651
Total€564,582€576,292

Securities and guarantees

on own assets and for others
Item20252024202320222021
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-

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20252024202320222021
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

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on FORWARD

The operating result for 2025 is 34% lower than in 2024 and the lowest since 2022. It is the second fall in a row.

Debt's share of the balance-sheet total rises from 32.8% to 46.2%. Equity and debt are higher.

Board & ownership

Board

1 director, last change in 2024
SPRL INVEST'X
Manager, permanent representative VAESEN Xavier
since 19-01-2024
earlier director, until 26-01-2024
listed in the 2025 annual accounts, filed on 31-08-2026
Permanent representatives 1
VAESEN Xavier
Permanent representative, for SPRL INVEST'X
appointed by deed of 16-08-2018
also on the board of 1 other company

Office holders in the KBO →

Mandates through the years

3 names, the dashed line is today
SPRL INVEST'X
Manager
Xavier VAESEN
Manager
Roland VAESEN
Manager
BoardEarliermandate already running before its first mentionend not dated
Mandates as a list
  • SPRL INVEST'X
    • Manager, appointed by deed of 16-08-2018, until 26-01-2024
    • Manager, appointed by deed of 16-08-2018, still in office
  • Xavier VAESEN
    • Manager, appointed by deed of 01-04-2019, no longer listed in the 2025 annual accounts
  • Roland VAESEN
    • Manager, until 28-06-2018

See the board, name and registered office on a given date →

Control

Parent
INVEST'X
Equity €1.4m
Profit €157,133 in 2025 (profit €117,508 in 2024)
Checked score 86
Source: accounts INVEST'X 2025
100%
This company
FORWARD
Equity €1.9m
Profit €41,934 in 2025

Capital

Contribution
€19,073.15
Shares
440
Contribution per share
€43.35
Equity per share
€4,240 in 2025
Source
2025 annual accounts

Owners through the years

as the annual accounts name them
INVEST'X
100%
100%
Owners as a list

Source: lists of holdings in the owners' accounts

Articles of association

deed of 26-01-2024 (in French)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
“Commun accord ou, à défaut, Président du Tribunal de l'Entreprise du siège, actions dont la cession est proposée”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Saturday of June

Network & group

Holdings

own 2025 accounts, the bar shows equity in euros
This companyFORWARD4 holdings, 1 country 2025 accounts

Belgium 4 Year Equity Result

  • BE FORBIS 2025€457,760 result -€187,292 (2025)
  • BE FORTRI 2025€221,400 result -€161,585 (2025)
  • BE CIFOR €0 result €0
  • BE FORANS99.45% 2025-€223,903 result -€136,121 (2025)

Source: list of holdings in its own 2025 accounts. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.

Part of the group INVEST'X Group, risk and exposure

Parent

INVEST'X
0561.942.081 · 100% of the shares · equity €1.4m · profit €157,133 (2025)
Checked score 86

Holdings and subsidiaries

4 holdings

Holdings 4

Share, source and own figures per holding (4)

Source for every holding own accounts 2025

  • CIFORsubsidiary
    Equity €0Result €0
    100%
  • FORBISsubsidiary
    Equity €457,760 Loss of €187,292 in 2025 (profit of €70,222 in 2024) Checked score 62
    100%
  • FORTRIsubsidiary
    Equity €221,400 Loss of €161,585 in 2025 (profit of €16,164 in 2024) Checked score 47
    100%
  • FORANSsubsidiary
    Equity -€223,903 Loss of €136,121 in 2025 (loss of €173,512 in 2024) Checked score 36
    99.45%
Holdings through the years 2006 to 2025
Holdings through the years
Name20062007200820092010201120122013201420152016201720182019202020212022202320242025
CIFOR 100%
FORBIS 99%87%100%
FORTRI 99%100%
FORANS 99.45%

Source: list of holdings in its own accounts

Connections & network

1 connected company
Depth

The connected companies are in the list below.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
FORWARD
via VAESEN Xavier · Permanent representative · deed of 30-11-2020
No longer active · total assets €2,831 (2025)
→

Timeline

Timeline

46 events since 1995

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBfull format · 31 days late
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0455995812
Annual accounts 2024 filed PDFfull format · 30 days late
2024
Annual accounts 2023 filed PDFfull format · 14 days late
Registered office moved from Wandre to BlegnyNew registered office: rue Haute-Salve 55C, 4671 Blegny (Saive) · Previous registered office: Chemin de Rabosée 107 à 4020 WANDRE · Resignation: INVEST'X (director)4 points ▸
  • Registered-office move, rue Haute-Salve 55C, 4671 Blegny (Saive)
  • Director resignation, INVEST'X
  • Director reappointment, VAESEN Xavier
  • Permanent representative, VAESEN Xavier
  • The deed holds 3 more points.

Open the deed in the Belgian Official Gazette

2023
Annual accounts 2022 filed PDFfull format · 31 days late
2022
Highest result from 2006 to 2025 net €993,638 ▲3,917% The net result of €993,638 is the highest of those years.
Liquidity more than doubled current ratio 3.93 The current ratio rises from 1.73 to 3.93. Short-term debt falls from €604,253 to €336,535.
Equity above €1m equity €1.7m ▲145% Equity rises from €683,571 to €1.7m.
Annual accounts 2021 filed PDFfull format · 3 days late
2021
Annual accounts 2020 filed PDFfull format · 30 days late
2020
Annual accounts 2019 filed PDFfull format · 28 days late
2019
Liquidity more than triples current ratio 4.30 The current ratio rises from 1.15 to 4.30. Short-term debt falls from €265,047 to €97,278.
Annual accounts 2018 filed PDFfull format · 13 days late
Appointment: Xavier VAESEN (manager)Permanent representative: Xavier VAESEN · General meeting of 07-03-20193 points ▸
  • General meeting, 07-03-2019
  • Director appointment, Xavier VAESEN (manager)
  • Permanent representative, Xavier VAESEN, mentioned twice in the deed

Open the deed in the Belgian Official Gazette

2018
Registered office moved to WandreNew registered office: Chemin de Rabosée 107 à 4020 WANDRE · Resignation: Roland VAESEN (manager) · Appointment: SPRL INVEST'X (manager) · General meeting of 28-06-20185 points ▸
  • General meeting, 28-06-2018
  • Director resignation, Roland VAESEN (manager)
  • Director appointment, SPRL INVEST'X (manager)
  • Permanent representative, Xavier VAESEN (manager)
  • Registered-office move, Chemin de Rabosée 107 à 4020 WANDRE

Open the deed in the Belgian Official Gazette

Annual accounts 2017 filed PDFfull format · 21 days before the deadline
2017
Capital decrease of €90,000 to €19,073.15Capital from €109,073.15 to €19,073.15 · General meeting of 13-12-20173 points ▸
  • General meeting, 13-12-2017
  • Capital decrease, €90,000
  • Amendment of the articles, article 5

Open the deed in the Belgian Official Gazette

Annual accounts 2016 filed PDFfull format · 7 days before the deadline
2016
Equity above €500,000 equity €582,834 ▲98.6% Equity rises from €293,421 to €582,834.
Annual accounts 2015 filed PDFfull format · 16 days late
2015
Annual accounts 2014 filed PDFfull format · 31 days late
2014
Annual accounts 2013 filed PDFfull format · 30 days late
2013
Annual accounts 2012 filed PDFfull format · 8 days late
2012
Equity above €200,000 equity €242,258 ▲59.3% Equity rises from €152,052 to €242,258.
Annual accounts 2011 filed PDFfull format · 14 days before the deadline
2011
Annual accounts 2010 filed PDFfull format · 12 days before the deadline
2010
Equity above €150,000 equity €179,126 ▲45.3% With a profit in every financial year since 2006, equity grows to €179,126.
Annual accounts 2009 filed PDFfull format · 2 days before the deadline
2009
Annual accounts 2008 filed PDFfull format · 11 days before the deadline
2008
Equity above €100,000 equity €122,672 ▲64% With a profit in every financial year since 2006, equity grows to €122,672.
Annual accounts 2007 filed PDFfull format · 14 days before the deadline
2007
Weakest financial year net €1,588 ▼95.9% The net result drops to €1,588, the lowest from 2006 to 2025. It recovers the following year.
Annual accounts 2006 filed PDFfull format · 7 days before the deadline
2006
Annual accounts 2005 filed PDFfull format
2005
Annual accounts 2004 filed PDFfull format
2004
Annual accounts 2003 filed PDFfull format
2003
Annual accounts 2002 filed PDFfull format
2002
Annual accounts 2001 filed PDFfull format
2001
Annual accounts 2000 filed PDFfull format
2000
Annual accounts 1999 filed PDFfull format
1999
Annual accounts 1998 filed PDFfull format
1998
Annual accounts 1997 filed PDFfull format
1997
Annual accounts 1996 filed PDFfull format
1995
First establishment Rue Haute-Saive 55C, Blegny
Incorporation published on 07-10-1995

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 26 September 1995, FORWARD was incorporated.1 The registered office moved to Wandre in 2018 and to Blegny in 2024.23 Total assets went from €539,557 in 2018 to €3.5m in 2025.4

  1. 1KBO register
  2. 2Belgian Official Gazette, 16-08-2018
  3. 3Belgian Official Gazette, 26-01-2024
  4. 4National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0455.995.812
VAT number
BE 0455.995.812
Peppol ID
0208:0455995812
Other Peppol ID
9925:BE0455995812
Legal form
Private limited company
Status
Active, normal situation
Founded
26-09-1995
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Saturday of June
deed of 26-01-2024 (in French)
Peppol
Reachable since 16-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
FORWARD in French
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 26-01-2024 (in French)

Activities

NACEBEL 2025
70100 Activities of head offices main activity
Codes under NACEBEL 2008
70100 Activities of head offices main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“La société a pour objet, toute activité de gestion, d'administration, de direction et d’organisation de toutes sociétés; L'activité de…”
10 activities
  1. La société a pour objet, toute activité de gestion, d'administration, de direction et d’organisation de toutes sociétés.
  2. L'activité de conseil en matière financière, technique, informatique, marketing, commerciale et administrative, au sens large, l'assistance et la fourniture de services, directement ou indirectement, dans le domaine administratif, informatique et financier, dans les ventes, la production ou la gestion en général.
  3. La prise de participation sous quelque forme que ce soit dans toutes sociétés et entreprises.
  4. La participation à la création et au développement d'entreprises industrielles, commerciales, financières ou immobilières et l'assistance de ces entreprises, que ce soit par des prêts, des avances, des garanties ou de toute autre manière.
  5. L'exercice de tomes missions d'administration et l'exercice de mandats et de fonctions se rapportant directement et indirectement à son objet social.
  6. La promotion, la location, l'achat, la vente, l'échange, l'exploitation, la gestion, la mise en valeur, le lotissement, la transformation de tous immeubles ou parties divises ou indivises d'immeubles généralement quelconques, pour son propre compte, à l'exception des activités réglementées par l’Arrêté Royal du six septembre mil neuf cent nonante-trois protégeant le titre professionnel et l’exercice de la profession d’agent immobilier.
  7. Toute opération qui se rapporte directement ou indirectement à l'exploitation de salons de consommation, à la restauration au service traiteur, à l'organisation de banquets, au commerce de détail, à la gestion et a la consultance en salons de consommation, en restauration, en service traiteur, en organisation de banquets et en commerce de détail.
  8. Elle peut accomplir toutes opérations généralement quelconques, commerciales, industrielles, financières, mobilières ou immobilières, se rapportant directement ou indirectement à son objet.
  9. La société peut se porter garante et donner des biens immobiliers en gage ou les grever d'une hypothèque pour des engagements contractés par des tiers.
  10. Elle peut également donner en gage tous ses autres biens et donner son aval pour des engagements contractés par des tiers.
deed of 26-01-2024 (in French)

Registered office and establishments

1 establishment
Establishment Since Unit number
Rue Haute-Saive 55C registered office 4671 Blegny 64210 Activities of holding companies 19-10-1995 2.073.748.845

Buildings and parcels at the address

Ground area
3,382 m²
Buildings
129 m²
Volume, LiDAR
727 m³
Tallest building
7.8 m
Buildings to scale, each on its own parcel
128 m², 7.8 m 128 m², 7.8 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
62095C0006/00H0003,382 m² 1 · 128 m² 7.8 m · 2

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