FORWARD GLOBAL
ActiveSummary
FORWARD GLOBAL has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.38M and a net result of €642k. Equity is growing by ~7.4% per year across the filed fiscal years. Its solvency ranks better than 29% of 3307 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▼-6
Solvency45▼-31
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85k at 30 days acceptable
Liquidity tight (current ratio 1.33 against 2.04 in 2024; short-term debt: 70.2% and cash: 10% of total assets), and 79.9% of the assets are financed with debt.
Credit check 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← 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
20.1%
Return on assets
9.4%
Age of the figures
9 mo
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 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
34 d early
2023
30 d early
2022
38 d early
2021
37 d early
2020
33 d early
2019
35 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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€642k▼ 15.0%
2024 · €756k
Working capital
€1.57M▼ 37.4%
2024 · €2.52M
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
Line20212022202320242025
Operating result€1.51M▲ 29.5%€2.28M▲ 50.7%€2.75M▲ 20.9%€992k▼ 64.0%€918k▼ 7.4%
Net result€1.05M▲ 20.6%€1.68M▲ 60.1%€2.13M▲ 27.1%€756k▼ 64.5%€642k▼ 15.0%
Equity€2.32M▲ 12.0%€2.60M▲ 12.0%€2.73M▲ 5.1%€2.73M▲ 0.2%€1.38M▼ 49.6%
Total assets€4.91M▼ 4.4%€5.69M▲ 15.8%€9.96M▲ 75.1%€5.40M▼ 45.7%€6.84M▲ 26.7%
Debt€2.59M▼ 3.1%€3.09M▲ 19.3%€7.23M▲ 134%€2.67M▼ 63.1%€5.47M▲ 105%
Working capital€1.95M▼ 4.7%€1.51M▼ 22.4%€2.50M▲ 64.9%€2.52M▲ 0.7%€1.57M▼ 37.4%
Staff (FTE)8.8▼ 12.0%7.3▼ 17.0%16.3▲ 123%16.4▲ 0.6%17.4▲ 6.1%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 7% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.84M
Fixed assets
€466k ▲ 1.1%
Current assets
€6.38M ▲ 29.0%
Equity and liabilities €6.84M
Equity
€1.38M ▼ 49.6%
Debt
€5.47M ▲ 105%
Debt's share of the balance-sheet total rises from 49.4% to 79.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€996k▼
2024 · €1.07M
Cash flow
€721k▼
2024 · €833k
Current ratio
1.33▼
2024 · 2.04
Debt to equity
3.97▲
2024 · 0.98
ROE
46.6%▲
2024 · 27.6%
ROA
9.4%▼
2024 · 14.0%
Interest coverage
42.85▼
2024 · 53.07
Debt ≤ 1 year
€4.80M▲
2024 · €2.43M
Income taxes
€264k▼
2024 · €300k
Staff costs
€1.54M▲
2024 · €1.37M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €666k | €507k | €1.26M | €1.37M | €1.54M | ▲ 12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €79k | €80k | €77k | €77k | €78k | ▲ 1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €-139k | €-3k | - | €119k | €-15k | ▼ 112% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €-392k | - | - | - | - | - |
| Other operating charges640/8 | €477k | €3k | €3k | €970 | €22k | ▲ 2,189% |
| Non-recurring operating charges66A | - | - | - | - | €11k | - |
| Gross operating margin9900 | €2.20M | €2.86M | €4.10M | €2.56M | €2.56M | = |
| Operating profit (loss)9901 | €1.51M | €2.28M | €2.75M | €992k | €918k | ▼ 7.4% |
| Financial income75/76B | €5k | €8k | €101k | €84k | €11k | ▼ 86.4% |
| Recurring financial income75 | €5k | €8k | €26k | €84k | €11k | ▼ 86.4% |
| Non-recurring financial income76B | - | - | €75k | - | - | - |
| Financial charges65/66B | €6k | €21k | €-6k | €20k | €23k | ▲ 15.4% |
| Recurring financial charges65 | €6k | €21k | €-6k | €20k | €23k | ▲ 15.4% |
| Profit (loss) for the period before taxes9903 | €1.51M | €2.26M | €2.86M | €1.06M | €906k | ▼ 14.2% |
| Income taxes67/77 | €462k | €585k | €727k | €300k | €264k | ▼ 12.1% |
| Profit (loss) for the period9904 | €1.05M | €1.68M | €2.13M | €756k | €642k | ▼ 15.0% |
| Profit (loss) for the period to be appropriated9905 | €1.05M | €1.68M | €2.13M | €756k | €642k | ▼ 15.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.91M | €5.69M | €9.96M | €5.40M | €6.84M | ▲ 26.7% |
| Fixed assets21/28 | €655k | €1.33M | €531k | €461k | €466k | ▲ 1.1% |
| Tangible fixed assets22/27 | €655k | €579k | €531k | €461k | €466k | ▲ 1.1% |
| Furniture and vehicles24 | €63k | €45k | €56k | €62k | €73k | ▲ 17.9% |
| Other tangible fixed assets26 | €592k | €534k | €475k | €398k | €393k | ▼ 1.5% |
| Financial fixed assets28 | - | €750k | - | - | - | - |
| Current assets29/58 | €4.25M | €4.36M | €9.43M | €4.94M | €6.38M | ▲ 29.0% |
| Amounts receivable within one year40/41 | €2.34M | €3.33M | €8.59M | €3.75M | €5.18M | ▲ 38.2% |
| Trade receivables40 | €2.22M | €2.57M | €2.74M | €3.42M | €5.06M | ▲ 48.0% |
| Other amounts receivable41 | €125k | €762k | €5.85M | €332k | €123k | ▼ 63.0% |
| Current investments50/53 | €208k | €312k | €217k | €221k | €348k | ▲ 57.8% |
| Cash at bank and in hand54/58 | €1.49M | €561k | €456k | €836k | €684k | ▼ 18.2% |
| Deferred charges and accrued income490/1 | €215k | €155k | €164k | €135k | €161k | ▲ 19.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.91M | €5.69M | €9.96M | €5.40M | €6.84M | ▲ 26.7% |
| Equity10/15 | €2.32M | €2.60M | €2.73M | €2.73M | €1.38M | ▼ 49.6% |
| Contributions10/11 | €33k | €33k | €33k | €33k | €33k | = |
| Reserves13 | €168k | €168k | €168k | €168k | €168k | = |
| Distributable reserves133 | €168k | €168k | €168k | €168k | €168k | = |
| Profit (loss) carried forward14 | €2.12M | €2.40M | €2.53M | €2.53M | €1.18M | ▼ 53.6% |
| Amounts payable17/49 | €2.59M | €3.09M | €7.23M | €2.67M | €5.47M | ▲ 105% |
| Amounts payable within one year42/48 | €2.30M | €2.84M | €6.93M | €2.43M | €4.80M | ▲ 97.9% |
| Trade debts44 | €1.25M | €916k | €853k | €1.17M | €1.88M | ▲ 61.1% |
| Suppliers440/4 | €1.25M | €916k | €853k | €1.17M | €1.88M | ▲ 61.1% |
| Taxes, remuneration and social security45 | €252k | €527k | €885k | €510k | €200k | ▼ 60.8% |
| Taxes450/3 | €108k | €393k | €658k | €324k | - | - |
| Remuneration and social security454/9 | €144k | €134k | €227k | €186k | €200k | ▲ 7.6% |
| Other amounts payable47/48 | €800k | €1.40M | €5.19M | €750k | €2.72M | ▲ 263% |
| Accrued charges and deferred income492/3 | €287k | €246k | €300k | €241k | €663k | ▲ 175% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.05M | €1.68M | €2.13M | €756k | €642k | ▼ 15.0% |
| + Depreciation and write-downs630 | €79k | €80k | €77k | €77k | €78k | ▲ 1.0% |
| Operating cash flow (approximation) | €1.13M | €1.76M | €2.21M | €833k | €721k | ▼ 13.5% |
| Investment in fixed assets (approximation) | - | €-753k | €721k | €-7k | €-83k | ▼ 1,119% |
| Change in cash | - | €-929k | €-105k | €380k | €-152k | ▼ 140% |
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
Next filing, fiscal year 2026, expected by
2026
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €2.13M ▲27.1%
Operating result €2.75M, net result €2.13M, both a record.
23-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €2MEq €2.00M ▲25%
2 profitable years in a row build equity to €2.00M.
27-03
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
16-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-03
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 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
14 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, Brussel · 1 establishment unit since 2012
Ground area
1,596 m²
Building footprint
970 m²
Volume, LiDAR
25,063 m³
Parcel 21804D0147/00T000, Brussels · tallest building 29.7 m, ±9 floors. Linked by address, not a title deed.
13
companies at this address
See who is registered here
1 establishment unit
Avisa Partners
since 20122.206.850.760
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21804D0147/00T000 | Brussels | 1,595 m² | 1 · 970 m² | 29.7 m · 9 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Public money · subsidies and aid
Federal government
2025 · 1 entry · 101,200 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | Defensie | 1 | 101,200 EUR |
Budget allocations
Inkomensoverdracht R&D naar bedrijven
European Union, budget
2023 to 2025 · 5 entries · 4,574,895 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2025 | 2 | 94,226 EUR |
| 2024 | 1 | 420,114 EUR |
| 2023 | 2 | 4,060,555 EUR |
Projects
STRATEGIC FORESIGHT
ARCHER - ADVANCING ROBUST AND CREATIVE HUMAN LANGUAGE TECHNOLOGIES THROUGH CHALLENGE EVENTS AND RESEARCH
EUCINF - EUROPEAN CYBER AND INFORMATION WARFARE TOOLBOX
2025 SERVICES TO SUPPORT CRISES MANAGEMENT
2025 SERVICES TO BLUEPRINT OPERATIONALIZATION
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Of 2,770 companies in sector 69109 we hold annual accounts for 1,208. 475 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-01-2007
Fiscal year end31-12
Activities, NACEBEL 2025
69109Other legal services
73300Public relations and communication consultancy
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.