FORWARDIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-03-2026 PDF all 10 filings
Turnover
≈ €230,000
Estimated: probably between €180,000 and €470,000
Total assets
€136,258▲ 1.4%
2024 · €134,317
Net result
€89,250▲ 21.2%
2024 · €73,630
Working capital
€12,034▼ 48.0%
2024 · €23,148
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€123,453
▲ 26.5%
2025
20182025
Net result
€89,250
▲ 21.2%
2025
highest quarter of the sector
20182025
Equity
€20,460
▼ 23.9%
2025
middle half of the sector
20182025
Total assets
€136,258
▲ 1.4%
2025
middle half of the sector
20182025
Debt
€115,798
▲ 7.8%
2025
20182025
Working capital
€12,034
▼ 48.0%
2025
middle half of the sector
20182025
Solvency
15.0%
▼ 5.0pp
2025
lowest quarter of the sector
20182025
Current ratio
1.10
▼ 0.11
2025
middle half of the sector
20182025
Return on assets (ROA)
65.5%
▲ 10.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€18,925-€24,409▲ 29.0%€42,040▲ 72.2%€23,097▼ 45.1%€62,468▲ 170%€53,693▼ 14.0%€97,579▲ 81.7%€123,453▲ 26.5%
Net result€13,985-€18,169▲ 29.9%€31,971within the sector's middle half▲ 76.0%€16,376within the sector's middle half▼ 48.8%€47,732above the sector's middle half▲ 191%€41,592within the sector's middle half▼ 12.9%€73,630above the sector's middle half▲ 77.0%€89,250above the sector's middle half▲ 21.2%
Equity€26,326-€24,495▼ 7.0%€48,866within the sector's middle half▲ 99.5%€35,342within the sector's middle half▼ 27.7%€53,662within the sector's middle half▲ 51.8%€25,254within the sector's middle half▼ 52.9%€26,884within the sector's middle half▲ 6.5%€20,460within the sector's middle half▼ 23.9%
Total assets€57,064-€90,338▲ 58.3%€98,983within the sector's middle half▲ 9.6%€96,393within the sector's middle half▼ 2.6%€105,573within the sector's middle half▲ 9.5%€118,159within the sector's middle half▲ 11.9%€134,317within the sector's middle half▲ 13.7%€136,258within the sector's middle half▲ 1.4%
Debt€30,737-€65,843▲ 114%€50,117▼ 23.9%€61,052▲ 21.8%€51,911▼ 15.0%€92,905▲ 79.0%€107,433▲ 15.6%€115,798▲ 7.8%
Working capital€22,678-€20,527▼ 9.5%€46,402within the sector's middle half▲ 126%€34,383within the sector's middle half▼ 25.9%€52,946within the sector's middle half▲ 54.0%€20,675within the sector's middle half▼ 61.0%€23,148within the sector's middle half▲ 12.0%€12,034within the sector's middle half▼ 48.0%
Solvency46.1%-27.1%▼ 19.0pp49.4%within the sector's middle half▲ 22.3pp36.7%within the sector's middle half▼ 12.7pp50.8%within the sector's middle half▲ 14.2pp21.4%below the sector's middle half▼ 29.5pp20.0%below the sector's middle half▼ 1.4pp15.0%below the sector's middle half▼ 5.0pp
Current ratio1.74-1.31▼ 0.431.93within the sector's middle half▲ 0.611.56within the sector's middle half▼ 0.362.02within the sector's middle half▲ 0.461.22within the sector's middle half▼ 0.801.22within the sector's middle half▼ 0.011.10within the sector's middle half▼ 0.11
Return on assets (ROA)24.5%-20.1%▼ 4.4pp32.3%above the sector's middle half▲ 12.2pp17.0%within the sector's middle half▼ 15.3pp45.2%above the sector's middle half▲ 28.2pp35.2%above the sector's middle half▼ 10.0pp54.8%above the sector's middle half▲ 19.6pp65.5%above the sector's middle half▲ 10.7pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 27% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €136,258
Fixed assets
€8,426 ▲ 126%
Current assets
€127,832 ▼ 2.1%
Equity and liabilities €136,258
Equity
€20,460 ▼ 23.9%
Debt
€115,798 ▲ 7.8%
Debt's share of the balance-sheet total rises from 80.0% to 85.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€124,763▲
2024 · €98,718
Cash flow
€90,560▲
2024 · €74,769
Debt to equity
5.66▲
2024 · 4.00
ROE
436.2%▲
2024 · 273.9%
Interest coverage
77.76▲
2024 · 48.00
Debt ≤ 1 year
€115,798▲
2024 · €107,433
Income taxes
€32,601▲
2024 · €21,892
Staff costs
€1,565▲
2024 · €1,528
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €4,977 | - | €6,000 |
| Depreciation and write-downs of the year | €1,505 | €242 | €819 | €1,139 | €1,310 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1,524 | €1,524 | €1,397 | €1,528 | €1,565 | ▲ 2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,168 | €1,505 | €1,505 | €1,505 | €242 | €819 | €1,139 | €1,310 | ▲ 15.0% |
| Other operating charges640/8 | - | - | - | €1,029 | €867 | €166 | €251 | €648 | ▲ 158% |
| Gross operating margin9900 | €25,045 | €28,692 | €46,005 | €27,155 | €65,102 | €56,075 | €100,496 | €126,976 | ▲ 26.3% |
| Operating profit (loss)9901 | €18,925 | €24,409 | €42,040 | €23,097 | €62,468 | €53,693 | €97,579 | €123,453 | ▲ 26.5% |
| Financial income75/76B | - | - | - | - | - | - | - | €2 | - |
| Recurring financial income75 | - | €1 | €0 | - | - | - | - | €2 | - |
| Financial charges65/66B | - | - | - | €541 | €338 | €441 | €2,057 | €1,604 | ▼ 22.0% |
| Recurring financial charges65 | €243 | €541 | €619 | €541 | €338 | €441 | €2,057 | €1,604 | ▼ 22.0% |
| Profit (loss) for the period before taxes9903 | €18,682 | €23,868 | €41,422 | €22,555 | €62,131 | €53,252 | €95,522 | €121,851 | ▲ 27.6% |
| Income taxes67/77 | €4,697 | €5,700 | €9,451 | €6,180 | €14,398 | €11,661 | €21,892 | €32,601 | ▲ 48.9% |
| Profit (loss) for the period9904 | €13,985 | €18,169 | €31,971 | €16,376 | €47,732 | €41,592 | €73,630 | €89,250 | ▲ 21.2% |
| Profit (loss) for the period to be appropriated9905 | €13,985 | €18,169 | €31,971 | €16,376 | €47,732 | €41,592 | €73,630 | €89,250 | ▲ 21.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €57,064 | €90,338 | €98,983 | €96,393 | €105,573 | €118,159 | €134,317 | €136,258 | ▲ 1.4% |
| Fixed assets21/28 | €3,648 | €3,968 | €2,464 | €959 | €717 | €4,874 | €3,736 | €8,426 | ▲ 126% |
| Tangible fixed assets22/27 | €3,648 | €3,968 | €2,464 | €959 | €717 | €4,874 | €3,736 | €8,426 | ▲ 126% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €5,829 | - |
| Furniture and vehicles24 | - | - | - | €959 | €717 | €2,954 | €2,265 | €1,575 | ▼ 30.4% |
| Leasing and similar rights25 | - | - | - | - | - | €1,920 | €1,471 | €1,022 | ▼ 30.5% |
| Current assets29/58 | €53,415 | €86,369 | €96,519 | €95,434 | €104,856 | €113,284 | €130,582 | €127,832 | ▼ 2.1% |
| Amounts receivable within one year40/41 | - | €225 | - | €29,948 | €12,750 | €28,985 | €17,243 | €15,497 | ▼ 10.1% |
| Trade receivables40 | - | - | - | €29,948 | €12,750 | €17,485 | €17,243 | €14,811 | ▼ 14.1% |
| Other amounts receivable41 | - | - | - | - | - | €11,500 | - | €686 | - |
| Cash at bank and in hand54/58 | €53,002 | €85,275 | €95,907 | €64,370 | €90,869 | €83,514 | €110,766 | €109,640 | ▼ 1.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,117 | €1,237 | €786 | €2,573 | €2,695 | ▲ 4.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €57,064 | €90,338 | €98,983 | €96,393 | €105,573 | €118,159 | €134,317 | €136,258 | ▲ 1.4% |
| Equity10/15 | €26,326 | €24,495 | €48,866 | €35,342 | €53,662 | €25,254 | €26,884 | €20,460 | ▼ 23.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €18,266 | €16,435 | €28,406 | €14,882 | €33,202 | €4,794 | €6,424 | - | - |
| Amounts payable17/49 | €30,737 | €65,843 | €50,117 | €61,052 | €51,911 | €92,905 | €107,433 | €115,798 | ▲ 7.8% |
| Amounts payable within one year42/48 | €30,737 | €65,843 | €50,117 | €61,052 | €51,911 | €92,609 | €107,433 | €115,798 | ▲ 7.8% |
| Trade debts44 | €10,486 | €26,773 | €13,017 | €11,378 | €15,269 | €550 | €1,819 | €4,168 | ▲ 129% |
| Suppliers440/4 | - | - | - | €11,378 | €15,269 | €550 | €1,819 | €4,168 | ▲ 129% |
| Taxes, remuneration and social security45 | - | - | - | €14,774 | €11,642 | €20,628 | €33,936 | €30,307 | ▼ 10.7% |
| Taxes450/3 | - | - | - | €12,364 | €11,483 | €20,628 | €33,936 | €30,307 | ▼ 10.7% |
| Remuneration and social security454/9 | - | - | - | €2,410 | €159 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €34,900 | €25,000 | €71,431 | €71,678 | €81,323 | ▲ 13.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €296 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,985 | €18,169 | €31,971 | €16,376 | €47,732 | €41,592 | €73,630 | €89,250 | ▲ 21.2% |
| + Depreciation and write-downs630 | €4,168 | €1,505 | €1,505 | €1,505 | €242 | €819 | €1,139 | €1,310 | ▲ 15.0% |
| Operating cash flow (approximation) | €18,153 | €19,673 | €33,475 | €17,881 | €47,974 | €42,411 | €74,769 | €90,560 | ▲ 21.1% |
| Investment in fixed assets (approximation) | - | -€1,825 | €0 | €0 | €0 | -€4,977 | €0 | -€6,000 | - |
| Change in cash | - | €32,272 | €10,632 | -€31,537 | €26,499 | -€7,355 | €27,252 | -€1,126 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 5,053 companies had the same profile as FORWARDIS has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FORWARDIS itself is lower: 0.1% within 12 months. It rests on far more data about FORWARDIS than the profile alone.
Test of the method
The method was tested on the 497,446 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.
| 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 5,053 companies, not a prediction for FORWARDIS. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-03-2026 | 2026-00058672 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00213926 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00175058 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00177899 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20132984 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-31400423 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-47700527 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25000309 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-27200076 | |
| 31-12-2016 | full format | 04-07-2017 | 2017-27500215 |