FORWART
ActiveSummary
The computed 12-month bankruptcy probability of FORWART is 2.1% (moderate). The 2025 annual accounts show equity of €127,158 and a net result of €53,390. Equity is growing by ~12% per year across the filed fiscal years. Its solvency ranks better than 50% of 18626 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability86▼-14
Solvency59▼-29
Growth52=
Track record94
Bankruptcy probability, 12 months
2.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity ample (current ratio 1.83 against 3.18 in 2024; short-term debt: 46.5% and cash: 13.4% of total assets), but 66.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more 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
33.6%
Return on assets
14.1%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-09-2026, 39 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 4 filingsDeviation from the deadline
2025
39 d late
2024
24 d early
2023
2 d early
2022
72 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 21 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% of the sector filed late.
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. Usually files around 19 August (3 of the last 4 filed years within 43 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€127,158▼ 33.6%
2024 · €191,415
Total assets
€377,889▲ 24.5%
2024 · €303,550
Net result
€53,390▼ 36.1%
2024 · €83,603
Working capital
€146,198▼ 27.3%
2024 · €201,015
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Operating result€121,985-€22,030▼ 81.9%€110,805▲ 403%€75,837▼ 31.6%
Net result€90,497above the sector's middle half-€16,315within the sector's middle half▼ 82.0%€83,603above the sector's middle half▲ 412%€53,390above the sector's middle half▼ 36.1%
Equity€91,497within the sector's middle half-€107,812within the sector's middle half▲ 17.8%€191,415above the sector's middle half▲ 77.5%€127,158within the sector's middle half▼ 33.6%
Total assets€181,023within the sector's middle half-€186,668within the sector's middle half▲ 3.1%€303,550within the sector's middle half▲ 62.6%€377,889above the sector's middle half▲ 24.5%
Debt€89,526-€78,855▼ 11.9%€112,134▲ 42.2%€250,731▲ 124%
Working capital€86,997above the sector's middle half-€107,812above the sector's middle half▲ 23.9%€201,015above the sector's middle half▲ 86.4%€146,198above the sector's middle half▼ 27.3%
Solvency50.5%within the sector's middle half-57.8%within the sector's middle half▲ 7.2pp63.1%above the sector's middle half▲ 5.3pp33.6%within the sector's middle half▼ 29.4pp
Current ratio1.97within the sector's middle half-2.37within the sector's middle half▲ 0.403.18above the sector's middle half▲ 0.811.83within the sector's middle half▼ 1.35
Return on assets (ROA)50.0%above the sector's middle half-8.7%within the sector's middle half▼ 41.3pp27.5%above the sector's middle half▲ 18.8pp14.1%above the sector's middle half▼ 13.4pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 32% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €377,889
Fixed assets
€55,960 ▲ 438%
Current assets
€321,929 ▲ 9.8%
Equity and liabilities €377,889
Equity
€127,158 ▼ 33.6%
Debt
€250,731 ▲ 124%
Debt's share of the balance-sheet total rises from 36.9% to 66.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€88,248▼
2024 · €114,924
Cash flow
€65,800▼
2024 · €87,722
Quick ratio
1.59▼
2024 · 2.71
Debt to equity
1.97▲
2024 · 0.59
ROE
42.0%▼
2024 · 43.7%
Interest coverage
8.50▼
2024 · 34.86
Debt ≤ 1 year
€175,731▲
2024 · €92,134
Debt > 1 year
€75,000▲
2024 · €20,000
Income taxes
€15,734▼
2024 · €24,333
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,975 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,975 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €19,076 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €4,119 | €12,410 | ▲ 201% |
| Other operating charges640/8 | €957 | €2,344 | €779 | €967 | ▲ 24.1% |
| Gross operating margin9900 | €122,942 | €24,374 | €115,703 | €89,214 | ▼ 22.9% |
| Operating profit (loss)9901 | €121,985 | €22,030 | €110,805 | €75,837 | ▼ 31.6% |
| Financial income75/76B | €247 | €30 | €429 | €3,673 | ▲ 757% |
| Recurring financial income75 | €247 | €30 | €429 | €3,673 | ▲ 757% |
| Financial charges65/66B | €5,119 | €1,012 | €3,297 | €10,387 | ▲ 215% |
| Recurring financial charges65 | €5,119 | €1,012 | €3,297 | €10,387 | ▲ 215% |
| Profit (loss) for the period before taxes9903 | €117,113 | €21,049 | €107,936 | €69,123 | ▼ 36.0% |
| Income taxes67/77 | €26,615 | €4,734 | €24,333 | €15,734 | ▼ 35.3% |
| Profit (loss) for the period9904 | €90,497 | €16,315 | €83,603 | €53,390 | ▼ 36.1% |
| Profit (loss) for the period to be appropriated9905 | €90,497 | €16,315 | €83,603 | €53,390 | ▼ 36.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €181,023 | €186,668 | €303,550 | €377,889 | ▲ 24.5% |
| Fixed assets21/28 | €4,500 | - | €10,401 | €55,960 | ▲ 438% |
| Tangible fixed assets22/27 | - | - | €10,401 | €55,960 | ▲ 438% |
| Furniture and vehicles24 | - | - | - | €50,399 | - |
| Other tangible fixed assets26 | - | - | €10,401 | €5,561 | ▼ 46.5% |
| Financial fixed assets28 | €4,500 | - | - | - | - |
| Current assets29/58 | €176,523 | €186,668 | €293,149 | €321,929 | ▲ 9.8% |
| Stocks and contracts in progress3 | €43,841 | €35,681 | €43,484 | €43,255 | ▼ 0.5% |
| Stocks30/36 | €43,841 | €35,681 | €43,484 | €43,255 | ▼ 0.5% |
| Amounts receivable within one year40/41 | €34,296 | €36,854 | €13,745 | €75,309 | ▲ 448% |
| Trade receivables40 | €34,296 | €36,565 | €13,745 | €65,277 | ▲ 375% |
| Other amounts receivable41 | - | €289 | - | €10,032 | - |
| Current investments50/53 | - | - | €120,000 | €151,021 | ▲ 25.9% |
| Cash at bank and in hand54/58 | €97,990 | €113,763 | €115,161 | €50,502 | ▼ 56.1% |
| Deferred charges and accrued income490/1 | €396 | €369 | €760 | €1,842 | ▲ 142% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €181,023 | €186,668 | €303,550 | €377,889 | ▲ 24.5% |
| Equity10/15 | €91,497 | €107,812 | €191,415 | €127,158 | ▼ 33.6% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €90,497 | €106,812 | €190,415 | €126,158 | ▼ 33.7% |
| Distributable reserves133 | €90,497 | €106,812 | €190,415 | €126,158 | ▼ 33.7% |
| Amounts payable17/49 | €89,526 | €78,855 | €112,134 | €250,731 | ▲ 124% |
| Amounts payable after more than one year17 | - | - | €20,000 | €75,000 | ▲ 275% |
| Other amounts payable178/9 | - | - | €20,000 | €75,000 | ▲ 275% |
| Amounts payable within one year42/48 | €89,526 | €78,855 | €92,134 | €175,731 | ▲ 90.7% |
| Trade debts44 | €35,927 | €31,448 | €33,159 | €66,108 | ▲ 99.4% |
| Suppliers440/4 | €35,927 | €31,448 | €33,159 | €66,108 | ▲ 99.4% |
| Advances received on contracts in progress46 | €5,551 | €25,367 | €10,615 | €8,915 | ▼ 16.0% |
| Taxes, remuneration and social security45 | €41,112 | €19,815 | €47,721 | €10,231 | ▼ 78.6% |
| Taxes450/3 | €41,112 | €19,815 | €47,721 | €10,231 | ▼ 78.6% |
| Other amounts payable47/48 | €6,936 | €2,225 | €639 | €90,477 | ▲ 14,070% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €90,497 | €16,315 | €83,603 | €53,390 | ▼ 36.1% |
| + Depreciation and write-downs630 | - | - | €4,119 | €12,410 | ▲ 201% |
| Operating cash flow (approximation) | €90,497 | €16,315 | €87,722 | €65,800 | ▼ 25.0% |
| Investment in fixed assets (approximation) | - | - | - | -€57,969 | - |
| Change in cash | - | €15,773 | €1,397 | -€64,659 | ▼ 4,727% |
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
08-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 39 days late
2025
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €150,000Eq €191,415 ▲77.5%
3 profitable years in a row build equity to €191,415.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €16,315 ▼82%
Net result drops to €16,315, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €100,000Eq €107,812 ▲17.8%
2 profitable years in a row build equity to €107,812.
11-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 72 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Mechelen · 2 establishment units since 2021
Ground area
140 m²
Building footprint
141 m²
Volume, LiDAR
1,621 m³
2 parcels, Flanders · tallest building 15.2 m, ±5 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
FORWART
since 20212.318.423.526
FORWART
since 20212.325.638.247
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11803C1113/00D000 | Flanders | 81 m² | 1 · 79 m² | 15.2 m · 5 fl. |
| 12025A0632/00B000 | Flanders | 59 m² | 1 · 63 m² | 10.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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
Flemish government
2023 to 2025 · 4 entries · 9,593 EUR awarded · 9,593 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 4,806 EUR | 4,806 EUR |
| 2024 | 1 | 2,000 EUR | 2,000 EUR |
| 2023 | 1 | 2,787 EUR | 2,787 EUR |
Similar companies · same sector, comparable size
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GIELEN SFEER INTERIEUR
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MSSN
BE 0894.460.259
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Of 1,436 companies in sector 47791 we hold annual accounts for 457. 344 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
Founded10-06-2021
Fiscal year end31-12
Activities, NACEBEL 2025
47791Retail sale of antiques
47120Other non-specialised retail sale
58110Book publishing
59113Video and film production, excluding cinema and television films
62200Computer consultancy and computer facilities management
64210Activities of holding companies
Contact
Website
www.forwart.co
E-mail
lucas@forwart.co
E-invoicing
Reachable via Peppol
Peppol ID
0208:0769531484
Also
9925:BE0769531484
Registered
05-08-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.