FORWIN
ActiveFORWIN has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €220k and a net result of €78k. Equity is growing by ~31.7% per year across the filed fiscal years. Its solvency ranks better than 50% of 3603 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
73
/ 100
Healthy▲ +7 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency47▲+2
Growth78=
Stability100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16k at 30 days acceptable
Liquidity tight (current ratio 1.0 against 0.95 in 2024), and 70.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Sector 56
higher
← fewer bankruptcies
more bankruptcies →
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
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
29.8%
Return on assets
10.5%
Age of the figures
8 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 25-08-2026, 25 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 · 10 filingsDeviation from the deadline
2025
25 d late
2024
31 d late
2023
13 d late
2022
32 d late
2021
5 d early
2020
10 d late
2019
26 d late
← before the deadline
after the deadline →
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
12-09-2026 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
€78k▼ 8.8%
2024 · €85k
2018: €3k
2019: €30k
2020: €77k
2021: €120k
2022: €37k
2023: €35k
2024: €85k
2018 → 2025
Working capital
€616
2024 · €-24k
2018: €-92k
2019: €-84k
2020: €56k
2021: €82k
2022: €98k
2023: €-84k
2024: €-24k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€121k-€123k▲ 1.4%€123k▲ 0.3%€209k▲ 69.5%€220k▲ 5.7%
Operating result€143k-€50k▼ 64.8%€60k▲ 19.8%€129k▲ 114%€117k▼ 9.6%
Net result€120k-€37k▼ 69.5%€35k▼ 3.5%€85k▲ 141%€78k▼ 8.8%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 10% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €739k
Fixed assets
€220k▼ 18.3%
Current assets
€519k▲ 18.7%
Equity and liabilities €739k
Equity
€220k▲ 5.7%
Debt
€519k▲ 4.1%
The debt ratio falls from 70.5% to 70.2%: equity grows faster than debt.
Key figures and ratios
EBITDA
€201k▼
2024 · €245k
Cash flow
€162k▼
2024 · €202k
Solvency
29.8%▲
2024 · 29.5%
Current ratio
1.00▲
2024 · 0.95
Quick ratio
0.91▲
2024 · 0.84
Debt / equity
2.35▼
2024 · 2.39
ROE
35.3%▼
2024 · 41.0%
ROA
10.5%▼
2024 · 12.1%
Interest coverage
26.51▲
2024 · 23.64
Debt
€519k▲
2024 · €498k
Debt ≤ 1 year
€519k▲
2024 · €462k
Debt > 1 year
€0▼
2024 · €37k
Income taxes
€31k▼
2024 · €33k
Staff costs
€592k▼
2024 · €649k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€707k€739k▲
Formation expenses20€0€0=
Fixed assets21/28€269k€220k▼
Intangible fixed assets21€0€0=
Tangible fixed assets22/27€269k€219k▼
Plant, machinery and equipment23€234k€207k▼
Furniture and vehicles24€35k€12k▼
Financial fixed assets28€595€595=
Current assets29/58€438k€519k▲
Stocks and contracts in progress3€49k€45k▼
Stocks30/36€49k€45k▼
Amounts receivable within one year40/41€109k€254k▲
Trade receivables40€0€6k▲
Other amounts receivable41€109k€248k▲
Current investments50/53€229€229=
Cash at bank and in hand54/58€254k€204k▼
Deferred charges and accrued income490/1€26k€17k▼
Equity and liabilities
Total equity and liabilities10/49€707k€739k▲
Equity10/15€209k€220k▲
Contributions10/11€108k€108k=
Reserves13€9k€9k=
Distributable reserves133€9k€9k=
Profit (loss) carried forward14€92k€104k▲
Amounts payable17/49€498k€519k▲
Amounts payable after more than one year17€37k€0▼
Financial debts170/4€37k€0▼
Amounts payable within one year42/48€462k€519k▲
Current portion of amounts payable after more than one year42€124k€37k▼
Trade debts44€253k€332k▲
Suppliers440/4€253k€332k▲
Taxes, remuneration and social security45€84k€84k▼
Taxes450/3€517€7k▲
Remuneration and social security454/9€84k€78k▼
Other amounts payable47/48€576€66k▲
Income statement
Code20242025
Remuneration, social security and pensions62€649k€592k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€116k€84k▼
Other operating charges640/8€13k€13k▼
Gross operating margin9900€907k€805k▼
Operating profit (loss)9901€129k€117k▼
Financial income75/76B€219€218▼
Recurring financial income75€219€218▼
Financial charges65/66B€10k€8k▼
Recurring financial charges65€10k€8k▼
Profit (loss) for the period before taxes9903€119k€109k▼
Income taxes67/77€33k€31k▼
Profit (loss) for the period9904€85k€78k▼
Profit (loss) for the period to be appropriated9905€85k€78k▼
Appropriation of the result
Profit (loss) to be appropriated9906€92k€170k▲
Profit (loss) brought forward from the previous period14P€6k€92k▲
Profit to be distributed694/7-€66k
Return on contributions (dividend)694-€66k
Social balance
Average headcount (FTE)908711.811.9▲
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 31 days late
2024
31-12
Financial
Equity above €200kEq €209k ▲69.5%
7 profitable years in a row build equity to €209k.
13-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 13 days late
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 32 days late
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €120k ▲56.6%
Operating result €143k, net result €120k, both a record.
31-12
Financial
Equity above €100kEq €121k ▲118%
4 profitable years in a row build equity to €121k.
10-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 10 days late
2020
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 26 days late
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
26-07
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.
Directors · office · real estate
Directors
1 director, no change since 2023
TARTARUGA
CurrentDirector · since 21-12-2023 · Legal entity · perm. rep.: GERARD Xavier
21-12-2023
Appointed as Director
Location & real-estate footprint
Registered office, Messancy · 1 establishment unit since 2010
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue d'Arlon 2206780 MessancyGround area
1,183 m²
Building footprint
197 m²
Volume, LiDAR
862 m³
Parcel 81015D0120/00W002, Wallonia · tallest building 5.9 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
MC Donald's
since 20102.183.426.448
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 81015D0120/00W002 | Wallonia | 1,183 m² | 1 · 197 m² | 5.9 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
KEMERLI
BE 0554.841.285
Ninove · Eq €220k
BLDS
BE 0763.552.920
Sint-Lievens-Houtem · Eq €221k
MO 'T FRIETJE
BE 0478.208.614
Wellen · Eq €221k
GOODY'S
BE 0838.210.454
Eeklo · Eq €221k
STEPHANE & MARIANNE
BE 0837.203.337
Wervik · Eq €220k
Of 21,633 companies in sector 56112 we hold annual accounts for 9,658. 6,408 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded07-12-2009
Fiscal year end31-12
Activities, NACEBEL
56102Limited-service restaurants
56112Limited-service restaurants, excluding mobile food services
56101Full-service restaurants
56111Full-service restaurants
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 12-09-2026. Scores and ratios are computed by Checked and are not a credit decision.