FORWIN
ActiveSummary
FORWIN has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €220,493 and a net result of €77,938. Equity is growing by about 32% per year across the filed financial years. Its solvency ranks better than 50% of 4,765 sector peers (NACE 56, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
- Staff
- 11.9 FTE
- Equity
- €220,493
- Profit
- €77,938
- Parent
- TARTARUGA SARL
- TARTARUGADirector · permanent representative GERARD Xavier
Why 84raises riskSector: Food and beverage service activities (NACE 56)Last filed accounts filed 25 days late; 1 of the last 3 latelowers riskFounded in 2009Liquidity: current ratio 1.00, cash €203,876Show the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 56, small): better than 51% on solvency, 45% on liquidity, 74% on profitability and 54% on growth.
The bankruptcy probability was computed on 29-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 19 days after the deadline; the sector median (NACE 56) for financial year 2024 is 7 days after the deadline, and 53% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Annual accounts filedfinancial year 2024 · full…
- Equity above €200,000equity €208,555 ▲69.5%
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (25 days) Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00423118.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 10% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 56, Food and beverage service activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 2,609 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 96.8% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 2,609 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €390,027 | €455,100 | €563,358 | €648,609 | €591,559 | ▼ 8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €145,278 | €104,471 | €120,714 | €113,134 | €133,178 | €94,662 | €116,439 | €84,268 | ▼ 27.6% |
| Other operating charges640/8 | - | - | - | €6,665 | €9,336 | €12,041 | €12,671 | €12,617 | ▼ 0.4% |
| Gross operating margin9900 | €906,851 | €684,633 | €593,672 | €653,009 | €647,995 | €730,392 | €906,737 | €805,056 | ▼ 11.2% |
| Operating profit (loss)9901 | €13,696 | €42,503 | €82,944 | €143,184 | €50,381 | €60,332 | €129,018 | €116,612 | ▼ 9.6% |
| Financial income75/76B | - | - | - | €2,092 | - | €396 | €219 | €218 | ▼ 0.3% |
| Recurring financial income75 | €1,800 | €4,590 | €8,015 | €2,092 | - | €396 | €219 | €218 | ▼ 0.3% |
| Financial charges65/66B | - | - | - | €12,902 | €10,527 | €7,547 | €10,383 | €7,577 | ▼ 27.0% |
| Recurring financial charges65 | €12,808 | €16,593 | €13,959 | €12,902 | €10,527 | €7,547 | €10,383 | €7,577 | ▼ 27.0% |
| Profit (loss) for the period before taxes9903 | €2,688 | €30,500 | €77,000 | €132,374 | €39,853 | €53,181 | €118,854 | €109,254 | ▼ 8.1% |
| Income taxes67/77 | €73 | €174 | €120 | €11,944 | €3,146 | €17,776 | €33,374 | €31,316 | ▼ 6.2% |
| Profit (loss) for the period9904 | €2,616 | €30,326 | €76,880 | €120,429 | €36,708 | €35,405 | €85,480 | €77,938 | ▼ 8.8% |
| Profit (loss) for the period to be appropriated9905 | €2,616 | €30,326 | €76,880 | €120,429 | €36,708 | €35,405 | €85,480 | €77,938 | ▼ 8.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €708,615 | €611,236 | €709,615 | €739,611 | €722,271 | €817,743 | €706,973 | €739,365 | ▲ 4.6% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €462,825 | €382,374 | €263,107 | €244,629 | €145,119 | €368,342 | €269,230 | €219,876 | ▼ 18.3% |
| Intangible fixed assets21 | €14,356 | €9,356 | €4,356 | €0 | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €437,959 | €372,423 | €258,155 | €244,034 | €144,524 | €367,748 | €268,635 | €219,281 | ▼ 18.4% |
| Plant, machinery and equipment23 | - | - | - | €244,034 | €144,524 | €310,000 | €233,800 | €207,358 | ▼ 11.3% |
| Furniture and vehicles24 | - | - | - | €0 | €0 | €57,748 | €34,835 | €11,923 | ▼ 65.8% |
| Financial fixed assets28 | €10,510 | €595 | €595 | €595 | €595 | €595 | €595 | €595 | = |
| Current assets29/58 | €245,790 | €228,861 | €446,508 | €494,982 | €577,152 | €449,400 | €437,743 | €519,488 | ▲ 18.7% |
| Stocks and contracts in progress3 | €18,755 | €17,339 | €13,347 | €19,421 | €29,189 | €40,970 | €48,595 | €44,830 | ▼ 7.7% |
| Stocks30/36 | - | - | - | €19,421 | €29,189 | €40,970 | €48,595 | €44,830 | ▼ 7.7% |
| Amounts receivable within one year40/41 | €97,466 | €110,869 | €190,835 | €239,401 | €376,486 | €136,632 | €108,879 | €253,747 | ▲ 133% |
| Trade receivables40 | - | - | - | €598 | €0 | €0 | €0 | €5,987 | - |
| Other amounts receivable41 | - | - | - | €238,803 | €376,486 | €136,632 | €108,879 | €247,760 | ▲ 128% |
| Current investments50/53 | €229 | €230 | €230 | €230 | €230 | €229 | €229 | €229 | = |
| Cash at bank and in hand54/58 | €119,522 | €88,002 | €228,371 | €216,475 | €156,124 | €242,168 | €254,475 | €203,876 | ▼ 19.9% |
| Deferred charges and accrued income490/1 | - | - | - | €19,456 | €15,123 | €29,401 | €25,564 | €16,806 | ▼ 34.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €708,615 | €611,236 | €709,615 | €739,611 | €722,271 | €817,743 | €706,973 | €739,365 | ▲ 4.6% |
| Equity10/15 | -€51,674 | -€21,347 | €55,532 | €120,962 | €122,670 | €123,075 | €208,555 | €220,493 | ▲ 5.7% |
| Contributions10/11 | €107,500 | €107,500 | - | €107,500 | €107,500 | €107,500 | €107,500 | €107,500 | = |
| Reserves13 | €3,450 | €3,450 | €3,450 | €9,475 | €9,475 | €9,475 | €9,475 | €9,475 | = |
| Non-distributable reserves130/1 | - | - | - | €9,475 | €9,475 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €9,475 | €9,475 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €9,475 | €9,475 | €9,475 | = |
| Profit (loss) carried forward14 | -€162,624 | -€132,297 | -€55,418 | €3,987 | €5,695 | €6,100 | €91,580 | €103,518 | ▲ 13.0% |
| Amounts payable17/49 | €760,289 | €632,583 | €654,083 | €618,650 | €599,601 | €694,668 | €498,418 | €518,872 | ▲ 4.1% |
| Amounts payable after more than one year17 | €421,581 | €319,550 | €263,690 | €205,770 | €120,516 | €160,842 | €36,639 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €205,770 | €120,516 | €160,842 | €36,639 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €337,516 | €313,033 | €390,393 | €412,880 | €479,085 | €533,826 | €461,779 | €518,872 | ▲ 12.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €141,195 | €128,416 | €163,514 | €124,204 | €36,639 | ▼ 70.5% |
| Trade debts44 | €122,063 | €143,325 | €247,770 | €157,270 | €246,013 | €240,335 | €252,695 | €331,532 | ▲ 31.2% |
| Suppliers440/4 | - | - | - | €157,270 | €246,013 | €240,335 | €252,695 | €331,532 | ▲ 31.2% |
| Taxes, remuneration and social security45 | - | - | - | €57,743 | €68,969 | €94,433 | €84,304 | €84,225 | ▼ 0.1% |
| Taxes450/3 | - | - | - | €4,129 | €9,858 | €11,915 | €517 | €6,611 | ▲ 13× |
| Remuneration and social security454/9 | - | - | - | €53,614 | €59,111 | €82,517 | €83,787 | €77,614 | ▼ 7.4% |
| Other amounts payable47/48 | - | - | - | €56,672 | €35,686 | €35,544 | €576 | €66,476 | ▲ 115× |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,616 | €30,326 | €76,880 | €120,429 | €36,708 | €35,405 | €85,480 | €77,938 | ▼ 8.8% |
| + Depreciation and write-downs630 | €145,278 | €104,471 | €120,714 | €113,134 | €133,178 | €94,662 | €116,439 | €84,268 | ▼ 27.6% |
| Operating cash flow (approximation) | €147,893 | €134,797 | €197,594 | €233,563 | €169,886 | €130,067 | €201,919 | €162,206 | ▼ 19.7% |
| Investment in fixed assets (approximation) | - | -€24,020 | -€1,447 | -€94,656 | -€33,668 | -€317,886 | -€17,326 | -€34,914 | ▼ 102% |
| Change in cash | - | -€31,520 | €140,369 | -€11,896 | -€60,351 | €86,044 | €12,307 | -€50,599 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-08-2026 | 2026-00423118 |
| 31-12-2024 | full format | 31-08-2025 | 2025-00461084 |
| 31-12-2023 | full format | 13-08-2024 | 2024-00342997 |
| 31-12-2022 | full format | 01-09-2023 | 2023-00413684 |
| 31-12-2021 | full format | 26-07-2022 | 2022-20222722 |
| 31-12-2020 | full format | 10-08-2021 | 2021-47400261 |
| 31-12-2019 | full format | 26-08-2020 | 2020-45900313 |
| 31-12-2018 | full format | 28-08-2019 | 2019-53000348 |
| 31-12-2017 | full format | 26-06-2018 | 2018-22800266 |
| 31-12-2016 | full format | 26-07-2017 | 2017-36400164 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 1
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| TARTARUGA |
|
Owners and capital
Owners
2 ownersChain of control
- TARTARUGA SARLLU
- FORWIN
Highest known parent: TARTARUGA SARL (Luxembourg). The sources do not say who stands above it.
Owners 2
- TARTARUGA SARLLUparentSourceown accounts 2019100%
- TARTARUGA SARLLUconsolidating parentconsolidates
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 21-12-2023 Converted to unavailable equity · €116,975
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
21-12
Gazette deed
Resignation: TARTARUGA (manager)Appointment: TARTARUGA (director) · Permanent representative: GERARD Xavier · Amendment of the articles10 facts ▸
- Amendment of the articles (2 times)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Reserve release, “suppression, fonds disponibles pour distribution” (deed in French)
- Director resignation, TARTARUGA (manager)
- Director appointment, TARTARUGA (director (not named in the articles))
- Permanent representative, GERARD Xavier
- Registered office clause, “6780 Messancy, rue d'Arlon, numéro 220” (deed in French)
- Other provision, /, “site internet et adresse e-mail” (deed in French)
- Power of attorney
- Power of attorney, Rodolphe DELMEE
About the unread acts
Of the 2 Belgian Official Gazette deeds we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEnvironmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 81015D0120/00W002 | Wallonia | 1,183 m² | 1 · 197 m² | 5.9 m · 1 |
How the parcels are linked
Articles of association
- Other provisionsOther rules from the articles that fall under none of the themes above.
- 1 more provision in the deed, see the deed of 21-12-2023
Read from the deeds: 1 provision, deed of 21-12-2023