Fourscape
ActiveSummary
Fourscape has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €168,467 and a net result of €23,884. Equity is growing by about 30% per year across the filed financial years. Its solvency ranks better than 40% of 1,120 sector peers (NACE 77, financial year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Financials · financial year 2025, abbreviated format
Equity
€168,467▲ 14.9%
2024 · €146,616
Total assets
€608,578▼ 0.3%
2024 · €610,215
Net result
€23,884▲ 871%
2024 · €2,459
Working capital
-€173,338▼ 8.2%
2024 · -€160,179
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 96% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€46,854
2025
Net result€23,884
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€608,578
2025
Equity€168,467
2025
Debt€440,111
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€173,338
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)3.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency27.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.17
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 77, Rental and leasing 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,607-€8,642▲ 13.6%€43,345▲ 402%€40,373▼ 6.9%€28,271▼ 30.0%€14,945▼ 47.1%€23,893▲ 59.9%€46,854▲ 96.1%
Net result€339-€1,366▲ 303%€28,080within the sector's middle half▲ 1,956%€25,857within the sector's middle half▼ 7.9%€15,416within the sector's middle half▼ 40.4%€54,648within the sector's middle half▲ 254%€2,459within the sector's middle half▼ 95.5%€23,884within the sector's middle half▲ 871%
Equity€15,791-€16,357▲ 3.6%€44,437below the sector's middle half▲ 172%€75,694below the sector's middle half▲ 70.3%€90,309below the sector's middle half▲ 19.3%€144,158within the sector's middle half▲ 59.6%€146,616within the sector's middle half▲ 1.7%€168,467within the sector's middle half▲ 14.9%
Total assets€120,008-€120,785▲ 0.6%€238,013below the sector's middle half▲ 97.1%€240,298below the sector's middle half▲ 1.0%€248,549below the sector's middle half▲ 3.4%€602,469within the sector's middle half▲ 142%€610,215within the sector's middle half▲ 1.3%€608,578within the sector's middle half▼ 0.3%
Debt€104,217-€104,428▲ 0.2%€193,576▲ 85.4%€164,604▼ 15.0%€158,240▼ 3.9%€458,312▲ 190%€463,599▲ 1.2%€440,111▼ 5.1%
Working capital-€91,703--€63,252▲ 31.0%-€83,541within the sector's middle half▼ 32.1%-€81,392within the sector's middle half▲ 2.6%-€101,566within the sector's middle half▼ 24.8%-€76,228within the sector's middle half▲ 24.9%-€160,179below the sector's middle half▼ 110%-€173,338below the sector's middle half▼ 8.2%
Solvency13.2%-13.5%▲ 0.4pp18.7%within the sector's middle half▲ 5.1pp31.5%within the sector's middle half▲ 12.8pp36.3%within the sector's middle half▲ 4.8pp23.9%within the sector's middle half▼ 12.4pp24.0%within the sector's middle half▲ 0.1pp27.7%within the sector's middle half▲ 3.7pp
Current ratio0.12-0.17▲ 0.050.21below the sector's middle half▲ 0.040.23below the sector's middle half▲ 0.020.15below the sector's middle half▼ 0.070.25below the sector's middle half▲ 0.090.18below the sector's middle half▼ 0.060.17below the sector's middle half▼ 0.01
Return on assets (ROA)0.3%-1.1%▲ 0.8pp11.8%above the sector's middle half▲ 10.7pp10.8%above the sector's middle half▼ 1.0pp6.2%within the sector's middle half▼ 4.6pp9.1%within the sector's middle half▲ 2.9pp0.4%within the sector's middle half▼ 8.7pp3.9%within the sector's middle half▲ 3.5pp
Staff (FTE)0below the sector's middle half
above
within
below
the middle half of NACE 77, Rental and leasing 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.
Turnover and EBIT margin not published: the abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €608,578
Fixed assets
€573,644 ▼ 0.2%
Current assets
€34,935 ▼ 0.7%
Equity and liabilities €608,578
Equity
€168,467 ▲ 14.9%
Debt
€440,111 ▼ 5.1%
Debt's share of the balance-sheet total falls from 76.0% to 72.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€48,245▲
2024 · €26,582
Cash flow
€25,275▲
2024 · €5,148
Debt to equity
2.61▼
2024 · 3.16
ROE
14.2%▲
2024 · 1.7%
Interest coverage
3.15▲
2024 · 1.45
Debt ≤ 1 year
€208,273▲
2024 · €195,360
Debt > 1 year
€227,139▼
2024 · €266,289
Income taxes
€7,664▲
2024 · €3,056
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €45 | €522 | €2,803 | €3,049 | €2,690 | €1,391 | ▼ 48.3% |
| Other operating charges640/8 | - | - | - | €1,314 | €899 | €6,574 | €3,185 | €1,774 | ▼ 44.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €12,144 | - |
| Gross operating margin9900 | €10,360 | €10,925 | €44,726 | €42,209 | €31,973 | €24,568 | €29,767 | €62,163 | ▲ 109% |
| Operating profit (loss)9901 | €7,607 | €8,642 | €43,345 | €40,373 | €28,271 | €14,945 | €23,893 | €46,854 | ▲ 96.1% |
| Financial income75/76B | - | - | - | €0 | - | €60,000 | €4 | €3 | ▼ 18.2% |
| Recurring financial income75 | - | - | €0 | €0 | - | €60,000 | €4 | €3 | ▼ 18.2% |
| Financial charges65/66B | - | - | - | €4,272 | €7,254 | €19,766 | €18,382 | €15,309 | ▼ 16.7% |
| Recurring financial charges65 | €2,454 | €3,579 | €3,467 | €4,272 | €7,254 | €19,766 | €18,382 | €15,309 | ▼ 16.7% |
| Profit (loss) for the period before taxes9903 | €5,153 | €5,063 | €39,878 | €36,101 | €21,017 | €55,180 | €5,515 | €31,548 | ▲ 472% |
| Income taxes67/77 | €4,814 | €3,697 | €11,799 | €10,244 | €5,602 | €531 | €3,056 | €7,664 | ▲ 151% |
| Profit (loss) for the period9904 | €339 | €1,366 | €28,080 | €25,857 | €15,416 | €54,648 | €2,459 | €23,884 | ▲ 871% |
| Profit (loss) for the period to be appropriated9905 | €339 | €1,366 | €28,080 | €25,857 | €15,416 | €54,648 | €2,459 | €23,884 | ▲ 871% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €120,008 | €120,785 | €238,013 | €240,298 | €248,549 | €602,469 | €610,215 | €608,578 | ▼ 0.3% |
| Fixed assets21/28 | €107,494 | €107,494 | €215,808 | €216,583 | €230,128 | €577,724 | €575,034 | €573,644 | ▼ 0.2% |
| Tangible fixed assets22/27 | - | - | €1,342 | €2,117 | €15,662 | €13,258 | €10,568 | €9,178 | ▼ 13.2% |
| Furniture and vehicles24 | - | - | - | €2,117 | €15,662 | €13,258 | €10,568 | €9,178 | ▼ 13.2% |
| Financial fixed assets28 | €107,494 | €107,494 | €214,466 | €214,466 | €214,466 | €564,466 | €564,466 | €564,466 | = |
| Current assets29/58 | €12,514 | €13,291 | €22,204 | €23,714 | €18,421 | €24,745 | €35,181 | €34,935 | ▼ 0.7% |
| Amounts receivable within one year40/41 | €12,514 | €13,291 | €1,369 | €18,481 | €17,202 | €19,247 | €26,754 | €30,306 | ▲ 13.3% |
| Trade receivables40 | - | - | - | €17,875 | €14,038 | €6,807 | €24,809 | €30,304 | ▲ 22.2% |
| Other amounts receivable41 | - | - | - | €606 | €3,164 | €12,440 | €1,945 | €2 | ▼ 99.9% |
| Cash at bank and in hand54/58 | - | - | €19,922 | €5,233 | €0 | €3,421 | €7,209 | €850 | ▼ 88.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €1,218 | €2,077 | €1,218 | €3,778 | ▲ 210% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €120,008 | €120,785 | €238,013 | €240,298 | €248,549 | €602,469 | €610,215 | €608,578 | ▼ 0.3% |
| Equity10/15 | €15,791 | €16,357 | €44,437 | €75,694 | €90,309 | €144,158 | €146,616 | €168,467 | ▲ 14.9% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €3,391 | €3,957 | €32,037 | €57,094 | €71,709 | €125,558 | €128,008 | €149,850 | ▲ 17.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €55,234 | €69,849 | €123,698 | €128,008 | €149,850 | ▲ 17.1% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €9 | €17 | ▲ 102% |
| Amounts payable17/49 | €104,217 | €104,428 | €193,576 | €164,604 | €158,240 | €458,312 | €463,599 | €440,111 | ▼ 5.1% |
| Amounts payable after more than one year17 | - | €26,385 | €87,775 | €57,687 | €35,866 | €354,493 | €266,289 | €227,139 | ▼ 14.7% |
| Financial debts170/4 | - | - | - | €57,687 | €35,866 | €241,493 | €188,289 | €149,139 | ▼ 20.8% |
| Other amounts payable178/9 | - | - | - | - | - | €113,000 | €78,000 | €78,000 | = |
| Amounts payable within one year42/48 | €104,217 | €76,543 | €105,745 | €105,106 | €119,987 | €100,974 | €195,360 | €208,273 | ▲ 6.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €33,994 | €27,698 | €56,773 | €56,145 | €40,833 | ▼ 27.3% |
| Financial debts43 | - | - | - | €2,259 | €11,945 | €2,264 | €7,772 | €11,068 | ▲ 42.4% |
| Credit institutions430/8 | - | - | - | €2,259 | €11,945 | €2,264 | €7,772 | €11,068 | ▲ 42.4% |
| Trade debts44 | €4,266 | €2,328 | €3,072 | €8,075 | €4,055 | €6,322 | €12,774 | €62,052 | ▲ 386% |
| Suppliers440/4 | - | - | - | €8,075 | €4,055 | €6,322 | €12,774 | €62,052 | ▲ 386% |
| Taxes, remuneration and social security45 | - | - | - | €26,377 | €14,994 | €16,069 | €9,766 | €10,666 | ▲ 9.2% |
| Taxes450/3 | - | - | - | €24,707 | €13,411 | €14,486 | €8,183 | €9,083 | ▲ 11.0% |
| Remuneration and social security454/9 | - | - | - | €1,670 | €1,583 | €1,583 | €1,583 | €1,583 | = |
| Other amounts payable47/48 | - | - | - | €34,401 | €61,295 | €19,545 | €108,902 | €83,655 | ▼ 23.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,812 | €2,386 | €2,845 | €1,950 | €4,700 | ▲ 141% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €339 | €1,366 | €28,080 | €25,857 | €15,416 | €54,648 | €2,459 | €23,884 | ▲ 871% |
| + Depreciation and write-downs630 | - | - | €45 | €522 | €2,803 | €3,049 | €2,690 | €1,391 | ▼ 48.3% |
| Operating cash flow (approximation) | €339 | €1,366 | €28,125 | €26,379 | €18,219 | €57,697 | €5,148 | €25,275 | ▲ 391% |
| Investment in fixed assets (approximation) | - | €0 | -€108,360 | -€1,297 | -€16,348 | -€350,644 | €0 | €0 | - |
| Change in cash | - | - | - | -€14,688 | -€5,233 | €3,421 | €3,787 | -€6,359 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-07-2026 | 2026-00270755 |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00349577 |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00171702 |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00185101 |
| 31-12-2021 | abbreviated format | 21-06-2022 | 2022-20093080 |
| 31-12-2020 | abbreviated format | 07-07-2021 | 2021-32100179 |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-23000276 |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-21000447 |
| 31-12-2017 | abbreviated format | 24-06-2018 | 2018-21600058 |
| 31-12-2016 | abbreviated format | 29-06-2017 | 2017-22700416 |
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Of the 173 active companies whose main activity is rental and leasing activities (NACE 77330), figures are known for 111. 67 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.