FW32
ActiveSummary
FW32 has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €176k and a net result of €-51k. Equity is growing by ~14.2% per year across the filed fiscal years. Its solvency ranks better than 64% of 12738 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-81
Solvency95▼-5
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11k at 30 days acceptable
Liquidity ample (current ratio 2.35 against 3.54 in 2024; short-term debt: 27.7% and cash: 30.5% of total assets), and 30.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-09-2026, 49 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
49 d late
2024
61 d late
2023
68 d late
2022
61 d late
2021
11 d late
2020
82 d late
2019
69 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€176k▼ 22.4%
2024 · €226k
2018: €91klowest in 8 years
2019: €100k▲ +10.5% vs 2018
2020: €122k▲ +21.7% vs 2019
2021: €148k▲ +21.3% vs 2020
2022: €171k▲ +15.4% vs 2021
2023: €198k▲ +16.2% vs 2022
2024: €226k▲ +14.1% vs 2023highest in 8 years
2025: €176k▼ -22.4% vs 2024
2018 → 2025
Total assets
€252k▼ 14.5%
2024 · €295k
2018: €194k
2019: €148k▼ -24.1% vs 2018lowest in 8 years
2020: €168k▲ +13.6% vs 2019
2021: €189k▲ +12.5% vs 2020
2022: €211k▲ +12.0% vs 2021
2023: €232k▲ +9.8% vs 2022
2024: €295k▲ +27.0% vs 2023highest in 8 years
2025: €252k▼ -14.5% vs 2024
2018 → 2025
Net result
€-51k
2024 · €28k
2018: €-21k
2019: €10k▲ +146% vs 2018
2020: €22k▲ +128% vs 2019
2021: €26k▲ +19.2% vs 2020
2022: €23k▼ -12.4% vs 2021
2023: €28k▲ +21.9% vs 2022
2024: €28k▲ +1.1% vs 2023highest in 8 years
2025: €-51k▼ -281% vs 2024lowest in 8 years
2018 → 2025
Working capital
€94k▼ 34.1%
2024 · €143k
2018: €47klowest in 8 years
2019: €59k▲ +25.5% vs 2018
2020: €81k▲ +38.4% vs 2019
2021: €70k▼ -14.0% vs 2020
2022: €97k▲ +38.7% vs 2021
2023: €125k▲ +28.8% vs 2022
2024: €143k▲ +14.0% vs 2023highest in 8 years
2025: €94k▼ -34.1% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€148k-€171k▲ 15.4%€198k▲ 16.2%€226k▲ 14.1%€176k▼ 22.4%
2021: €148klowest in 5 years
2022: €171k▲ +15.4% vs 2021
2023: €198k▲ +16.2% vs 2022
2024: €226k▲ +14.1% vs 2023highest in 5 years
2025: €176k▼ -22.4% vs 2024
Operating result€37k-€34k▼ 7.5%€41k▲ 19.3%€40k▼ 0.4%€-51k
2021: €37k
2022: €34k▼ -7.5% vs 2021
2023: €41k▲ +19.3% vs 2022highest in 5 years
2024: €40k▼ -0.4% vs 2023
2025: €-51k▼ -226% vs 2024lowest in 5 years
Net result€26k-€23k▼ 12.4%€28k▲ 21.9%€28k▲ 1.1%€-51k
2021: €26k
2022: €23k▼ -12.4% vs 2021
2023: €28k▲ +21.9% vs 2022
2024: €28k▲ +1.1% vs 2023highest in 5 years
2025: €-51k▼ -281% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €51k after €40k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €252k
Fixed assets
€88k ▼ 7.8%
Current assets
€164k ▼ 17.7%
Equity and liabilities €252k
Equity
€176k ▼ 22.4%
Debt
€76k ▲ 11.7%
Debt's share of the balance-sheet total rises from 23.1% to 30.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-44k▼
2024 · €47k
Cash flow
€-43k▼
2024 · €34k
Current ratio
2.35▼
2024 · 3.54
Debt to equity
0.43▲
2024 · 0.30
ROE
-28.8%▼
2024 · 12.4%
ROA
-20.1%▼
2024 · 9.5%
Interest coverage
-39.62▼
2024 · 27.72
Debt ≤ 1 year
€70k▲
2024 · €56k
Debt > 1 year
€6k▼
2024 · €12k
Income taxes
€106▼
2024 · €12k
Staff costs
€35k▲
2024 · €31k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€295k€252k▼
Fixed assets21/28€95k€88k▼
Tangible fixed assets22/27€24k€16k▼
Plant, machinery and equipment23€0-
Furniture and vehicles24€24k€16k▼
Financial fixed assets28€72k€72k=
Current assets29/58€199k€164k▼
Amounts receivable within one year40/41€119k€87k▼
Trade receivables40€50k€24k▼
Other amounts receivable41€69k€63k▼
Cash at bank and in hand54/58€80k€77k▼
Deferred charges and accrued income490/1€498€385▼
Equity and liabilities
Total equity and liabilities10/49€295k€252k▼
Equity10/15€226k€176k▼
Contributions10/11€12k€12k=
Reserves13€121k€121k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€119k€119k=
Profit (loss) carried forward14€93k€42k▼
Amounts payable17/49€68k€76k▲
Amounts payable after more than one year17€12k€6k▼
Financial debts170/4€12k€6k▼
Amounts payable within one year42/48€56k€70k▲
Current portion of amounts payable after more than one year42€9k€9k▲
Trade debts44€15k€10k▼
Suppliers440/4€15k€10k▼
Taxes, remuneration and social security45€19k€31k▲
Taxes450/3€12k€23k▲
Remuneration and social security454/9€7k€9k▲
Other amounts payable47/48€13k€20k▲
Accrued charges and deferred income492/3€0-
Income statement
Code20242025
Remuneration, social security and pensions62€31k€35k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€7k▲
Other operating charges640/8€1k€1k▼
Non-recurring operating charges66A€2k€0▼
Gross operating margin9900€80k€-8k▼
Operating profit (loss)9901€40k€-51k▼
Financial income75/76B€1k€2k▲
Recurring financial income75€1k€2k▲
Financial charges65/66B€2k€1k▼
Recurring financial charges65€2k€1k▼
Profit (loss) for the period before taxes9903€40k€-51k▼
Income taxes67/77€12k€106▼
Profit (loss) for the period9904€28k€-51k▼
Profit (loss) for the period to be appropriated9905€28k€-51k▼
Appropriation of the result
Profit (loss) to be appropriated9906€93k€42k▼
Profit (loss) brought forward from the previous period14P€65k€93k▲
Transfer to equity691/2€0-
To other reserves6921€0-
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €27k | €27k | €28k | €31k | €35k | ▲ 14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2k | €1k | €924 | €6k | €7k | ▲ 19.5% |
| Other operating charges640/8 | €770 | €495 | €1k | €1k | €1k | ▼ 26.1% |
| Non-recurring operating charges66A | - | - | - | €2k | €0 | ▼ 100% |
| Gross operating margin9900 | €66k | €63k | €70k | €80k | €-8k | ▼ 110% |
| Operating profit (loss)9901 | €37k | €34k | €41k | €40k | €-51k | ▼ 226% |
| Financial income75/76B | €2k | €1 | €105 | €1k | €2k | ▲ 46.8% |
| Recurring financial income75 | €53 | €1 | €105 | €1k | €2k | ▲ 46.8% |
| Non-recurring financial income76B | €2k | €0 | - | - | - | - |
| Financial charges65/66B | €2k | €2k | €1k | €2k | €1k | ▼ 34.5% |
| Recurring financial charges65 | €2k | €2k | €1k | €2k | €1k | ▼ 34.5% |
| Profit (loss) for the period before taxes9903 | €37k | €32k | €39k | €40k | €-51k | ▼ 226% |
| Income taxes67/77 | €11k | €10k | €12k | €12k | €106 | ▼ 99.1% |
| Profit (loss) for the period9904 | €26k | €23k | €28k | €28k | €-51k | ▼ 281% |
| Profit (loss) for the period to be appropriated9905 | €26k | €23k | €28k | €28k | €-51k | ▼ 281% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €189k | €211k | €232k | €295k | €252k | ▼ 14.5% |
| Fixed assets21/28 | €79k | €74k | €73k | €95k | €88k | ▼ 7.8% |
| Tangible fixed assets22/27 | €4k | €3k | €2k | €24k | €16k | ▼ 31.5% |
| Plant, machinery and equipment23 | €1k | €481 | €107 | €0 | - | - |
| Furniture and vehicles24 | €3k | €2k | €2k | €24k | €16k | ▼ 31.5% |
| Financial fixed assets28 | €75k | €72k | €72k | €72k | €72k | = |
| Current assets29/58 | €110k | €137k | €159k | €199k | €164k | ▼ 17.7% |
| Amounts receivable within one year40/41 | €50k | €36k | €89k | €119k | €87k | ▼ 27.1% |
| Trade receivables40 | €32k | €24k | €32k | €50k | €24k | ▼ 52.6% |
| Other amounts receivable41 | €18k | €12k | €57k | €69k | €63k | ▼ 8.8% |
| Cash at bank and in hand54/58 | €60k | €100k | €68k | €80k | €77k | ▼ 3.6% |
| Deferred charges and accrued income490/1 | €770 | €623 | €664 | €498 | €385 | ▼ 22.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €189k | €211k | €232k | €295k | €252k | ▼ 14.5% |
| Equity10/15 | €148k | €171k | €198k | €226k | €176k | ▼ 22.4% |
| Contributions10/11 | €12k | €12k | €12k | €12k | €12k | = |
| Reserves13 | €71k | €93k | €121k | €121k | €121k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | €69k | €92k | €119k | €119k | €119k | = |
| Profit (loss) carried forward14 | €65k | €65k | €65k | €93k | €42k | ▼ 54.5% |
| Amounts payable17/49 | €41k | €41k | €34k | €68k | €76k | ▲ 11.7% |
| Amounts payable after more than one year17 | - | - | - | €12k | €6k | ▼ 47.0% |
| Financial debts170/4 | - | - | - | €12k | €6k | ▼ 47.0% |
| Amounts payable within one year42/48 | €40k | €40k | €33k | €56k | €70k | ▲ 24.0% |
| Current portion of amounts payable after more than one year42 | €3k | €3k | €3k | €9k | €9k | ▲ 2.2% |
| Trade debts44 | €421 | €3k | €5k | €15k | €10k | ▼ 37.5% |
| Suppliers440/4 | €421 | €3k | €5k | €15k | €10k | ▼ 37.5% |
| Taxes, remuneration and social security45 | €9k | €12k | €14k | €19k | €31k | ▲ 67.3% |
| Taxes450/3 | €4k | €6k | €9k | €12k | €23k | ▲ 92.1% |
| Remuneration and social security454/9 | €5k | €6k | €6k | €7k | €9k | ▲ 24.8% |
| Other amounts payable47/48 | €27k | €22k | €10k | €13k | €20k | ▲ 47.6% |
| Accrued charges and deferred income492/3 | €836 | €927 | €346 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26k | €23k | €28k | €28k | €-51k | ▼ 281% |
| + Depreciation and write-downs630 | €2k | €1k | €924 | €6k | €7k | ▲ 19.5% |
| Operating cash flow (approximation) | €27k | €24k | €29k | €34k | €-43k | ▼ 226% |
| Investment in fixed assets (approximation) | - | €3k | €0 | €-28k | €0 | ▲ 100% |
| Change in cash | - | €41k | €-32k | €11k | €-3k | ▼ 126% |
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
18-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 49 days late
2025
31-12
Financial
Weakest financial yearnet €-51k
Net result drops to €-51k, the lowest in the series.
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-12
Financial
Highest result since 2018net €28k ▲1.1%
Net result €28k, the highest in the series.
31-12
Financial
Equity above €200kEq €226k ▲14.1%
6 profitable years in a row build equity to €226k.
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 68 days late
2023
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 61 days late
2022
31-12
Financial
Equity above €150kEq €171k ▲15.4%
4 profitable years in a row build equity to €171k.
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
21-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 82 days late
2020
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 69 days late
2019
31-12
Financial
Back to profitnet €10k
Net result €10k after one loss-making year.
Show earlier events
31-12
Financial
Equity above €100kEq €100k ▲10.5%
Equity rises from €91k to €100k.
22-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 22 days late
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 58 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are 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, Brussel · 1 establishment unit since 2007
Ground area
159 m²
Building footprint
93 m²
Volume, LiDAR
805 m³
Parcel 21815D0055/00K000, Brussels · tallest building 18.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Modo Advocatenkantoor
since 20072.160.318.672
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21815D0055/00K000 | Brussels | 158 m² | 1 · 93 m² | 18.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 22,069 companies in sector 69101 we hold annual accounts for 9,052. 7,447 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
Founded09-11-2006
Fiscal year end31-12
Activities, NACEBEL 2025
69101Activities of lawyers
Scores and ratios are computed by Checked and are not a credit decision.