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 €175,777 and a net result of -€50,616. Equity is growing by ~14.2% per year across the filed fiscal years. Its solvency ranks better than 64% of 12819 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 €11,000 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.
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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 →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 57 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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 30 September (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€175,777▼ 22.4%
2024 · €226,392
Total assets
€251,893▼ 14.5%
2024 · €294,566
Net result
-€50,616
2024 · €28,001
Working capital
€94,115▼ 34.1%
2024 · €142,856
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, 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
Line20212022202320242025
Operating result€36,844▲ 15.2%€34,065▼ 7.5%€40,644▲ 19.3%€40,478▼ 0.4%-€51,173
Net result€25,953within the sector's middle half▲ 19.2%€22,725within the sector's middle half▼ 12.4%€27,694within the sector's middle half▲ 21.9%€28,001within the sector's middle half▲ 1.1%-€50,616below the sector's middle half
Equity€147,973within the sector's middle half▲ 21.3%€170,698within the sector's middle half▲ 15.4%€198,391within the sector's middle half▲ 16.2%€226,392within the sector's middle half▲ 14.1%€175,777within the sector's middle half▼ 22.4%
Total assets€188,644within the sector's middle half▲ 12.5%€211,312within the sector's middle half▲ 12.0%€232,014within the sector's middle half▲ 9.8%€294,566within the sector's middle half▲ 27.0%€251,893within the sector's middle half▼ 14.5%
Debt€40,671▼ 10.8%€40,615▼ 0.1%€33,623▼ 17.2%€68,174▲ 103%€76,116▲ 11.7%
Working capital€70,116within the sector's middle half▼ 14.0%€97,278within the sector's middle half▲ 38.7%€125,315within the sector's middle half▲ 28.8%€142,856within the sector's middle half▲ 14.0%€94,115within the sector's middle half▼ 34.1%
Solvency78.4%above the sector's middle half▲ 5.7pp80.8%above the sector's middle half▲ 2.3pp85.5%above the sector's middle half▲ 4.7pp76.9%within the sector's middle half▼ 8.7pp69.8%within the sector's middle half▼ 7.1pp
Current ratio2.76within the sector's middle half▼ 0.063.45within the sector's middle half▲ 0.694.77above the sector's middle half▲ 1.313.54within the sector's middle half▼ 1.232.35within the sector's middle half▼ 1.19
Return on assets (ROA)13.8%within the sector's middle half▲ 0.8pp10.8%within the sector's middle half▼ 3.0pp11.9%within the sector's middle half▲ 1.2pp9.5%within the sector's middle half▼ 2.4pp-20.1%below the sector's middle half▼ 29.6pp
Staff (FTE)11=1=1.3▲ 30.0%1.2▼ 7.7%
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, 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 turns negative in 2025: a loss of €51,173 after €40,478 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €251,893
Fixed assets
€87,948 ▼ 7.8%
Current assets
€163,944 ▼ 17.7%
Equity and liabilities €251,893
Equity
€175,777 ▼ 22.4%
Debt
€76,116 ▲ 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
-€43,717▼
2024 · €46,718
Cash flow
-€43,159▼
2024 · €34,241
Debt to equity
0.43▲
2024 · 0.30
ROE
-28.8%▼
2024 · 12.4%
Interest coverage
-39.62▼
2024 · 27.72
Debt ≤ 1 year
€69,829▲
2024 · €56,306
Debt > 1 year
€6,287▼
2024 · €11,868
Income taxes
€106▼
2024 · €11,995
Staff costs
€35,031▲
2024 · €30,518
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,815 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 88% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.9%
went bankrupt
9.8%
stopped otherwise
88%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 4,815 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €26,679 | €26,768 | €27,549 | €30,518 | €35,031 | ▲ 14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,526 | €1,470 | €924 | €6,240 | €7,456 | ▲ 19.5% |
| Other operating charges640/8 | €770 | €495 | €1,048 | €1,416 | €1,046 | ▼ 26.1% |
| Non-recurring operating charges66A | - | - | - | €1,604 | €0 | ▼ 100% |
| Gross operating margin9900 | €65,819 | €62,798 | €70,164 | €80,256 | -€7,639 | ▼ 110% |
| Operating profit (loss)9901 | €36,844 | €34,065 | €40,644 | €40,478 | -€51,173 | ▼ 226% |
| Financial income75/76B | €1,701 | €1 | €105 | €1,203 | €1,766 | ▲ 46.8% |
| Recurring financial income75 | €53 | €1 | €105 | €1,203 | €1,766 | ▲ 46.8% |
| Non-recurring financial income76B | €1,648 | €0 | - | - | - | - |
| Financial charges65/66B | €1,659 | €1,799 | €1,353 | €1,686 | €1,103 | ▼ 34.5% |
| Recurring financial charges65 | €1,659 | €1,799 | €1,353 | €1,686 | €1,103 | ▼ 34.5% |
| Profit (loss) for the period before taxes9903 | €36,886 | €32,267 | €39,396 | €39,996 | -€50,510 | ▼ 226% |
| Income taxes67/77 | €10,933 | €9,543 | €11,703 | €11,995 | €106 | ▼ 99.1% |
| Profit (loss) for the period9904 | €25,953 | €22,725 | €27,694 | €28,001 | -€50,616 | ▼ 281% |
| Profit (loss) for the period to be appropriated9905 | €25,953 | €22,725 | €27,694 | €28,001 | -€50,616 | ▼ 281% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €188,644 | €211,312 | €232,014 | €294,566 | €251,893 | ▼ 14.5% |
| Fixed assets21/28 | €78,692 | €74,347 | €73,423 | €95,404 | €87,948 | ▼ 7.8% |
| Tangible fixed assets22/27 | €4,105 | €2,635 | €1,711 | €23,692 | €16,236 | ▼ 31.5% |
| Plant, machinery and equipment23 | €1,153 | €481 | €107 | €0 | - | - |
| Furniture and vehicles24 | €2,951 | €2,154 | €1,604 | €23,692 | €16,236 | ▼ 31.5% |
| Financial fixed assets28 | €74,587 | €71,712 | €71,712 | €71,712 | €71,712 | = |
| Current assets29/58 | €109,952 | €136,965 | €158,592 | €199,162 | €163,944 | ▼ 17.7% |
| Amounts receivable within one year40/41 | €49,540 | €35,920 | €89,428 | €118,912 | €86,680 | ▼ 27.1% |
| Trade receivables40 | €31,596 | €23,570 | €32,069 | €49,766 | €23,611 | ▼ 52.6% |
| Other amounts receivable41 | €17,944 | €12,350 | €57,359 | €69,146 | €63,068 | ▼ 8.8% |
| Cash at bank and in hand54/58 | €59,642 | €100,422 | €68,500 | €79,752 | €76,880 | ▼ 3.6% |
| Deferred charges and accrued income490/1 | €770 | €623 | €664 | €498 | €385 | ▼ 22.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €188,644 | €211,312 | €232,014 | €294,566 | €251,893 | ▼ 14.5% |
| Equity10/15 | €147,973 | €170,698 | €198,391 | €226,392 | €175,777 | ▼ 22.4% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €70,750 | €93,475 | €121,169 | €121,169 | €121,169 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €68,890 | €91,615 | €119,309 | €119,309 | €119,309 | = |
| Profit (loss) carried forward14 | €64,823 | €64,823 | €64,823 | €92,824 | €42,208 | ▼ 54.5% |
| Amounts payable17/49 | €40,671 | €40,615 | €33,623 | €68,174 | €76,116 | ▲ 11.7% |
| Amounts payable after more than one year17 | - | - | - | €11,868 | €6,287 | ▼ 47.0% |
| Financial debts170/4 | - | - | - | €11,868 | €6,287 | ▼ 47.0% |
| Amounts payable within one year42/48 | €39,835 | €39,687 | €33,277 | €56,306 | €69,829 | ▲ 24.0% |
| Current portion of amounts payable after more than one year42 | €3,353 | €3,356 | €3,395 | €8,774 | €8,969 | ▲ 2.2% |
| Trade debts44 | €421 | €3,020 | €5,360 | €15,275 | €9,545 | ▼ 37.5% |
| Suppliers440/4 | €421 | €3,020 | €5,360 | €15,275 | €9,545 | ▼ 37.5% |
| Taxes, remuneration and social security45 | €9,308 | €11,630 | €14,488 | €18,797 | €31,455 | ▲ 67.3% |
| Taxes450/3 | €4,021 | €5,861 | €8,570 | €11,891 | €22,839 | ▲ 92.1% |
| Remuneration and social security454/9 | €5,287 | €5,768 | €5,918 | €6,907 | €8,616 | ▲ 24.8% |
| Other amounts payable47/48 | €26,752 | €21,681 | €10,034 | €13,459 | €19,861 | ▲ 47.6% |
| Accrued charges and deferred income492/3 | €836 | €927 | €346 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,953 | €22,725 | €27,694 | €28,001 | -€50,616 | ▼ 281% |
| + Depreciation and write-downs630 | €1,526 | €1,470 | €924 | €6,240 | €7,456 | ▲ 19.5% |
| Operating cash flow (approximation) | €27,480 | €24,195 | €28,618 | €34,241 | -€43,159 | ▼ 226% |
| Investment in fixed assets (approximation) | - | €2,875 | €0 | -€28,221 | €0 | ▲ 100% |
| Change in cash | - | €40,780 | -€31,922 | €11,252 | -€2,871 | ▼ 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 -€50,616
Net result drops to -€50,616, 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 €28,001 ▲1.1%
Net result €28,001, the highest in the series.
31-12
Financial
Equity above €200,000Eq €226,392 ▲14.1%
6 profitable years in a row build equity to €226,392.
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 €150,000Eq €170,698 ▲15.4%
4 profitable years in a row build equity to €170,698.
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 €9,529
Net result €9,529 after one loss-making year.
Show earlier events
31-12
Financial
Equity above €100,000Eq €100,249 ▲10.5%
Equity rises from €90,721 to €100,249.
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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
50%
According to the 2025 annual accounts of FW32 and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 22,076 companies in sector 69101 we hold annual accounts for 9,061. 7,451 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
E-invoicing
Reachable via Peppol
Peppol ID
0208:0884861417
Also
9925:BE0884861417
Registered
16-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.