MND FOREST

Active

Private limited companyfounded 201115 yrs activeVoie de la Forge 3, 6740 Etalle, BelgiumKBO/BCE: BE 0838.029.322

MND FOREST has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €222k and a net result of €53k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 24% of 311 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

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Checked score

Score 2025

56 / 100

Fair▲ +36 vs 2024

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability100▲+100

Solvency12▲+5

Growth78▲+26

Stability100

Bankruptcy probability, 12 months

0.2% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €12k at 30 days acceptable

Liquidity short (current ratio 0.64 against 0.45 in 2024), and 86.2% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 02

Relative position

BE, all sectors

reference

Sector 02

lower

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

13.8%

Return on assets

3.3%

Age of the figures

8 mo

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 311 sector peers (2025).

NBB · sector comparison

Position among 311 sector peers

Solvency

better than 24%

← weakest strongest →

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-07-2026, 3 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

3 d early

2024

22 d late

2023

69 d late

2022

52 d late

2021

31 d late

2020

61 d late

2019

74 d late

← before the deadline after the deadline →

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 months

Position in the running window

13-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, micro schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

€53k

2024 · €-288k

2018: €-23k 2019: €12k 2020: €226k 2021: €123k 2022: €59k 2023: €30k 2024: €-288k

2018 → 2025

Working capital

€-138k▲ 36.9%

2024 · €-218k

2018: €-65k 2019: €-47k 2020: €-106k 2021: €-51k 2022: €-19k 2023: €-53k 2024: €-218k

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Equity€373k-€432k▲ 15.9%€462k▲ 6.8%€155k▼ 66.4%€222k▲ 43.1%

Operating result€158k-€103k▼ 35.0%€46k▼ 54.8%€-251k€94k

Net result€123k-€59k▼ 51.6%€30k▼ 50.2%€-288k€53k

Result per fiscal year

Operating resultNet result

The operating result returns to profit in 2025: €94k after a loss of €251k in 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €1.61M

84.9%

15.1%

Fixed assets €1.36M▲ 11.6%

Current assets €243k▲ 35.7%

Equity and liabilities €1.61M

13.8%

86.2%

Equity €222k▲ 43.1%

Debt €1.38M▲ 11.2%

The debt ratio falls from 88.9% to 86.2%: equity grows faster than debt.

Key figures and ratios

2025 value · change against 2024

EBITDA

€462k▲

2024 · €128k

Cash flow

€422k▲

2024 · €90k

Solvency

13.8%▲

2024 · 11.1%

Current ratio

0.64▲

2024 · 0.45

Quick ratio

0.64▲

2024 · 0.45

Debt / equity

6.22▼

2024 · 8.01

ROE

23.9%▲

2024 · -185.4%

ROA

3.3%▲

2024 · -20.6%

Interest coverage

11.41▲

2024 · 3.43

Debt

€1.38M▲

2024 · €1.24M

Debt ≤ 1 year

€381k▼

2024 · €397k

Debt > 1 year

€1.00M▲

2024 · €843k

Income taxes

€162

Staff costs

€129k▲

2024 · €108k

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€1.40M€1.61M▲

Fixed assets21/28€1.22M€1.36M▲

Intangible fixed assets21-€0

Tangible fixed assets22/27€1.22M€1.36M▲

Land and buildings22€55k€237k▲

Plant, machinery and equipment23€171k€124k▼

Furniture and vehicles24€620k€801k▲

Leasing and similar rights25€373k€200k▼

Financial fixed assets28€755€755=

Current assets29/58€179k€243k▲

Amounts receivable within one year40/41€131k€148k▲

Trade receivables40€120k€123k▲

Other amounts receivable41€11k€26k▲

Cash at bank and in hand54/58€35k€81k▲

Deferred charges and accrued income490/1€12k€14k▲

Equity and liabilities

Total equity and liabilities10/49€1.40M€1.61M▲

Equity10/15€155k€222k▲

Reserves13€411k€411k=

Distributable reserves133€411k€411k=

Profit (loss) carried forward14€-256k€-203k▲

Investment grants15-€14k

Amounts payable17/49€1.24M€1.38M▲

Amounts payable after more than one year17€843k€1.00M▲

Financial debts170/4€843k€1.00M▲

Amounts payable within one year42/48€397k€381k▼

Current portion of amounts payable after more than one year42€267k€268k▲

Trade debts44€121k€105k▼

Suppliers440/4€121k€105k▼

Taxes, remuneration and social security45€9k€8k▼

Taxes450/3€3k€289▼

Remuneration and social security454/9€6k€8k▲

Accrued charges and deferred income492/3€4k€719▼

Income statement Code20242025

Remuneration, social security and pensions62€108k€129k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€378k€368k▼

Other operating charges640/8€6k€22k▲

Gross operating margin9900€241k€613k▲

Operating profit (loss)9901€-251k€94k▲

Financial income75/76B-€89

Recurring financial income75-€89

Financial charges65/66B€37k€40k▲

Recurring financial charges65€37k€40k▲

Profit (loss) for the period before taxes9903€-288k€53k▲

Income taxes67/77-€162

Profit (loss) for the period9904€-288k€53k▲

Profit (loss) for the period to be appropriated9905€-288k€53k▲

Appropriation of the result

Profit (loss) to be appropriated9906€-270k€-203k▲

Profit (loss) brought forward from the previous period14P€18k€-256k▼

Transfer from equity791/2€14k-

The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 16Financial 6Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

28-07

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

31-12

Financial Back to profitnet €53k

Net result €53k after one loss-making year.

31-12

Financial Equity above €200kEq €222k ▲43.1%

Equity rises from €155k to €222k.

22-08

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 22 days late

2024

31-12

Financial Weakest financial yearnet €-288k ▼1074%

Net result drops to €-288k, the lowest in the series; recovery starts the following year.

08-10

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 69 days late

2023

21-09

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 52 days late

2022

31-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 31 days late

2021

30-09

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 61 days late

2020

31-12

Financial Highest result since 2018net €226k ▲1791%

Operating result €250k, net result €226k, both a record.

31-12

Financial Equity above €200kEq €250k ▲911%

2 profitable years in a row build equity to €250k.

13-10

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 74 days late

2019

31-12

Financial Back to profitnet €12k

Net result €12k after one loss-making year.

21-08

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 21 days late

2018

22-08

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 22 days late

2017

31-07

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

no sitting director, no change since 2022

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

09-12-2022 Resigned as Director (executive)

Location & real-estate footprint

Registered office, Etalle · 1 establishment unit since 2011

establishment The establishment unit on the map

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.

Voie de la Forge 36740 Etalle

Ground area

765 m²

Building footprint

113 m²

Volume, LiDAR