Public limited company · founded 1984 · 42 yrs activePaalsteen 1, 9830 Sint-Martens-Latem, BelgiumKBO/BCE: BE 0425.610.759
Summary
FORREZ BANDEN - FORREZ PNEUS has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.3m and a net result of €997,742. Equity is growing by ~3.8% per year across the filed fiscal years. Its solvency ranks better than 49% of 4613 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability69▲+6
Solvency62▲+8
Growth59▲+18
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95,000 at 30 days acceptable
Liquidity short (current ratio 0.02 against 0.02 in 2024; short-term debt: 39.1% and cash: 0.1% of total assets), and 62.8% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 15 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
○
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 4 October (5 of the last 5 filed years within 30 days of that day).
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
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
FORREZ BANDEN - FORREZ PNEUS was incorporated on 6 March 1984.1The name was changed to SPACERENT in 2026.2The registered office was moved to Sint-Martens-Latem in 2026.2The board currently has 2 members; VASTIUM has served longest, since 2026.2Revenue fell from EUR 1.2 million in 2019 to EUR 975,412 in 2025 and headcount from 1 to 1.1 full-time equivalents.3
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate 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
Net result€112,818within the sector's middle half▼ 58.9%€291,863above the sector's middle half▲ 159%€127,778within the sector's middle half▼ 56.2%€292,203above the sector's middle half▲ 129%€997,742above the sector's middle half▲ 241%
Equity€4.1mabove the sector's middle half▲ 0.6%€4.3mabove the sector's middle half▲ 6.9%€4.4mabove the sector's middle half▲ 2.0%€4.3mabove the sector's middle half▼ 2.4%€5.3mabove the sector's middle half▲ 23.1%
Total assets€17.2mabove the sector's middle half▲ 125%€15.2mabove the sector's middle half▼ 11.5%€15.1mabove the sector's middle half▼ 0.5%€14.9mabove the sector's middle half▼ 1.5%€14.3mabove the sector's middle half▼ 4.1%
Working capital-€10.0mbelow the sector's middle half-€4.7mbelow the sector's middle half▲ 52.8%-€5.5mbelow the sector's middle half▼ 15.0%-€6.2mbelow the sector's middle half▼ 13.3%-€5.5mbelow the sector's middle half▲ 11.3%
Solvency23.6%within the sector's middle half▼ 29.2pp28.5%within the sector's middle half▲ 4.9pp29.3%within the sector's middle half▲ 0.7pp29.0%within the sector's middle half▼ 0.3pp37.2%within the sector's middle half▲ 8.2pp
Current ratio0.10below the sector's middle half▼ 0.960.04below the sector's middle half▼ 0.060.03below the sector's middle half▼ 0.010.02below the sector's middle half=0.02below the sector's middle half▼ 0.01
Return on assets (ROA)0.7%within the sector's middle half▼ 2.9pp1.9%within the sector's middle half▲ 1.3pp0.8%within the sector's middle half▼ 1.1pp2.0%within the sector's middle half▲ 1.1pp7.0%above the sector's middle half▲ 5.0pp
Staff (FTE)1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1.1within the sector's middle half▲ 10.0%1.1within the sector's middle half=
abovewithinbelowthe middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 21% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.3m
99.4%
Fixed assets€14.2m ▼ 3.8%
Current assets€91,108 ▼ 36.6%
Equity and liabilities €14.3m
37.2%
62.8%
Equity€5.3m ▲ 23.1%
Debt€9.0m ▼ 15.2%
Debt's share of the balance-sheet total falls from 71.0% to 62.8%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€889,287▲
2024 · €818,914
Cash flow
€1.5m▲
2024 · €763,980
Debt to equity
1.69▼
2024 · 2.45
ROE
18.8%▲
2024 · 6.8%
Interest coverage
3.13▲
2024 · 2.80
Debt ≤ 1 year
€5.6m▼
2024 · €6.3m
Debt > 1 year
€3.4m▼
2024 · €4.2m
Income taxes
€44,464▲
2024 · €11,131
Staff costs
€62,481▼
2024 · €68,274
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 81 lines
Balance sheetCode20242025
Assets
Total assets20/58€14.9m€14.3m▼
Fixed assets21/28€14.7m€14.2m▼
Intangible fixed assets21€517,470€420,158▼
Tangible fixed assets22/27€4.6m€4.8m▲
Land and buildings22€4.4m€4.2m▼
Plant, machinery and equipment23€11,239€5,940▼
Furniture and vehicles24€135,479€137,147▲
Other tangible fixed assets26€69,562€66,867▼
Assets under construction and advance payments27-€394,087
Financial fixed assets28€9.6m€9.0m▼
Affiliated companies280/1€9.4m€8.7m▼
Participating interests280€9.4m€8.7m▼
Other financial fixed assets284/8€247,062€247,062=
Shares284€247,062€247,062=
Current assets29/58€143,607€91,108▼
Stocks and contracts in progress3€0€0=
Amounts receivable within one year40/41€83,105€29,783▼
Trade receivables40€24,235€24,290▲
Other amounts receivable41€58,869€5,493▼
Cash at bank and in hand54/58€17,535€15,302▼
Deferred charges and accrued income490/1€42,967€46,022▲
Equity and liabilities
Total equity and liabilities10/49€14.9m€14.3m▼
Equity10/15€4.3m€5.3m▲
Contributions10/11€617,000€617,000=
Capital10€617,000€617,000=
Issued capital100€617,000€617,000=
Reserves13€3.7m€4.7m▲
Non-distributable reserves130/1€61,700€61,700=
Legal reserve130€61,700€61,700=
Tax-exempt reserves132€171,590€64,790▼
Distributable reserves133€3.5m€4.6m▲
Amounts payable17/49€10.6m€9.0m▼
Amounts payable after more than one year17€4.2m€3.4m▼
Financial debts170/4€4.2m€3.4m▼
Credit institutions173€4.2m€3.4m▼
Amounts payable within one year42/48€6.3m€5.6m▼
Current portion of amounts payable after more than one year42€853,740€853,740=
Financial debts43€500,000€500,000=
Credit institutions430/8€500,000€500,000=
Trade debts44€38,342€448,264▲
Suppliers440/4€38,342€448,264▲
Taxes, remuneration and social security45€27,083€33,015▲
Taxes450/3€15,508€23,699▲
Remuneration and social security454/9€11,575€9,316▼
Other amounts payable47/48€4.9m€3.7m▼
Accrued charges and deferred income492/3€25,458€25,650▲
Income statementCode20242025
Operating income70/76A€1.4m€1.5m▲
Turnover70€972,550€975,412▲
Other operating income74€433,035€519,455▲
Operating charges60/66A€1.1m€1.1m▲
Goods for resale, raw materials and consumables60€111,827€74,656▼
Purchases600/8€111,827€74,656▼
Services and other goods61€320,188€386,955▲
Remuneration, social security and pensions62€68,274€62,481▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€471,778€467,972▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-
Other operating charges640/8€79,579€81,488▲
Non-recurring operating charges66A€6,804€0▼
Operating profit (loss)9901€347,137€421,315▲
Financial income75/76B€260,000€1.5m▲
Recurring financial income75€260,000€1.5m▲
Income from financial fixed assets750€260,000€1.5m▲
Income from current assets751€0-
Other financial income752/9€0€1▲
Financial charges65/66B€303,803€924,421▲
Recurring financial charges65€303,803€292,421▼
Debt charges650€292,723€284,064▼
Other financial charges652/9€11,079€8,358▼
Non-recurring financial charges66B-€632,000
Profit (loss) for the period before taxes9903€303,334€1.0m▲
Income taxes67/77€11,131€44,464▲
Taxes670/3€11,131€44,464▲
Profit (loss) for the period9904€292,203€997,742▲
Transfer from tax-exempt reserves789€124,600€106,800▼
Profit (loss) for the period to be appropriated9905€416,803€1.1m▲
Appropriation of the result
Profit (loss) to be appropriated9906€416,803€1.1m▲
Transfer to equity691/2€16,803€1.1m▲
To other reserves6921€16,803€1.1m▲
Profit to be distributed694/7€400,000€0▼
Return on contributions (dividend)694€400,000€0▼
Social balance
Average headcount (FTE)90871.11.1=
The notes to these accounts (79 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2021
2022
2023
2024
2025
Change
Operating income70/76A
-
€5.4m
€1.4m
€1.4m
€1.5m
▲ 6.4%
Turnover70
€881,504
€1.4m
€975,629
€972,550
€975,412
▲ 0.3%
Other operating income74
-
€371,550
€402,149
€433,035
€519,455
▲ 20.0%
Non-recurring operating income76A
-
€3.7m
€0
-
-
-
Operating charges60/66A
-
€5.2m
€1.1m
€1.1m
€1.1m
▲ 1.4%
Goods for resale, raw materials and consumables60
-
€566,354
€196,886
€111,827
€74,656
▼ 33.2%
Purchases600/8
-
-€109,625
€196,886
€111,827
€74,656
▼ 33.2%
Change in stocks: decrease (increase)609
-
€675,979
-
-
-
-
Services and other goods61
-
€366,778
€361,745
€320,188
€386,955
▲ 20.9%
Remuneration, social security and pensions62
-
€53,274
€55,719
€68,274
€62,481
▼ 8.5%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€484,736
€482,608
€453,346
€471,778
€467,972
▼ 0.8%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4
-
-
-€346
€0
-
-
Other operating charges640/8
-
€70,102
€70,673
€79,579
€81,488
▲ 2.4%
Non-recurring operating charges66A
-
€3.7m
€0
€6,804
€0
▼ 100%
Operating profit (loss)9901
€208,111
€194,944
€239,756
€347,137
€421,315
▲ 21.4%
Financial income75/76B
-
€296,842
€85,988
€260,000
€1.5m
▲ 494%
Recurring financial income75
€15,131
€296,842
€85,988
€260,000
€1.5m
▲ 494%
Income from financial fixed assets750
-
€275,138
€85,074
€260,000
€1.5m
▲ 494%
Income from current assets751
-
€1,891
€915
€0
-
-
Other financial income752/9
-
€19,813
€0
€0
€1
-
Financial charges65/66B
-
€176,195
€170,008
€303,803
€924,421
▲ 204%
Recurring financial charges65
€75,554
€176,195
€170,008
€303,803
€292,421
▼ 3.7%
Debt charges650
€68,553
€156,152
€158,670
€292,723
€284,064
▼ 3.0%
Other financial charges652/9
-
€20,043
€11,339
€11,079
€8,358
▼ 24.6%
Non-recurring financial charges66B
-
-
-
-
€632,000
-
Profit (loss) for the period before taxes9903
€147,687
€315,591
€155,736
€303,334
€1.0m
▲ 244%
Income taxes67/77
€34,870
€23,728
€27,958
€11,131
€44,464
▲ 299%
Taxes670/3
-
€27,842
€27,958
€11,131
€44,464
▲ 299%
Tax adjustments and reversals of tax provisions77
-
€4,114
€0
-
-
-
Profit (loss) for the period9904
€112,818
€291,863
€127,778
€292,203
€997,742
▲ 241%
Transfer from tax-exempt reserves789
-
-
-
€124,600
€106,800
▼ 14.3%
Transfer to tax-exempt reserves689
-
€63,150
€0
-
-
-
Profit (loss) for the period to be appropriated9905
€112,818
€228,713
€127,778
€416,803
€1.1m
▲ 165%
Line
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€17.2m
€15.2m
€15.1m
€14.9m
€14.3m
▼ 4.1%
Fixed assets21/28
€16.1m
€15.0m
€15.0m
€14.7m
€14.2m
▼ 3.8%
Intangible fixed assets21
€644,307
€566,247
€509,303
€517,470
€420,158
▼ 18.8%
Tangible fixed assets22/27
€5.8m
€4.8m
€4.8m
€4.6m
€4.8m
▲ 3.8%
Land and buildings22
-
€4.6m
€4.6m
€4.4m
€4.2m
▼ 4.8%
Plant, machinery and equipment23
-
€24,134
€16,732
€11,239
€5,940
▼ 47.2%
Furniture and vehicles24
-
€130,532
€143,077
€135,479
€137,147
▲ 1.2%
Other tangible fixed assets26
-
€74,953
€72,257
€69,562
€66,867
▼ 3.9%
Assets under construction and advance payments27
-
€0
-
-
€394,087
-
Financial fixed assets28
€9.6m
€9.6m
€9.6m
€9.6m
€9.0m
▼ 6.6%
Affiliated companies280/1
-
€9.4m
€9.4m
€9.4m
€8.7m
▼ 6.7%
Participating interests280
-
€9.4m
€9.4m
€9.4m
€8.7m
▼ 6.7%
Other financial fixed assets284/8
-
€252,062
€247,062
€247,062
€247,062
=
Shares284
-
€247,062
€247,062
€247,062
€247,062
=
Amounts receivable and cash guarantees285/8
-
€5,000
€0
-
-
-
Current assets29/58
€1.1m
€177,540
€149,594
€143,607
€91,108
▼ 36.6%
Stocks and contracts in progress3
€675,979
€0
€0
€0
€0
-
Stocks30/36
-
€0
-
-
-
-
Property held for sale35
-
€0
-
-
-
-
Amounts receivable within one year40/41
€59,271
€124,129
€101,914
€83,105
€29,783
▼ 64.2%
Trade receivables40
-
€21,972
€29,872
€24,235
€24,290
▲ 0.2%
Other amounts receivable41
-
€102,158
€72,042
€58,869
€5,493
▼ 90.7%
Cash at bank and in hand54/58
€260,724
€11,496
€15,518
€17,535
€15,302
▼ 12.7%
Deferred charges and accrued income490/1
-
€41,914
€32,161
€42,967
€46,022
▲ 7.1%
Equity and liabilities
Total equity and liabilities10/49
€17.2m
€15.2m
€15.1m
€14.9m
€14.3m
▼ 4.1%
Equity10/15
€4.1m
€4.3m
€4.4m
€4.3m
€5.3m
▲ 23.1%
Contributions10/11
€617,000
€617,000
€617,000
€617,000
€617,000
=
Capital10
-
€617,000
€617,000
€617,000
€617,000
=
Issued capital100
-
€617,000
€617,000
€617,000
€617,000
=
Reserves13
€3.4m
€3.7m
€3.8m
€3.7m
€4.7m
▲ 27.0%
Non-distributable reserves130/1
-
€61,700
€61,700
€61,700
€61,700
=
Legal reserve130
-
€61,700
€61,700
€61,700
€61,700
=
Tax-exempt reserves132
-
€296,190
€296,190
€171,590
€64,790
▼ 62.2%
Distributable reserves133
-
€3.4m
€3.4m
€3.5m
€4.6m
▲ 31.9%
Amounts payable17/49
€13.1m
€10.9m
€10.7m
€10.6m
€9.0m
▼ 15.2%
Amounts payable after more than one year17
€2.0m
€5.9m
€5.1m
€4.2m
€3.4m
▼ 20.3%
Financial debts170/4
-
€5.9m
€5.1m
€4.2m
€3.4m
▼ 20.3%
Credit institutions173
-
€5.9m
€5.1m
€4.2m
€3.4m
▼ 20.3%
Amounts payable within one year42/48
€11.1m
€4.9m
€5.6m
€6.3m
€5.6m
▼ 11.9%
Current portion of amounts payable after more than one year42
-
€889,290
€855,765
€853,740
€853,740
=
Financial debts43
-
€500,000
€500,000
€500,000
€500,000
=
Credit institutions430/8
-
€500,000
€500,000
€500,000
€500,000
=
Trade debts44
€336,209
€66,552
€50,700
€38,342
€448,264
▲ 1,069%
Suppliers440/4
-
€66,552
€50,700
€38,342
€448,264
▲ 1,069%
Taxes, remuneration and social security45
-
€29,051
€22,530
€27,083
€33,015
▲ 21.9%
Taxes450/3
-
€19,241
€12,349
€15,508
€23,699
▲ 52.8%
Remuneration and social security454/9
-
€9,810
€10,182
€11,575
€9,316
▼ 19.5%
Other amounts payable47/48
-
€3.4m
€4.2m
€4.9m
€3.7m
▼ 23.8%
Accrued charges and deferred income492/3
-
€16,822
€18,130
€25,458
€25,650
▲ 0.8%
Line
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
€112,818
€291,863
€127,778
€292,203
€997,742
▲ 241%
+ Depreciation and write-downs630
€484,736
€482,608
€453,346
€471,778
€467,972
▼ 0.8%
Operating cash flow (approximation)
€597,554
€774,471
€581,124
€763,980
€1.5m
▲ 91.9%
Investment in fixed assets (approximation)
-
€608,803
-€397,812
-€245,455
€85,862
▲ 135%
Change in cash
-
-€249,228
€4,022
€2,016
-€2,233
▼ 211%
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Net result drops to €112,818, the lowest in the series; recovery starts the following year.
2020
09-10
NBB filingAnnual accounts filed
fiscal year 2020 · full schema
2019
17-12
NBB filingAnnual accounts filed
fiscal year 2019 · full schema · 47 days late
2018
17-09
NBB filingAnnual accounts filed
fiscal year 2018 · full schema
2017
29-09
NBB filingAnnual accounts filed
fiscal year 2017 · full schema
2016
16-09
NBB filingAnnual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
2 directors, last change in 2026
Board 2
VA
VASTIUM
Non-statutory director · since 04-06-2026 · Legal entity · perm. rep.: FORREZ Marie Christine
Non-statutory director · since 04-06-2026 · Private limited company · perm. rep.: MERTENS Geert Gustaaf Lode
Current
Permanent representatives 2
CF
FORREZ Marie Christine
Permanent representative · since 04-06-2026 · for VASTIUM
Current
LM
MERTENS Geert Gustaaf Lode
Permanent representative · since 04-06-2026 · for WEVANO
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
8 of this company's 9 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
Maaldestedestraat 51, 8902 IeperManufacture of fabricated metal products, except machinery and equipment
since 20052.150.325.296
2 parcels
Flanders2(100%)
Parcel (capakey)
Region
Area
Buildings
Height / fl.
33036A0269/00S004
Flanders
6,610 m²
1 · 2,284 m²
9.5 m · 2 fl.
44064B0086/00A003
Flanders
2,229 m²
1 · 228 m²
13.2 m · 3 fl.
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
According to the annual accounts to 31-03-2025 of FORREZ BANDEN - FORREZ PNEUS 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
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
6 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 2,599 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded06-03-1984
Fiscal year end31-03
Legal name NLSPACERENT
Activities, NACEBEL 2025
47820Retail sale of motor vehicle parts and accessories
68203Renting and operating of own or leased non-residential real estate, excluding land
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID0208:0425610759
Also9925:BE0425610759
Registered16-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.