ACTIVE

AFOREST BELGIUM

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Financial year 2025 · closed on 31/12/2025

Net result

-6,8 k €

-178.9% YoY

Gross margin

224 k €

+39.4% YoY

Equity

77,4 k €

-8.1% YoY

Workforce

2,0 ETP

+53.8% YoY

What does AFOREST BELGIUM do?

AFOREST BELGIUM is a Private limited company incorporated in 1990. Its main activity is: Management consultancy activities. Its registered office is in Charleroi. It employs on average 2,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0441.533.607

Incorporation

27/09/1990

Legal form

Private limited company

Registered office

Avenue Jean Mermoz 1 box 4
6041 Charleroi · WallonieSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Average workforce

2,0 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 85592Other education n.e.c.85592Other education n.e.c.70200Management consultancy activities 70220Business and other management consultancy activities+2

Signals

Positive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	224 k €	+39.4%	160,7 k €	+237%	47,7 k €	+129%	20,8 k €	-32.1%	30,6 k €	+251%	-20,3 k €	-538%	4,6 k €	-63.7%	12,8 k €	+2.8%	12,4 k €	-61.2%	32,1 k €	-11.9%	36,4 k €	+1981%	1,7 k €	-93.5%	27 k €	+101%	13,4 k €	+393%	2,7 k €	+107%	-38,3 k €	-731%	6,1 k €	-61.8%	15,9 k €
EBITDA	56,4 k €	+23.2%	45,8 k €	+24.9%	36,6 k €	+83.9%	19,9 k €	-33.1%	29,8 k €	+244%	-20,7 k €	-604%	4,1 k €	-66.6%	12,3 k €	+2.7%	12 k €	-62.2%	31,6 k €	-12.0%	35,9 k €	+2799%	1,2 k €	-95.3%	26,4 k €	+109%	12,7 k €	+513%	2,1 k €	+105%	-39,4 k €	-944%	4,7 k €	-64.9%	13,3 k €
Operating result	21,9 k €	+91.9%	11,4 k €	-36.8%	18 k €	+157%	7 k €	-64.7%	19,9 k €	+183%	-24 k €	-1189%	2,2 k €	-80.0%	11 k €	-20.6%	13,9 k €	-58.2%	33,2 k €	+12.4%	29,6 k €	+41551%	71 €	-99.7%	25,3 k €	+129%	11 k €	+770%	-1,6 k €	+95.9%	-40,5 k €	-1156%	3,8 k €	-69.3%	12,5 k €
Net result	-6,8 k €	-179%	-2,4 k €	-121%	11,5 k €	+153%	4,6 k €	-72.9%	16,8 k €	+169%	-24,5 k €	-280%	13,6 k €	+83.7%	7,4 k €	+3.9%	7,1 k €	-66.6%	21,4 k €	+14.2%	18,7 k €	+347%	4,2 k €	-64.2%	11,7 k €	+3.4%	11,3 k €	+1593%	668,7 €	+102%	-34,1 k €	-4914%	707,9 €	-89.4%	6,7 k €
Balance sheet
Equity	77,4 k €	-8.1%	84,2 k €	-2.8%	86,7 k €	+15.4%	75,1 k €	+6.5%	70,6 k €	+31.3%	53,8 k €	-31.3%	78,3 k €	+21.1%	64,6 k €	+13.0%	57,2 k €	+14.3%	50,1 k €	+74.7%	28,7 k €	+189%	9,9 k €	+73.2%	5,7 k €	+196%	-6 k €	+65.4%	-17,3 k €	+3.7%	-18 k €	-212%	16,1 k €	+4.6%	15,4 k €
Total assets	391,1 k €	-8.3%	426,5 k €	+10.4%	386,3 k €	-19.5%	480,1 k €	+27.8%	375,6 k €	+26.8%	296,2 k €	+5.3%	281,2 k €	+41.0%	199,4 k €	-33.7%	300,7 k €	-4.1%	313,5 k €	-12.3%	357,4 k €	+15.2%	310,1 k €	-10.1%	345 k €	-34.5%	526,9 k €	+106%	255,8 k €	+44.8%	176,7 k €	-28.5%	246,9 k €	-21.4%	314 k €
Cash	78,3 k €	-6.9%	84,1 k €	+54.7%	54,4 k €	-36.3%	85,4 k €	-28.5%	119,4 k €	+26.6%	94,3 k €	+68.4%	56 k €	+15.2%	48,6 k €	-16.5%	58,2 k €	+256%	16,3 k €	-90.6%	174,4 k €	+45.7%	119,7 k €	+142%	49,4 k €	+137%	20,9 k €	-36.0%	32,6 k €	-39.8%	54,2 k €	-21.9%	69,4 k €	+55.5%	44,6 k €
Debts	313,7 k €	-8.4%	342,3 k €	+14.2%	299,7 k €	-26.0%	404,9 k €	+32.8%	305 k €	+25.8%	242,4 k €	+19.4%	202,9 k €	+50.6%	134,7 k €	-44.7%	243,5 k €	-7.6%	263,4 k €	-19.9%	328,7 k €	+9.5%	300,2 k €	-11.5%	339,3 k €	-36.3%	532,9 k €	+95.2%	273,1 k €	+40.3%	194,6 k €	-15.7%	230,8 k €	-22.7%	298,6 k €
Other
Workforce	2,0 ETP	+53.8%	1,3 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 8 ended

Active mandates

Martial MUNIER

Director · since 15 octobre 2025

Active

Ended mandates

Eric SMYKOWSKI

Director · since 29 février 2016

Ended

Eric SMYKOWSKI

Manager · since 29 février 2016

Ended

AFOREST

Associate

Represented by Maurice GRUNWALD

Ended

AFOREST FORMATION

Associate

Represented by Jean ARNOULD

Ended

At this address

Other companies at this address

Company	CBE no.
AGRIVAUX● Active	0450.423.260
ARLIMMO● Active	0478.136.457
ASCENCIO● Active	0881.334.476
ASCENCIO MANAGEMENT● Active	0881.160.173
BRICOLAGH● Active	0846.940.850
CMJM Wine● Active	0760.521.669
DREAMT● Active	0785.273.396
DUODEV● Active	0687.986.158
Duodev 2● Active	0785.629.922
DUODEV 3● Active	1011.818.975
Duodev Management● Active	0784.800.769
EQUILIS EUROPE● Active	0687.815.617
FIDAGH● Active	0430.140.659
HOLDBRU● Active	0831.974.938
HOLDMAISY● Active	0831.976.522
HOPINESS● Active	0501.960.251
JEC INVEST● Active	0893.987.038
TEAM SOFIA● Active	0649.807.057
VALOIS● Active	0402.251.773

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/07/2026	30/07/2025	30/07/2024	01/08/2023	06/07/2022	01/09/2021
General meeting	15/05/2026	16/05/2025	17/05/2024	19/05/2023	20/05/2022	21/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

34 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	15/05/2026	31/07/2026	French	PDF
Abridged model	31/12/2024	16/05/2025	30/07/2025	French	PDF
Abridged model	31/12/2023	17/05/2024	30/07/2024	French	PDF
Micro model	31/12/2022	19/05/2023	01/08/2023	French	PDF
Micro model	31/12/2021	20/05/2022	06/07/2022	French	PDF
Micro model	31/12/2020	21/05/2021	01/09/2021	French	PDF
Micro model	31/12/2019	15/05/2020	22/10/2020	French	PDF
Micro model	31/12/2018	17/05/2019	24/06/2019	French	PDF
Micro model	31/12/2017	18/05/2018	21/06/2018	French	PDF
Micro model	31/12/2016	19/05/2017	09/06/2017	French	PDF
Abridged model	31/12/2015	20/05/2016	31/05/2016	French	PDF
Abridged model	31/12/2014	15/05/2015	21/05/2015	French	PDF
Abridged model	31/12/2013	16/05/2014	19/05/2014	French	PDF
Abridged model	31/12/2012	17/05/2013	07/06/2013	French	PDF
Abridged model	31/12/2011	18/05/2012	24/05/2012	French	PDF
Abridged model	31/12/2010	20/05/2011	23/05/2011	French	PDF
Abridged model	31/12/2009	21/05/2010	22/05/2010	French	PDF
Abridged model	31/12/2008	15/05/2009	03/06/2009	French	PDF
Abridged model	31/12/2007	16/05/2008	07/08/2008	French	PDF
Abridged model	30/09/2006	01/02/2007	16/03/2007	French	PDF
Abridged model	30/09/2005	18/02/2006	21/02/2006	French	PDF
Abridged model	30/09/2004	24/03/2005	31/03/2005	French	PDF
Abridged model	30/09/2003	30/03/2004	31/03/2004	French	PDF
Abridged model	30/09/2002	28/03/2003	04/04/2003	French	PDF

View all 34 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 8 ended

Active mandates

Martial MUNIER

Director · since 15 octobre 2025

Active

Ended mandates

Eric SMYKOWSKI

Director · since 29 février 2016

Ended

Eric SMYKOWSKI

Manager · since 29 février 2016

Ended

AFOREST

Associate

Represented by Maurice GRUNWALD

Ended

AFOREST FORMATION

Associate

Represented by Jean ARNOULD

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other19/12/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE
PDF
Mandates04/12/2025
DEMISSIONS, NOMINATIONS
PDF
Registered office24/10/2022
SIEGE SOCIAL
PDF
Mandates14/03/2016
DEMISSIONS, NOMINATIONS
PDF
Other03/10/2011
DIVERS
PDF
Registered office06/11/2007
SIEGE SOCIAL
PDF
Mandates10/07/2006
SIEGE SOCIAL - DENOMINATION - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-6,8 k €↓
2024
Annual accounts 2024-2,4 k €↓
2023
Annual accounts 202311,5 k €↑
2022
Annual accounts 20224,6 k €↓
2021
Annual accounts 202116,8 k €↑
2020
Annual accounts 2020-24,5 k €↓
2019
Annual accounts 201913,6 k €↑
2018
Annual accounts 20187,4 k €↑
2017
Annual accounts 20177,1 k €↓
2016
Annual accounts 201621,4 k €↑
2015
Annual accounts 201518,7 k €↑
2014
Annual accounts 20144,2 k €↓
2013
Annual accounts 201311,7 k €↑
2012
Annual accounts 201211,3 k €↑
2011
Annual accounts 2011668,7 €↑
2010
Annual accounts 2010-34,1 k €↓
2009
Annual accounts 2009707,9 €↓
2008
Annual accounts 20086,7 k €
27/09/1990
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

AFOREST BELGIUM

Overview

What does AFOREST BELGIUM do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline