ACTIVE

IMFOR

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Financial year 2025 · closed on 31/12/2025

Net result

75,1 k €

+7.8% YoY

Gross margin

162,9 k €

+8.0% YoY

Equity

542,9 k €

+16.1% YoY

What does IMFOR do?

IMFOR is a Public limited company incorporated in 1997. Its registered office is in Wavre.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0462.000.013

Incorporation

28/11/1997

Legal form

Public limited company

Registered office

Avenue Pasteur 9
1300 Wavre · WallonieSee on map

Contributed capital

185 920,14 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	162,9 k €	+8.0%	150,8 k €	+32.0%	114,3 k €	+7.6%	106,2 k €	-30.6%	153,2 k €		–		–		–		–		–		-347,5 €	0.0%	-347,5 €	0.0%	-347,5 €	0.0%	-347,5 €	0.0%	-347,5 €	0.0%	-347,5 €	+53.4%	-745,6 €
EBITDA	134 k €	+9.0%	122,9 k €	+40.6%	87,4 k €	+7.3%	81,5 k €	-36.8%	128,9 k €	+2047%	-6,6 k €	+10.2%	-7,4 k €	+7.1%	-7,9 k €	+22.6%	-10,2 k €	-86.3%	-5,5 k €	-998%	-501,1 €	+23.2%	-652,6 €	-31.6%	-496 €	+21.8%	-634,3 €	-30.3%	-486,8 €	+0.3%	-488,3 €	+48.1%	-940,2 €
Operating result	100,9 k €	+5.4%	95,8 k €	+9.5%	87,4 k €	+7.3%	81,5 k €	-36.8%	128,9 k €	+2047%	-6,6 k €	+10.2%	-7,4 k €	+7.1%	-7,9 k €	+22.6%	-10,2 k €	-22.7%	-8,4 k €	-1566%	-501,1 €	+23.2%	-652,6 €	-31.6%	-496 €	+21.8%	-634,3 €	-30.3%	-486,8 €	+0.3%	-488,3 €	+48.1%	-940,2 €
Net result	75,1 k €	+7.8%	69,7 k €	+8.7%	64,1 k €	+7.3%	59,7 k €	-38.3%	96,8 k €	+1563%	-6,6 k €	+10.2%	-7,4 k €	+8.9%	-8,1 k €	+22.3%	-10,4 k €	-24.1%	-8,4 k €	-1464%	-536,1 €	+22.0%	-687,4 €	-26.4%	-543,7 €	+18.8%	-669,8 €	-25.4%	-534,1 €	-2.6%	-520,6 €	+46.9%	-979,8 €
Balance sheet
Equity	542,9 k €	+16.1%	467,7 k €	+17.5%	398,1 k €	+19.2%	334 k €	+21.8%	274,2 k €	+128%	120 k €	-5.2%	126,6 k €	-5.5%	134 k €	-5.7%	142,1 k €	-6.8%	152,5 k €	-5.2%	160,9 k €	-0.3%	161,4 k €	-0.4%	162,1 k €	-0.3%	162,7 k €	-0.4%	163,3 k €	-0.3%	163,9 k €	-0.3%	164,4 k €
Total assets	582,5 k €	+10.3%	528,3 k €	+16.4%	454,1 k €	+22.5%	370,8 k €	+9.6%	338,4 k €	+114%	158,3 k €	0.0%	158,3 k €	0.0%	158,3 k €	-4.2%	165,2 k €	+3.9%	159 k €	-1.5%	161,4 k €	-0.0%	161,4 k €	-0.4%	162,1 k €	-0.5%	163 k €	-0.3%	163,5 k €	-0.2%	163,9 k €	-0.3%	164,4 k €
Cash	–		–		–		–		–		–		–		–		6,9 k €	+847%	733,1 €	+173%	269 €	-11.5%	303,9 €	-69.3%	991,4 €	-45.6%	1,8 k €	-22.3%	2,3 k €	-14.4%	2,7 k €	-16.0%	3,3 k €
Debts	39,6 k €	-34.5%	60,6 k €	+8.2%	56 k €	+52.1%	36,8 k €	-42.6%	64,1 k €	+67.6%	38,3 k €	+20.9%	31,6 k €	+30.4%	24,3 k €	+5.0%	23,1 k €	+256%	6,5 k €	+1197%	501,1 €		–		–		286,8 €	+106%	139,3 €		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 22 ended

Active mandates

Malta David FORREST

Director · since 15 juin 2021 · until 28 juin 2028

Active

George Andrew FORREST

Director · since 02 avril 2013 · until 28 juin 2028

Active

George Arthur FORREST

Chairman of the board of directors · since 25 novembre 1997 · until 28 juin 2028

Active

Ended mandates

Malta David FORREST

Director · since 15 juin 2021 · until 31 mai 2022

Ended

Malta David FORREST

Director · since 15 juin 2021 · until 30 mai 2028

Ended

George Arthur FORREST

Chairman of the board of directors · since 11 avril 2016 · until 31 mai 2022

Ended

George Andrew FORREST

Director · since 02 avril 2013 · until 04 avril 2016

Ended

At this address

Other companies at this address

Company	CBE no.
Ardmac● Active	0643.926.877
Fondation George Arthur Forrest● Active	0837.174.138
GAF GESTION● Active	1031.673.588
GEORGE FORREST EUROPE● Active	0446.457.643
GROUPE FORREST INTERNATIONAL● Active	0833.585.336

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Full 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	29/07/2026	15/07/2025	27/06/2024	28/06/2023	16/06/2022	15/07/2021
General meeting	24/06/2026	25/06/2025	26/06/2024	20/06/2023	31/05/2022	15/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	24/06/2026	29/07/2026	French	PDF
Abridged model	31/12/2024	25/06/2025	15/07/2025	French	PDF
Abridged model	31/12/2023	26/06/2024	27/06/2024	French	PDF
Abridged model	31/12/2022	20/06/2023	28/06/2023	French	PDF
Abridged model	31/12/2021	31/05/2022	16/06/2022	French	PDF
Full model	31/12/2020	15/06/2021	15/07/2021	French	PDF
Full model	31/12/2019	15/07/2020	30/07/2020	French	PDF
Full model	31/12/2018	28/05/2019	04/06/2019	French	PDF
Full model	31/12/2017	29/05/2018	25/06/2018	French	PDF
Full model	31/12/2016	30/05/2017	08/06/2017	French	PDF
Full model	31/12/2015	29/06/2016	18/07/2016	French	PDF
Abridged model	31/12/2014	13/04/2015	04/05/2015	French	PDF
Abridged model	31/12/2013	07/04/2014	15/05/2014	French	PDF
Abridged model	31/12/2012	02/04/2013	16/04/2013	French	PDF
Abridged model	31/12/2011	02/04/2012	04/04/2012	French	PDF
Abridged model	31/12/2010	04/04/2011	20/04/2011	French	PDF
Abridged model	31/12/2009	06/04/2010	21/04/2010	French	PDF
Abridged model	31/12/2008	06/04/2009	29/05/2009	French	PDF
Abridged model	31/12/2007	07/04/2008	30/05/2008	French	PDF
Abridged model	31/12/2006	02/04/2007	26/04/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

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 · 3 active · 22 ended

Active mandates

Malta David FORREST

Director · since 15 juin 2021 · until 28 juin 2028

Active

George Andrew FORREST

Director · since 02 avril 2013 · until 28 juin 2028

Active

George Arthur FORREST

Chairman of the board of directors · since 25 novembre 1997 · until 28 juin 2028

Active

Ended mandates

Malta David FORREST

Director · since 15 juin 2021 · until 31 mai 2022

Ended

Malta David FORREST

Director · since 15 juin 2021 · until 30 mai 2028

Ended

George Arthur FORREST

Chairman of the board of directors · since 11 avril 2016 · until 31 mai 2022

Ended

George Andrew FORREST

Director · since 02 avril 2013 · until 04 avril 2016

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/10/2025
DEMISSIONS, NOMINATIONS
PDF
Other04/03/2024
ASSEMBLEE GENERALE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates28/06/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates10/08/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates24/10/2019
DEMISSIONS, NOMINATIONS
PDF
Other15/03/2017
ASSEMBLEE GENERALE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates08/07/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates09/06/2016
DEMISSIONS, NOMINATIONS
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 202575,1 k €↑
2024
Annual accounts 202469,7 k €↑
2023
Annual accounts 202364,1 k €↑
2022
Annual accounts 202259,7 k €↓
2021
Annual accounts 202196,8 k €↑
2019
Annual accounts 2019-6,6 k €↑
2018
Annual accounts 2018-7,4 k €↑
2017
Annual accounts 2017-8,1 k €↑
2016
Annual accounts 2016-10,4 k €↓
2015
Annual accounts 2015-8,4 k €↓
2014
Annual accounts 2014-536,1 €↑
2013
Annual accounts 2013-687,4 €↓
2012
Annual accounts 2012-543,7 €↑
2011
Annual accounts 2011-669,8 €↓
2010
Annual accounts 2010-534,1 €↓
2009
Annual accounts 2009-520,6 €↑
2008
Annual accounts 2008-979,8 €
28/11/1997
IncorporationPublic 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

IMFOR

Overview

What does IMFOR do?

Trend over 17 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