ACTIVE

FORSA

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Financial year 2025 · closed on 30/09/2025

Net result

5,9 M €

+612.9% YoY

Gross margin

4,6 M €

+50158.5% YoY

Equity

16,4 M €

-19.9% YoY

Workforce

0,0 ETP

What does FORSA do?

FORSA is a Public limited company incorporated in 1998. Its main activity is: Management consultancy activities. Its registered office is in Oostkamp.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0463.670.787

Incorporation

02/07/1998

Legal form

Public limited company

Registered office

Torhoutsestraat 105
8020 Oostkamp · FlandreSee on map

Contributed capital

61 583,01 €

Latest accounts

30/09/2025

Average workforce

0,0 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 46711Wholesale of solid, liquid and gaseous fuels and related products 47811Retail sale via stalls and markets of food, beverages and tobacco products

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	4,6 M €	+50158%	-9,2 k €	-107%	130,2 k €	+3.9%	125,2 k €	-99.7%	36,7 M €	+1760%	2 M €	-27.2%	2,7 M €	+81.0%	1,5 M €	+24.6%	1,2 M €	+4.9%	1,1 M €	-11.4%	1,3 M €	+19.3%	1,1 M €	-9.7%	1,2 M €	+86.6%	643,9 k €	-10.8%	721,9 k €	+12.3%	642,8 k €	+38.4%	464,6 k €
EBITDA	4,6 M €	+25119%	-18,4 k €	-115%	119,6 k €	+10.8%	108 k €	-99.7%	36,7 M €	+1801%	1,9 M €	-27.7%	2,7 M €	+83.5%	1,5 M €	+28.4%	1,1 M €	-0.4%	1,1 M €	-11.1%	1,3 M €	+22.7%	1 M €	-10.2%	1,2 M €	+92.1%	604,3 k €	-11.5%	682,7 k €	+12.6%	606,2 k €	+40.8%	430,4 k €
Operating result	4,6 M €	+12573%	-36,5 k €	-136%	102 k €	+4.6%	97,5 k €	-99.7%	36,7 M €	+1809%	1,9 M €	-27.5%	2,6 M €	+84.8%	1,4 M €	+28.8%	1,1 M €	-0.4%	1,1 M €	-11.1%	1,3 M €	+23.0%	1 M €	-10.6%	1,1 M €	+105%	556,9 k €	-16.9%	669,9 k €	+12.9%	593,4 k €	+40.9%	421 k €
Net result	5,9 M €	+613%	831,8 k €	+256%	233,9 k €	-80.3%	1,2 M €	-96.8%	37,4 M €	+1050%	3,3 M €	+15.7%	2,8 M €	+58.0%	1,8 M €	+37.2%	1,3 M €	+8.7%	1,2 M €	-50.0%	2,4 M €	+122%	1,1 M €	+8.4%	989,6 k €	+44.3%	685,9 k €	-36.5%	1,1 M €	+68.0%	642,6 k €	+50.0%	428,4 k €
Balance sheet
Equity	16,4 M €	-19.9%	20,5 M €	-6.2%	21,8 M €	+1.1%	21,6 M €	-49.7%	42,9 M €	+487%	7,3 M €	-10.4%	8,2 M €	+39.6%	5,8 M €	+33.3%	4,4 M €	+42.0%	3,1 M €	-49.9%	6,2 M €	+0.7%	6,1 M €	+21.3%	5 M €	+24.4%	4,1 M €	+20.4%	3,4 M €	+47.3%	2,3 M €	-8.5%	2,5 M €
Total assets	28,9 M €	+27.0%	22,8 M €	-2.2%	23,3 M €	-30.0%	33,3 M €	-22.4%	42,9 M €	+197%	14,5 M €	-8.8%	15,9 M €	+138%	6,7 M €	+33.9%	5 M €	+56.6%	3,2 M €	-54.5%	7 M €	+4.5%	6,7 M €	+26.8%	5,3 M €	+18.3%	4,5 M €	+28.7%	3,5 M €	+48.3%	2,3 M €	-9.0%	2,6 M €
Cash	7,2 M €	+259%	2 M €	-19.3%	2,5 M €	+144%	1 M €	-94.5%	18,5 M €	+1435%	1,2 M €	-54.8%	2,7 M €	-30.5%	3,8 M €	+157%	1,5 M €	+896%	150 k €	-96.0%	3,7 M €	+111%	1,8 M €	+1923%	87,6 k €	+465%	15,5 k €	-44.5%	27,9 k €	+11.2%	25,1 k €	+6.7%	23,5 k €
Debts	12,5 M €	+445%	2,3 M €	+55.5%	1,5 M €	-87.4%	11,7 M €	+16483%	70,7 k €	-99.0%	7,2 M €	-7.1%	7,7 M €	+836%	822,3 k €	+38.0%	595,8 k €	+538%	93,4 k €	-88.7%	824,2 k €	+44.2%	571,8 k €	+148%	230,3 k €	-42.0%	397,3 k €	+311%	96,6 k €	+95.5%	49,4 k €	-26.6%	67,3 k €
Other
Workforce	0,0 ETP		–		0,0 ETP		–		1,0 ETP	0.0%	1,0 ETP	-9.1%	1,1 ETP	-8.3%	1,2 ETP	+20.0%	1,0 ETP	+400%	0,2 ETP		–		0,7 ETP	-30.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 24 ended

Active mandates

Els Vandemoortele

Managing director

Active

Sanders Kristof

Managing director · 0472.735.438

Represented by Kristof Sanders

Active

Ended mandates

Els Vandemoortele

Director · since 01 février 2020 · until 01 juin 2026

Ended

Kristof Sanders

Director · since 30 juin 2018 · until 31 décembre 2019

Ended

Kristof Sanders

Director · since 30 juin 2018 · until 03 juin 2024

Ended

Sanders Kristof

Managing director · since 30 juin 2018 · until 03 juin 2024 · 0472.735.438

Represented by Kristof Sanders

Ended

At this address

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WISAN● Active	1002.123.628

Annual accounts

Full financial information

	2025	2023	2022	2021	2020	2019
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020	01/01/2019
Closing of the financial year	30/09/2025	31/12/2023	31/12/2022	31/12/2021	31/12/2020	31/12/2019
Length of the financial year	21 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/04/2026	30/07/2024	31/07/2023	23/06/2022	24/08/2021	31/08/2020
General meeting	31/03/2026	30/06/2024	30/06/2023	03/06/2022	30/06/2021	30/06/2020
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/09/2025	31/03/2026	30/04/2026	Dutch	PDF
Abridged model	31/12/2023	30/06/2024	30/07/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	31/07/2023	Dutch	PDF
Abridged model	31/12/2021	03/06/2022	23/06/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	24/08/2021	Dutch	PDF
Abridged model	31/12/2019	30/06/2020	31/08/2020	Dutch	PDF
Abridged model	31/12/2018	30/06/2019	26/07/2019	Dutch	PDF
Abridged model	31/12/2017	30/06/2018	31/07/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	27/07/2017	Dutch	PDF
Abridged model	31/12/2015	06/06/2016	26/08/2016	Dutch	PDF
Abridged model	31/12/2014	01/06/2015	31/08/2015	Dutch	PDF
Abridged model	31/12/2013	02/06/2014	25/08/2014	Dutch	PDF
Abridged model	31/12/2012	03/06/2013	29/08/2013	Dutch	PDF
Abridged model	31/12/2011	04/06/2012	20/08/2012	Dutch	PDF
Abridged model	31/12/2010	06/06/2011	31/08/2011	Dutch	PDF
Abridged model	31/12/2009	17/05/2010	25/08/2010	Dutch	PDF
Abridged model	31/12/2008	02/06/2009	06/08/2009	Dutch	PDF
Abridged model	31/12/2007	02/06/2008	12/08/2008	Dutch	PDF
Abridged model	31/12/2006	04/06/2007	09/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 30/09/2025 · 2 active · 24 ended

Active mandates

Els Vandemoortele

Managing director

Active

Sanders Kristof

Managing director · 0472.735.438

Represented by Kristof Sanders

Active

Ended mandates

Els Vandemoortele

Director · since 01 février 2020 · until 01 juin 2026

Ended

Kristof Sanders

Director · since 30 juin 2018 · until 31 décembre 2019

Ended

Kristof Sanders

Director · since 30 juin 2018 · until 03 juin 2024

Ended

Sanders Kristof

Managing director · since 30 juin 2018 · until 03 juin 2024 · 0472.735.438

Represented by Kristof Sanders

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates20/12/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - BOEKJAAR
PDF
Capital / shares12/03/2021
KAPITAAL - AANDELEN
PDF
Mandates15/07/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/04/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/04/2019
ONTSLAGEN - BENOEMINGEN
PDF
Registered office27/01/2016
MAATSCHAPPELIJKE ZETEL
PDF
Restructuring26/02/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring19/12/2013
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
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 20255,9 M €↑
2023
Annual accounts 2023831,8 k €↑
2022
Annual accounts 2022233,9 k €↓
2021
Annual accounts 20211,2 M €↓
2018
Annual accounts 201837,4 M €↑
2017
Annual accounts 20173,3 M €↑
2016
Annual accounts 20162,8 M €↑
2015
Annual accounts 20151,8 M €↑
2014
Annual accounts 20141,3 M €↑
2013
Annual accounts 20131,2 M €↓
2012
Annual accounts 20122,4 M €↑
2011
Annual accounts 20111,1 M €↑
2010
Annual accounts 2010989,6 k €↑
2009
Annual accounts 2009685,9 k €↓
2008
Annual accounts 20081,1 M €↑
2007
Annual accounts 2007642,6 k €↑
2006
Annual accounts 2006428,4 k €
02/07/1998
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

FORSA

Overview

What does FORSA 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