ACTIVE

Forest 2

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Financial year 2025 · closed on 31/12/2025
Net result
540,9 k €
-62.7% YoY
Revenue
1,6 M €
+4.4% YoY
Equity
24 M €
+2.3% YoY

What does Forest 2 do?

Forest 2 is a Public limited company incorporated in 2020. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Bruxelles.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0759.802.483
Incorporation
15/12/2020
Legal form
Public limited company
Registered office
Rue Royale 52
1000 Bruxelles · BruxellesSee on map
Contributed capital
23 356 726,21 €
Latest accounts
31/12/2025
Activities (NACE)
68203Rental and operating of own or leased real estate· main68203Rental and operating of own or leased real estate
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue
View the BCE/KBO Public Search record →
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 5 financial years

20252024202320222021
Income statement
Revenue1,6 M €1,5 M €1,5 M €1,4 M €1,3 M €
EBITDA1,8 M €2,6 M €1,7 M €-1 M €1,4 M €
Operating result880,9 k €1,8 M €616,9 k €-1,7 M €727,6 k €
Net result540,9 k €1,5 M €369,2 k €-2 M €308,7 k €
Balance sheet
Equity24 M €23,5 M €22 M €21,7 M €23,7 M €
Total assets33,3 M €33 M €32,1 M €32,7 M €35,8 M €
Cash774,5 k €317,4 k €284,4 k €583,4 k €691,8 k €
Debts8,9 M €9,2 M €9,6 M €10,7 M €11,7 M €
Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 3 ended

Active mandates

Valentin AUDRIT

Director · since 28 mai 2024 · until 26 mai 2026

Active
Eric TUBIN

Director · since 01 mai 2021 · until 01 mai 2027

Active
Baudouin DEMEURE

Director · since 11 décembre 2020 · until 26 mai 2026

Active
Thomas BILLIAUD

Director · since 11 décembre 2020 · until 26 mai 2026

Active

Ended mandates

Mohamed OUBIAL

Director · since 21 janvier 2021 · until 29 mai 2024

Ended
Mohamed OUBIAL

Director · since 21 janvier 2021 · until 26 mai 2026

Ended
BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM SA

Director · since 11 décembre 2020 · until 21 janvier 2021 · 0437.243.039

Represented by Mohamed OUBIAL

Ended
At this address

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Annual accounts

Full financial information

20252024202320222021
Type of accountFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202211/12/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/2021
Length of the financial year12 months12 months12 months12 months13 months
Filing date21/08/202618/06/202527/06/202418/06/202317/05/2023
General meeting26/05/202627/05/202528/05/202430/05/202331/05/2022
Currency of the financial yearEUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

6 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202526/05/202621/08/2026FrenchPDF
Full model31/12/202427/05/202518/06/2025FrenchPDF
Full model31/12/202328/05/202427/06/2024FrenchPDF
Full model31/12/202230/05/202318/06/2023FrenchPDF
Full modelCorrection31/12/202131/05/202217/05/2023FrenchPDF
Full model31/12/202131/05/202203/06/2022FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 4 active · 3 ended

Active mandates

Valentin AUDRIT

Director · since 28 mai 2024 · until 26 mai 2026

Active
Eric TUBIN

Director · since 01 mai 2021 · until 01 mai 2027

Active
Baudouin DEMEURE

Director · since 11 décembre 2020 · until 26 mai 2026

Active
Thomas BILLIAUD

Director · since 11 décembre 2020 · until 26 mai 2026

Active

Ended mandates

Mohamed OUBIAL

Director · since 21 janvier 2021 · until 29 mai 2024

Ended
Mohamed OUBIAL

Director · since 21 janvier 2021 · until 26 mai 2026

Ended
BNP PARIBAS REAL ESTATE PROPERTY MANAGEMENT BELGIUM SA

Director · since 11 décembre 2020 · until 21 janvier 2021 · 0437.243.039

Represented by Mohamed OUBIAL

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • 11/09/2026
    —
    PDF
  • Mandates26/08/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates26/08/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates26/08/2021
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates24/03/2021
    DEMISSIONS, NOMINATIONS
    PDF
  • Other17/12/2020
    RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
    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

Timeline

  1. 2025
    Annual accounts 2025540,9 k €↓
  2. 2024
    Annual accounts 20241,5 M €↑
  3. 2023
    Annual accounts 2023369,2 k €↑
  4. 2022
    Annual accounts 2022-2 M €↓
  5. 2021
    Annual accounts 2021308,7 k €
  6. 15/12/2020
    IncorporationPublic limited company