ACTIVE

FORWIN

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Financial year 2025 · closed on 31/12/2025

Net result

77,9 k €

-8.8% YoY

Gross margin

805,1 k €

-11.2% YoY

Equity

220,5 k €

+5.7% YoY

Workforce

11,9 ETP

+0.8% YoY

What does FORWIN do?

FORWIN is a Private limited company incorporated in 2009. Its main activity is: Restaurants and mobile food service activities. Its registered office is in Messancy. It employs on average 11,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0821.177.551

Incorporation

07/12/2009

Legal form

Private limited company

Registered office

Rue d'Arlon 220
6780 Messancy · WallonieSee on map

Contributed capital

107 500,00 €

Latest accounts

31/12/2025

Average workforce

11,9 ETP

Activities (NACE)

56102Restaurants and mobile food service activities· main 56112Restaurants and mobile food service activities 56101Restaurants and mobile food service activities 56111Restaurants and mobile food service activities

Joint committees (1)

Signals

ProfitableLow riskPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Gross margin	805,1 k €	-11.2%	906,7 k €	+24.1%	730,4 k €	+12.7%	648 k €	-0.8%	653 k €	+10.0%	593,7 k €	-13.3%	684,6 k €	-24.5%	906,9 k €	+12.2%	808,3 k €	-5.9%	858,7 k €	+6.6%	805,8 k €	+4.4%	771,7 k €	-2.5%	791,5 k €	+3.7%	763,5 k €	-2.5%	782,9 k €	-10.2%	871,5 k €
EBITDA	200,9 k €	-18.2%	245,5 k €	+58.4%	155 k €	-15.6%	183,6 k €	-28.4%	256,3 k €	+25.9%	203,7 k €	+38.6%	147 k €	-7.5%	159 k €	+67.8%	94,7 k €	+738%	11,3 k €	-87.3%	89,3 k €	+256%	25,1 k €	-57.5%	59 k €	-2.2%	60,4 k €	-30.7%	87,2 k €	-39.8%	144,8 k €
Operating result	116,6 k €	-9.6%	129 k €	+114%	60,3 k €	+19.8%	50,4 k €	-64.8%	143,2 k €	+72.6%	82,9 k €	+95.1%	42,5 k €	+210%	13,7 k €	+183%	-16,4 k €	+77.1%	-71,8 k €	-520%	17,1 k €	+139%	-43,5 k €	-1185%	4 k €	-61.0%	10,3 k €	-72.4%	37,3 k €	-61.5%	96,9 k €
Net result	77,9 k €	-8.8%	85,5 k €	+141%	35,4 k €	-3.5%	36,7 k €	-69.5%	120,4 k €	+56.6%	76,9 k €	+154%	30,3 k €	+1059%	2,6 k €	+110%	-25,7 k €	+71.2%	-89,2 k €	-973%	10,2 k €	+119%	-54 k €	-1021%	-4,8 k €	-89.8%	-2,5 k €	-116%	15,6 k €	-70.5%	52,8 k €
Balance sheet
Equity	220,5 k €	+5.7%	208,6 k €	+69.5%	123,1 k €	+0.3%	122,7 k €	+1.4%	121 k €	+118%	55,5 k €	+360%	-21,3 k €	+58.7%	-51,7 k €	+4.8%	-54,3 k €	-90.0%	-28,6 k €	-147%	60,7 k €	+20.3%	50,4 k €	-51.7%	104,5 k €	-4.4%	109,3 k €	-2.3%	111,8 k €	+1.4%	110,3 k €
Total assets	739,4 k €	+4.6%	707 k €	-13.5%	817,7 k €	+13.2%	722,3 k €	-2.3%	739,6 k €	+4.2%	709,6 k €	+16.1%	611,2 k €	-13.7%	708,6 k €	+40.5%	504,2 k €	-28.8%	707,7 k €	+88.9%	374,7 k €	-13.1%	431,2 k €	-11.7%	488,3 k €	-5.3%	515,5 k €	-17.4%	624 k €	-8.4%	681 k €
Cash	203,9 k €	-19.9%	254,5 k €	+5.1%	242,2 k €	+55.1%	156,1 k €	-27.9%	216,5 k €	-5.2%	228,4 k €	+160%	88 k €	-26.4%	119,5 k €	+34.1%	89,1 k €	+10.4%	80,7 k €	-15.8%	95,9 k €	+55.7%	61,6 k €	-30.3%	88,3 k €	-32.0%	129,9 k €	+19.3%	108,9 k €	-7.1%	117,2 k €
Debts	518,9 k €	+4.1%	498,4 k €	-28.3%	694,7 k €	+15.9%	599,6 k €	-3.1%	618,6 k €	-5.4%	654,1 k €	+3.4%	632,6 k €	-16.7%	759,1 k €	+35.9%	558,5 k €	-24.0%	735,3 k €	+134%	314,1 k €	-17.4%	380,3 k €	-0.6%	382,8 k €	-5.5%	404,9 k €	-20.9%	511,9 k €	-10.0%	568,8 k €
Other
Workforce	11,9 ETP	+0.8%	11,8 ETP	+11.3%	10,6 ETP	-4.5%	11,1 ETP	+0.9%	11,0 ETP	+3.8%	10,6 ETP	-10.2%	11,8 ETP	-31.8%	17,3 ETP	-9.9%	19,2 ETP	-9.9%	21,3 ETP	+16.4%	18,3 ETP	+1.7%	18,0 ETP	-5.8%	19,1 ETP	+2.1%	18,7 ETP	-16.9%	22,5 ETP	-7.4%	24,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 2 ended

Active mandates

TARTARUGA SARL

Director

Represented by Xavier GERARD

Active

Ended mandates

TARTARUGA SARL

Manager

Represented by Xavier GERARD

Ended

Xavier VAESEN

Manager

Ended

At this address

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BYHAGYM● Active	1025.539.527
CADRABEL● Active	0777.705.715
DISTRICORE SRL● Active	1028.219.004
HARMONIE 2● Active	0508.665.426
L'OCCITANA PIZZERIA● Bankrupt	0734.943.066
MOBILITY● Active	1015.732.728
Orlando GSM● Bankrupt	1018.705.975

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	25/08/2026	31/08/2025	13/08/2024	01/09/2023	26/07/2022	10/08/2021
General meeting	30/06/2026	28/06/2025	15/06/2024	30/06/2023	18/06/2022	19/06/2021
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

16 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	25/08/2026	French	PDF
Abridged model	31/12/2024	28/06/2025	31/08/2025	French	PDF
Abridged model	31/12/2023	15/06/2024	13/08/2024	French	PDF
Abridged model	31/12/2022	30/06/2023	01/09/2023	French	PDF
Abridged model	31/12/2021	18/06/2022	26/07/2022	French	PDF
Abridged model	31/12/2020	19/06/2021	10/08/2021	French	PDF
Abridged model	31/12/2019	20/06/2020	26/08/2020	French	PDF
Abridged model	31/12/2018	15/06/2019	28/08/2019	French	PDF
Abridged model	31/12/2017	16/06/2018	26/06/2018	French	PDF
Abridged model	31/12/2016	30/06/2017	26/07/2017	French	PDF
Abridged model	31/12/2015	18/06/2016	19/07/2016	French	PDF
Abridged model	31/12/2014	20/06/2015	14/08/2015	French	PDF
Abridged model	31/12/2013	21/06/2014	31/08/2014	French	PDF
Abridged model	31/12/2012	15/06/2013	31/10/2013	French	PDF
Abridged model	31/12/2011	30/06/2012	26/07/2012	French	PDF
Abridged model	31/12/2010	18/06/2011	24/08/2011	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 1 active · 2 ended

Active mandates

TARTARUGA SARL

Director

Represented by Xavier GERARD

Active

Ended mandates

TARTARUGA SARL

Manager

Represented by Xavier GERARD

Ended

Xavier VAESEN

Manager

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Mandates15/12/2014
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Other16/12/2009
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

2025
Annual accounts 202577,9 k €↓
2024
Annual accounts 202485,5 k €↑
2023
Annual accounts 202335,4 k €↓
2022
Annual accounts 202236,7 k €↓
2021
Annual accounts 2021120,4 k €↑
2020
Annual accounts 202076,9 k €↑
2019
Annual accounts 201930,3 k €↑
2018
Annual accounts 20182,6 k €↑
2017
Annual accounts 2017-25,7 k €↑
2016
Annual accounts 2016-89,2 k €↓
2015
Annual accounts 201510,2 k €↑
2014
Annual accounts 2014-54 k €↓
2013
Annual accounts 2013-4,8 k €↓
2012
Annual accounts 2012-2,5 k €↓
2011
Annual accounts 201115,6 k €↓
2010
Annual accounts 201052,8 k €
07/12/2009
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

FORWIN

Overview

What does FORWIN do?

Trend over 16 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