ACTIVE

Forman

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Financial year 2025 · closed on 31/12/2025

Net result

10,4 k €

-89.1% YoY

Gross margin

111,9 k €

-20.5% YoY

Equity

425,1 k €

-10.3% YoY

What does Forman do?

Forman is a Private limited company incorporated in 2012. Its main activity is: Management consultancy activities. Its registered office is in Sint-Martens-Latem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0843.253.464

Incorporation

31/01/2012

Legal form

Private limited company

Registered office

Lindenpark 5
9831 Sint-Martens-Latem · FlandreSee on map

Contributed capital

5 273,86 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 71121Engineering activities and related technical consultancy 71121Engineering activities and related technical consultancy

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Income statement
Gross margin	111,9 k €	-20.5%	140,9 k €	+3.7%	135,8 k €	+4.3%	130,2 k €	+45.1%	89,7 k €	-26.8%	122,5 k €	+21.1%	101,2 k €	-2.9%	104,2 k €	+35.6%	76,8 k €	-31.3%	111,8 k €	-3.8%	116,2 k €	+2.0%	113,9 k €	+6.2%	107,3 k €	-15.8%	127,5 k €
EBITDA	111,5 k €	-20.0%	139,4 k €	+3.8%	134,3 k €	+4.1%	129,1 k €	+45.5%	88,7 k €	-27.1%	121,7 k €	+20.4%	101 k €	-2.9%	104,1 k €	+35.7%	76,7 k €	-31.3%	111,6 k €	-3.8%	116 k €	+2.0%	113,8 k €	+7.5%	105,8 k €	-16.9%	127,4 k €
Operating result	23,7 k €	-82.0%	131,6 k €	+3.0%	127,8 k €	+5.2%	121,5 k €	+43.1%	84,9 k €	-20.3%	106,6 k €	+25.5%	84,9 k €	-3.2%	87,7 k €	+46.3%	59,9 k €	-37.3%	95,5 k €	-7.9%	103,8 k €	+0.7%	103,1 k €	+7.4%	96 k €	-19.2%	118,8 k €
Net result	10,4 k €	-89.1%	95,8 k €	+2.8%	93,2 k €	+10.2%	84,5 k €	+38.6%	61 k €	-18.6%	75 k €	+26.3%	59,4 k €	-2.4%	60,8 k €	+64.2%	37,1 k €	-31.9%	54,4 k €	-5.3%	57,5 k €	+0.3%	57,3 k €	+1.9%	56,2 k €	-25.9%	75,9 k €
Balance sheet
Equity	425,1 k €	-10.3%	474,1 k €	+5.7%	448,8 k €	+14.3%	392,5 k €	+8.3%	362,5 k €	+1.0%	359 k €	+5.3%	341 k €	+21.1%	281,6 k €	+27.6%	220,8 k €	+20.2%	183,7 k €	+42.1%	129,3 k €	+80.0%	71,8 k €	-3.6%	74,5 k €	+308%	18,3 k €
Total assets	813,8 k €	+58.0%	515,1 k €	+8.2%	476,1 k €	-7.2%	513,2 k €	+21.5%	422,4 k €	+0.8%	419,1 k €	+7.1%	391,4 k €	+17.5%	332,9 k €	+20.5%	276,3 k €	+12.5%	245,6 k €	+18.1%	208 k €	+7.8%	192,9 k €	+63.1%	118,3 k €	+13.0%	104,6 k €
Cash	45,4 k €	+79.7%	25,3 k €	-85.4%	173,4 k €	-15.0%	203,9 k €	+51.7%	134,4 k €	-9.4%	148,3 k €	-58.4%	356,2 k €	+27.1%	280,3 k €	+44.3%	194,2 k €	+18.1%	164,4 k €	-1.7%	167,4 k €	+4.9%	159,5 k €	+96.5%	81,2 k €	+80.1%	45,1 k €
Debts	387,8 k €	+847%	40,9 k €	+49.9%	27,3 k €	-77.4%	120,6 k €	+101%	59,9 k €	-0.4%	60,1 k €	+23.5%	48,7 k €	-2.1%	49,8 k €	-7.7%	53,9 k €	-11.1%	60,6 k €	-19.6%	75,4 k €	-36.9%	119,5 k €	+185%	42 k €	-44.6%	75,7 k €

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 · 2 ended

Active mandates

Nicolas Moreels

Director · since 31 janvier 2012

Active

Ended mandates

Nicolas Moreels

Manager · since 31 janvier 2012

Ended

Nicolas Morreels

Director

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro 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	30/06/2026	10/06/2025	30/08/2024	27/06/2023	19/05/2022	28/04/2021
General meeting	03/03/2026	04/03/2025	05/03/2024	07/03/2023	01/03/2022	02/03/2021
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

14 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	03/03/2026	30/06/2026	Dutch	PDF
Micro model	31/12/2024	04/03/2025	10/06/2025	Dutch	PDF
Micro model	31/12/2023	05/03/2024	30/08/2024	Dutch	PDF
Micro model	31/12/2022	07/03/2023	27/06/2023	Dutch	PDF
Micro model	31/12/2021	01/03/2022	19/05/2022	Dutch	PDF
Micro model	31/12/2020	02/03/2021	28/04/2021	Dutch	PDF
Micro model	31/12/2019	03/03/2020	24/03/2020	Dutch	PDF
Micro model	31/12/2018	30/04/2019	13/05/2019	Dutch	PDF
Micro model	31/12/2017	06/03/2018	23/03/2018	Dutch	PDF
Micro model	31/12/2016	28/03/2017	13/04/2017	Dutch	PDF
Abridged model	31/12/2015	23/03/2016	25/03/2016	Dutch	PDF
Abridged model	31/12/2014	24/03/2015	30/03/2015	Dutch	PDF
Abridged model	31/12/2013	25/03/2014	31/03/2014	Dutch	PDF
Abridged model	31/12/2012	05/03/2013	03/04/2013	Dutch	PDF

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 · 2 ended

Active mandates

Nicolas Moreels

Director · since 31 janvier 2012

Active

Ended mandates

Nicolas Moreels

Manager · since 31 janvier 2012

Ended

Nicolas Morreels

Director

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office28/02/2025
MAATSCHAPPELIJKE ZETEL
PDF
Mandates14/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/08/2021
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Other02/02/2012
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, 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 202510,4 k €↓
2024
Annual accounts 202495,8 k €↑
2023
Annual accounts 202393,2 k €↑
2022
Annual accounts 202284,5 k €↑
2021
Annual accounts 202161 k €↓
2020
Annual accounts 202075 k €↑
2019
Annual accounts 201959,4 k €↓
2018
Annual accounts 201860,8 k €↑
2017
Annual accounts 201737,1 k €↓
2016
Annual accounts 201654,4 k €↓
2015
Annual accounts 201557,5 k €↑
2014
Annual accounts 201457,3 k €↑
2013
Annual accounts 201356,2 k €↓
2012
Annual accounts 201275,9 k €
31/01/2012
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

Forman

Overview

What does Forman do?

Trend over 14 financial years

Indicative valuation

Board of directors

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