ACTIVE

FORJA

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Financial year 2025 · closed on 31/12/2025

Net result

-12,9 k €

-139.6% YoY

Gross margin

350,3 k €

-12.2% YoY

Equity

-13 k €

-7255.5% YoY

What does FORJA do?

FORJA is a Private limited company incorporated in 2003. Its registered office is in Uccle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0860.224.902

Incorporation

26/08/2003

Legal form

Private limited company

Registered office

Chaussée de Waterloo 1360 A
1180 Uccle · BruxellesSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2025

Joint committees (1)

Contacts

2 public details availableLog in to view

Signals

Good liquidityHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	350,3 k €	-12.2%	399,1 k €	-0.5%	401 k €	+35.4%	296,2 k €	+49.6%	197,9 k €	+13.8%	173,9 k €	-51.9%	361,4 k €	+4.1%	347,1 k €	+2.1%	339,8 k €	-4.8%	356,8 k €	+8.8%	328 k €	-5.4%	346,8 k €	+2.9%	337 k €	-3.9%	350,5 k €	+10.0%	318,5 k €	+12.7%	282,6 k €	-7.3%	305 k €	+27.3%	239,6 k €	+3.0%	232,7 k €	+24.8%	186,5 k €
EBITDA	-170,8 €	-100%	56,6 k €	+799%	6,3 k €	-69.8%	20,9 k €	-26.4%	28,4 k €	+133%	12,2 k €	-69.1%	39,5 k €	+18.3%	33,4 k €	-27.9%	46,3 k €	-42.0%	79,9 k €	+47.6%	54,1 k €	-8.2%	59 k €	+61.6%	36,5 k €	-18.5%	44,8 k €	+51.4%	29,6 k €	+51.3%	19,5 k €	-43.9%	34,9 k €	+69.5%	20,6 k €	-48.8%	40,2 k €	+35.6%	29,6 k €
Operating result	-6,1 k €	-112%	50,2 k €	+1115%	-4,9 k €	-151%	9,7 k €	-49.6%	19,2 k €	+638%	2,6 k €	-83.4%	15,7 k €	+28.3%	12,2 k €	-51.7%	25,4 k €	-53.2%	54,3 k €	+97.9%	27,4 k €	-25.6%	36,8 k €	+138%	15,5 k €	-28.9%	21,8 k €	+112%	10,3 k €	+315%	-4,8 k €	-160%	8 k €	+186%	-9,3 k €	-148%	19,6 k €	+113%	9,2 k €
Net result	-12,9 k €	-140%	32,5 k €	+522%	-7,7 k €	-678%	1,3 k €	-94.1%	22,4 k €	+1017%	-2,4 k €	-138%	6,4 k €	+191%	2,2 k €	-87.1%	17 k €	-61.3%	43,9 k €	+162%	16,8 k €	-35.9%	26,2 k €	+178%	-33,6 k €	-400%	11,2 k €	+4924%	222,6 €	+101%	-15,1 k €	-190%	-5,2 k €	+76.5%	-22,2 k €	-305%	10,9 k €	+1014%	974 €
Balance sheet
Equity	-13 k €	-7255%	-177,3 €	+99.5%	-32,7 k €	-30.8%	-25 k €	+5.1%	-26,3 k €	+46.0%	-48,7 k €	-5.3%	-46,3 k €	+9.8%	-51,3 k €	-0.5%	-51,1 k €	+22.2%	-65,6 k €	+38.7%	-107 k €	+15.0%	-126 k €	+16.1%	-150,2 k €	-27.2%	-118,1 k €	+7.6%	-127,8 k €	-1.0%	-126,6 k €	-15.1%	-110 k €	+0.7%	-110,8 k €	-26.2%	-87,8 k €	+12.4%	-100,2 k €
Total assets	136,3 k €	+12.3%	121,4 k €	-5.6%	128,6 k €	+7.1%	120,1 k €	+0.3%	119,7 k €	+32.9%	90,1 k €	-8.6%	98,5 k €	-24.0%	129,7 k €	-25.5%	174 k €	+2.7%	169,4 k €	-15.5%	200,5 k €	+22.7%	163,4 k €	+2.3%	159,7 k €	+39.4%	114,6 k €	+2.7%	111,6 k €	-6.1%	118,9 k €	-12.6%	136 k €	-14.7%	159,4 k €	+38.9%	114,8 k €	-10.1%	127,7 k €
Cash	85,5 k €	+36.1%	62,8 k €	-23.0%	81,6 k €	+14.9%	71 k €	+9.9%	64,6 k €	+126%	28,6 k €	+8.2%	26,4 k €	-25.4%	35,4 k €	-47.8%	67,8 k €	+50.9%	44,9 k €	-5.9%	47,7 k €	+49.2%	32 k €	+15.7%	27,7 k €	+94.7%	14,2 k €	+87.3%	7,6 k €	+274%	2 k €	-68.2%	6,4 k €	-52.1%	13,3 k €	+5.7%	12,6 k €	+34.1%	9,4 k €
Debts	149,3 k €	+24.4%	120,1 k €	-24.9%	159,8 k €	+11.3%	143,6 k €	-0.7%	144,6 k €	+5.1%	137,6 k €	-4.2%	143,6 k €	-19.9%	179,3 k €	-19.8%	223,4 k €	-4.3%	233,5 k €	-23.7%	305,9 k €	+6.3%	287,8 k €	-6.6%	308,3 k €	+33.4%	231,1 k €	-2.4%	236,8 k €	-3.1%	244,3 k €	-0.2%	244,8 k €	-8.9%	268,6 k €	+35.9%	197,7 k €	-11.0%	222 k €
Other
Workforce	–		–		10,9 ETP		–		–		–		–		–		–		–		9,8 ETP	+5.4%	9,3 ETP	-17.7%	11,3 ETP	-16.9%	13,6 ETP	+7.1%	12,7 ETP	-1.6%	12,9 ETP	-9.2%	14,2 ETP	+29.1%	11,0 ETP	+15.8%	9,5 ETP	+37.7%	6,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 3 ended

Active mandates

Jean BAUT

Director · since 26 août 2003

Active

Nathalie TEMMERMAN

Director · since 26 août 2003

Active

Ended mandates

Jean BAUT

Manager · since 26 août 2003

Ended

Nathalie TEMMERMAN

Manager · since 26 août 2003

Ended

BAUT JEAN

Mandate

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Abridged 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	16/07/2026	21/07/2025	10/07/2024	06/07/2023	28/06/2022	20/07/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	24/06/2022	25/06/2021
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
Micro model	31/12/2025	26/06/2026	16/07/2026	French	PDF
Micro model	31/12/2024	27/06/2025	21/07/2025	French	PDF
Abridged model	31/12/2023	28/06/2024	10/07/2024	French	PDF
Micro model	31/12/2022	30/06/2023	06/07/2023	French	PDF
Micro model	31/12/2021	24/06/2022	28/06/2022	French	PDF
Micro model	31/12/2020	25/06/2021	20/07/2021	French	PDF
Micro model	31/12/2019	26/06/2020	06/08/2020	French	PDF
Micro model	31/12/2018	28/06/2019	12/07/2019	French	PDF
Micro model	31/12/2017	29/06/2018	29/06/2018	French	PDF
Micro model	31/12/2016	30/06/2017	26/07/2017	French	PDF
Abridged model	31/12/2015	24/06/2016	26/06/2016	French	PDF
Abridged model	31/12/2014	26/06/2015	29/06/2015	French	PDF
Abridged model	31/12/2013	27/06/2014	06/07/2014	French	PDF
Abridged model	31/12/2012	18/06/2013	18/06/2013	French	PDF
Abridged model	31/12/2011	29/06/2012	02/07/2012	French	PDF
Abridged model	31/12/2010	24/06/2011	01/07/2011	French	PDF
Abridged model	31/12/2009	25/06/2010	28/06/2010	French	PDF
Abridged model	31/12/2008	26/06/2009	29/06/2009	French	PDF
Abridged model	31/12/2007	27/06/2008	25/07/2008	French	PDF
Abridged model	31/12/2006	29/06/2007	03/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 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 · 2 active · 3 ended

Active mandates

Jean BAUT

Director · since 26 août 2003

Active

Nathalie TEMMERMAN

Director · since 26 août 2003

Active

Ended mandates

Jean BAUT

Manager · since 26 août 2003

Ended

Nathalie TEMMERMAN

Manager · since 26 août 2003

Ended

BAUT JEAN

Mandate

Ended

Shareholders

Ownership and network

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Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-12,9 k €↓
2024
Annual accounts 202432,5 k €↑
2023
Annual accounts 2023-7,7 k €↓
2022
Annual accounts 20221,3 k €↓
2021
Annual accounts 202122,4 k €↑
2020
Annual accounts 2020-2,4 k €↓
2019
Annual accounts 20196,4 k €↑
2018
Annual accounts 20182,2 k €↓
2017
Annual accounts 201717 k €↓
2016
Annual accounts 201643,9 k €↑
2015
Annual accounts 201516,8 k €↓
2014
Annual accounts 201426,2 k €↑
2013
Annual accounts 2013-33,6 k €↓
2012
Annual accounts 201211,2 k €↑
2011
Annual accounts 2011222,6 €↑
2010
Annual accounts 2010-15,1 k €↓
2009
Annual accounts 2009-5,2 k €↑
2008
Annual accounts 2008-22,2 k €↓
2007
Annual accounts 200710,9 k €↑
2006
Annual accounts 2006974 €
26/08/2003
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

FORJA

Overview

What does FORJA do?

Trend over 20 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

Similar companies

Similar companies

Timeline