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Complete company report
Generated 12-08-2026
Active BE 0421.949.208Public limited company

Forestera

Citadelstraat 13 ·1170 Watermaal-Bosvoorde, Belgium· 44 yrs active
Sector: Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies (70200)
Conclusion Checked

The computed 12-month bankruptcy probability of Forestera is 0.5% (low). The 2023 annual accounts show negative equity (€-53k) and a net result of €-56k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 826 sector peers (fiscal year 2023). The company has been active since 1981 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 6 annual accounts.
Key figures
Equity €-53k
Net result €-56k
Better than sector 5%
Active 44 yrs
Snowflake analysis 5 of 5 axes measured · computed by Checked
Health17Profitability100Solvency33Growth38Stability100
58 / 100

Mixed profile: strong on profitability, weaker on health.

All 5 axes are computed from data Checked has read.

Health 17
Profitability 100
Solvency 33
Growth 38
Stability 100
Bankruptcy probability (12 mo) Checked model v1 · free
0.5% Low
0%0,5%1,5%4%10%≥25%
Annual accounts: weaker financial profile +Lower-failure-rate sector −Higher-failure-rate region +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 2 signals
Long-established
Founded in 1981, 44 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags 0 events
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Health barometer FY 2023 · computed
17 / 100 Critical
050100
Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2023. Indicative, not credit advice.
Financial overview10 NBB filings
Annual accounts filed on 07-07-2024 with the NBB · fiscal year 2023 · volledig
€-75k€-50k€-25k€0€25kOperating result 2019: €-855€-855Net result 2019: €-69k€-69kOperating result 2020: €-484€-484Net result 2020: €-70k€-70kRevenue 2021: €30k€30kOperating result 2021: €-39k€-39kNet result 2021: €-39k€-39kRevenue 2022: €20k€20kOperating result 2022: €11k€11kNet result 2022: €11k€11kOperating result 2023: €-56k€-56kNet result 2023: €-56k€-56k20192020202120222023
RevenueOperating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile Too volatile to project: the yearly deviation from the trend is ~43% of the level (threshold 35%). We therefore deliberately show no projection line.
€-75k€-50k€-25k€0€25k2018: €32k2019: €31k2020: €30k2021: €-9k2022: €3k2023: €-53k201820192020202120222023
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison
Fiscal year 2023 · NACE 70, Head offices & management consulting · compared within the same schema type (full schema)
Metric This company Sector median Position in the sector
Solvency -998.1% 41.2%
better than 5% of 826 sector peers
Net result €-56k €28k
better than 13% of 827 sector peers
Equity €-53k €160k
better than 5% of 828 sector peers
Gross operating margin €-56k €51k
better than 5% of 668 sector peers
Total assets €5k €781k
better than 5% of 826 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Revenue
€20k
-33.3% 18-23
Net profit
€-56k
- 18-23
Total assets
€5k
-91.4% 18-23
Equity
€-53k
- 18-23
Working capital
€-53k
- 18-23
Debt
€59k
-0.8% 18-23
Debt ≤ 1y
€59k
-0.8% 18-23
Current ratio
0.09
-91.3% 18-23
Quick ratio
0.09
-91.3% 18-23
Solvency
-998.1%
- 18-23
Debt / equity
-1.10
- 18-23
ROE
105.4%
-73.3% 18-23
ROA
-1052.1%
- 18-23
Net margin
57.2%
- 18-23
Figures by fiscal year
Fiscal year2023
Depositvolledig
Revenue-
EBITDA-
Net profit€-56k
Cash flow-
Staff costs-
Income taxes-
Dividends-
Total assets€5k
Equity€-53k
Debt€59k
of which ≤ 1y€59k
of which > 1y-
Working capital€-53k
Employees (FTE)-
Ratios (computed)
2023
Current ratio0.09
Quick ratio0.09
Working capital ratio-998.1%
Solvency-998.1%
Debt / equity-1.10
Long-term debt ratio-
Interest coverage-
Gross margin-
Net margin-
ROA-1052.1%
ROE105.4%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2023
Balance sheet, Assets
TOTAL ASSETS 20/58€5k
Current assets 29/58€5k
Amounts receivable within one year 40/41€5k
Cash & bank 54/58€12
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€5k
Equity 10/15€-53k
Contributions / capital 10/11€100k
Accumulated profits (losses) 14€-153k
Amounts payable 17/49€59k
Amounts payable within one year 42/48€59k
Income statement
Gross operating margin 9900€-56k
Operating result 9901€-56k
Result before taxes 9903€-56k
Net result for the period 9904€-56k
Result to be appropriated 9905€-56k
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates 4 directors
Current directors & mandates
  • Merry NGINDU LIBITO
    Director
    State Gazette act 25060836 (13-05-2025)
    Current
    13-05-2025 → present
  • Daniel BROUX
    Director
    State Gazette act 23021646 (14-02-2023)
    Current
    14-02-2023 → present
Former directors (2)
  • Pascal CROISELET
    Director
    State Gazette act 24105880 (15-07-2024)
    Former
    15-07-2024 → 13-05-2025
    2 events
    • 13-05-2025 Resigned· Director
    • 15-07-2024 Appointed· Director
  • Henri FRELINX
    Director
    State Gazette act 23021646 (14-02-2023)
    Former
    14-02-2023 → 15-07-2024
    2 events
    • 15-07-2024 Resigned· Director
    • 14-02-2023 Appointed· Director
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Legal Structure
NACE primary Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies(70200)
Legal form Public limited company(014)
Incorporation11-09-1981
StatusActive
Postal code1170
Establishment units 1 location
Belgicalaan 37, 1080 Sint-Jans-Molenbeek
Bemiddeling in onroerend goed
since 19812.019.495.854
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
21012A0011/00W008 Brussels 608 m² 1 · 211 m² 17.0 m · 3 fl.
21652F0062/00C027 Brussels 269 m² 1 · 62 m² 9.8 m · 2 fl.
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 14 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025
13-05-2025
State Gazette act Director changes
2024
15-07-2024
State Gazette act Director changes
07-07-2024
NBB filing Annual accounts filed
fiscal year 2023 · volledig
2023
08-11-2023
State Gazette act Registered-office change
15-06-2023
NBB filing Annual accounts filed
fiscal year 2022 · volledig
14-02-2023
State Gazette act Director changes
2022
01-07-2022
NBB filing Annual accounts filed
fiscal year 2021 · volledig
2021
17-06-2021
NBB filing Annual accounts filed
fiscal year 2020 · volledig
2020
30-06-2020
NBB filing Annual accounts filed
fiscal year 2019 · volledig
2019
07-06-2019
NBB filing Annual accounts filed
fiscal year 2018 · volledig
13-05-2019
NBB filing Annual accounts filed
fiscal year 2017 · volledig
2017
13-06-2017
NBB filing Annual accounts filed
fiscal year 2016 · volledig
2016
05-07-2016
NBB filing Annual accounts filed
fiscal year 2015 · volledig
2015
26-06-2015
NBB filing Annual accounts filed
fiscal year 2014 · volledig
Belgisch Staatsblad, acts 4 acts
Address history · 1
08-11-2023
Registered-office move
All acts · 4 updated 1 year ago
2025
13-05-2025 1 director appointed, 1 resigning Director changes
  • Merry NGINDU LIBITO, Bestuurder
  • Pascal CROISELET, Bestuurder
Technical details 
{
  "events": [
    {
      "kind": "director_out",
      "role": "administrateur",
      "person": {
        "rrn": null,
        "name": "Pascal CROISELET",
        "address": null,
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": "de_plein_droit_dissolution",
      "subkind": "regular",
      "via_org": null,
      "statutory": null,
      "compensated": false,
      "effective_date": null,
      "evidence_quote": "L\u0027Assembl\u00E9e G\u00E9n\u00E9rale des Actionnaires re\u00E7oit la d\u00E9mission de Monsieur Pascal CROISELET en sa qualit\u00E9 d\u0027administrateur. Elle l\u0027accepte et le remercie pour son constant d\u00E9vouement aux int\u00E9r\u00EAts de la soci\u00E9t\u00E9.",
      "decharge_status": null,
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      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "director_in",
      "role": "administrateur",
      "person": {
        "rrn": "82.12.23-392.45",
        "name": "Merry NGINDU LIBITO",
        "address": null,
        "birth_date": null,
        "profession": "comptable",
        "birth_place": "Kinshasa"
      },
      "reason": null,
      "subkind": "regular",
      "via_org": null,
      "statutory": null,
      "compensated": false,
      "effective_date": null,
      "evidence_quote": "Elle investit Madame Merry NGINDU LIBITO du mandat devenu vacant, et ce, pour la dur\u00E9e restant \u00E0 courir, soit jusqu\u0027apr\u00E8s l\u0027Assembl\u00E9e G\u00E9n\u00E9rale Ordinaire ayant l\u0027approbation des comptes de 2029 \u00E0 son ordre du jour (2030).",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "until_agm_year",
        "value": "2030"
      },
      "rep_rotation_new_rep": "Merry NGINDU LIBITO",
      "rep_rotation_old_rep": "Pascal CROISELET",
      "effective_date_qualifier": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": "Bruxelles",
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": "2025-05-13",
    "filing_date": "2025-05-06",
    "act_kind_objet": "Obiet de l\u0027acte:"
  },
  "decisions": [
    {
      "body": "buitengewone_algemene_vergadering",
      "date": "2025-04-30",
      "unanimous": true
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0421.949.208",
    "name_full": "FORESTERA",
    "legal_form": "SOCIETE ANONYME"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Daniel BROUX",
    "org_rep_person_name": null,
    "person_role_at_subject": "Pr\u00E9sident Administrateur d\u00E9l\u00E9gu\u00E9"
  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}
2024
15-07-2024 1 director appointed, 1 resigning Director changes
  • Pascal CROISELET, Bestuurder
  • Henri FRELINX, Bestuurder
Technical details 
{
  "events": [
    {
      "kind": "decharge_granted",
      "role": "administrateur",
      "person": null,
      "reason": null,
      "subkind": "regular",
      "via_org": null,
      "statutory": null,
      "compensated": null,
      "effective_date": null,
      "evidence_quote": "L\u0027Assembl\u00E9e g\u00E9n\u00E9rale ordinaire accorde le quitus aux administrateurs ayant exerc\u00E9 leurs fonctions en 2023.",
      "decharge_status": "granted",
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "director_out",
      "role": "administrateur",
      "person": {
        "rrn": null,
        "name": "Henri FRELINX",
        "address": null,
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": "end_of_term",
      "subkind": "regular",
      "via_org": null,
      "statutory": null,
      "compensated": null,
      "effective_date": null,
      "evidence_quote": "Le mandat de Monsieur Henri FRELINX a pris fin et celui-ci n\u0027en sollicite pas le renouvellement.",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "director_in",
      "role": "administrateur",
      "person": {
        "rrn": "62.03.06-269.01",
        "name": "Pascal CROISELET",
        "address": "1083 Ganshoren, rue Louis De Brouck\u00E8re 46",
        "birth_date": "1962-03-06",
        "profession": "employ\u00E9",
        "birth_place": "Berchem-Ste-Agathe"
      },
      "reason": null,
      "subkind": "regular",
      "via_org": null,
      "statutory": null,
      "compensated": false,
      "effective_date": null,
      "evidence_quote": "Elle nomme Monsieur Pascal CROISELET aux fonctions d\u0027administrateur.",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "n_years",
        "value": "6"
      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "fr",
    "pub_date": "2024-07-15",
    "filing_date": "2024-06-05",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decisions": [
    {
      "body": "algemene_vergadering",
      "date": "2024-06-05",
      "unanimous": null
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0421.949.208",
    "name_full": "FORESTERA",
    "legal_form": "SOCIETE ANONYME",
    "_kbo_filled_from_list": true
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Daniel BROUX",
    "org_rep_person_name": null,
    "person_role_at_subject": "Administrateur d\u00E9l\u00E9gu\u00E9"
  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}
2023
08-11-2023 Registered office moved to Watermael-Boitsfort Registered-office change
  • 13 rue de la Citadelle à 1170 Watermael-Boitsfort
Technical details 
{
  "events": [
    {
      "kind": "zetel_transfer",
      "seat_type": "siege_social",
      "new_address": {
        "raw": "13 rue de la Citadelle \u00E0 1170 Watermael-Boitsfort",
        "city": "Watermael-Boitsfort",
        "region": "brussels_hoofdstedelijk_gewest",
        "street": "rue de la Citadelle",
        "country": "BE",
        "postcode": "1170",
        "box_number": null,
        "street_number": null,
        "locality_suffix": null
      },
      "old_address": null,
      "effective_date": "2023-10-20",
      "evidence_quote": "Le Conseil d\u0027Administration d\u00E9cide de transf\u00E9rer le si\u00E8ge social \u00E0 l\u0027adresse suivante: 13 rue de la Citadelle \u00E0 1170 Watermael-Boitsfort, avec effet imm\u00E9diat.",
      "region_changed": false,
      "is_statute_change": true,
      "nationality_change": false,
      "old_address_source": "missing",
      "statute_clause_text": null,
      "statute_article_number": null,
      "effective_date_qualifier": "immediate",
      "statutaire_vs_werkelijke": "statutaire",
      "linguistic_region_changed": false,
      "court_jurisdiction_changed": false,
      "effective_date_is_approximate": false
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": "2023-11-08",
    "filing_date": "2023-10-27",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decision": {
    "body": "conseil_d_administration",
    "date": "2023-10-20",
    "unanimous": null
  },
  "subject_company": {
    "kbo": "0421.949.208",
    "name_full": "FORESTERA",
    "legal_form": "SOCIETE ANONYME"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Henri FRELINX",
    "org_rep_person_name": null,
    "person_role_at_subject": "Administrateur d\u00E9l\u00E9gu\u00E9"
  },
  "co_filed_documents": [
    "Bijlagen bij het Belgisch Staatsblad",
    "Annexes du Moniteur belge"
  ]
}
14-02-2023 2 directors appointed Director changes
  • Henri FRELINX, Bestuurder
  • Daniel BROUX, Bestuurder
Technical details 
{
  "events": [
    {
      "kind": "decharge_granted",
      "role": "administrateur",
      "person": null,
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      "via_org": null,
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      "evidence_quote": "L\u0027A. G. des actionnaires accorde le quitus aux administrateurs ayant exerc\u00E9 leur mandat durant l\u0027ann\u00E9e 2021.",
      "decharge_status": "granted",
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
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    },
    {
      "kind": "director_in",
      "role": "administrateur",
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        "birth_date": "1949-08-03",
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      },
      "reason": null,
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      "evidence_quote": "Elle nomme Monsieur Henri FRELINX aux fonctions d\u0027administrateur et d\u0027administrateur-d\u00E9l\u00E9gu\u00E9 avec tous pouvoirs de gestion journali\u00E8re, sous sa seule signature, et ce, pour une dur\u00E9e de mandat qui expirera apr\u00E8s I\u0027A. G. de 2024.",
      "decharge_status": null,
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      "rep_rotation_new_rep": null,
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    },
    {
      "kind": "director_in",
      "role": "administrateur",
      "person": {
        "rrn": "580914-001.84",
        "name": "Daniel BROUX",
        "address": "1170 Bruxelles, rue de la Citadelle 13",
        "birth_date": "1958-09-14",
        "profession": null,
        "birth_place": "Ithaca, USA"
      },
      "reason": null,
      "subkind": "regular",
      "via_org": null,
      "statutory": null,
      "compensated": null,
      "effective_date": null,
      "evidence_quote": "Monsieur Daniel BROUX demeure administrateur d\u00E9l\u00E9gu\u00E9 avec tous pouvoirs de gestion journali\u00E8re et sous sa seule signature",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": null,
    "filing_date": "1949-08-03",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decisions": [
    {
      "body": "algemene_vergadering",
      "date": "2022-06-01",
      "unanimous": true
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0421.949.208",
    "name_full": "FORESTERA",
    "legal_form": "SOCIETE ANONYME",
    "_kbo_filled_from_list": true
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Henri FRELINX",
    "org_rep_person_name": null,
    "person_role_at_subject": "Administrateur d\u00E9l\u00E9gu\u00E9"
  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}
Credit advice verdict per customer and amount

Should this customer buy amount X on invoice? Enter the amount and payment terms, you get an instant GREEN/AMBER/RED verdict, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
AI due-diligence brief Checked AI

Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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The brief is drafted by our AI model at Anthropic in the US, from this dossier's public data. Nothing that identifies you is sent along and we do not keep the brief. Indicative, not legal or investment advice. How it works
Company registry (CBE) Crossroads Bank
Activities
Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies70200Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering70220
Primary activity highlighted.
Names & trade names
Legal nameFR Forestera
Registered office
Citadelstraat 13
1170 Watermaal-Bosvoorde, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
Similar companies Comparable size · 15,322 of 81,966 companies in this sector with filed accounts
DIGITIZER-MDC BE 0778.974.831 · Sint-Jans-Molenbeek
EDRC BE 0847.101.790 · Genappe
JB CONCEPT BE 0805.728.223 · Charleroi
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BD Advisory Services BE 0779.737.468 · Lubbeek
Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative