Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 60 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
MND FOREST from Etalle, company number BE0838029322, closed financial year 2025 with a result of € 53,131 after tax. For that financial year MND FOREST recorded a gross margin of € 613,161 and equity of € 222,207. Compared with financial year 2024, the result moved from € -287,849 to € 53,131. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 28, 2026.
€ 222,207
▲ 43% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 53,131
▲ still € 287,849 loss in 2024
Profit after tax over the fiscal year.
€ 80,598
▲ 127% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 208,383.
People and assets in 2025
€ 128,657
▲ 20% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 1 million
▲ 1% vs 2024
Of which on lease € 200,220.
Debts at end 2025
€ 1.3 million
▲ 14% vs 2024
€ 267,575 is repaid this year. At this pace the long-term loan is gone in ≈ 5 years.
€ 105,222
▼ 13% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 7,791
▼ 18% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 443,627 | € 442,434 | € 240,855 | € 613,161 | ▲ 155% |
| Profit after taxes | € 59,350 | € 29,539 | € -287,849 | € 53,131 | ▲ € 340,980 |
| Equity | € 432,162 | € 461,701 | € 155,252 | € 222,207 | ▲ 43% |
| Total debts | € 1,114,425 | € 1,573,378 | € 1,244,089 | € 1,383,052 | ▲ 11% |
| Cash | € 213,218 | € 185,183 | € 35,440 | € 80,598 | ▲ 127% |
| Land & buildings | € 74,317 | € 64,801 | € 55,286 | € 236,718 | ▲ € 181,431 |
| Retained profit | € 413,562 | € 443,101 | € 155,252 | € 208,383 | ▲ 34% |
| Bank debt | € 964,565 | € 1,450,374 | € 1,110,027 | € 1,269,319 | ▲ 14% |
| Balance sheet total | € 1,546,587 | € 2,035,080 | € 1,399,341 | € 1,605,259 | ▲ 15% |
| Employees (FTE) | 2 | 2.9 | - | - |
Key figures of MND FOREST, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to MND FOREST?
What happened at MND FOREST in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 53,131. Source: NBB ↗
- Michael DEMOULIN became a director. NBB
- New establishment in Etalle. KBO
- Start of the company according to the CBE. KBO
In short
From € 59,350 profit in 2022 to € 53,131 profit in 2025.
Paid € 28,509 in corporate taxes since 2022.
Best year ever: 2022, with € 59,350 profit.
On average € 152,600 of value added per employee in 2023.
Management
Behind MND FOREST is Michael DEMOULIN.
Directors
According to the 2025 annual accounts
Michael DEMOULIN
Director
since 2022
Establishments
Establishment units
Physical locations of this company
Voie de la Forge 3
6740 Etalle
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0838.029.322
- VAT number
- BE 0838.029.322
- Registered office
- Voie de la Forge 3, 6740 Etalle
- Names & denominations
- MND FOREST
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 20 July 2011
- Peppol
- Active · Active since 18 Nov 2025
- Activities · NACE
Exploitatie van bossen