A VI FORNE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
A VI FORNE
Largest movements
- Tangible fixed assets -€69,531
down €69,531 (-15.2%), from €458,271 to €388,740
of which Plant, machinery and equipment: -€53,798
- Cash -€8,356
down €8,356 (-17.0%), from €49,116 to €40,760
mainly Debts after one year (-€55,471) and Other debts (-€23,030)
- Debts after one year -€55,471
down €55,471 (-12.4%), from €448,607 to €393,136
- Other debts -€23,030
down €23,030 (-44.6%), from €51,585 to €28,556
- Investment grants -€10,691
no longer reported in 2025 (was €10,691)
- Current portion of long-term debt -€6,683
down €6,683 (-10.8%), from €62,154 to €55,471
- Gross operating margin -€4,511
down €4,511 (-1.6%), from €280,282 to €275,771
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €572,150 | €486,492 | -€85,659 | -15.0% |
| Fixed assets | 21/28 | €476,855 | €402,324 | -€74,531 | -15.6% |
| Intangible fixed assets | 21 | €17,083 | €12,083 | -€5,000 | -29.3% |
| Tangible fixed assets | 22/27 | €458,271 | €388,740 | -€69,531 | -15.2% |
| Land and buildings | 22 | €193,137 | €178,088 | -€15,049 | -7.8% |
| Plant, machinery and equipment | 23 | €264,450 | €210,652 | -€53,798 | -20.3% |
| Furniture and vehicles | 24 | €685 | - | -€685 | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €95,296 | €84,168 | -€11,128 | -11.7% |
| Stocks and contracts in progress | 3 | €41,210 | €40,520 | -€690 | -1.7% |
| Stocks | 30/36 | €41,210 | €40,520 | -€690 | -1.7% |
| Amounts receivable within one year | 40/41 | €4,970 | €2,659 | -€2,311 | -46.5% |
| Trade receivables | 40 | €4,970 | €2,659 | -€2,311 | -46.5% |
| Cash at bank and in hand | 54/58 | €49,116 | €40,760 | -€8,356 | -17.0% |
| Deferred charges and accrued income | 490/1 | - | €229 | +€229 | |
| Total equity and liabilities | 10/49 | €572,150 | €486,492 | -€85,659 | -15.0% |
| Equity | 10/15 | -€11,481 | -€17,053 | -€5,572 | -48.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,172 | -€37,053 | +€5,119 | +12.1% |
| Investment grants | 15 | €10,691 | - | -€10,691 | |
| Amounts payable | 17/49 | €583,631 | €503,544 | -€80,087 | -13.7% |
| Amounts payable after more than one year | 17 | €448,607 | €393,136 | -€55,471 | -12.4% |
| Financial debts | 170/4 | €448,607 | €393,136 | -€55,471 | -12.4% |
| Amounts payable within one year | 42/48 | €135,024 | €110,409 | -€24,616 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €62,154 | €55,471 | -€6,683 | -10.8% |
| Trade debts | 44 | €17,547 | €20,814 | +€3,267 | +18.6% |
| Suppliers | 440/4 | €17,547 | €20,814 | +€3,267 | +18.6% |
| Taxes, remuneration and social security | 45 | €3,737 | €5,568 | +€1,830 | +49.0% |
| Taxes | 450/3 | €2,086 | €2,068 | -€19 | -0.9% |
| Remuneration and social security | 454/9 | €1,651 | €3,500 | +€1,849 | +112% |
| Other amounts payable | 47/48 | €51,585 | €28,556 | -€23,030 | -44.6% |
| Remuneration, social security and pensions | 62 | €175,864 | €176,679 | +€815 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,139 | €90,600 | +€2,461 | +2.8% |
| Other operating charges | 640/8 | €4,097 | €4,023 | -€74 | -1.8% |
| Non-recurring operating charges | 66A | €25 | €2 | -€23 | -93.0% |
| Gross operating margin | 9900 | €280,282 | €275,771 | -€4,511 | -1.6% |
| Operating profit (loss) | 9901 | €12,157 | €4,466 | -€7,691 | -63.3% |
| Financial income | 75/76B | €12,482 | €11,349 | -€1,133 | -9.1% |
| Recurring financial income | 75 | €12,482 | €11,349 | -€1,133 | -9.1% |
| Financial charges | 65/66B | €11,522 | €10,696 | -€826 | -7.2% |
| Recurring financial charges | 65 | €11,522 | €10,696 | -€826 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €13,117 | €5,119 | -€7,998 | -61.0% |
| Profit (loss) for the period | 9904 | €13,117 | €5,119 | -€7,998 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,117 | €5,119 | -€7,998 | -61.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.