Cityforward: what changed
Two fiscal 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.
What changed
Cityforward
NACE 63.920, Other information service activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€40.7m
2024 · -€28.4m-€12.3m
Equity
€322.1m
2024 · €265.1m+€57.0m
Cash
€208,876
2024 · €261,801-€52,925
Balance sheet total
€746.7m
2024 · €637.0m+€109.7m
Largest movements
Assets
- Financial fixed assets +€117.0m
up €117.0m (+19.1%), from €612.3m to €729.3m
Equity and liabilities
- Contributions +€97.8m
up €97.8m (+32.5%), from €301.0m to €398.8m
- Current portion of long-term debt +€71.9m
up €71.9m (+3380.5%), from €2.1m to €74.0m
- Profit (loss) carried forward -€40.7m
down €40.7m (-109.7%), from -€37.1m to -€77.8m
- Debts after one year -€17.9m
down €17.9m (-5.2%), from €341.6m to €323.7m
of which Financial debts: -€37.9m
Income statement
- Financial charges +€11.3m
up €11.3m (+51.2%), from €22.0m to €33.3m
- Gross operating margin -€784,592
down €784,592 (-340.0%), from -€230,796 to -€1.0m
- Financial income -€213,297
down €213,297 (-21.1%), from €1.0m to €795,928
- Taxes -€14,554
no longer reported in 2025 (was €14,554)
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.
Result 2024
-€28.4m
Gross operating margin
-€784,592
Depreciation
+€0
Other operating charges
+€17
Financial income
-€213,297
Financial charges
-€11.3m
Taxes
+€14,554
Result 2025
-€40.7m
Cash bridge derived
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.
From operations
-€32.6m
Investment
-€117.0m
Financing
+€149.5m
Cash 2024
€261,801
From operations (derived)
-€32.6m
Net result for the year
-€40.7m
Depreciation
+€7.2m
Smaller working-capital items
+€69,347
Trade debts
-€588,455
Other debts
+€1.5m
Investment (derived)
-€117.0m
Investment in fixed assets (net)
-€117.0m
Financing
+€149.5m
Debts after one year
-€17.9m
Current portion of long-term debt
+€71.9m
Short-term financial debts
-€2.3m
Contributions, distributions and other
+€97.8m
Cash 2025
€208,876
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €636,977,064 | €746,711,728 | +€109.7m | +17.2% |
| Formation expenses | 20 | €4,752 | €2,813 | -€1,939 | -40.8% |
| Fixed assets | 21/28 | €636,655,929 | €746,482,348 | +€109.8m | +17.3% |
| Intangible fixed assets | 21 | €24,389,233 | €17,218,723 | -€7.2m | -29.4% |
| Financial fixed assets | 28 | €612,266,697 | €729,263,624 | +€117.0m | +19.1% |
| Current assets | 29/58 | €316,383 | €226,567 | -€89,816 | -28.4% |
| Amounts receivable within one year | 40/41 | €0 | €0 | = | |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €261,801 | €208,876 | -€52,925 | -20.2% |
| Deferred charges and accrued income | 490/1 | €54,581 | €17,691 | -€36,890 | -67.6% |
| Total equity and liabilities | 10/49 | €636,977,064 | €746,711,728 | +€109.7m | +17.2% |
| Equity | 10/15 | €265,110,160 | €322,149,894 | +€57.0m | +21.5% |
| Contributions | 10/11 | €301,025,000 | €398,781,000 | +€97.8m | +32.5% |
| Reserves | 13 | €1,210,247 | €1,210,247 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,210,247 | €1,210,247 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,210,247 | €1,210,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,125,088 | -€77,841,354 | -€40.7m | -109.7% |
| Amounts payable | 17/49 | €371,866,904 | €424,561,835 | +€52.7m | +14.2% |
| Amounts payable after more than one year | 17 | €341,626,654 | €323,724,479 | -€17.9m | -5.2% |
| Financial debts | 170/4 | €341,626,654 | €303,724,479 | -€37.9m | -11.1% |
| Other amounts payable | 178/9 | - | €20,000,000 | +€20.0m | |
| Amounts payable within one year | 42/48 | €30,239,009 | €100,803,657 | +€70.6m | +233.4% |
| Current portion of amounts payable after more than one year | 42 | €2,127,223 | €74,038,749 | +€71.9m | +3380.5% |
| Financial debts | 43 | €13,515,150 | €11,250,000 | -€2.3m | -16.8% |
| Credit institutions | 430/8 | €4,015,150 | €1,750,000 | -€2.3m | -56.4% |
| Other loans | 439 | €9,500,000 | €9,500,000 | = | 0.0% |
| Trade debts | 44 | €731,510 | €143,055 | -€588,455 | -80.4% |
| Suppliers | 440/4 | €731,510 | €143,055 | -€588,455 | -80.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €13,865,125 | €15,371,853 | +€1.5m | +10.9% |
| Accrued charges and deferred income | 492/3 | €1,241 | €33,699 | +€32,457 | +2614.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,172,448 | €7,172,448 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,136 | €1,118 | -€17 | -1.5% |
| Gross operating margin | 9900 | -€230,796 | -€1,015,388 | -€784,592 | -340.0% |
| Operating profit (loss) | 9901 | -€7,404,379 | -€8,188,954 | -€784,575 | -10.6% |
| Financial income | 75/76B | €1,009,225 | €795,928 | -€213,297 | -21.1% |
| Recurring financial income | 75 | €1,009,225 | €795,928 | -€213,297 | -21.1% |
| Financial charges | 65/66B | €22,038,775 | €33,323,240 | +€11.3m | +51.2% |
| Recurring financial charges | 65 | €22,038,775 | €33,323,240 | +€11.3m | +51.2% |
| Profit (loss) for the period before taxes | 9903 | -€28,433,930 | -€40,716,266 | -€12.3m | -43.2% |
| Income taxes | 67/77 | €14,554 | - | -€14,554 | |
| Profit (loss) for the period | 9904 | -€28,448,483 | -€40,716,266 | -€12.3m | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,448,483 | -€40,716,266 | -€12.3m | -43.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.