DG FOREST: 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.
DG FOREST
Largest movements
- Tangible fixed assets +€66,947
up €66,947 (+43.3%), from €154,471 to €221,417
of which Leasing and similar rights: +€106,923
- Cash -€3,654
down €3,654 (-4.4%), from €82,322 to €78,668
mainly Investment in fixed assets (net) (-€112,001) and Net result for the year (-€19,428)
- Debts after one year +€72,475
up €72,475 (+103%), from €70,052 to €142,527
- Profit (loss) carried forward -€19,428
new in 2025: -€19,428
- Tax, wage and social debts -€18,731
down €18,731 (-90.6%), from €20,664 to €1,933
of which Taxes: -€17,331
- Current portion of long-term debt +€16,337
up €16,337 (+87.8%), from €18,607 to €34,945
- Trade debts +€8,708
up €8,708 (+6,810%), from €128 to €8,836
- Gross operating margin -€19,361
down €19,361 (-29.7%), from €65,286 to €45,925
- Depreciation +€13,828
up €13,828 (+44.3%), from €31,227 to €45,055
- Financial charges +€7,484
up €7,484 (+380%), from €1,969 to €9,453
- Taxes -€7,018
down €7,018 (-100%), from €7,018 to €0
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 | €245,686 | €312,369 | +€66,683 | +27.1% |
| Fixed assets | 21/28 | €154,471 | €221,417 | +€66,947 | +43.3% |
| Tangible fixed assets | 22/27 | €154,471 | €221,417 | +€66,947 | +43.3% |
| Plant, machinery and equipment | 23 | €6,296 | €4,137 | -€2,159 | -34.3% |
| Furniture and vehicles | 24 | €47,782 | €9,965 | -€37,817 | -79.1% |
| Leasing and similar rights | 25 | €100,392 | €207,315 | +€106,923 | +107% |
| Current assets | 29/58 | €91,216 | €90,952 | -€264 | -0.3% |
| Amounts receivable within one year | 40/41 | €8,091 | €10,471 | +€2,380 | +29.4% |
| Trade receivables | 40 | €5,904 | €10,335 | +€4,431 | +75.0% |
| Other amounts receivable | 41 | €2,187 | €136 | -€2,051 | -93.8% |
| Cash at bank and in hand | 54/58 | €82,322 | €78,668 | -€3,654 | -4.4% |
| Deferred charges and accrued income | 490/1 | €802 | €1,812 | +€1,010 | +126% |
| Total equity and liabilities | 10/49 | €245,686 | €312,369 | +€66,683 | +27.1% |
| Equity | 10/15 | €49,548 | €30,121 | -€19,428 | -39.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €48,548 | €48,548 | = | 0.0% |
| Distributable reserves | 133 | €48,548 | €48,548 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€19,428 | -€19,428 | |
| Amounts payable | 17/49 | €196,138 | €282,248 | +€86,111 | +43.9% |
| Amounts payable after more than one year | 17 | €70,052 | €142,527 | +€72,475 | +103% |
| Financial debts | 170/4 | €70,052 | €142,527 | +€72,475 | +103% |
| Amounts payable within one year | 42/48 | €126,086 | €139,722 | +€13,636 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €18,607 | €34,945 | +€16,337 | +87.8% |
| Trade debts | 44 | €128 | €8,836 | +€8,708 | +6,810% |
| Suppliers | 440/4 | €128 | €8,836 | +€8,708 | +6,810% |
| Taxes, remuneration and social security | 45 | €20,664 | €1,933 | -€18,731 | -90.6% |
| Taxes | 450/3 | €19,264 | €1,933 | -€17,331 | -90.0% |
| Remuneration and social security | 454/9 | €1,400 | - | -€1,400 | |
| Other amounts payable | 47/48 | €86,687 | €94,008 | +€7,321 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,227 | €45,055 | +€13,828 | +44.3% |
| Other operating charges | 640/8 | €494 | €602 | +€109 | +22.0% |
| Non-recurring operating charges | 66A | - | €10,699 | +€10,699 | |
| Gross operating margin | 9900 | €65,286 | €45,925 | -€19,361 | -29.7% |
| Operating profit (loss) | 9901 | €33,566 | -€10,431 | -€43,996 | |
| Financial income | 75/76B | €19 | €456 | +€437 | +2,284% |
| Recurring financial income | 75 | €19 | €456 | +€437 | +2,284% |
| Financial charges | 65/66B | €1,969 | €9,453 | +€7,484 | +380% |
| Recurring financial charges | 65 | €1,969 | €9,453 | +€7,484 | +380% |
| Profit (loss) for the period before taxes | 9903 | €31,616 | -€19,428 | -€51,044 | |
| Income taxes | 67/77 | €7,018 | €0 | -€7,018 | -100% |
| Profit (loss) for the period | 9904 | €24,598 | -€19,428 | -€44,026 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,598 | -€19,428 | -€44,026 |
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 15 October 2026 via checked.be.