FORCADO: 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.
FORCADO
Largest movements
- Cash -€199,619
down €199,619 (-37.1%), from €537,705 to €338,087
mainly Receivables within one year (-€130,741) and Contributions, distributions and other (-€97,290)
- Receivables within one year +€130,741
up €130,741 (+51.3%), from €254,988 to €385,729
of which Other amounts receivable: +€100,003
- Tangible fixed assets -€18,002
down €18,002 (-16.6%), from €108,394 to €90,392
of which Other tangible fixed assets: -€9,450
- Trade debts -€46,379
down €46,379 (-27.7%), from €167,476 to €121,097
- Profit (loss) carried forward -€36,697
down €36,697 (-6.4%), from €576,159 to €539,462
- Staff costs +€66,194
up €66,194 (+13.6%), from €487,981 to €554,175
- Taxes -€23,283
down €23,283 (-64.1%), from €36,316 to €13,034
- Gross operating margin -€21,349
down €21,349 (-3.2%), from €667,530 to €646,180
- Depreciation -€12,496
down €12,496 (-34.0%), from €36,734 to €24,238
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €960,377 | €862,125 | -€98,252 | -10.2% |
| Fixed assets | 21/28 | €125,433 | €103,931 | -€21,502 | -17.1% |
| Intangible fixed assets | 21 | €16,459 | €12,459 | -€4,000 | -24.3% |
| Tangible fixed assets | 22/27 | €108,394 | €90,392 | -€18,002 | -16.6% |
| Plant, machinery and equipment | 23 | €19,631 | €11,078 | -€8,552 | -43.6% |
| Other tangible fixed assets | 26 | €88,764 | €79,314 | -€9,450 | -10.6% |
| Financial fixed assets | 28 | €580 | €1,080 | +€500 | +86.2% |
| Current assets | 29/58 | €834,943 | €758,194 | -€76,750 | -9.2% |
| Stocks and contracts in progress | 3 | €11,918 | €6,269 | -€5,649 | -47.4% |
| Stocks | 30/36 | €11,918 | €6,269 | -€5,649 | -47.4% |
| Amounts receivable within one year | 40/41 | €254,988 | €385,729 | +€130,741 | +51.3% |
| Trade receivables | 40 | €147,717 | €178,456 | +€30,738 | +20.8% |
| Other amounts receivable | 41 | €107,271 | €207,273 | +€100,003 | +93.2% |
| Cash at bank and in hand | 54/58 | €537,705 | €338,087 | -€199,619 | -37.1% |
| Deferred charges and accrued income | 490/1 | €30,332 | €28,110 | -€2,223 | -7.3% |
| Total equity and liabilities | 10/49 | €960,377 | €862,125 | -€98,252 | -10.2% |
| Equity | 10/15 | €629,338 | €585,351 | -€43,987 | -7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €576,159 | €539,462 | -€36,697 | -6.4% |
| Investment grants | 15 | €32,719 | €25,429 | -€7,290 | -22.3% |
| Amounts payable | 17/49 | €331,039 | €276,773 | -€54,265 | -16.4% |
| Amounts payable after more than one year | 17 | €6,173 | - | -€6,173 | |
| Financial debts | 170/4 | €6,173 | - | -€6,173 | |
| Amounts payable within one year | 42/48 | €321,431 | €276,773 | -€44,657 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €10,103 | €6,173 | -€3,930 | -38.9% |
| Trade debts | 44 | €167,476 | €121,097 | -€46,379 | -27.7% |
| Suppliers | 440/4 | €167,476 | €121,097 | -€46,379 | -27.7% |
| Taxes, remuneration and social security | 45 | €122,383 | €125,536 | +€3,153 | +2.6% |
| Taxes | 450/3 | €90,153 | €44,004 | -€46,149 | -51.2% |
| Remuneration and social security | 454/9 | €32,231 | €81,532 | +€49,302 | +153.0% |
| Other amounts payable | 47/48 | €21,468 | €23,967 | +€2,499 | +11.6% |
| Accrued charges and deferred income | 492/3 | €3,435 | - | -€3,435 | |
| Non-recurring operating income | 76A | €5,263 | - | -€5,263 | |
| Remuneration, social security and pensions | 62 | €487,981 | €554,175 | +€66,194 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,734 | €24,238 | -€12,496 | -34.0% |
| Other operating charges | 640/8 | €970 | €1,758 | +€788 | +81.2% |
| Non-recurring operating charges | 66A | €777 | - | -€777 | |
| Gross operating margin | 9900 | €667,530 | €646,180 | -€21,349 | -3.2% |
| Operating profit (loss) | 9901 | €141,068 | €66,010 | -€75,057 | -53.2% |
| Financial income | 75/76B | €8,750 | €7,291 | -€1,459 | -16.7% |
| Recurring financial income | 75 | €8,750 | €7,291 | -€1,459 | -16.7% |
| Financial charges | 65/66B | €8,358 | €6,965 | -€1,394 | -16.7% |
| Recurring financial charges | 65 | €8,358 | €6,965 | -€1,394 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €141,459 | €66,337 | -€75,122 | -53.1% |
| Income taxes | 67/77 | €36,316 | €13,034 | -€23,283 | -64.1% |
| Profit (loss) for the period | 9904 | €105,143 | €53,303 | -€51,840 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €105,143 | €53,303 | -€51,840 | -49.3% |
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 10 October 2026 via checked.be.