FORDAQ: 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.
FORDAQ
Largest movements
- Receivables within one year +€506,098
up €506,098 (+33.2%), from €1.5m to €2.0m
of which Trade receivables: +€274,238
- Cash +€109,481
up €109,481 (+352.3%), from €31,079 to €140,560
mainly Contributions, distributions and other (+€1.5m) and Depreciation (+€352,331)
- Intangible fixed assets -€74,660
down €74,660 (-6.7%), from €1.1m to €1.0m
- Contributions +€1.5m
up €1.5m (+36.4%), from €4.2m to €5.7m
- Other debts -€1.3m
no longer reported in 2025 (was €1.3m)
- Tax, wage and social debts +€267,694
up €267,694 (+1398.4%), from €19,142 to €286,837
of which Remuneration and social security: +€268,111
- Trade debts +€127,288
up €127,288 (+32.7%), from €389,135 to €516,423
- Profit (loss) carried forward -€56,607
down €56,607 (-1.7%), from -€3.3m to -€3.4m
- Gross operating margin +€226,850
up €226,850 (+110.7%), from €204,915 to €431,765
- Depreciation +€190,049
up €190,049 (+117.1%), from €162,282 to €352,331
- Financial income +€25,548
up €25,548 (+112.8%), from €22,639 to €48,187
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 | €2,717,417 | €3,264,827 | +€547,410 | +20.1% |
| Fixed assets | 21/28 | €1,163,305 | €1,088,645 | -€74,660 | -6.4% |
| Intangible fixed assets | 21 | €1,112,465 | €1,037,805 | -€74,660 | -6.7% |
| Financial fixed assets | 28 | €50,840 | €50,840 | = | 0.0% |
| Current assets | 29/58 | €1,554,111 | €2,176,182 | +€622,071 | +40.0% |
| Amounts receivable within one year | 40/41 | €1,522,932 | €2,029,031 | +€506,098 | +33.2% |
| Trade receivables | 40 | €258,099 | €532,336 | +€274,238 | +106.3% |
| Other amounts receivable | 41 | €1,264,834 | €1,496,695 | +€231,861 | +18.3% |
| Current investments | 50/53 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €31,079 | €140,560 | +€109,481 | +352.3% |
| Deferred charges and accrued income | 490/1 | €100 | €6,591 | +€6,491 | +6490.9% |
| Total equity and liabilities | 10/49 | €2,717,417 | €3,264,827 | +€547,410 | +20.1% |
| Equity | 10/15 | €913,534 | €2,385,341 | +€1.5m | +161.1% |
| Contributions | 10/11 | €4,203,519 | €5,731,932 | +€1.5m | +36.4% |
| Capital | 10 | €4,203,519 | €5,731,932 | +€1.5m | +36.4% |
| Issued capital | 100 | €4,203,519 | €5,782,147 | +€1.6m | +37.6% |
| Uncalled capital | 101 | - | €50,215 | +€50,215 | |
| Reserves | 13 | €22,341 | €22,341 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,341 | €22,341 | = | 0.0% |
| Legal reserve | 130 | €22,341 | €22,341 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,312,326 | -€3,368,932 | -€56,607 | -1.7% |
| Amounts payable | 17/49 | €1,803,883 | €879,486 | -€924,397 | -51.2% |
| Amounts payable within one year | 42/48 | €1,723,202 | €803,260 | -€919,942 | -53.4% |
| Trade debts | 44 | €389,135 | €516,423 | +€127,288 | +32.7% |
| Suppliers | 440/4 | €389,135 | €516,423 | +€127,288 | +32.7% |
| Taxes, remuneration and social security | 45 | €19,142 | €286,837 | +€267,694 | +1398.4% |
| Taxes | 450/3 | €19,142 | €18,725 | -€417 | -2.2% |
| Remuneration and social security | 454/9 | - | €268,111 | +€268,111 | |
| Other amounts payable | 47/48 | €1,314,925 | - | -€1.3m | |
| Accrued charges and deferred income | 492/3 | €80,681 | €76,226 | -€4,454 | -5.5% |
| Remuneration, social security and pensions | 62 | €35,871 | €35,907 | +€36 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,282 | €352,331 | +€190,049 | +117.1% |
| Other operating charges | 640/8 | €5,164 | €6,763 | +€1,599 | +31.0% |
| Gross operating margin | 9900 | €204,915 | €431,765 | +€226,850 | +110.7% |
| Operating profit (loss) | 9901 | €1,598 | €36,765 | +€35,167 | +2200.7% |
| Financial income | 75/76B | €22,639 | €48,187 | +€25,548 | +112.8% |
| Recurring financial income | 75 | €22,639 | €48,187 | +€25,548 | +112.8% |
| Financial charges | 65/66B | €140,233 | €141,558 | +€1,325 | +0.9% |
| Recurring financial charges | 65 | €140,233 | €141,558 | +€1,325 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | -€115,996 | -€56,607 | +€59,390 | +51.2% |
| Profit (loss) for the period | 9904 | -€115,996 | -€56,607 | +€59,390 | +51.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€115,996 | -€56,607 | +€59,390 | +51.2% |
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 1 October 2026 via checked.be.