FORE: 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
FORE
NACE 43.320, Joinery installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€7,765
2024 · €55,160-€62,925
Equity
€551,231
2024 · €558,996-€7,765
Cash
€200,550
2024 · €143,569+€56,981
Balance sheet total
€2.0m
2024 · €2.1m-€133,545
Largest movements
Assets
- Receivables within one year -€369,346
down €369,346 (-37.2%), from €992,178 to €622,831
of which Trade receivables: -€375,499
- Stocks and contracts +€195,156
up €195,156 (+24.8%), from €787,473 to €982,629
of which Stocks: +€109,155
- Cash +€56,981
up €56,981 (+39.7%), from €143,569 to €200,550
mainly Receivables within one year (+€369,346) and Depreciation (+€83,352)
Equity and liabilities
- Short-term financial debts -€100,000
down €100,000 (-13.8%), from €725,000 to €625,000
Income statement
- Gross operating margin -€211,984
down €211,984 (-13.3%), from €1.6m to €1.4m
- Staff costs -€102,889
down €102,889 (-7.6%), from €1.3m to €1.2m
- Taxes -€26,328
down €26,328 (-71.5%), from €36,840 to €10,512
- Financial charges -€17,550
down €17,550 (-35.6%), from €49,350 to €31,800
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
€55,160
Gross operating margin
-€211,984
Staff costs
+€102,889
Depreciation
+€334
Other operating charges
+€358
Other operating items
-€74
Financial income
+€1,673
Financial charges
+€17,550
Taxes
+€26,328
Result 2025
-€7,765
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
+€240,602
Investment
-€61,832
Financing
-€121,789
Cash 2024
€143,569
From operations (derived)
+€240,602
Net result for the year
-€7,765
Depreciation
+€83,352
Stocks and contracts
-€195,156
Receivables within one year
+€369,346
Deferred charges and accrued income
-€5,184
Trade debts
+€3,918
Tax, wage and social debts
-€15,064
Other debts
+€6,479
Accrued charges and deferred income
+€676
Investment (derived)
-€61,832
Investment in fixed assets (net)
-€61,832
Financing
-€121,789
Debts after one year
-€6,771
Current portion of long-term debt
-€15,018
Short-term financial debts
-€100,000
Cash 2025
€200,550
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,109,992 | €1,976,447 | -€133,545 | -6.3% |
| Fixed assets | 21/28 | €158,893 | €137,373 | -€21,519 | -13.5% |
| Intangible fixed assets | 21 | €5,839 | €3,574 | -€2,265 | -38.8% |
| Tangible fixed assets | 22/27 | €124,014 | €104,760 | -€19,254 | -15.5% |
| Plant, machinery and equipment | 23 | €62,314 | €50,535 | -€11,779 | -18.9% |
| Furniture and vehicles | 24 | €56,829 | €50,612 | -€6,217 | -10.9% |
| Other tangible fixed assets | 26 | €4,871 | €3,613 | -€1,259 | -25.8% |
| Financial fixed assets | 28 | €29,039 | €29,039 | = | 0.0% |
| Current assets | 29/58 | €1,951,099 | €1,839,074 | -€112,025 | -5.7% |
| Stocks and contracts in progress | 3 | €787,473 | €982,629 | +€195,156 | +24.8% |
| Stocks | 30/36 | €298,187 | €407,342 | +€109,155 | +36.6% |
| Contracts in progress | 37 | €489,286 | €575,287 | +€86,001 | +17.6% |
| Amounts receivable within one year | 40/41 | €992,178 | €622,831 | -€369,346 | -37.2% |
| Trade receivables | 40 | €846,913 | €471,415 | -€375,499 | -44.3% |
| Other amounts receivable | 41 | €145,264 | €151,417 | +€6,152 | +4.2% |
| Cash at bank and in hand | 54/58 | €143,569 | €200,550 | +€56,981 | +39.7% |
| Deferred charges and accrued income | 490/1 | €27,880 | €33,063 | +€5,184 | +18.6% |
| Total equity and liabilities | 10/49 | €2,109,992 | €1,976,447 | -€133,545 | -6.3% |
| Equity | 10/15 | €558,996 | €551,231 | -€7,765 | -1.4% |
| Contributions | 10/11 | €295,916 | €295,916 | = | 0.0% |
| Capital | 10 | €295,916 | €295,916 | = | 0.0% |
| Issued capital | 100 | €295,916 | €295,916 | = | 0.0% |
| Reserves | 13 | €262,206 | €255,315 | -€6,890 | -2.6% |
| Non-distributable reserves | 130/1 | €117,039 | €117,039 | = | 0.0% |
| Legal reserve | 130 | €24,694 | €24,694 | = | 0.0% |
| Other | 1319 | €92,345 | €92,345 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,032 | €12,032 | = | 0.0% |
| Distributable reserves | 133 | €133,135 | €126,244 | -€6,890 | -5.2% |
| Profit (loss) carried forward | 14 | €874 | - | -€874 | |
| Amounts payable | 17/49 | €1,550,996 | €1,425,216 | -€125,780 | -8.1% |
| Amounts payable after more than one year | 17 | €6,771 | - | -€6,771 | |
| Financial debts | 170/4 | €6,771 | - | -€6,771 | |
| Amounts payable within one year | 42/48 | €1,539,584 | €1,419,898 | -€119,686 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €21,789 | €6,771 | -€15,018 | -68.9% |
| Financial debts | 43 | €725,000 | €625,000 | -€100,000 | -13.8% |
| Credit institutions | 430/8 | €725,000 | €625,000 | -€100,000 | -13.8% |
| Trade debts | 44 | €540,102 | €544,020 | +€3,918 | +0.7% |
| Suppliers | 440/4 | €540,102 | €544,020 | +€3,918 | +0.7% |
| Taxes, remuneration and social security | 45 | €179,423 | €164,359 | -€15,064 | -8.4% |
| Taxes | 450/3 | €53,098 | €45,614 | -€7,484 | -14.1% |
| Remuneration and social security | 454/9 | €126,324 | €118,744 | -€7,580 | -6.0% |
| Other amounts payable | 47/48 | €73,271 | €79,749 | +€6,479 | +8.8% |
| Accrued charges and deferred income | 492/3 | €4,641 | €5,318 | +€676 | +14.6% |
| Non-recurring operating income | 76A | €1,000 | €7,211 | +€6,211 | +621.1% |
| Remuneration, social security and pensions | 62 | €1,348,734 | €1,245,846 | -€102,889 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,685 | €83,352 | -€334 | -0.4% |
| Other operating charges | 640/8 | €22,497 | €22,139 | -€358 | -1.6% |
| Non-recurring operating charges | 66A | €2,097 | €2,170 | +€74 | +3.5% |
| Gross operating margin | 9900 | €1,591,858 | €1,379,874 | -€211,984 | -13.3% |
| Operating profit (loss) | 9901 | €134,844 | €26,368 | -€108,476 | -80.4% |
| Financial income | 75/76B | €6,506 | €8,180 | +€1,673 | +25.7% |
| Recurring financial income | 75 | €6,506 | €8,180 | +€1,673 | +25.7% |
| Financial charges | 65/66B | €49,350 | €31,800 | -€17,550 | -35.6% |
| Recurring financial charges | 65 | €49,350 | €31,800 | -€17,550 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €92,000 | €2,747 | -€89,253 | -97.0% |
| Income taxes | 67/77 | €36,840 | €10,512 | -€26,328 | -71.5% |
| Profit (loss) for the period | 9904 | €55,160 | -€7,765 | -€62,925 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,160 | -€7,765 | -€62,925 |
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 2 October 2026 via checked.be.