FORÉ: 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.
FORÉ
Largest movements
- Tangible fixed assets -€345,407
down €345,407 (-64.3%), from €537,037 to €191,630
of which Land and buildings: -€361,023
- Cash +€120,623
up €120,623 (+1745.6%), from €6,910 to €127,533
mainly Investment in fixed assets (net) (+€331,619) and Receivables after one year (+€65,000)
- Receivables after one year -€65,000
no longer reported in 2025 (was €65,000)
- Debts after one year -€265,843
no longer reported in 2025 (was €265,843)
of which Financial debts: -€260,843
- Current portion of long-term debt -€50,073
no longer reported in 2025 (was €50,073)
- Reserves +€49,190
up €49,190 (+39.0%), from €126,277 to €175,467
- Other debts -€31,578
down €31,578 (-37.0%), from €85,285 to €53,707
- Tax, wage and social debts +€14,020
up €14,020 (+633.1%), from €2,215 to €16,234
- Gross operating margin +€59,170
up €59,170 (+140.1%), from €42,239 to €101,409
- Depreciation -€17,314
down €17,314 (-55.7%), from €31,101 to €13,787
- Taxes +€15,432
up €15,432 (+7378.6%), from €209 to €15,642
- Staff costs -€11,326
no longer reported in 2025 (was €11,326)
- Financial income -€3,050
down €3,050 (-91.0%), from €3,353 to €303
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 | €620,824 | €336,495 | -€284,330 | -45.8% |
| Fixed assets | 21/28 | €537,037 | €191,630 | -€345,407 | -64.3% |
| Tangible fixed assets | 22/27 | €537,037 | €191,630 | -€345,407 | -64.3% |
| Land and buildings | 22 | €531,776 | €170,753 | -€361,023 | -67.9% |
| Plant, machinery and equipment | 23 | €4,695 | €1,935 | -€2,760 | -58.8% |
| Furniture and vehicles | 24 | €566 | €18,943 | +€18,376 | +3245.7% |
| Current assets | 29/58 | €83,787 | €144,864 | +€61,077 | +72.9% |
| Amounts receivable after more than one year | 29 | €65,000 | - | -€65,000 | |
| Trade receivables | 290 | €65,000 | - | -€65,000 | |
| Amounts receivable within one year | 40/41 | €5,626 | €8,731 | +€3,105 | +55.2% |
| Trade receivables | 40 | €5,304 | €4,066 | -€1,238 | -23.3% |
| Other amounts receivable | 41 | €322 | €4,666 | +€4,343 | +1347.7% |
| Current investments | 50/53 | €5,500 | €8,000 | +€2,500 | +45.5% |
| Cash at bank and in hand | 54/58 | €6,910 | €127,533 | +€120,623 | +1745.6% |
| Deferred charges and accrued income | 490/1 | €751 | €600 | -€151 | -20.1% |
| Total equity and liabilities | 10/49 | €620,824 | €336,495 | -€284,330 | -45.8% |
| Equity | 10/15 | €205,466 | €264,088 | +€58,622 | +28.5% |
| Contributions | 10/11 | €88,621 | €88,621 | = | 0.0% |
| Reserves | 13 | €126,277 | €175,467 | +€49,190 | +39.0% |
| Distributable reserves | 133 | €126,277 | €175,467 | +€49,190 | +39.0% |
| Profit (loss) carried forward | 14 | -€9,433 | - | +€9,433 | |
| Amounts payable | 17/49 | €415,358 | €72,407 | -€342,952 | -82.6% |
| Amounts payable after more than one year | 17 | €265,843 | - | -€265,843 | |
| Financial debts | 170/4 | €260,843 | - | -€260,843 | |
| Other amounts payable | 178/9 | €5,000 | - | -€5,000 | |
| Amounts payable within one year | 42/48 | €149,515 | €72,407 | -€77,109 | -51.6% |
| Current portion of amounts payable after more than one year | 42 | €50,073 | - | -€50,073 | |
| Trade debts | 44 | €11,943 | €2,466 | -€9,477 | -79.4% |
| Suppliers | 440/4 | €11,943 | €2,466 | -€9,477 | -79.4% |
| Taxes, remuneration and social security | 45 | €2,215 | €16,234 | +€14,020 | +633.1% |
| Taxes | 450/3 | €2,215 | €16,234 | +€14,020 | +633.1% |
| Other amounts payable | 47/48 | €85,285 | €53,707 | -€31,578 | -37.0% |
| Non-recurring operating income | 76A | - | €73,932 | +€73,932 | |
| Remuneration, social security and pensions | 62 | €11,326 | - | -€11,326 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,101 | €13,787 | -€17,314 | -55.7% |
| Other operating charges | 640/8 | €2,998 | €3,602 | +€604 | +20.2% |
| Gross operating margin | 9900 | €42,239 | €101,409 | +€59,170 | +140.1% |
| Operating profit (loss) | 9901 | -€3,187 | €84,020 | +€87,207 | |
| Financial income | 75/76B | €3,353 | €303 | -€3,050 | -91.0% |
| Recurring financial income | 75 | €3,353 | €303 | -€3,050 | -91.0% |
| Financial charges | 65/66B | €9,003 | €10,059 | +€1,056 | +11.7% |
| Recurring financial charges | 65 | €9,003 | €10,059 | +€1,056 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,837 | €74,264 | +€83,101 | |
| Income taxes | 67/77 | €209 | €15,642 | +€15,432 | +7378.6% |
| Profit (loss) for the period | 9904 | -€9,046 | €58,622 | +€67,668 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,046 | €58,622 | +€67,668 |
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 5 October 2026 via checked.be.