FOREEST: 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.
What changed
FOREEST
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€281,818
2024 · €418,533-€136,714
Equity
€1.9m
2024 · €1.7m+€165,325
Cash
€43,109
2024 · €155,114-€112,004
Balance sheet total
€6.6m
2024 · €4.7m+€1.9m
Largest movements
Assets
- Tangible fixed assets +€2.1m
up €2.1m (+134%), from €1.6m to €3.7m
of which Land and buildings: +€2.1m
- Cash -€112,004
down €112,004 (-72.2%), from €155,114 to €43,109
mainly Investment in fixed assets (net) (-€2.2m) and Contributions, distributions and other (-€116,494)
- Current investments -€101,487
down €101,487 (-20.1%), from €503,938 to €402,452
Equity and liabilities
- Debts after one year +€1.5m
up €1.5m (+71.3%), from €2.1m to €3.7m
- Other debts +€193,879
up €193,879 (+52.9%), from €366,833 to €560,712
- Reserves +€165,325
up €165,325 (+12.7%), from €1.3m to €1.5m
of which Distributable reserves: +€266,365
Income statement
- Other operating charges +€247,068
up €247,068 (+1,109%), from €22,278 to €269,346
- Other operating income +€169,216
up €169,216 (+12,339%), from €1,371 to €170,588
- Turnover -€66,308
down €66,308 (-7.7%), from €856,308 to €790,000
- Taxes -€58,682
down €58,682 (-42.1%), from €139,457 to €80,775
- Services and other goods +€54,103
up €54,103 (+36.4%), from €148,587 to €202,690
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
€418,533
Turnover
-€66,308
Other operating income
+€169,216
Services and other goods
-€54,103
Depreciation
-€32,276
Other operating charges
-€247,068
Financial income
+€46,630
Financial charges
-€11,488
Taxes
+€58,682
Result 2025
€281,818
raises the resultlowers the result
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.
From operations
+€533,668
Investment
-€2.1m
Financing
+€1.5m
Cash 2024
€155,114
From operations (derived)
+€533,668
Net result for the year
+€281,818
Depreciation
+€106,256
Receivables within one year
-€28,289
Smaller working-capital items
-€455
Tax, wage and social debts
-€11,595
Other debts
+€193,879
Accrued charges and deferred income
-€7,947
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.2m
Current investments
+€101,487
Financing
+€1.5m
Debts after one year
+€1.5m
Current portion of long-term debt
+€58,181
Contributions, distributions and other
-€116,494
Cash 2025
€43,109
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,667,295 | €6,589,881 | +€1.9m | +41.2% |
| Fixed assets | 21/28 | €3,883,811 | €5,990,365 | +€2.1m | +54.2% |
| Tangible fixed assets | 22/27 | €1,577,250 | €3,683,804 | +€2.1m | +134% |
| Land and buildings | 22 | €1,445,617 | €3,582,006 | +€2.1m | +148% |
| Plant, machinery and equipment | 23 | - | €29,288 | +€29,288 | |
| Furniture and vehicles | 24 | €131,633 | €72,511 | -€59,122 | -44.9% |
| Financial fixed assets | 28 | €2,306,561 | €2,306,561 | = | 0.0% |
| Affiliated companies | 280/1 | €2,306,561 | €2,306,561 | = | 0.0% |
| Participating interests | 280 | €2,306,561 | €2,306,561 | = | 0.0% |
| Current assets | 29/58 | €783,484 | €599,516 | -€183,968 | -23.5% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €12,100 | €40,389 | +€28,289 | +234% |
| Trade receivables | 40 | €12,100 | €0 | -€12,100 | -100% |
| Other amounts receivable | 41 | €0 | €40,389 | +€40,389 | |
| Current investments | 50/53 | €503,938 | €402,452 | -€101,487 | -20.1% |
| Other investments | 51/53 | €503,938 | €402,452 | -€101,487 | -20.1% |
| Cash at bank and in hand | 54/58 | €155,114 | €43,109 | -€112,004 | -72.2% |
| Deferred charges and accrued income | 490/1 | €12,332 | €13,566 | +€1,234 | +10.0% |
| Total equity and liabilities | 10/49 | €4,667,295 | €6,589,881 | +€1.9m | +41.2% |
| Equity | 10/15 | €1,728,684 | €1,894,009 | +€165,325 | +9.6% |
| Contributions | 10/11 | €431,198 | €431,198 | = | 0.0% |
| Reserves | 13 | €1,297,486 | €1,462,811 | +€165,325 | +12.7% |
| Tax-exempt reserves | 132 | €176,820 | €75,780 | -€101,040 | -57.1% |
| Distributable reserves | 133 | €1,120,666 | €1,387,031 | +€266,365 | +23.8% |
| Amounts payable | 17/49 | €2,938,611 | €4,695,872 | +€1.8m | +59.8% |
| Amounts payable after more than one year | 17 | €2,136,666 | €3,660,630 | +€1.5m | +71.3% |
| Financial debts | 170/4 | €2,136,666 | €3,660,630 | +€1.5m | +71.3% |
| Credit institutions | 173 | €1,438,048 | €3,031,799 | +€1.6m | +111% |
| Other loans | 174 | €698,618 | €628,830 | -€69,788 | -10.0% |
| Amounts payable within one year | 42/48 | €776,516 | €1,017,760 | +€241,244 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €384,834 | €443,015 | +€58,181 | +15.1% |
| Trade debts | 44 | €8,774 | €9,553 | +€779 | +8.9% |
| Suppliers | 440/4 | €8,774 | €9,553 | +€779 | +8.9% |
| Taxes, remuneration and social security | 45 | €16,075 | €4,480 | -€11,595 | -72.1% |
| Taxes | 450/3 | €16,075 | €4,480 | -€11,595 | -72.1% |
| Other amounts payable | 47/48 | €366,833 | €560,712 | +€193,879 | +52.9% |
| Accrued charges and deferred income | 492/3 | €25,429 | €17,482 | -€7,947 | -31.3% |
| Operating income | 70/76A | €857,680 | €960,588 | +€102,908 | +12.0% |
| Turnover | 70 | €856,308 | €790,000 | -€66,308 | -7.7% |
| Other operating income | 74 | €1,371 | €170,588 | +€169,216 | +12,339% |
| Operating charges | 60/66A | €244,846 | €578,293 | +€333,447 | +136% |
| Services and other goods | 61 | €148,587 | €202,690 | +€54,103 | +36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,980 | €106,256 | +€32,276 | +43.6% |
| Other operating charges | 640/8 | €22,278 | €269,346 | +€247,068 | +1,109% |
| Operating profit (loss) | 9901 | €612,834 | €382,295 | -€230,539 | -37.6% |
| Financial income | 75/76B | €6,121 | €52,751 | +€46,630 | +762% |
| Recurring financial income | 75 | €6,121 | €52,751 | +€46,630 | +762% |
| Income from financial fixed assets | 750 | €2,000 | €0 | -€2,000 | -100% |
| Income from current assets | 751 | €4,072 | €3,159 | -€912 | -22.4% |
| Other financial income | 752/9 | €49 | €49,591 | +€49,542 | +101,438% |
| Financial charges | 65/66B | €60,965 | €72,453 | +€11,488 | +18.8% |
| Recurring financial charges | 65 | €60,965 | €72,453 | +€11,488 | +18.8% |
| Debt charges | 650 | €60,830 | €71,731 | +€10,901 | +17.9% |
| Other financial charges | 652/9 | €135 | €722 | +€587 | +435% |
| Profit (loss) for the period before taxes | 9903 | €557,990 | €362,593 | -€195,397 | -35.0% |
| Income taxes | 67/77 | €139,457 | €80,775 | -€58,682 | -42.1% |
| Taxes | 670/3 | €139,457 | €120,000 | -€19,457 | -14.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €39,225 | +€39,225 | |
| Profit (loss) for the period | 9904 | €418,533 | €281,818 | -€136,714 | -32.7% |
| Transfer from tax-exempt reserves | 789 | €96,120 | €101,040 | +€4,920 | +5.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €514,653 | €382,858 | -€131,794 | -25.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.