FORENCO: 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.
FORENCO
Largest movements
- Tangible fixed assets +€190,594
up €190,594 (+94.7%), from €201,281 to €391,874
of which Land and buildings: +€220,026
- Cash -€58,845
down €58,845 (-48.6%), from €121,180 to €62,335
mainly Investment in fixed assets (net) (-€237,436) and Receivables within one year (-€9,946)
- Receivables within one year +€9,946
up €9,946 (+57.1%), from €17,417 to €27,362
of which Trade receivables: +€9,946
- Other debts +€109,579
up €109,579 (+465.8%), from €23,524 to €133,103
- Reserves +€25,266
up €25,266 (+16.2%), from €156,086 to €181,352
- Trade debts -€7,844
down €7,844 (-21.7%), from €36,121 to €28,277
- Accrued charges and deferred income +€6,508
new in 2025: €6,508
- Tax, wage and social debts +€6,193
up €6,193 (+115.9%), from €5,345 to €11,537
of which Taxes: +€7,493
- Gross operating margin -€34,294
down €34,294 (-29.0%), from €118,096 to €83,803
- Taxes -€20,501
down €20,501 (-81.7%), from €25,096 to €4,595
- Depreciation +€7,564
up €7,564 (+19.3%), from €39,278 to €46,842
- Financial charges +€6,581
up €6,581 (+7066.2%), from €93 to €6,674
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 | €343,614 | €483,329 | +€139,715 | +40.7% |
| Fixed assets | 21/28 | €201,451 | €392,044 | +€190,594 | +94.6% |
| Tangible fixed assets | 22/27 | €201,281 | €391,874 | +€190,594 | +94.7% |
| Land and buildings | 22 | €84,297 | €304,324 | +€220,026 | +261.0% |
| Plant, machinery and equipment | 23 | €42,507 | €38,083 | -€4,424 | -10.4% |
| Furniture and vehicles | 24 | €74,025 | €49,243 | -€24,782 | -33.5% |
| Other tangible fixed assets | 26 | €451 | €226 | -€226 | -50.0% |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €142,164 | €91,285 | -€50,879 | -35.8% |
| Amounts receivable within one year | 40/41 | €17,417 | €27,362 | +€9,946 | +57.1% |
| Trade receivables | 40 | €1,787 | €11,732 | +€9,946 | +556.7% |
| Other amounts receivable | 41 | €15,630 | €15,630 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €121,180 | €62,335 | -€58,845 | -48.6% |
| Deferred charges and accrued income | 490/1 | €3,567 | €1,588 | -€1,979 | -55.5% |
| Total equity and liabilities | 10/49 | €343,614 | €483,329 | +€139,715 | +40.7% |
| Equity | 10/15 | €157,186 | €182,452 | +€25,266 | +16.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €156,086 | €181,352 | +€25,266 | +16.2% |
| Distributable reserves | 133 | €156,086 | €181,352 | +€25,266 | +16.2% |
| Profit (loss) carried forward | 14 | €100 | €100 | = | 0.0% |
| Amounts payable | 17/49 | €186,428 | €300,877 | +€114,449 | +61.4% |
| Amounts payable after more than one year | 17 | €120,000 | €120,000 | = | 0.0% |
| Financial debts | 170/4 | €120,000 | €120,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €66,428 | €174,369 | +€107,941 | +162.5% |
| Financial debts | 43 | €1,438 | €1,452 | +€14 | +0.9% |
| Credit institutions | 430/8 | €1,438 | €1,452 | +€14 | +0.9% |
| Trade debts | 44 | €36,121 | €28,277 | -€7,844 | -21.7% |
| Suppliers | 440/4 | €36,121 | €28,277 | -€7,844 | -21.7% |
| Taxes, remuneration and social security | 45 | €5,345 | €11,537 | +€6,193 | +115.9% |
| Taxes | 450/3 | €4,045 | €11,537 | +€7,493 | +185.2% |
| Remuneration and social security | 454/9 | €1,300 | - | -€1,300 | |
| Other amounts payable | 47/48 | €23,524 | €133,103 | +€109,579 | +465.8% |
| Accrued charges and deferred income | 492/3 | - | €6,508 | +€6,508 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,278 | €46,842 | +€7,564 | +19.3% |
| Other operating charges | 640/8 | €1,193 | €482 | -€712 | -59.6% |
| Gross operating margin | 9900 | €118,096 | €83,803 | -€34,294 | -29.0% |
| Operating profit (loss) | 9901 | €77,625 | €36,479 | -€41,146 | -53.0% |
| Financial income | 75/76B | €1 | €56 | +€55 | +5962.0% |
| Recurring financial income | 75 | €1 | €56 | +€55 | +5962.0% |
| Financial charges | 65/66B | €93 | €6,674 | +€6,581 | +7066.2% |
| Recurring financial charges | 65 | €93 | €6,674 | +€6,581 | +7066.2% |
| Profit (loss) for the period before taxes | 9903 | €77,533 | €29,861 | -€47,672 | -61.5% |
| Income taxes | 67/77 | €25,096 | €4,595 | -€20,501 | -81.7% |
| Profit (loss) for the period | 9904 | €52,437 | €25,266 | -€27,171 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,437 | €25,266 | -€27,171 | -51.8% |
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 7 October 2026 via checked.be.