FORENO: 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.
FORENO
Largest movements
- Receivables within one year +€16,987
up €16,987 (+15.8%), from €107,388 to €124,375
of which Trade receivables: +€21,210
- Cash +€9,893
up €9,893 (+445.2%), from €2,222 to €12,115
mainly Tax, wage and social debts (+€25,532) and Depreciation (+€12,355)
- Tangible fixed assets -€5,599
down €5,599 (-14.0%), from €39,999 to €34,400
of which Furniture and vehicles: -€3,316
- Tax, wage and social debts +€25,532
up €25,532 (+187.9%), from €13,585 to €39,117
- Trade debts +€7,689
up €7,689 (+119.6%), from €6,428 to €14,117
- Debts after one year -€6,404
down €6,404 (-26.1%), from €24,521 to €18,117
- Reserves -€5,984
down €5,984 (-15.2%), from €39,472 to €33,488
of which Distributable reserves: -€5,984
- Depreciation +€1,071
up €1,071 (+9.5%), from €11,284 to €12,355
- Gross operating margin +€837
up €837 (+3.2%), from €26,375 to €27,212
- Taxes +€713
up €713 (+12.6%), from €5,650 to €6,363
- Financial charges +€643
up €643 (+63.0%), from €1,021 to €1,664
- Financial income +€454
up €454 (+9.0%), from €5,052 to €5,506
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 | €155,109 | €176,257 | +€21,148 | +13.6% |
| Formation expenses | 20 | €898 | €682 | -€216 | -24.1% |
| Fixed assets | 21/28 | €40,299 | €34,550 | -€5,749 | -14.3% |
| Intangible fixed assets | 21 | €300 | €150 | -€150 | -50.0% |
| Tangible fixed assets | 22/27 | €39,999 | €34,400 | -€5,599 | -14.0% |
| Plant, machinery and equipment | 23 | €9,031 | €6,748 | -€2,283 | -25.3% |
| Furniture and vehicles | 24 | €30,968 | €27,652 | -€3,316 | -10.7% |
| Current assets | 29/58 | €113,912 | €141,025 | +€27,113 | +23.8% |
| Stocks and contracts in progress | 3 | €3,159 | €2,957 | -€202 | -6.4% |
| Stocks | 30/36 | €3,159 | €2,957 | -€202 | -6.4% |
| Amounts receivable within one year | 40/41 | €107,388 | €124,375 | +€16,987 | +15.8% |
| Trade receivables | 40 | €11,597 | €32,807 | +€21,210 | +182.9% |
| Other amounts receivable | 41 | €95,791 | €91,568 | -€4,223 | -4.4% |
| Cash at bank and in hand | 54/58 | €2,222 | €12,115 | +€9,893 | +445.2% |
| Deferred charges and accrued income | 490/1 | €1,143 | €1,578 | +€435 | +38.1% |
| Total equity and liabilities | 10/49 | €155,109 | €176,257 | +€21,148 | +13.6% |
| Equity | 10/15 | €104,486 | €98,502 | -€5,984 | -5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,472 | €33,488 | -€5,984 | -15.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €37,612 | €31,628 | -€5,984 | -15.9% |
| Profit (loss) carried forward | 14 | €46,414 | €46,414 | = | 0.0% |
| Amounts payable | 17/49 | €50,623 | €77,755 | +€27,132 | +53.6% |
| Amounts payable after more than one year | 17 | €24,521 | €18,117 | -€6,404 | -26.1% |
| Financial debts | 170/4 | €24,521 | €18,117 | -€6,404 | -26.1% |
| Amounts payable within one year | 42/48 | €26,102 | €59,638 | +€33,536 | +128.5% |
| Current portion of amounts payable after more than one year | 42 | €6,089 | €6,404 | +€315 | +5.2% |
| Trade debts | 44 | €6,428 | €14,117 | +€7,689 | +119.6% |
| Suppliers | 440/4 | €6,428 | €14,117 | +€7,689 | +119.6% |
| Taxes, remuneration and social security | 45 | €13,585 | €39,117 | +€25,532 | +187.9% |
| Taxes | 450/3 | €13,585 | €39,117 | +€25,532 | +187.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,284 | €12,355 | +€1,071 | +9.5% |
| Other operating charges | 640/8 | €1,537 | €1,890 | +€353 | +23.0% |
| Gross operating margin | 9900 | €26,375 | €27,212 | +€837 | +3.2% |
| Operating profit (loss) | 9901 | €13,554 | €12,967 | -€587 | -4.3% |
| Financial income | 75/76B | €5,052 | €5,506 | +€454 | +9.0% |
| Recurring financial income | 75 | €5,052 | €5,506 | +€454 | +9.0% |
| Financial charges | 65/66B | €1,021 | €1,664 | +€643 | +63.0% |
| Recurring financial charges | 65 | €1,021 | €1,664 | +€643 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | €17,585 | €16,809 | -€776 | -4.4% |
| Income taxes | 67/77 | €5,650 | €6,363 | +€713 | +12.6% |
| Profit (loss) for the period | 9904 | €11,935 | €10,446 | -€1,489 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,935 | €10,446 | -€1,489 | -12.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.