FORESCO: 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
FORESCO
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.3m
2024 · -€4.3m+€6.6m
Equity
€6.6m
2024 · €4.3m+€2.3m
Cash
€2,479
2024 · €61,411-€58,931
Balance sheet total
€35.3m
2024 · €16.9m+€18.4m
Largest movements
Assets
- Financial fixed assets +€15.6m
up €15.6m (+98.1%), from €16.0m to €31.6m
- Receivables within one year +€2.8m
up €2.8m (+317.1%), from €882,278 to €3.7m
of which Other amounts receivable: +€2.8m
Equity and liabilities
- Debts after one year +€15.0m
new in 2025: €15.0m
- Profit (loss) carried forward +€2.3m
up €2.3m (+53.9%), from -€4.4m to -€2.0m
- Trade debts +€952,132
up €952,132 (+2151.3%), from €44,259 to €996,391
Income statement
- Financial charges -€3.1m
down €3.1m (-71.7%), from €4.3m to €1.2m
of which Non-recurring financial charges: -€3.8m
- Financial income +€689,129
up €689,129 (+1086.4%), from €63,432 to €752,560
- Services and other goods -€266,419
down €266,419 (-20.0%), from €1.3m to €1.1m
- Staff costs +€207,650
up €207,650 (+88.3%), from €235,045 to €442,695
- Turnover +€146,441
up €146,441 (+9.4%), from €1.6m to €1.7m
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
-€4.3m
Turnover
+€146,441
Other operating income
+€8,678
Services and other goods
+€266,419
Staff costs
-€207,650
Depreciation
+€2,189
Other operating charges
-€185
Other operating items
+€2.6m
Financial income
+€689,129
Financial charges
+€3.1m
Taxes
+€49,957
Result 2025
€2.3m
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
+€582,492
Investment
-€15.6m
Financing
+€15.0m
Cash 2024
€61,411
From operations (derived)
+€582,492
Net result for the year
+€2.3m
Depreciation
+€4,604
Receivables within one year
-€2.8m
Deferred charges and accrued income
+€888
Trade debts
+€952,132
Tax, wage and social debts
+€46,114
Other debts
-€150,161
Accrued charges and deferred income
+€181,160
Investment (derived)
-€15.6m
Investment in fixed assets (net)
-€15.6m
Financing
+€15.0m
Debts after one year
+€15.0m
Cash 2025
€2,479
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,903,130 | €35,277,505 | +€18.4m | +108.7% |
| Fixed assets | 21/28 | €15,955,854 | €31,592,673 | +€15.6m | +98.0% |
| Intangible fixed assets | 21 | €4,087 | - | -€4,087 | |
| Tangible fixed assets | 22/27 | €517 | - | -€517 | |
| Furniture and vehicles | 24 | €517 | - | -€517 | |
| Financial fixed assets | 28 | €15,951,250 | €31,592,673 | +€15.6m | +98.1% |
| Affiliated companies | 280/1 | €15,951,250 | €31,592,673 | +€15.6m | +98.1% |
| Participating interests | 280 | €15,025,000 | €15,025,000 | = | 0.0% |
| Amounts receivable | 281 | €926,250 | €16,567,673 | +€15.6m | +1688.7% |
| Current assets | 29/58 | €947,276 | €3,684,832 | +€2.7m | +289.0% |
| Amounts receivable within one year | 40/41 | €882,278 | €3,679,653 | +€2.8m | +317.1% |
| Trade receivables | 40 | €77,144 | €59,361 | -€17,783 | -23.1% |
| Other amounts receivable | 41 | €805,134 | €3,620,291 | +€2.8m | +349.7% |
| Cash at bank and in hand | 54/58 | €61,411 | €2,479 | -€58,931 | -96.0% |
| Deferred charges and accrued income | 490/1 | €3,588 | €2,700 | -€888 | -24.7% |
| Total equity and liabilities | 10/49 | €16,903,130 | €35,277,505 | +€18.4m | +108.7% |
| Equity | 10/15 | €4,263,297 | €6,608,427 | +€2.3m | +55.0% |
| Contributions | 10/11 | €2,609,850 | €2,609,850 | = | 0.0% |
| Revaluation surpluses | 12 | €6,000,000 | €6,000,000 | = | 0.0% |
| Reserves | 13 | €4,954 | €4,954 | = | 0.0% |
| Distributable reserves | 133 | €4,954 | €4,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,351,507 | -€2,006,377 | +€2.3m | +53.9% |
| Amounts payable | 17/49 | €12,639,834 | €28,669,079 | +€16.0m | +126.8% |
| Amounts payable after more than one year | 17 | - | €15,000,000 | +€15.0m | |
| Financial debts | 170/4 | - | €15,000,000 | +€15.0m | |
| Credit institutions | 173 | - | €15,000,000 | +€15.0m | |
| Amounts payable within one year | 42/48 | €12,639,834 | €13,487,919 | +€848,085 | +6.7% |
| Trade debts | 44 | €44,259 | €996,391 | +€952,132 | +2151.3% |
| Suppliers | 440/4 | €44,259 | €996,391 | +€952,132 | +2151.3% |
| Taxes, remuneration and social security | 45 | €48,977 | €95,092 | +€46,114 | +94.2% |
| Taxes | 450/3 | €21,820 | €45,955 | +€24,135 | +110.6% |
| Remuneration and social security | 454/9 | €27,157 | €49,136 | +€21,979 | +80.9% |
| Other amounts payable | 47/48 | €12,546,597 | €12,396,436 | -€150,161 | -1.2% |
| Accrued charges and deferred income | 492/3 | - | €181,160 | +€181,160 | |
| Operating income | 70/76A | €1,564,889 | €4,391,979 | +€2.8m | +180.7% |
| Turnover | 70 | €1,564,559 | €1,711,000 | +€146,441 | +9.4% |
| Other operating income | 74 | - | €8,678 | +€8,678 | |
| Non-recurring operating income | 76A | €331 | €2,672,301 | +€2.7m | +808340.8% |
| Operating charges | 60/66A | €1,572,536 | €1,586,763 | +€14,227 | +0.9% |
| Services and other goods | 61 | €1,329,497 | €1,063,078 | -€266,419 | -20.0% |
| Remuneration, social security and pensions | 62 | €235,045 | €442,695 | +€207,650 | +88.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,792 | €4,604 | -€2,189 | -32.2% |
| Other operating charges | 640/8 | €1,201 | €1,386 | +€185 | +15.4% |
| Non-recurring operating charges | 66A | - | €75,000 | +€75,000 | |
| Operating profit (loss) | 9901 | -€7,646 | €2,805,216 | +€2.8m | |
| Financial income | 75/76B | €63,432 | €752,560 | +€689,129 | +1086.4% |
| Recurring financial income | 75 | €63,432 | €752,560 | +€689,129 | +1086.4% |
| Income from financial fixed assets | 750 | €63,431 | €752,560 | +€689,129 | +1086.4% |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,281,561 | €1,211,846 | -€3.1m | -71.7% |
| Recurring financial charges | 65 | €531,561 | €1,211,846 | +€680,285 | +128.0% |
| Debt charges | 650 | €531,348 | €1,173,989 | +€642,641 | +120.9% |
| Other financial charges | 652/9 | €213 | €37,857 | +€37,644 | +17669.2% |
| Non-recurring financial charges | 66B | €3,750,000 | - | -€3.8m | |
| Profit (loss) for the period before taxes | 9903 | -€4,225,776 | €2,345,930 | +€6.6m | |
| Income taxes | 67/77 | €50,757 | €800 | -€49,957 | -98.4% |
| Taxes | 670/3 | €50,757 | €800 | -€49,957 | -98.4% |
| Profit (loss) for the period | 9904 | -€4,276,533 | €2,345,130 | +€6.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,276,533 | €2,345,130 | +€6.6m |
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 4 October 2026 via checked.be.