FORESITE: 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.
FORESITE
Largest movements
- Receivables within one year +€5.9m
up €5.9m (+821%), from €724,522 to €6.7m
of which Other amounts receivable: +€6.0m
- Receivables after one year -€4.4m
down €4.4m (-86.5%), from €5.1m to €685,894
- Current investments -€1.5m
down €1.5m (-23.1%), from €6.5m to €5.0m
- Financial fixed assets +€247,987
up €247,987 (+69.8%), from €355,187 to €603,173
- Reserves +€490,627
up €490,627 (+4.1%), from €12.1m to €12.6m
of which Distributable reserves: +€490,627
- Financial income -€1.7m
down €1.7m (-70.2%), from €2.5m to €737,959
of which Non-recurring financial income: -€954,287
- Gross operating margin -€109,438
down €109,438 (-59.4%), from €184,267 to €74,829
- Financial charges +€108,318
up €108,318 (+344%), from €31,511 to €139,829
of which Non-recurring financial charges: +€128,420
- Taxes -€59,569
down €59,569 (-47.4%), from €125,689 to €66,120
- Staff costs +€5,045
up €5,045 (+6.4%), from €79,178 to €84,222
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,173,590 | €13,523,537 | +€349,947 | +2.7% |
| Fixed assets | 21/28 | €708,876 | €929,518 | +€220,642 | +31.1% |
| Tangible fixed assets | 22/27 | €353,689 | €326,345 | -€27,345 | -7.7% |
| Furniture and vehicles | 24 | €21,475 | €12,505 | -€8,970 | -41.8% |
| Leasing and similar rights | 25 | €325,265 | €310,365 | -€14,900 | -4.6% |
| Other tangible fixed assets | 26 | €6,950 | €3,475 | -€3,475 | -50.0% |
| Financial fixed assets | 28 | €355,187 | €603,173 | +€247,987 | +69.8% |
| Current assets | 29/58 | €12,464,714 | €12,594,019 | +€129,305 | +1.0% |
| Amounts receivable after more than one year | 29 | €5,062,937 | €685,894 | -€4.4m | -86.5% |
| Other amounts receivable | 291 | €5,062,937 | €685,894 | -€4.4m | -86.5% |
| Amounts receivable within one year | 40/41 | €724,522 | €6,671,563 | +€5.9m | +821% |
| Trade receivables | 40 | €85,221 | €24,618 | -€60,603 | -71.1% |
| Other amounts receivable | 41 | €639,301 | €6,646,945 | +€6.0m | +940% |
| Current investments | 50/53 | €6,500,000 | €5,000,000 | -€1.5m | -23.1% |
| Cash at bank and in hand | 54/58 | €174,891 | €228,169 | +€53,277 | +30.5% |
| Deferred charges and accrued income | 490/1 | €2,364 | €8,394 | +€6,030 | +255% |
| Total equity and liabilities | 10/49 | €13,173,590 | €13,523,537 | +€349,947 | +2.7% |
| Equity | 10/15 | €12,568,681 | €13,059,308 | +€490,627 | +3.9% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €12,068,681 | €12,559,308 | +€490,627 | +4.1% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €12,018,681 | €12,509,308 | +€490,627 | +4.1% |
| Amounts payable | 17/49 | €604,909 | €464,230 | -€140,679 | -23.3% |
| Amounts payable within one year | 42/48 | €604,909 | €464,230 | -€140,679 | -23.3% |
| Financial debts | 43 | €464,087 | €401,747 | -€62,340 | -13.4% |
| Other loans | 439 | €464,087 | €401,747 | -€62,340 | -13.4% |
| Trade debts | 44 | €86,095 | €17,377 | -€68,718 | -79.8% |
| Suppliers | 440/4 | €86,095 | €17,377 | -€68,718 | -79.8% |
| Taxes, remuneration and social security | 45 | €54,728 | €45,106 | -€9,621 | -17.6% |
| Taxes | 450/3 | €45,378 | €35,313 | -€10,065 | -22.2% |
| Remuneration and social security | 454/9 | €9,350 | €9,793 | +€443 | +4.7% |
| Remuneration, social security and pensions | 62 | €79,178 | €84,222 | +€5,045 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,315 | €27,345 | +€1,029 | +3.9% |
| Other operating charges | 640/8 | €4,114 | €4,646 | +€532 | +12.9% |
| Gross operating margin | 9900 | €184,267 | €74,829 | -€109,438 | -59.4% |
| Operating profit (loss) | 9901 | €74,661 | -€41,384 | -€116,044 | |
| Financial income | 75/76B | €2,479,710 | €737,959 | -€1.7m | -70.2% |
| Recurring financial income | 75 | €1,525,423 | €737,959 | -€787,464 | -51.6% |
| Non-recurring financial income | 76B | €954,287 | - | -€954,287 | |
| Financial charges | 65/66B | €31,511 | €139,829 | +€108,318 | +344% |
| Recurring financial charges | 65 | €31,511 | €11,408 | -€20,102 | -63.8% |
| Non-recurring financial charges | 66B | - | €128,420 | +€128,420 | |
| Profit (loss) for the period before taxes | 9903 | €2,522,860 | €556,746 | -€2.0m | -77.9% |
| Income taxes | 67/77 | €125,689 | €66,120 | -€59,569 | -47.4% |
| Profit (loss) for the period | 9904 | €2,397,171 | €490,627 | -€1.9m | -79.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,397,171 | €490,627 | -€1.9m | -79.5% |
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 15 October 2026 via checked.be.