Forest 1: 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.
Forest 1
Largest movements
- Tangible fixed assets -€493,362
down €493,362 (-1.7%), from €28.8m to €28.4m
of which Land and buildings: -€491,728
- Cash +€337,705
up €337,705 (+88.4%), from €382,146 to €719,851
mainly Depreciation (+€706,673) and Net result for the year (+€216,716)
- Debts after one year -€400,000
down €400,000 (-3.5%), from €11.4m to €11.0m
- Turnover -€103,834
down €103,834 (-6.6%), from €1.6m to €1.5m
- Other operating income +€64,153
up €64,153 (+17.2%), from €373,456 to €437,610
- Other operating charges +€41,670
up €41,670 (+11.0%), from €377,425 to €419,095
- Services and other goods -€21,374
down €21,374 (-10.5%), from €203,938 to €182,564
- Taxes -€21,286
down €21,286 (-18.7%), from €113,932 to €92,646
of which Taxes: -€14,376
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 | €29,806,060 | €29,598,949 | -€207,111 | -0.7% |
| Formation expenses | 20 | €22,096 | €4,020 | -€18,076 | -81.8% |
| Fixed assets | 21/28 | €28,844,720 | €28,351,359 | -€493,362 | -1.7% |
| Tangible fixed assets | 22/27 | €28,844,720 | €28,351,359 | -€493,362 | -1.7% |
| Land and buildings | 22 | €28,843,087 | €28,351,359 | -€491,728 | -1.7% |
| Assets under construction and advance payments | 27 | €1,634 | - | -€1,634 | |
| Current assets | 29/58 | €939,244 | €1,243,570 | +€304,327 | +32.4% |
| Amounts receivable within one year | 40/41 | €93,330 | €63,778 | -€29,552 | -31.7% |
| Trade receivables | 40 | €93,330 | €63,269 | -€30,061 | -32.2% |
| Other amounts receivable | 41 | - | €509 | +€509 | |
| Cash at bank and in hand | 54/58 | €382,146 | €719,851 | +€337,705 | +88.4% |
| Deferred charges and accrued income | 490/1 | €463,768 | €459,941 | -€3,826 | -0.8% |
| Total equity and liabilities | 10/49 | €29,806,060 | €29,598,949 | -€207,111 | -0.7% |
| Equity | 10/15 | €17,932,868 | €18,149,585 | +€216,716 | +1.2% |
| Contributions | 10/11 | €17,319,636 | €17,319,636 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Contributions outside capital | 11 | €17,258,136 | €17,258,136 | = | 0.0% |
| Share premium | 1100/10 | €17,258,136 | €17,258,136 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €607,082 | €823,799 | +€216,716 | +35.7% |
| Amounts payable | 17/49 | €11,873,192 | €11,449,364 | -€423,828 | -3.6% |
| Amounts payable after more than one year | 17 | €11,386,772 | €10,986,772 | -€400,000 | -3.5% |
| Financial debts | 170/4 | €11,386,772 | €10,986,772 | -€400,000 | -3.5% |
| Other loans | 174 | €11,386,772 | €10,986,772 | -€400,000 | -3.5% |
| Amounts payable within one year | 42/48 | €83,430 | €105,269 | +€21,838 | +26.2% |
| Trade debts | 44 | - | €15,494 | +€15,494 | |
| Suppliers | 440/4 | - | €15,494 | +€15,494 | |
| Taxes, remuneration and social security | 45 | €3,880 | €10,224 | +€6,344 | +163.5% |
| Taxes | 450/3 | €3,880 | €10,224 | +€6,344 | +163.5% |
| Other amounts payable | 47/48 | €79,550 | €79,550 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €402,989 | €357,323 | -€45,666 | -11.3% |
| Operating income | 70/76A | €1,938,021 | €1,898,340 | -€39,681 | -2.0% |
| Turnover | 70 | €1,564,565 | €1,460,731 | -€103,834 | -6.6% |
| Other operating income | 74 | €373,456 | €437,610 | +€64,153 | +17.2% |
| Operating charges | 60/66A | €1,277,457 | €1,308,331 | +€30,875 | +2.4% |
| Services and other goods | 61 | €203,938 | €182,564 | -€21,374 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €696,093 | €706,673 | +€10,579 | +1.5% |
| Other operating charges | 640/8 | €377,425 | €419,095 | +€41,670 | +11.0% |
| Operating profit (loss) | 9901 | €660,564 | €590,009 | -€70,555 | -10.7% |
| Financial charges | 65/66B | €297,009 | €280,647 | -€16,362 | -5.5% |
| Recurring financial charges | 65 | €297,009 | €280,647 | -€16,362 | -5.5% |
| Debt charges | 650 | €295,850 | €279,601 | -€16,249 | -5.5% |
| Other financial charges | 652/9 | €1,159 | €1,046 | -€113 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €363,556 | €309,362 | -€54,194 | -14.9% |
| Income taxes | 67/77 | €113,932 | €92,646 | -€21,286 | -18.7% |
| Taxes | 670/3 | €113,932 | €99,555 | -€14,376 | -12.6% |
| Tax adjustments and reversals of tax provisions | 77 | - | €6,910 | +€6,910 | |
| Profit (loss) for the period | 9904 | €249,624 | €216,716 | -€32,908 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €249,624 | €216,716 | -€32,908 | -13.2% |
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 11 October 2026 via checked.be.