Forest 3: 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.
What changed
Forest 3
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€809,005
2024 · -€865,774+€1.7m
Equity
€28.5m
2024 · €27.7m+€809,005
Cash
€1.1m
2024 · €481,217+€579,150
Balance sheet total
€30.8m
2024 · €30.3m+€453,058
Largest movements
Assets
- Cash +€579,150
up €579,150 (+120%), from €481,217 to €1.1m
mainly Net result for the year (+€809,005) and Depreciation (+€760,151)
Equity and liabilities
- Profit (loss) carried forward +€809,005
up €809,005, from -€262,183 to €546,822
- Debts after one year -€500,000
down €500,000 (-27.8%), from €1.8m to €1.3m
Income statement
- Taxes +€266,139
up €266,139, from -€33,647 to €232,492
of which Taxes: +€205,100
- Services and other goods +€84,988
up €84,988 (+49.4%), from €171,878 to €256,866
- Other operating charges +€44,469
up €44,469 (+10.7%), from €416,046 to €460,515
- Other operating income +€44,196
up €44,196 (+10.7%), from €414,870 to €459,066
- Financial charges -€24,082
down €24,082 (-38.2%), from €63,092 to €39,010
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
-€865,774
Turnover
-€969
Other operating income
+€44,196
Services and other goods
-€84,988
Depreciation
-€501
Other operating charges
-€44,469
Other operating items
+€2.0m
Financial charges
+€24,082
Taxes
-€266,139
Result 2025
€809,005
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.8m
Investment
-€683,986
Financing
-€500,000
Cash 2024
€481,217
From operations (derived)
+€1.8m
Net result for the year
+€809,005
Depreciation
+€760,151
Receivables within one year
-€15,749
Deferred charges and accrued income
+€65,675
Trade debts
+€138,660
Tax, wage and social debts
-€30,564
Accrued charges and deferred income
+€35,957
Investment (derived)
-€683,986
Investment in fixed assets (net)
-€683,986
Financing
-€500,000
Debts after one year
-€500,000
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,335,238 | €30,788,296 | +€453,058 | +1.5% |
| Formation expenses | 20 | €21,893 | €3,855 | -€18,039 | -82.4% |
| Fixed assets | 21/28 | €29,370,057 | €29,311,930 | -€58,127 | -0.2% |
| Tangible fixed assets | 22/27 | €29,370,057 | €29,311,930 | -€58,127 | -0.2% |
| Land and buildings | 22 | €29,370,057 | €29,311,930 | -€58,127 | -0.2% |
| Current assets | 29/58 | €943,288 | €1,472,511 | +€529,224 | +56.1% |
| Amounts receivable within one year | 40/41 | €114,428 | €130,177 | +€15,749 | +13.8% |
| Trade receivables | 40 | €114,428 | €130,177 | +€15,749 | +13.8% |
| Cash at bank and in hand | 54/58 | €481,217 | €1,060,367 | +€579,150 | +120% |
| Deferred charges and accrued income | 490/1 | €347,643 | €281,968 | -€65,675 | -18.9% |
| Total equity and liabilities | 10/49 | €30,335,238 | €30,788,296 | +€453,058 | +1.5% |
| Equity | 10/15 | €27,673,902 | €28,482,908 | +€809,005 | +2.9% |
| Contributions | 10/11 | €27,918,878 | €27,918,878 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Contributions outside capital | 11 | €27,857,378 | €27,857,378 | = | 0.0% |
| Share premium | 1100/10 | €27,857,378 | €27,857,378 | = | 0.0% |
| Reserves | 13 | €17,208 | €17,208 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,208 | €17,208 | = | 0.0% |
| Legal reserve | 130 | €17,208 | €17,208 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€262,183 | €546,822 | +€809,005 | |
| Amounts payable | 17/49 | €2,661,335 | €2,305,389 | -€355,947 | -13.4% |
| Amounts payable after more than one year | 17 | €1,800,578 | €1,300,578 | -€500,000 | -27.8% |
| Financial debts | 170/4 | €1,800,578 | €1,300,578 | -€500,000 | -27.8% |
| Other loans | 174 | €1,800,578 | €1,300,578 | -€500,000 | -27.8% |
| Amounts payable within one year | 42/48 | €468,942 | €577,038 | +€108,096 | +23.1% |
| Trade debts | 44 | - | €138,660 | +€138,660 | |
| Suppliers | 440/4 | - | €138,660 | +€138,660 | |
| Taxes, remuneration and social security | 45 | €31,188 | €624 | -€30,564 | -98.0% |
| Taxes | 450/3 | €31,188 | €624 | -€30,564 | -98.0% |
| Other amounts payable | 47/48 | €437,754 | €437,754 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €391,815 | €427,773 | +€35,957 | +9.2% |
| Operating income | 70/76A | €1,852,608 | €2,558,040 | +€705,432 | +38.1% |
| Turnover | 70 | €1,437,738 | €1,436,768 | -€969 | -0.1% |
| Other operating income | 74 | €414,870 | €459,066 | +€44,196 | +10.7% |
| Non-recurring operating income | 76A | - | €662,205 | +€662,205 | |
| Operating charges | 60/66A | €2,688,937 | €1,477,532 | -€1.2m | -45.1% |
| Services and other goods | 61 | €171,878 | €256,866 | +€84,988 | +49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €759,650 | €760,151 | +€501 | +0.1% |
| Other operating charges | 640/8 | €416,046 | €460,515 | +€44,469 | +10.7% |
| Non-recurring operating charges | 66A | €1,341,364 | - | -€1.3m | |
| Operating profit (loss) | 9901 | -€836,329 | €1,080,507 | +€1.9m | |
| Financial charges | 65/66B | €63,092 | €39,010 | -€24,082 | -38.2% |
| Recurring financial charges | 65 | €63,092 | €39,010 | -€24,082 | -38.2% |
| Debt charges | 650 | €62,460 | €38,679 | -€23,781 | -38.1% |
| Other financial charges | 652/9 | €633 | €331 | -€301 | -47.6% |
| Profit (loss) for the period before taxes | 9903 | -€899,422 | €1,041,497 | +€1.9m | |
| Income taxes | 67/77 | -€33,647 | €232,492 | +€266,139 | |
| Taxes | 670/3 | €27,392 | €232,492 | +€205,100 | +749% |
| Tax adjustments and reversals of tax provisions | 77 | €61,039 | - | -€61,039 | |
| Profit (loss) for the period | 9904 | -€865,774 | €809,005 | +€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€865,774 | €809,005 | +€1.7m |
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 14 October 2026 via checked.be.