FOREST INVEST: what changed
FOREST INVEST
Largest movements
- Tangible fixed assets -€17,022
down €17,022 (-18.9%), from €90,145 to €73,123
of which Plant, machinery and equipment: -€12,116
- Stocks and contracts +€11,365
up €11,365 (+1,296%), from €877 to €12,242
- Receivables within one year +€10,994
new in 2025: €10,994
of which Trade receivables: +€10,975
- Cash -€3,586
down €3,586 (-37.7%), from €9,517 to €5,931
mainly Other debts (-€13,694) and Net result for the year (-€11,478)
- Tax, wage and social debts +€15,273
up €15,273 (+88.6%), from €17,229 to €32,502
of which Taxes: +€22,254
- Other debts -€13,694
down €13,694 (-3.0%), from €449,385 to €435,691
- Trade debts +€12,196
up €12,196 (+37.6%), from €32,419 to €44,615
of which Suppliers: +€12,450
- Profit (loss) carried forward -€11,478
down €11,478 (-2.5%), from -€455,455 to -€466,933
- Staff costs -€26,624
down €26,624 (-29.1%), from €91,343 to €64,719
- Gross operating margin +€16,449
up €16,449 (+24.7%), from €66,615 to €83,064
- Taxes +€5,815
new in 2025: €5,815
- Depreciation -€2,303
down €2,303 (-11.9%), from €19,324 to €17,021
- Other operating charges +€1,870
up €1,870 (+71.3%), from €2,625 to €4,495
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,078 | €107,375 | +€2,297 | +2.2% |
| Fixed assets | 21/28 | €93,595 | €76,573 | -€17,022 | -18.2% |
| Tangible fixed assets | 22/27 | €90,145 | €73,123 | -€17,022 | -18.9% |
| Plant, machinery and equipment | 23 | €68,751 | €56,635 | -€12,116 | -17.6% |
| Furniture and vehicles | 24 | €21,394 | €16,489 | -€4,905 | -22.9% |
| Financial fixed assets | 28 | €3,450 | €3,450 | = | 0.0% |
| Current assets | 29/58 | €11,483 | €30,802 | +€19,319 | +168% |
| Stocks and contracts in progress | 3 | €877 | €12,242 | +€11,365 | +1,296% |
| Stocks | 30/36 | €877 | €12,242 | +€11,365 | +1,296% |
| Amounts receivable within one year | 40/41 | - | €10,994 | +€10,994 | |
| Trade receivables | 40 | - | €10,975 | +€10,975 | |
| Other amounts receivable | 41 | - | €20 | +€20 | |
| Cash at bank and in hand | 54/58 | €9,517 | €5,931 | -€3,586 | -37.7% |
| Deferred charges and accrued income | 490/1 | €1,089 | €1,635 | +€546 | +50.1% |
| Total equity and liabilities | 10/49 | €105,078 | €107,375 | +€2,297 | +2.2% |
| Equity | 10/15 | -€393,955 | -€405,433 | -€11,478 | -2.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€455,455 | -€466,933 | -€11,478 | -2.5% |
| Amounts payable | 17/49 | €499,033 | €512,808 | +€13,775 | +2.8% |
| Amounts payable within one year | 42/48 | €499,033 | €512,808 | +€13,775 | +2.8% |
| Trade debts | 44 | €32,419 | €44,615 | +€12,196 | +37.6% |
| Suppliers | 440/4 | €32,165 | €44,615 | +€12,450 | +38.7% |
| Bills of exchange payable | 441 | €254 | - | -€254 | |
| Taxes, remuneration and social security | 45 | €17,229 | €32,502 | +€15,273 | +88.6% |
| Taxes | 450/3 | €4,039 | €26,293 | +€22,254 | +551% |
| Remuneration and social security | 454/9 | €13,190 | €6,209 | -€6,981 | -52.9% |
| Other amounts payable | 47/48 | €449,385 | €435,691 | -€13,694 | -3.0% |
| Remuneration, social security and pensions | 62 | €91,343 | €64,719 | -€26,624 | -29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,324 | €17,021 | -€2,303 | -11.9% |
| Other operating charges | 640/8 | €2,625 | €4,495 | +€1,870 | +71.3% |
| Gross operating margin | 9900 | €66,615 | €83,064 | +€16,449 | +24.7% |
| Operating profit (loss) | 9901 | -€46,677 | -€3,171 | +€43,506 | +93.2% |
| Financial income | 75/76B | €41 | €4 | -€37 | -90.9% |
| Recurring financial income | 75 | €41 | €4 | -€37 | -90.9% |
| Financial charges | 65/66B | €2,347 | €2,495 | +€148 | +6.3% |
| Recurring financial charges | 65 | €1,847 | €2,495 | +€648 | +35.1% |
| Non-recurring financial charges | 66B | €500 | - | -€500 | |
| Profit (loss) for the period before taxes | 9903 | -€48,983 | -€5,663 | +€43,320 | +88.4% |
| Income taxes | 67/77 | - | €5,815 | +€5,815 | |
| Profit (loss) for the period | 9904 | -€48,983 | -€11,478 | +€37,505 | +76.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,983 | -€11,478 | +€37,505 | +76.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.