FOREST MANAGEMENT: 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.
FOREST MANAGEMENT
Largest movements
- Stocks and contracts -€66,444
down €66,444 (-38.3%), from €173,395 to €106,951
- Tangible fixed assets -€41,339
down €41,339 (-32.2%), from €128,259 to €86,919
of which Plant, machinery and equipment: -€29,349
- Receivables within one year +€39,050
up €39,050 (+33.5%), from €116,416 to €155,466
of which Trade receivables: +€32,856
- Short-term financial debts -€49,012
down €49,012 (-100.0%), from €49,012 to €0
- Tax, wage and social debts -€30,072
down €30,072 (-97.3%), from €30,920 to €847
of which Remuneration and social security: -€20,040
- Trade debts +€28,630
up €28,630 (+24.7%), from €116,095 to €144,725
- Debts after one year -€18,965
down €18,965 (-27.9%), from €67,913 to €48,948
- Other debts +€17,691
up €17,691 (+9.4%), from €188,869 to €206,560
- Turnover -€478,807
no longer reported in 2025 (was €478,807)
- Purchases and services -€475,254
no longer reported in 2025 (was €475,254)
- Staff costs -€73,306
down €73,306 (-58.1%), from €126,219 to €52,913
- Gross operating margin +€57,371
up €57,371 (+145.8%), from €39,345 to €96,716
- Depreciation -€21,761
down €21,761 (-41.1%), from €52,964 to €31,203
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 | €428,588 | €356,280 | -€72,308 | -16.9% |
| Fixed assets | 21/28 | €128,321 | €86,981 | -€41,339 | -32.2% |
| Tangible fixed assets | 22/27 | €128,259 | €86,919 | -€41,339 | -32.2% |
| Land and buildings | 22 | €3,729 | €3,729 | = | 0.0% |
| Plant, machinery and equipment | 23 | €66,608 | €37,260 | -€29,349 | -44.1% |
| Furniture and vehicles | 24 | €3,376 | €2,620 | -€757 | -22.4% |
| Leasing and similar rights | 25 | €46,230 | €35,880 | -€10,350 | -22.4% |
| Other tangible fixed assets | 26 | €8,315 | €7,431 | -€884 | -10.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €300,268 | €269,299 | -€30,969 | -10.3% |
| Stocks and contracts in progress | 3 | €173,395 | €106,951 | -€66,444 | -38.3% |
| Stocks | 30/36 | €173,395 | €106,951 | -€66,444 | -38.3% |
| Amounts receivable within one year | 40/41 | €116,416 | €155,466 | +€39,050 | +33.5% |
| Trade receivables | 40 | €116,401 | €149,258 | +€32,856 | +28.2% |
| Other amounts receivable | 41 | €14 | €6,208 | +€6,194 | +43010.7% |
| Cash at bank and in hand | 54/58 | €7,241 | €6,883 | -€358 | -4.9% |
| Deferred charges and accrued income | 490/1 | €3,217 | €0 | -€3,217 | -100.0% |
| Total equity and liabilities | 10/49 | €428,588 | €356,280 | -€72,308 | -16.9% |
| Equity | 10/15 | -€63,198 | -€64,197 | -€999 | -1.6% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €117,400 | €117,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,300 | €21,300 | = | 0.0% |
| Distributable reserves | 133 | €93,000 | €93,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€211,598 | -€212,597 | -€999 | -0.5% |
| Amounts payable | 17/49 | €491,786 | €420,477 | -€71,309 | -14.5% |
| Amounts payable after more than one year | 17 | €67,913 | €48,948 | -€18,965 | -27.9% |
| Financial debts | 170/4 | €67,913 | €48,948 | -€18,965 | -27.9% |
| Amounts payable within one year | 42/48 | €407,873 | €371,529 | -€36,344 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €22,978 | €19,397 | -€3,581 | -15.6% |
| Financial debts | 43 | €49,012 | €0 | -€49,012 | -100.0% |
| Credit institutions | 430/8 | €49,012 | €0 | -€49,012 | -100.0% |
| Trade debts | 44 | €116,095 | €144,725 | +€28,630 | +24.7% |
| Suppliers | 440/4 | €116,095 | €144,725 | +€28,630 | +24.7% |
| Taxes, remuneration and social security | 45 | €30,920 | €847 | -€30,072 | -97.3% |
| Taxes | 450/3 | €10,032 | €0 | -€10,032 | -100.0% |
| Remuneration and social security | 454/9 | €20,887 | €847 | -€20,040 | -95.9% |
| Other amounts payable | 47/48 | €188,869 | €206,560 | +€17,691 | +9.4% |
| Accrued charges and deferred income | 492/3 | €16,000 | €0 | -€16,000 | -100.0% |
| Turnover | 70 | €478,807 | - | -€478,807 | |
| Goods, raw materials, services and sundry goods | 60/61 | €475,254 | - | -€475,254 | |
| Remuneration, social security and pensions | 62 | €126,219 | €52,913 | -€73,306 | -58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,964 | €31,203 | -€21,761 | -41.1% |
| Other operating charges | 640/8 | €1,837 | €4,726 | +€2,888 | +157.2% |
| Gross operating margin | 9900 | €39,345 | €96,716 | +€57,371 | +145.8% |
| Operating profit (loss) | 9901 | -€141,675 | €7,874 | +€149,550 | |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €8,804 | €8,893 | +€90 | +1.0% |
| Recurring financial charges | 65 | €8,804 | €8,893 | +€90 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€150,479 | -€999 | +€149,480 | +99.3% |
| Profit (loss) for the period | 9904 | -€150,479 | -€999 | +€149,480 | +99.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€150,479 | -€999 | +€149,480 | +99.3% |
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 30 September 2026 via checked.be.