Forest & Partners: 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 & Partners
Largest movements
- Tangible fixed assets +€161,426
up €161,426 (+32.3%), from €499,220 to €660,646
of which Land and buildings: +€159,367
- Cash +€153,075
up €153,075 (+55.4%), from €276,190 to €429,265
mainly Net result for the year (+€202,296) and Current investments (+€65,544)
- Current investments -€65,544
down €65,544 (-56.6%), from €115,856 to €50,313
- Deferred charges and accrued income -€17,249
down €17,249 (-98.1%), from €17,591 to €342
- Reserves +€202,296
up €202,296 (+23.3%), from €866,905 to €1.1m
- Trade debts +€35,760
up €35,760 (+2,956%), from €1,210 to €36,969
- Gross operating margin -€168,496
down €168,496 (-35.3%), from €476,924 to €308,428
- Taxes -€50,525
down €50,525 (-38.9%), from €129,958 to €79,433
- Financial income +€25,257
up €25,257 (+792%), from €3,189 to €28,446
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 | €940,056 | €1,173,606 | +€233,549 | +24.8% |
| Fixed assets | 21/28 | €499,220 | €660,646 | +€161,426 | +32.3% |
| Tangible fixed assets | 22/27 | €499,220 | €660,646 | +€161,426 | +32.3% |
| Land and buildings | 22 | €493,843 | €653,210 | +€159,367 | +32.3% |
| Plant, machinery and equipment | 23 | €1,373 | €4,464 | +€3,091 | +225% |
| Furniture and vehicles | 24 | €4,005 | €2,972 | -€1,033 | -25.8% |
| Current assets | 29/58 | €440,836 | €512,960 | +€72,124 | +16.4% |
| Amounts receivable within one year | 40/41 | €31,198 | €33,040 | +€1,842 | +5.9% |
| Trade receivables | 40 | €29,900 | €25,442 | -€4,457 | -14.9% |
| Other amounts receivable | 41 | €1,298 | €7,598 | +€6,299 | +485% |
| Current investments | 50/53 | €115,856 | €50,313 | -€65,544 | -56.6% |
| Cash at bank and in hand | 54/58 | €276,190 | €429,265 | +€153,075 | +55.4% |
| Deferred charges and accrued income | 490/1 | €17,591 | €342 | -€17,249 | -98.1% |
| Total equity and liabilities | 10/49 | €940,056 | €1,173,606 | +€233,549 | +24.8% |
| Equity | 10/15 | €867,905 | €1,070,201 | +€202,296 | +23.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €866,905 | €1,069,201 | +€202,296 | +23.3% |
| Distributable reserves | 133 | €866,905 | €1,069,201 | +€202,296 | +23.3% |
| Amounts payable | 17/49 | €72,151 | €103,405 | +€31,253 | +43.3% |
| Amounts payable within one year | 42/48 | €67,698 | €99,990 | +€32,291 | +47.7% |
| Trade debts | 44 | €1,210 | €36,969 | +€35,760 | +2,956% |
| Suppliers | 440/4 | €1,210 | €36,969 | +€35,760 | +2,956% |
| Taxes, remuneration and social security | 45 | €12,582 | €15,934 | +€3,352 | +26.6% |
| Taxes | 450/3 | €12,582 | €15,934 | +€3,352 | +26.6% |
| Other amounts payable | 47/48 | €53,907 | €47,086 | -€6,821 | -12.7% |
| Accrued charges and deferred income | 492/3 | €4,453 | €3,415 | -€1,038 | -23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,555 | €49,158 | -€1,397 | -2.8% |
| Other operating charges | 640/8 | €599 | €1,240 | +€641 | +107% |
| Gross operating margin | 9900 | €476,924 | €308,428 | -€168,496 | -35.3% |
| Operating profit (loss) | 9901 | €425,770 | €258,030 | -€167,740 | -39.4% |
| Financial income | 75/76B | €3,189 | €28,446 | +€25,257 | +792% |
| Recurring financial income | 75 | €3,189 | €28,446 | +€25,257 | +792% |
| Financial charges | 65/66B | €7,109 | €4,746 | -€2,363 | -33.2% |
| Recurring financial charges | 65 | €7,109 | €4,746 | -€2,363 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €421,849 | €281,729 | -€140,120 | -33.2% |
| Income taxes | 67/77 | €129,958 | €79,433 | -€50,525 | -38.9% |
| Profit (loss) for the period | 9904 | €291,891 | €202,296 | -€89,595 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €291,891 | €202,296 | -€89,595 | -30.7% |
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 20 October 2026 via checked.be.