FOREST-VERT: 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-VERT
Largest movements
- Tangible fixed assets +€83,579
up €83,579 (+71.0%), from €117,636 to €201,215
of which Plant, machinery and equipment: +€42,358
- Receivables within one year +€58,618
up €58,618 (+1981.8%), from €2,958 to €61,576
of which Other amounts receivable: +€54,442
- Stocks and contracts +€15,670
up €15,670 (+43.0%), from €36,411 to €52,081
- Intangible fixed assets +€12,642
new in 2025: €12,642
- Cash -€9,402
down €9,402 (-6.4%), from €147,453 to €138,051
mainly Investment in fixed assets (net) (-€145,449) and Receivables within one year (-€58,618)
- Other debts +€90,364
up €90,364 (+2329.3%), from €3,879 to €94,243
- Investment grants +€47,388
new in 2025: €47,388
- Trade debts +€39,651
up €39,651 (+190.6%), from €20,801 to €60,453
- Profit (loss) carried forward -€12,095
down €12,095 (-5.7%), from €212,580 to €200,485
- Tax, wage and social debts -€5,541
down €5,541 (-8.5%), from €65,517 to €59,976
of which Taxes: -€14,071
- Staff costs +€106,560
up €106,560 (+50.7%), from €210,011 to €316,571
- Gross operating margin +€71,449
up €71,449 (+17.3%), from €412,251 to €483,700
- Depreciation +€33,977
up €33,977 (+206.5%), from €16,452 to €50,429
- Taxes -€18,014
down €18,014 (-45.5%), from €39,609 to €21,595
- Financial income +€6,597
up €6,597 (+107.4%), from €6,143 to €12,740
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 | €307,970 | €471,772 | +€163,802 | +53.2% |
| Fixed assets | 21/28 | €118,836 | €213,856 | +€95,020 | +80.0% |
| Intangible fixed assets | 21 | - | €12,642 | +€12,642 | |
| Tangible fixed assets | 22/27 | €117,636 | €201,215 | +€83,579 | +71.0% |
| Plant, machinery and equipment | 23 | €1,261 | €43,619 | +€42,358 | +3358.2% |
| Furniture and vehicles | 24 | €12,005 | €14,322 | +€2,316 | +19.3% |
| Other tangible fixed assets | 26 | €104,369 | €143,274 | +€38,904 | +37.3% |
| Financial fixed assets | 28 | €1,200 | - | -€1,200 | |
| Current assets | 29/58 | €189,134 | €257,916 | +€68,782 | +36.4% |
| Stocks and contracts in progress | 3 | €36,411 | €52,081 | +€15,670 | +43.0% |
| Stocks | 30/36 | €36,411 | €52,081 | +€15,670 | +43.0% |
| Amounts receivable within one year | 40/41 | €2,958 | €61,576 | +€58,618 | +1981.8% |
| Trade receivables | 40 | €1,862 | €6,037 | +€4,176 | +224.3% |
| Other amounts receivable | 41 | €1,096 | €55,539 | +€54,442 | +4966.5% |
| Cash at bank and in hand | 54/58 | €147,453 | €138,051 | -€9,402 | -6.4% |
| Deferred charges and accrued income | 490/1 | €2,312 | €6,209 | +€3,896 | +168.5% |
| Total equity and liabilities | 10/49 | €307,970 | €471,772 | +€163,802 | +53.2% |
| Equity | 10/15 | €216,580 | €251,873 | +€35,293 | +16.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €212,580 | €200,485 | -€12,095 | -5.7% |
| Investment grants | 15 | - | €47,388 | +€47,388 | |
| Amounts payable | 17/49 | €91,390 | €219,899 | +€128,509 | +140.6% |
| Amounts payable after more than one year | 17 | - | €4,143 | +€4,143 | |
| Trade debts | 175 | - | €4,143 | +€4,143 | |
| Amounts payable within one year | 42/48 | €90,197 | €214,672 | +€124,474 | +138.0% |
| Trade debts | 44 | €20,801 | €60,453 | +€39,651 | +190.6% |
| Suppliers | 440/4 | €20,801 | €60,453 | +€39,651 | +190.6% |
| Taxes, remuneration and social security | 45 | €65,517 | €59,976 | -€5,541 | -8.5% |
| Taxes | 450/3 | €50,302 | €36,231 | -€14,071 | -28.0% |
| Remuneration and social security | 454/9 | €15,215 | €23,745 | +€8,530 | +56.1% |
| Other amounts payable | 47/48 | €3,879 | €94,243 | +€90,364 | +2329.3% |
| Accrued charges and deferred income | 492/3 | €1,193 | €1,084 | -€108 | -9.1% |
| Remuneration, social security and pensions | 62 | €210,011 | €316,571 | +€106,560 | +50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,452 | €50,429 | +€33,977 | +206.5% |
| Other operating charges | 640/8 | €692 | €750 | +€58 | +8.3% |
| Non-recurring operating charges | 66A | €1,881 | - | -€1,881 | |
| Gross operating margin | 9900 | €412,251 | €483,700 | +€71,449 | +17.3% |
| Operating profit (loss) | 9901 | €183,215 | €115,950 | -€67,265 | -36.7% |
| Financial income | 75/76B | €6,143 | €12,740 | +€6,597 | +107.4% |
| Recurring financial income | 75 | €6,143 | €12,740 | +€6,597 | +107.4% |
| Financial charges | 65/66B | €12,760 | €19,191 | +€6,431 | +50.4% |
| Recurring financial charges | 65 | €12,760 | €19,191 | +€6,431 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €176,599 | €109,500 | -€67,098 | -38.0% |
| Income taxes | 67/77 | €39,609 | €21,595 | -€18,014 | -45.5% |
| Profit (loss) for the period | 9904 | €136,989 | €87,905 | -€49,084 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €136,989 | €87,905 | -€49,084 | -35.8% |
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 29 September 2026 via checked.be.