FOREST WINGS: 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 WINGS
Largest movements
- Cash -€1.6m
down €1.6m (-95.4%), from €1.7m to €76,758
mainly Other debts (-€920,669) and Net result for the year (-€626,181)
- Tangible fixed assets -€66,256
down €66,256 (-6.8%), from €975,206 to €908,950
- Other debts -€920,669
down €920,669 (-32.2%), from €2.9m to €1.9m
- Profit (loss) carried forward -€626,181
down €626,181 (-21.7%), from -€2.9m to -€3.5m
- Debts after one year -€273,810
no longer reported in 2025 (was €273,810)
- Short-term financial debts +€233,013
new in 2025: €233,013
- Tax, wage and social debts -€47,612
no longer reported in 2025 (was €47,612)
- Gross operating margin -€361,915
down €361,915, from €32,809 to -€329,106
- Financial charges +€222,836
up €222,836 (+2,791%), from €7,984 to €230,819
- Depreciation +€47,622
up €47,622 (+256%), from €18,635 to €66,256
- Financial income -€47,238
down €47,238 (-100.0%), from €47,239 to €1
- Taxes +€10,319
no longer reported in 2025 (was -€10,319)
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 | €3,974,945 | €2,345,856 | -€1.6m | -41.0% |
| Fixed assets | 21/28 | €975,405 | €909,149 | -€66,256 | -6.8% |
| Tangible fixed assets | 22/27 | €975,206 | €908,950 | -€66,256 | -6.8% |
| Furniture and vehicles | 24 | €975,206 | €908,950 | -€66,256 | -6.8% |
| Financial fixed assets | 28 | €199 | €199 | = | 0.0% |
| Current assets | 29/58 | €2,999,539 | €1,436,707 | -€1.6m | -52.1% |
| Amounts receivable within one year | 40/41 | €1,334,625 | €1,359,949 | +€25,324 | +1.9% |
| Trade receivables | 40 | €1,314,169 | €1,314,169 | = | 0.0% |
| Other amounts receivable | 41 | €20,456 | €45,779 | +€25,324 | +124% |
| Cash at bank and in hand | 54/58 | €1,664,914 | €76,758 | -€1.6m | -95.4% |
| Total equity and liabilities | 10/49 | €3,974,945 | €2,345,856 | -€1.6m | -41.0% |
| Equity | 10/15 | €648,055 | €21,874 | -€626,181 | -96.6% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €2,534,833 | €2,534,833 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,367 | €9,367 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,367 | €9,367 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,525,466 | €2,525,466 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,886,778 | -€3,512,959 | -€626,181 | -21.7% |
| Provisions and deferred taxes | 16 | €123,686 | €123,686 | = | 0.0% |
| Deferred taxes | 168 | €123,686 | €123,686 | = | 0.0% |
| Amounts payable | 17/49 | €3,203,203 | €2,200,296 | -€1.0m | -31.3% |
| Amounts payable after more than one year | 17 | €273,810 | - | -€273,810 | |
| Financial debts | 170/4 | €273,810 | - | -€273,810 | |
| Amounts payable within one year | 42/48 | €2,929,393 | €2,200,296 | -€729,097 | -24.9% |
| Financial debts | 43 | - | €233,013 | +€233,013 | |
| Credit institutions | 430/8 | - | €233,013 | +€233,013 | |
| Trade debts | 44 | €25,492 | €31,662 | +€6,170 | +24.2% |
| Suppliers | 440/4 | €25,492 | €31,662 | +€6,170 | +24.2% |
| Taxes, remuneration and social security | 45 | €47,612 | - | -€47,612 | |
| Taxes | 450/3 | €47,612 | - | -€47,612 | |
| Other amounts payable | 47/48 | €2,856,290 | €1,935,620 | -€920,669 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,635 | €66,256 | +€47,622 | +256% |
| Gross operating margin | 9900 | €32,809 | -€329,106 | -€361,915 | |
| Operating profit (loss) | 9901 | €14,175 | -€395,362 | -€409,537 | |
| Financial income | 75/76B | €47,239 | €1 | -€47,238 | -100.0% |
| Recurring financial income | 75 | €47,239 | €1 | -€47,238 | -100.0% |
| Financial charges | 65/66B | €7,984 | €230,819 | +€222,836 | +2,791% |
| Recurring financial charges | 65 | €7,984 | €230,819 | +€222,836 | +2,791% |
| Profit (loss) for the period before taxes | 9903 | €53,430 | -€626,181 | -€679,611 | |
| Income taxes | 67/77 | -€10,319 | - | +€10,319 | |
| Profit (loss) for the period | 9904 | €63,749 | -€626,181 | -€689,930 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,749 | -€626,181 | -€689,930 |
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.