FORESTATE BELGIQUE: 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.
FORESTATE BELGIQUE
Largest movements
- Receivables within one year +€151,282
up €151,282 (+270%), from €56,068 to €207,350
of which Other amounts receivable: +€152,005
- Tangible fixed assets +€94,762
up €94,762 (+6.1%), from €1.5m to €1.6m
of which Assets under construction and advance payments: +€179,341
- Intangible fixed assets -€72,786
down €72,786 (-54.5%), from €133,444 to €60,657
- Current investments -€38,840
no longer reported in 2025 (was €38,840)
- Cash +€28,999
new in 2025: €28,999
mainly Tax, wage and social debts (+€424,000) and Depreciation (+€157,342)
- Tax, wage and social debts +€424,000
up €424,000 (+1,152%), from €36,800 to €460,800
- Debts after one year -€194,799
down €194,799 (-11.2%), from €1.7m to €1.6m
of which Financial debts: -€194,799
- Profit (loss) carried forward -€62,778
down €62,778 (-18.3%), from -€343,008 to -€405,786
- Other operating charges -€25,388
down €25,388 (-73.5%), from €34,547 to €9,159
- Depreciation -€14,339
down €14,339 (-8.4%), from €171,681 to €157,342
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 | €1,773,004 | €1,936,420 | +€163,415 | +9.2% |
| Fixed assets | 21/28 | €1,678,096 | €1,700,071 | +€21,975 | +1.3% |
| Intangible fixed assets | 21 | €133,444 | €60,657 | -€72,786 | -54.5% |
| Tangible fixed assets | 22/27 | €1,544,652 | €1,639,413 | +€94,762 | +6.1% |
| Land and buildings | 22 | €1,536,130 | €1,453,058 | -€83,072 | -5.4% |
| Plant, machinery and equipment | 23 | €8,522 | €7,014 | -€1,507 | -17.7% |
| Assets under construction and advance payments | 27 | - | €179,341 | +€179,341 | |
| Current assets | 29/58 | €94,909 | €236,349 | +€141,440 | +149% |
| Amounts receivable within one year | 40/41 | €56,068 | €207,350 | +€151,282 | +270% |
| Trade receivables | 40 | €55,578 | €54,854 | -€724 | -1.3% |
| Other amounts receivable | 41 | €490 | €152,496 | +€152,005 | +31,013% |
| Current investments | 50/53 | €38,840 | - | -€38,840 | |
| Cash at bank and in hand | 54/58 | - | €28,999 | +€28,999 | |
| Total equity and liabilities | 10/49 | €1,773,004 | €1,936,420 | +€163,415 | +9.2% |
| Equity | 10/15 | -€243,008 | -€305,786 | -€62,778 | -25.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€343,008 | -€405,786 | -€62,778 | -18.3% |
| Amounts payable | 17/49 | €2,016,012 | €2,242,205 | +€226,194 | +11.2% |
| Amounts payable after more than one year | 17 | €1,745,760 | €1,550,961 | -€194,799 | -11.2% |
| Financial debts | 170/4 | €1,685,760 | €1,490,961 | -€194,799 | -11.6% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €270,252 | €691,245 | +€420,993 | +156% |
| Current portion of amounts payable after more than one year | 42 | €168,614 | €168,614 | = | 0.0% |
| Trade debts | 44 | €64,044 | €61,171 | -€2,873 | -4.5% |
| Suppliers | 440/4 | €64,044 | €61,171 | -€2,873 | -4.5% |
| Taxes, remuneration and social security | 45 | €36,800 | €460,800 | +€424,000 | +1,152% |
| Taxes | 450/3 | €36,800 | €460,800 | +€424,000 | +1,152% |
| Other amounts payable | 47/48 | €794 | €660 | -€134 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,681 | €157,342 | -€14,339 | -8.4% |
| Other operating charges | 640/8 | €34,547 | €9,159 | -€25,388 | -73.5% |
| Gross operating margin | 9900 | €134,261 | €134,107 | -€154 | -0.1% |
| Operating profit (loss) | 9901 | -€71,967 | -€32,393 | +€39,574 | +55.0% |
| Financial income | 75/76B | €664 | - | -€664 | |
| Recurring financial income | 75 | €664 | - | -€664 | |
| Financial charges | 65/66B | €29,216 | €30,385 | +€1,169 | +4.0% |
| Recurring financial charges | 65 | €29,216 | €30,385 | +€1,169 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | -€100,519 | -€62,778 | +€37,741 | +37.5% |
| Profit (loss) for the period | 9904 | -€100,519 | -€62,778 | +€37,741 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€100,519 | -€62,778 | +€37,741 | +37.5% |
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 25 October 2026 via checked.be.