ForestForward: 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.
ForestForward
Largest movements
- Current investments +€60,452
up €60,452 (+24.0%), from €251,992 to €312,443
- Receivables within one year -€38,547
down €38,547 (-32.2%), from €119,634 to €81,087
of which Trade receivables: -€47,869
- Cash -€33,622
down €33,622 (-19.9%), from €168,736 to €135,113
mainly Current investments (-€60,452) and Contributions, distributions and other (-€56,000)
- Reserves +€56,065
up €56,065 (+20.1%), from €279,281 to €335,346
- Other debts -€44,000
down €44,000 (-44.0%), from €100,000 to €56,000
- Tax, wage and social debts -€26,485
down €26,485 (-43.2%), from €61,274 to €34,789
of which Taxes: -€24,623
- Gross operating margin -€120,280
down €120,280 (-44.3%), from €271,504 to €151,224
- Taxes -€27,074
down €27,074 (-49.4%), from €54,793 to €27,719
- Financial income +€18,142
up €18,142 (+187.9%), from €9,657 to €27,799
- Staff costs -€15,499
down €15,499 (-29.1%), from €53,282 to €37,783
- Financial charges -€9,094
down €9,094 (-92.8%), from €9,803 to €709
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 | €540,920 | €529,033 | -€11,887 | -2.2% |
| Fixed assets | 21/28 | €491 | €271 | -€220 | -44.8% |
| Tangible fixed assets | 22/27 | €491 | €271 | -€220 | -44.8% |
| Furniture and vehicles | 24 | €491 | €271 | -€220 | -44.8% |
| Current assets | 29/58 | €540,430 | €528,762 | -€11,667 | -2.2% |
| Amounts receivable within one year | 40/41 | €119,634 | €81,087 | -€38,547 | -32.2% |
| Trade receivables | 40 | €119,634 | €71,765 | -€47,869 | -40.0% |
| Other amounts receivable | 41 | €0 | €9,322 | +€9,322 | |
| Current investments | 50/53 | €251,992 | €312,443 | +€60,452 | +24.0% |
| Cash at bank and in hand | 54/58 | €168,736 | €135,113 | -€33,622 | -19.9% |
| Deferred charges and accrued income | 490/1 | €69 | €119 | +€50 | +72.7% |
| Total equity and liabilities | 10/49 | €540,920 | €529,033 | -€11,887 | -2.2% |
| Equity | 10/15 | €297,881 | €353,946 | +€56,065 | +18.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €279,281 | €335,346 | +€56,065 | +20.1% |
| Distributable reserves | 133 | €279,281 | €335,346 | +€56,065 | +20.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €243,039 | €175,087 | -€67,952 | -28.0% |
| Amounts payable within one year | 42/48 | €242,943 | €175,087 | -€67,856 | -27.9% |
| Trade debts | 44 | €81,668 | €84,298 | +€2,629 | +3.2% |
| Suppliers | 440/4 | €81,668 | €84,298 | +€2,629 | +3.2% |
| Taxes, remuneration and social security | 45 | €61,274 | €34,789 | -€26,485 | -43.2% |
| Taxes | 450/3 | €54,966 | €30,343 | -€24,623 | -44.8% |
| Remuneration and social security | 454/9 | €6,308 | €4,446 | -€1,862 | -29.5% |
| Other amounts payable | 47/48 | €100,000 | €56,000 | -€44,000 | -44.0% |
| Accrued charges and deferred income | 492/3 | €96 | €0 | -€96 | -100.0% |
| Remuneration, social security and pensions | 62 | €53,282 | €37,783 | -€15,499 | -29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220 | €220 | +€0 | 0.0% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €271,504 | €151,224 | -€120,280 | -44.3% |
| Operating profit (loss) | 9901 | €217,489 | €112,694 | -€104,795 | -48.2% |
| Financial income | 75/76B | €9,657 | €27,799 | +€18,142 | +187.9% |
| Recurring financial income | 75 | €9,657 | €27,799 | +€18,142 | +187.9% |
| Financial charges | 65/66B | €9,803 | €709 | -€9,094 | -92.8% |
| Recurring financial charges | 65 | €9,803 | €709 | -€9,094 | -92.8% |
| Profit (loss) for the period before taxes | 9903 | €217,343 | €139,784 | -€77,559 | -35.7% |
| Income taxes | 67/77 | €54,793 | €27,719 | -€27,074 | -49.4% |
| Profit (loss) for the period | 9904 | €162,550 | €112,065 | -€50,485 | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €162,550 | €112,065 | -€50,485 | -31.1% |
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 7 October 2026 via checked.be.