FORFOR: 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.
FORFOR
Largest movements
- Receivables within one year +€71,106
up €71,106 (+57.6%), from €123,428 to €194,534
of which Other amounts receivable: +€73,714
- Tangible fixed assets +€22,690
up €22,690 (+109.4%), from €20,742 to €43,432
of which Furniture and vehicles: +€24,380
- Cash -€13,572
down €13,572 (-36.2%), from €37,540 to €23,968
mainly Receivables within one year (-€71,106) and Investment in fixed assets (net) (-€30,742)
- Tax, wage and social debts +€38,675
up €38,675 (+203.4%), from €19,018 to €57,693
of which Taxes: +€37,037
- Profit (loss) carried forward +€25,627
up €25,627 (+17.8%), from €144,201 to €169,828
- Trade debts +€14,538
up €14,538 (+188.1%), from €7,729 to €22,267
- Gross operating margin -€73,771
down €73,771 (-41.0%), from €180,082 to €106,310
- Staff costs -€38,602
down €38,602 (-37.2%), from €103,823 to €65,221
- Taxes -€18,419
down €18,419 (-72.7%), from €25,327 to €6,908
- Depreciation +€3,316
up €3,316 (+70.0%), from €4,735 to €8,051
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 | €186,274 | €264,724 | +€78,450 | +42.1% |
| Fixed assets | 21/28 | €20,742 | €43,432 | +€22,690 | +109.4% |
| Tangible fixed assets | 22/27 | €20,742 | €43,432 | +€22,690 | +109.4% |
| Furniture and vehicles | 24 | €9,104 | €33,484 | +€24,380 | +267.8% |
| Other tangible fixed assets | 26 | €11,637 | €9,948 | -€1,689 | -14.5% |
| Current assets | 29/58 | €165,532 | €221,292 | +€55,760 | +33.7% |
| Stocks and contracts in progress | 3 | €4,564 | €2,789 | -€1,775 | -38.9% |
| Stocks | 30/36 | €4,564 | €2,789 | -€1,775 | -38.9% |
| Amounts receivable within one year | 40/41 | €123,428 | €194,534 | +€71,106 | +57.6% |
| Trade receivables | 40 | €2,608 | - | -€2,608 | |
| Other amounts receivable | 41 | €120,820 | €194,534 | +€73,714 | +61.0% |
| Cash at bank and in hand | 54/58 | €37,540 | €23,968 | -€13,572 | -36.2% |
| Total equity and liabilities | 10/49 | €186,274 | €264,724 | +€78,450 | +42.1% |
| Equity | 10/15 | €156,421 | €180,130 | +€23,709 | +15.2% |
| Contributions | 10/11 | €10,000 | €8,082 | -€1,918 | -19.2% |
| Outside capital | 11 | €10,000 | €8,082 | -€1,918 | -19.2% |
| Other | 1109/19 | €10,000 | €8,082 | -€1,918 | -19.2% |
| Reserves | 13 | €2,219 | €2,219 | = | 0.0% |
| Distributable reserves | 133 | €2,219 | €2,219 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,201 | €169,828 | +€25,627 | +17.8% |
| Amounts payable | 17/49 | €29,853 | €84,594 | +€54,741 | +183.4% |
| Amounts payable within one year | 42/48 | €29,853 | €84,516 | +€54,663 | +183.1% |
| Trade debts | 44 | €7,729 | €22,267 | +€14,538 | +188.1% |
| Suppliers | 440/4 | €7,729 | €22,267 | +€14,538 | +188.1% |
| Taxes, remuneration and social security | 45 | €19,018 | €57,693 | +€38,675 | +203.4% |
| Taxes | 450/3 | €19,018 | €56,055 | +€37,037 | +194.7% |
| Remuneration and social security | 454/9 | - | €1,638 | +€1,638 | |
| Other amounts payable | 47/48 | €3,106 | €4,556 | +€1,450 | +46.7% |
| Accrued charges and deferred income | 492/3 | - | €78 | +€78 | |
| Remuneration, social security and pensions | 62 | €103,823 | €65,221 | -€38,602 | -37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,735 | €8,051 | +€3,316 | +70.0% |
| Other operating charges | 640/8 | €214 | - | -€214 | |
| Gross operating margin | 9900 | €180,082 | €106,310 | -€73,771 | -41.0% |
| Operating profit (loss) | 9901 | €71,310 | €33,038 | -€38,272 | -53.7% |
| Financial charges | 65/66B | €479 | €503 | +€25 | +5.2% |
| Recurring financial charges | 65 | €479 | €503 | +€25 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €70,832 | €32,535 | -€38,297 | -54.1% |
| Income taxes | 67/77 | €25,327 | €6,908 | -€18,419 | -72.7% |
| Profit (loss) for the period | 9904 | €45,504 | €25,627 | -€19,877 | -43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,504 | €25,627 | -€19,877 | -43.7% |
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 5 October 2026 via checked.be.