FORHAVEX: 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.
FORHAVEX
Largest movements
- Current investments +€8.6m
new in 2025: €8.6m
- Tangible fixed assets -€198,021
down €198,021 (-9.7%), from €2.0m to €1.8m
of which Leasing and similar rights: -€162,162
- Other debts +€8.6m
up €8.6m (+474%), from €1.8m to €10.4m
- Profit (loss) carried forward -€153,098
down €153,098 (-8.4%), from -€1.8m to -€2.0m
- Financial charges +€126,417
up €126,417 (+101,166%), from €125 to €126,541
- Financial income +€99,476
new in 2025: €99,476
- Gross operating margin -€5,744
down €5,744 (-6.4%), from €89,452 to €83,708
- Depreciation +€4,975
up €4,975 (+2.5%), from €196,107 to €201,082
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 | €2,085,645 | €10,468,869 | +€8.4m | +402% |
| Fixed assets | 21/28 | €2,036,640 | €1,838,620 | -€198,021 | -9.7% |
| Tangible fixed assets | 22/27 | €2,036,640 | €1,838,620 | -€198,021 | -9.7% |
| Land and buildings | 22 | €55,000 | €55,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €258,883 | €230,025 | -€28,858 | -11.1% |
| Furniture and vehicles | 24 | €47,658 | €37,596 | -€10,062 | -21.1% |
| Leasing and similar rights | 25 | €1,675,099 | €1,512,937 | -€162,162 | -9.7% |
| Assets under construction and advance payments | 27 | - | €3,062 | +€3,062 | |
| Current assets | 29/58 | €49,005 | €8,630,250 | +€8.6m | +17,511% |
| Stocks and contracts in progress | 3 | - | €16,228 | +€16,228 | |
| Stocks | 30/36 | - | €16,228 | +€16,228 | |
| Amounts receivable within one year | 40/41 | €45,385 | €38,811 | -€6,574 | -14.5% |
| Trade receivables | 40 | €12,392 | - | -€12,392 | |
| Other amounts receivable | 41 | €32,993 | €38,811 | +€5,818 | +17.6% |
| Current investments | 50/53 | - | €8,571,356 | +€8.6m | |
| Cash at bank and in hand | 54/58 | €2,099 | €2,384 | +€285 | +13.6% |
| Deferred charges and accrued income | 490/1 | €1,521 | €1,471 | -€50 | -3.3% |
| Total equity and liabilities | 10/49 | €2,085,645 | €10,468,869 | +€8.4m | +402% |
| Equity | 10/15 | €249,169 | €96,071 | -€153,098 | -61.4% |
| Contributions | 10/11 | €2,061,480 | €2,061,480 | = | 0.0% |
| Capital | 10 | €2,061,480 | €2,061,480 | = | 0.0% |
| Issued capital | 100 | €2,061,480 | €2,061,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,812,311 | -€1,965,409 | -€153,098 | -8.4% |
| Amounts payable | 17/49 | €1,836,476 | €10,372,798 | +€8.5m | +465% |
| Amounts payable within one year | 42/48 | €1,836,476 | €10,372,798 | +€8.5m | +465% |
| Trade debts | 44 | €28,638 | €2,461 | -€26,178 | -91.4% |
| Suppliers | 440/4 | €28,638 | €2,461 | -€26,178 | -91.4% |
| Other amounts payable | 47/48 | €1,807,837 | €10,370,337 | +€8.6m | +474% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,107 | €201,082 | +€4,975 | +2.5% |
| Other operating charges | 640/8 | €9,506 | €8,659 | -€847 | -8.9% |
| Gross operating margin | 9900 | €89,452 | €83,708 | -€5,744 | -6.4% |
| Operating profit (loss) | 9901 | -€116,161 | -€126,032 | -€9,871 | -8.5% |
| Financial income | 75/76B | - | €99,476 | +€99,476 | |
| Recurring financial income | 75 | - | €99,476 | +€99,476 | |
| Financial charges | 65/66B | €125 | €126,541 | +€126,417 | +101,166% |
| Recurring financial charges | 65 | €125 | €126,541 | +€126,417 | +101,166% |
| Profit (loss) for the period before taxes | 9903 | -€116,286 | -€153,098 | -€36,812 | -31.7% |
| Profit (loss) for the period | 9904 | -€116,286 | -€153,098 | -€36,812 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€116,286 | -€153,098 | -€36,812 | -31.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.