FORJA: 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.
FORJA
Largest movements
- Cash +€22,657
up €22,657 (+36.1%), from €62,827 to €85,484
mainly Trade debts (+€17,013) and Tax, wage and social debts (+€9,626)
- Tangible fixed assets -€5,938
down €5,938 (-28.0%), from €21,231 to €15,293
of which Other tangible fixed assets: -€5,287
- Receivables within one year -€1,910
down €1,910 (-9.9%), from €19,283 to €17,373
of which Other amounts receivable: -€6,664
- Trade debts +€17,013
up €17,013 (+1716.6%), from €991 to €18,004
- Profit (loss) carried forward -€12,866
down €12,866 (-68.5%), from -€18,777 to -€31,643
- Tax, wage and social debts +€9,626
up €9,626 (+18.4%), from €52,414 to €62,041
of which Remuneration and social security: +€13,163
- Debts after one year +€5,014
up €5,014 (+8.2%), from €60,911 to €65,925
- Current portion of long-term debt -€2,369
down €2,369 (-41.3%), from €5,742 to €3,373
- Gross operating margin -€48,785
down €48,785 (-12.2%), from €399,110 to €350,326
- Taxes -€8,193
no longer reported in 2025 (was €8,193)
- Staff costs +€8,048
up €8,048 (+2.4%), from €342,382 to €350,429
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 | €121,381 | €136,299 | +€14,918 | +12.3% |
| Fixed assets | 21/28 | €22,776 | €17,333 | -€5,443 | -23.9% |
| Tangible fixed assets | 22/27 | €21,231 | €15,293 | -€5,938 | -28.0% |
| Furniture and vehicles | 24 | €2,297 | €1,645 | -€651 | -28.4% |
| Other tangible fixed assets | 26 | €18,934 | €13,648 | -€5,287 | -27.9% |
| Financial fixed assets | 28 | €1,545 | €2,040 | +€495 | +32.0% |
| Current assets | 29/58 | €98,605 | €118,966 | +€20,361 | +20.6% |
| Stocks and contracts in progress | 3 | €16,387 | €16,109 | -€278 | -1.7% |
| Stocks | 30/36 | €16,387 | €16,109 | -€278 | -1.7% |
| Amounts receivable within one year | 40/41 | €19,283 | €17,373 | -€1,910 | -9.9% |
| Trade receivables | 40 | €12,275 | €17,030 | +€4,755 | +38.7% |
| Other amounts receivable | 41 | €7,007 | €343 | -€6,664 | -95.1% |
| Cash at bank and in hand | 54/58 | €62,827 | €85,484 | +€22,657 | +36.1% |
| Deferred charges and accrued income | 490/1 | €108 | - | -€108 | |
| Total equity and liabilities | 10/49 | €121,381 | €136,299 | +€14,918 | +12.3% |
| Equity | 10/15 | -€177 | -€13,043 | -€12,866 | -7255.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,777 | -€31,643 | -€12,866 | -68.5% |
| Amounts payable | 17/49 | €121,558 | €149,342 | +€27,784 | +22.9% |
| Amounts payable after more than one year | 17 | €60,911 | €65,925 | +€5,014 | +8.2% |
| Financial debts | 170/4 | €60,911 | €65,925 | +€5,014 | +8.2% |
| Amounts payable within one year | 42/48 | €59,147 | €83,417 | +€24,270 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €5,742 | €3,373 | -€2,369 | -41.3% |
| Trade debts | 44 | €991 | €18,004 | +€17,013 | +1716.6% |
| Suppliers | 440/4 | €991 | €18,004 | +€17,013 | +1716.6% |
| Taxes, remuneration and social security | 45 | €52,414 | €62,041 | +€9,626 | +18.4% |
| Taxes | 450/3 | €23,581 | €20,045 | -€3,537 | -15.0% |
| Remuneration and social security | 454/9 | €28,833 | €41,996 | +€13,163 | +45.7% |
| Accrued charges and deferred income | 492/3 | €1,500 | - | -€1,500 | |
| Remuneration, social security and pensions | 62 | €342,382 | €350,429 | +€8,048 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,488 | €5,938 | -€550 | -8.5% |
| Other operating charges | 640/8 | €87 | €67 | -€20 | -23.2% |
| Gross operating margin | 9900 | €399,110 | €350,326 | -€48,785 | -12.2% |
| Operating profit (loss) | 9901 | €50,154 | -€6,109 | -€56,262 | |
| Financial income | 75/76B | €0 | €1,750 | +€1,750 | +17500000.0% |
| Recurring financial income | 75 | €0 | €1,750 | +€1,750 | +17500000.0% |
| Financial charges | 65/66B | €9,446 | €8,507 | -€939 | -9.9% |
| Recurring financial charges | 65 | €9,446 | €8,507 | -€939 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €40,708 | -€12,866 | -€53,574 | |
| Income taxes | 67/77 | €8,193 | - | -€8,193 | |
| Profit (loss) for the period | 9904 | €32,515 | -€12,866 | -€45,381 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,515 | -€12,866 | -€45,381 |
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 2 October 2026 via checked.be.