FORLEGRAND: 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.
What changed
FORLEGRAND
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€89,543
2024 · -€60,375-€29,168
Equity
€296,250
2024 · €408,232-€111,982
Cash
€37,648
2024 · €11,493+€26,155
Balance sheet total
€4.8m
2024 · €3.7m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+35.3%), from €3.2m to €4.3m
of which Land and buildings: +€1.1m
Equity and liabilities
- Other debts +€1.4m
up €1.4m (+234%), from €602,574 to €2.0m
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Profit (loss) carried forward -€72,668
down €72,668 (-17.3%), from -€419,525 to -€492,192
- Debts after one year -€69,250
down €69,250 (-3.0%), from €2.3m to €2.3m
of which Financial debts: -€69,200
Income statement
- Depreciation +€106,584
up €106,584 (+54.5%), from €195,540 to €302,124
- Gross operating margin +€53,202
up €53,202 (+34.2%), from €155,601 to €208,803
- Financial income -€6,917
down €6,917 (-38.8%), from €17,810 to €10,893
of which Financial income: -€5,133
- Financial charges +€5,922
up €5,922 (+43.6%), from €13,596 to €19,518
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.
Result 2024
-€60,375
Gross operating margin
+€53,202
Depreciation
-€106,584
Other operating charges
-€1,713
Financial income
-€6,917
Financial charges
-€5,922
Taxes
-€549
Deferred taxes and other
+€39,314
Result 2025
-€89,543
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.6m
Investment
-€1.4m
Financing
-€203,486
Cash 2024
€11,493
From operations (derived)
+€1.6m
Net result for the year
-€89,543
Depreciation
+€302,124
Receivables within one year
+€13,388
Smaller working-capital items
-€3,344
Provisions
-€13,105
Other debts
+€1.4m
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Current investments
+€42,911
Financing
-€203,486
Debts after one year
-€69,250
Current portion of long-term debt
-€11,797
Short-term financial debts
-€100,000
Contributions, distributions and other
-€22,439
Cash 2025
€37,648
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,672,537 | €4,770,044 | +€1.1m | +29.9% |
| Fixed assets | 21/28 | €3,197,799 | €4,325,724 | +€1.1m | +35.3% |
| Tangible fixed assets | 22/27 | €3,197,799 | €4,325,724 | +€1.1m | +35.3% |
| Land and buildings | 22 | €2,315,453 | €3,377,617 | +€1.1m | +45.9% |
| Plant, machinery and equipment | 23 | €840,307 | €930,375 | +€90,069 | +10.7% |
| Furniture and vehicles | 24 | €38,329 | €17,731 | -€20,598 | -53.7% |
| Assets under construction and advance payments | 27 | €3,710 | - | -€3,710 | |
| Current assets | 29/58 | €474,738 | €444,320 | -€30,418 | -6.4% |
| Amounts receivable within one year | 40/41 | €223,340 | €209,953 | -€13,388 | -6.0% |
| Trade receivables | 40 | €10,746 | €13,539 | +€2,793 | +26.0% |
| Other amounts receivable | 41 | €212,594 | €196,414 | -€16,180 | -7.6% |
| Current investments | 50/53 | €239,499 | €196,588 | -€42,911 | -17.9% |
| Cash at bank and in hand | 54/58 | €11,493 | €37,648 | +€26,155 | +228% |
| Deferred charges and accrued income | 490/1 | €406 | €131 | -€275 | -67.7% |
| Total equity and liabilities | 10/49 | €3,672,537 | €4,770,044 | +€1.1m | +29.9% |
| Equity | 10/15 | €408,232 | €296,250 | -€111,982 | -27.4% |
| Contributions | 10/11 | €249,494 | €249,494 | = | 0.0% |
| Capital | 10 | €165,593 | €165,593 | = | 0.0% |
| Issued capital | 100 | €165,593 | €165,593 | = | 0.0% |
| Contributions outside capital | 11 | €83,901 | €83,901 | = | 0.0% |
| Share premium | 1100/10 | €83,901 | €83,901 | = | 0.0% |
| Reserves | 13 | €578,263 | €538,948 | -€39,314 | -6.8% |
| Non-distributable reserves | 130/1 | €16,559 | €16,559 | = | 0.0% |
| Legal reserve | 130 | €16,559 | €16,559 | = | 0.0% |
| Tax-exempt reserves | 132 | €561,703 | €522,389 | -€39,314 | -7.0% |
| Profit (loss) carried forward | 14 | -€419,525 | -€492,192 | -€72,668 | -17.3% |
| Provisions and deferred taxes | 16 | €133,560 | €120,455 | -€13,105 | -9.8% |
| Deferred taxes | 168 | €133,560 | €120,455 | -€13,105 | -9.8% |
| Amounts payable | 17/49 | €3,130,746 | €4,353,339 | +€1.2m | +39.1% |
| Amounts payable after more than one year | 17 | €2,324,802 | €2,255,552 | -€69,250 | -3.0% |
| Financial debts | 170/4 | €508,452 | €439,252 | -€69,200 | -13.6% |
| Other amounts payable | 178/9 | €1,816,350 | €1,816,300 | -€50 | 0.0% |
| Amounts payable within one year | 42/48 | €789,859 | €2,085,147 | +€1.3m | +164% |
| Current portion of amounts payable after more than one year | 42 | €80,998 | €69,200 | -€11,797 | -14.6% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €6,287 | €6,114 | -€173 | -2.8% |
| Suppliers | 440/4 | €6,287 | €6,114 | -€173 | -2.8% |
| Other amounts payable | 47/48 | €602,574 | €2,009,833 | +€1.4m | +234% |
| Accrued charges and deferred income | 492/3 | €16,084 | €12,639 | -€3,445 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,540 | €302,124 | +€106,584 | +54.5% |
| Other operating charges | 640/8 | €23,518 | €25,231 | +€1,713 | +7.3% |
| Gross operating margin | 9900 | €155,601 | €208,803 | +€53,202 | +34.2% |
| Operating profit (loss) | 9901 | -€63,458 | -€118,553 | -€55,095 | -86.8% |
| Financial income | 75/76B | €17,810 | €10,893 | -€6,917 | -38.8% |
| Recurring financial income | 75 | €15,069 | €9,937 | -€5,133 | -34.1% |
| Non-recurring financial income | 76B | €2,741 | €957 | -€1,784 | -65.1% |
| Financial charges | 65/66B | €13,596 | €19,518 | +€5,922 | +43.6% |
| Recurring financial charges | 65 | €13,596 | €19,518 | +€5,922 | +43.6% |
| Profit (loss) for the period before taxes | 9903 | -€59,244 | -€127,177 | -€67,934 | -115% |
| Transfer from deferred taxes | 780 | - | €39,314 | +€39,314 | |
| Income taxes | 67/77 | €1,131 | €1,680 | +€549 | +48.5% |
| Profit (loss) for the period | 9904 | -€60,375 | -€89,543 | -€29,168 | -48.3% |
| Transfer from tax-exempt reserves | 789 | €65,209 | €13,105 | -€52,104 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,834 | -€76,438 | -€81,272 |
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 13 October 2026 via checked.be.