FORM'AD: 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.
FORM'AD
Largest movements
- Receivables within one year +€51,239
up €51,239 (+100%), from €51,233 to €102,472
of which Other amounts receivable: +€26,151
- Cash -€14,905
down €14,905 (-22.6%), from €66,050 to €51,145
mainly Receivables within one year (-€51,239) and Contributions, distributions and other (-€14,760)
- Receivables after one year -€10,000
down €10,000 (-12.3%), from €81,174 to €71,174
- Other debts +€14,760
up €14,760, from €0 to €14,760
- Current portion of long-term debt +€6,000
new in 2025: €6,000
- Reserves +€3,928
up €3,928 (+2.2%), from €179,053 to €182,981
- Trade debts -€2,850
down €2,850 (-56.1%), from €5,077 to €2,227
- Taxes +€5,948
up €5,948 (+308%), from €1,931 to €7,878
- Gross operating margin +€5,505
up €5,505 (+27.2%), from €20,227 to €25,733
- Depreciation -€1,962
down €1,962 (-41.7%), from €4,706 to €2,745
- Financial charges -€985
down €985 (-42.7%), from €2,306 to €1,321
- Financial income +€667
up €667 (+11.9%), from €5,586 to €6,253
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 | €210,553 | €234,490 | +€23,938 | +11.4% |
| Fixed assets | 21/28 | €11,134 | €9,174 | -€1,959 | -17.6% |
| Tangible fixed assets | 22/27 | €11,134 | €9,174 | -€1,959 | -17.6% |
| Plant, machinery and equipment | 23 | €4,276 | €4,155 | -€120 | -2.8% |
| Furniture and vehicles | 24 | €930 | €316 | -€614 | -66.0% |
| Other tangible fixed assets | 26 | €5,928 | €4,703 | -€1,225 | -20.7% |
| Current assets | 29/58 | €199,419 | €225,316 | +€25,897 | +13.0% |
| Amounts receivable after more than one year | 29 | €81,174 | €71,174 | -€10,000 | -12.3% |
| Other amounts receivable | 291 | €81,174 | €71,174 | -€10,000 | -12.3% |
| Amounts receivable within one year | 40/41 | €51,233 | €102,472 | +€51,239 | +100% |
| Trade receivables | 40 | €27,588 | €52,676 | +€25,088 | +90.9% |
| Other amounts receivable | 41 | €23,645 | €49,796 | +€26,151 | +111% |
| Cash at bank and in hand | 54/58 | €66,050 | €51,145 | -€14,905 | -22.6% |
| Deferred charges and accrued income | 490/1 | €962 | €525 | -€437 | -45.5% |
| Total equity and liabilities | 10/49 | €210,553 | €234,490 | +€23,938 | +11.4% |
| Equity | 10/15 | €197,603 | €201,531 | +€3,928 | +2.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €179,053 | €182,981 | +€3,928 | +2.2% |
| Distributable reserves | 133 | €179,053 | €182,981 | +€3,928 | +2.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,949 | €32,959 | +€20,010 | +155% |
| Amounts payable within one year | 42/48 | €12,899 | €32,543 | +€19,644 | +152% |
| Current portion of amounts payable after more than one year | 42 | - | €6,000 | +€6,000 | |
| Financial debts | 43 | €278 | €0 | -€278 | -100% |
| Credit institutions | 430/8 | €278 | €0 | -€278 | -100% |
| Trade debts | 44 | €5,077 | €2,227 | -€2,850 | -56.1% |
| Suppliers | 440/4 | €5,077 | €2,227 | -€2,850 | -56.1% |
| Taxes, remuneration and social security | 45 | €7,544 | €9,556 | +€2,012 | +26.7% |
| Taxes | 450/3 | €7,544 | €9,556 | +€2,012 | +26.7% |
| Other amounts payable | 47/48 | €0 | €14,760 | +€14,760 | |
| Accrued charges and deferred income | 492/3 | €50 | €416 | +€366 | +726% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,706 | €2,745 | -€1,962 | -41.7% |
| Other operating charges | 640/8 | €1,466 | €1,355 | -€112 | -7.6% |
| Gross operating margin | 9900 | €20,227 | €25,733 | +€5,505 | +27.2% |
| Operating profit (loss) | 9901 | €14,055 | €21,633 | +€7,578 | +53.9% |
| Financial income | 75/76B | €5,586 | €6,253 | +€667 | +11.9% |
| Recurring financial income | 75 | €5,586 | €6,253 | +€667 | +11.9% |
| Financial charges | 65/66B | €2,306 | €1,321 | -€985 | -42.7% |
| Recurring financial charges | 65 | €2,306 | €1,321 | -€985 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €17,335 | €26,566 | +€9,231 | +53.2% |
| Income taxes | 67/77 | €1,931 | €7,878 | +€5,948 | +308% |
| Profit (loss) for the period | 9904 | €15,405 | €18,688 | +€3,283 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,405 | €18,688 | +€3,283 | +21.3% |
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 15 October 2026 via checked.be.