FORMA: 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.
FORMA
Largest movements
- Tangible fixed assets -€121,051
down €121,051 (-2.7%), from €4.5m to €4.4m
of which Land and buildings: -€112,051
- Receivables within one year +€105,073
up €105,073 (+12.4%), from €847,413 to €952,486
of which Other amounts receivable: +€94,862
- Profit (loss) carried forward +€88,295
up €88,295 (+24.5%), from -€359,758 to -€271,463
- Other debts -€75,000
down €75,000 (-3.7%), from €2.0m to €2.0m
- Gross operating margin -€1.1m
down €1.1m (-81.1%), from €1.4m to €258,565
- Depreciation +€35,036
up €35,036 (+40.7%), from €86,015 to €121,051
- Financial charges -€33,648
down €33,648 (-27.2%), from €123,491 to €89,842
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 | €5,513,538 | €5,443,720 | -€69,818 | -1.3% |
| Fixed assets | 21/28 | €4,496,913 | €4,375,862 | -€121,051 | -2.7% |
| Tangible fixed assets | 22/27 | €4,496,913 | €4,375,862 | -€121,051 | -2.7% |
| Land and buildings | 22 | €4,438,521 | €4,326,470 | -€112,051 | -2.5% |
| Furniture and vehicles | 24 | €58,392 | €49,392 | -€9,000 | -15.4% |
| Current assets | 29/58 | €1,016,626 | €1,067,858 | +€51,232 | +5.0% |
| Amounts receivable within one year | 40/41 | €847,413 | €952,486 | +€105,073 | +12.4% |
| Trade receivables | 40 | €988 | €11,200 | +€10,212 | +1033.1% |
| Other amounts receivable | 41 | €846,424 | €941,286 | +€94,862 | +11.2% |
| Cash at bank and in hand | 54/58 | €169,213 | €115,372 | -€53,841 | -31.8% |
| Total equity and liabilities | 10/49 | €5,513,538 | €5,443,720 | -€69,818 | -1.3% |
| Equity | 10/15 | €924,847 | €969,778 | +€44,931 | +4.9% |
| Contributions | 10/11 | €295,885 | €295,885 | = | 0.0% |
| Reserves | 13 | €988,719 | €945,356 | -€43,363 | -4.4% |
| Non-distributable reserves | 130/1 | €39,589 | €39,589 | = | 0.0% |
| Reserves not available under the articles | 1311 | €39,589 | €39,589 | = | 0.0% |
| Tax-exempt reserves | 132 | €949,131 | €905,768 | -€43,363 | -4.6% |
| Profit (loss) carried forward | 14 | -€359,758 | -€271,463 | +€88,295 | +24.5% |
| Provisions and deferred taxes | 16 | €316,377 | €301,923 | -€14,454 | -4.6% |
| Deferred taxes | 168 | €316,377 | €301,923 | -€14,454 | -4.6% |
| Amounts payable | 17/49 | €4,272,315 | €4,172,020 | -€100,295 | -2.3% |
| Amounts payable within one year | 42/48 | €4,272,315 | €4,171,198 | -€101,117 | -2.4% |
| Financial debts | 43 | €2,200,000 | €2,155,000 | -€45,000 | -2.0% |
| Other loans | 439 | €2,200,000 | €2,155,000 | -€45,000 | -2.0% |
| Trade debts | 44 | €11,258 | €19,583 | +€8,325 | +73.9% |
| Suppliers | 440/4 | €11,258 | €19,583 | +€8,325 | +73.9% |
| Advances received on contracts in progress | 46 | €20,814 | €31,371 | +€10,558 | +50.7% |
| Other amounts payable | 47/48 | €2,040,243 | €1,965,243 | -€75,000 | -3.7% |
| Accrued charges and deferred income | 492/3 | - | €822 | +€822 | |
| Non-recurring operating income | 76A | - | €755 | +€755 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,015 | €121,051 | +€35,036 | +40.7% |
| Other operating charges | 640/8 | €18,562 | €17,658 | -€904 | -4.9% |
| Gross operating margin | 9900 | €1,366,060 | €258,565 | -€1.1m | -81.1% |
| Operating profit (loss) | 9901 | €1,261,483 | €119,857 | -€1.1m | -90.5% |
| Financial income | 75/76B | - | €462 | +€462 | |
| Recurring financial income | 75 | - | €462 | +€462 | |
| Financial charges | 65/66B | €123,491 | €89,842 | -€33,648 | -27.2% |
| Recurring financial charges | 65 | €123,491 | €89,842 | -€33,648 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €1,137,992 | €30,477 | -€1.1m | -97.3% |
| Transfer from deferred taxes | 780 | - | €14,454 | +€14,454 | |
| Transfer to deferred taxes | 680 | €316,377 | - | -€316,377 | |
| Profit (loss) for the period | 9904 | €821,615 | €44,931 | -€776,684 | -94.5% |
| Transfer from tax-exempt reserves | 789 | - | €43,363 | +€43,363 | |
| Transfer to tax-exempt reserves | 689 | €949,131 | - | -€949,131 | |
| Profit (loss) for the period to be appropriated | 9905 | -€127,516 | €88,295 | +€215,811 |
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 9 October 2026 via checked.be.