Forma Belgium: 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 Belgium
Largest movements
- Tangible fixed assets -€98,592
down €98,592 (-41.2%), from €239,582 to €140,991
of which Plant, machinery and equipment: -€93,768
- Receivables within one year +€29,820
up €29,820 (+45.1%), from €66,085 to €95,904
of which Trade receivables: +€33,277
- Stocks and contracts -€11,836
down €11,836 (-7.1%), from €166,903 to €155,067
- Profit (loss) carried forward -€71,806
down €71,806 (-5.5%), from -€1.3m to -€1.4m
- Trade debts -€11,659
down €11,659 (-17.7%), from €66,010 to €54,352
- Tax, wage and social debts +€5,961
up €5,961 (+51.5%), from €11,565 to €17,526
of which Remuneration and social security: +€3,085
- Write-downs -€105,579
down €105,579, from €104,047 to -€1,533
- Gross operating margin +€93,396
up €93,396 (+100%), from €93,324 to €186,720
- Staff costs +€38,879
up €38,879 (+32.9%), from €118,199 to €157,078
- Depreciation -€32,812
down €32,812 (-25.0%), from €131,404 to €98,592
- Financial charges -€8,334
down €8,334 (-68.6%), from €12,151 to €3,817
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 | €524,704 | €447,200 | -€77,504 | -14.8% |
| Fixed assets | 21/28 | €239,582 | €140,991 | -€98,592 | -41.2% |
| Tangible fixed assets | 22/27 | €239,582 | €140,991 | -€98,592 | -41.2% |
| Plant, machinery and equipment | 23 | €219,039 | €125,271 | -€93,768 | -42.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €20,543 | €15,720 | -€4,824 | -23.5% |
| Current assets | 29/58 | €285,121 | €306,209 | +€21,088 | +7.4% |
| Stocks and contracts in progress | 3 | €166,903 | €155,067 | -€11,836 | -7.1% |
| Stocks | 30/36 | €166,903 | €155,067 | -€11,836 | -7.1% |
| Amounts receivable within one year | 40/41 | €66,085 | €95,904 | +€29,820 | +45.1% |
| Trade receivables | 40 | €62,627 | €95,904 | +€33,277 | +53.1% |
| Other amounts receivable | 41 | €3,457 | €0 | -€3,457 | -100% |
| Cash at bank and in hand | 54/58 | €52,134 | €55,238 | +€3,104 | +6.0% |
| Total equity and liabilities | 10/49 | €524,704 | €447,200 | -€77,504 | -14.8% |
| Equity | 10/15 | €447,128 | €375,322 | -€71,806 | -16.1% |
| Contributions | 10/11 | €1,750,000 | €1,750,000 | = | 0.0% |
| Capital | 10 | €1,750,000 | €1,750,000 | = | 0.0% |
| Issued capital | 100 | €1,750,000 | €1,750,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,302,872 | -€1,374,678 | -€71,806 | -5.5% |
| Amounts payable | 17/49 | €77,576 | €71,878 | -€5,698 | -7.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €77,576 | €71,878 | -€5,698 | -7.3% |
| Trade debts | 44 | €66,010 | €54,352 | -€11,659 | -17.7% |
| Suppliers | 440/4 | €66,010 | €54,352 | -€11,659 | -17.7% |
| Taxes, remuneration and social security | 45 | €11,565 | €17,526 | +€5,961 | +51.5% |
| Taxes | 450/3 | €806 | €3,682 | +€2,876 | +357% |
| Remuneration and social security | 454/9 | €10,759 | €13,845 | +€3,085 | +28.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €61,899 | €80,815 | +€18,916 | +30.6% |
| Remuneration, social security and pensions | 62 | €118,199 | €157,078 | +€38,879 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,404 | €98,592 | -€32,812 | -25.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €104,047 | -€1,533 | -€105,579 | |
| Other operating charges | 640/8 | €1,294 | €3,116 | +€1,822 | +141% |
| Gross operating margin | 9900 | €93,324 | €186,720 | +€93,396 | +100% |
| Operating profit (loss) | 9901 | -€261,619 | -€70,533 | +€191,086 | +73.0% |
| Financial income | 75/76B | €5,159 | €2,544 | -€2,615 | -50.7% |
| Recurring financial income | 75 | €5,159 | €2,544 | -€2,615 | -50.7% |
| Financial charges | 65/66B | €12,151 | €3,817 | -€8,334 | -68.6% |
| Recurring financial charges | 65 | €12,151 | €3,817 | -€8,334 | -68.6% |
| Profit (loss) for the period before taxes | 9903 | -€268,611 | -€71,806 | +€196,805 | +73.3% |
| Profit (loss) for the period | 9904 | -€268,611 | -€71,806 | +€196,805 | +73.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€268,611 | -€71,806 | +€196,805 | +73.3% |
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 31 October 2026 via checked.be.