Forman: 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.
Forman
Largest movements
- Tangible fixed assets +€383,506
up €383,506 (+149%), from €257,008 to €640,514
of which Land and buildings: +€378,580
- Current investments -€129,424
down €129,424 (-74.8%), from €173,054 to €43,630
- Cash +€20,144
up €20,144 (+79.7%), from €25,283 to €45,428
mainly Debts after one year (+€332,610) and Current investments (+€129,424)
- Receivables after one year +€13,969
up €13,969, from €0 to €13,969
- Receivables within one year +€10,725
up €10,725 (+18.1%), from €59,281 to €70,006
of which Trade receivables: +€16,489
- Debts after one year +€332,610
new in 2025: €332,610
- Reserves -€49,068
down €49,068 (-10.5%), from €468,630 to €419,562
of which Distributable reserves: -€49,068
- Current portion of long-term debt +€35,659
new in 2025: €35,659
- Trade debts -€10,152
down €10,152 (-100%), from €10,152 to €0
- Depreciation +€80,094
up €80,094 (+1,032%), from €7,762 to €87,856
- Taxes -€34,835
down €34,835 (-88.9%), from €39,198 to €4,363
- Gross operating margin -€28,938
down €28,938 (-20.5%), from €140,868 to €111,930
- Financial charges +€11,650
up €11,650 (+7,986%), from €146 to €11,796
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 | €515,090 | €813,797 | +€298,707 | +58.0% |
| Fixed assets | 21/28 | €257,013 | €640,519 | +€383,506 | +149% |
| Tangible fixed assets | 22/27 | €257,008 | €640,514 | +€383,506 | +149% |
| Land and buildings | 22 | €252,203 | €630,783 | +€378,580 | +150% |
| Plant, machinery and equipment | 23 | €2,792 | €4,313 | +€1,521 | +54.5% |
| Furniture and vehicles | 24 | €1,742 | €5,418 | +€3,676 | +211% |
| Other tangible fixed assets | 26 | €271 | €0 | -€271 | -100% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €258,077 | €173,278 | -€84,799 | -32.9% |
| Amounts receivable after more than one year | 29 | €0 | €13,969 | +€13,969 | |
| Trade receivables | 290 | €0 | €13,969 | +€13,969 | |
| Amounts receivable within one year | 40/41 | €59,281 | €70,006 | +€10,725 | +18.1% |
| Trade receivables | 40 | €22,406 | €38,895 | +€16,489 | +73.6% |
| Other amounts receivable | 41 | €36,875 | €31,111 | -€5,764 | -15.6% |
| Current investments | 50/53 | €173,054 | €43,630 | -€129,424 | -74.8% |
| Cash at bank and in hand | 54/58 | €25,283 | €45,428 | +€20,144 | +79.7% |
| Deferred charges and accrued income | 490/1 | €459 | €246 | -€213 | -46.5% |
| Total equity and liabilities | 10/49 | €515,090 | €813,797 | +€298,707 | +58.0% |
| Equity | 10/15 | €474,142 | €425,074 | -€49,068 | -10.3% |
| Contributions | 10/11 | €5,274 | €5,274 | = | 0.0% |
| Reserves | 13 | €468,630 | €419,562 | -€49,068 | -10.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €466,770 | €417,702 | -€49,068 | -10.5% |
| Profit (loss) carried forward | 14 | €238 | €238 | = | 0.0% |
| Amounts payable | 17/49 | €40,947 | €388,723 | +€347,776 | +849% |
| Amounts payable after more than one year | 17 | - | €332,610 | +€332,610 | |
| Financial debts | 170/4 | - | €332,610 | +€332,610 | |
| Amounts payable within one year | 42/48 | €40,947 | €55,153 | +€14,206 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | - | €35,659 | +€35,659 | |
| Financial debts | 43 | €1,738 | €218 | -€1,520 | -87.5% |
| Credit institutions | 430/8 | €1,738 | €218 | -€1,520 | -87.5% |
| Trade debts | 44 | €10,152 | €0 | -€10,152 | -100% |
| Suppliers | 440/4 | €10,152 | €0 | -€10,152 | -100% |
| Taxes, remuneration and social security | 45 | €20,777 | €16,355 | -€4,422 | -21.3% |
| Taxes | 450/3 | €20,777 | €16,355 | -€4,422 | -21.3% |
| Other amounts payable | 47/48 | €8,281 | €2,922 | -€5,359 | -64.7% |
| Accrued charges and deferred income | 492/3 | - | €959 | +€959 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,762 | €87,856 | +€80,094 | +1,032% |
| Other operating charges | 640/8 | €1,474 | €131 | -€1,344 | -91.1% |
| Non-recurring operating charges | 66A | - | €271 | +€271 | |
| Gross operating margin | 9900 | €140,868 | €111,930 | -€28,938 | -20.5% |
| Operating profit (loss) | 9901 | €131,631 | €23,672 | -€107,960 | -82.0% |
| Financial income | 75/76B | €3,505 | €2,919 | -€586 | -16.7% |
| Recurring financial income | 75 | €3,505 | €2,919 | -€586 | -16.7% |
| Financial charges | 65/66B | €146 | €11,796 | +€11,650 | +7,986% |
| Recurring financial charges | 65 | €146 | €11,796 | +€11,650 | +7,986% |
| Profit (loss) for the period before taxes | 9903 | €134,990 | €14,795 | -€120,196 | -89.0% |
| Income taxes | 67/77 | €39,198 | €4,363 | -€34,835 | -88.9% |
| Profit (loss) for the period | 9904 | €95,792 | €10,432 | -€85,361 | -89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €95,792 | €10,432 | -€85,361 | -89.1% |
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.