FORMAREC: what changed
Two fiscal 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.
FORMAREC
Largest movements
- Cash -€45,880
down €45,880 (-76.7%), from €59,821 to €13,941
mainly Net result for the year (-€44,669) and Deferred charges and accrued income (-€15,775)
- Deferred charges and accrued income +€15,775
up €15,775 (+132.8%), from €11,878 to €27,653
- Receivables within one year +€15,497
up €15,497 (+15.8%), from €98,069 to €113,567
of which Trade receivables: +€26,632
- Tangible fixed assets -€5,410
down €5,410 (-53.7%), from €10,067 to €4,657
of which Furniture and vehicles: -€3,443
- Profit (loss) carried forward -€44,669
down €44,669, from €0 to -€44,669
- Tax, wage and social debts +€13,623
up €13,623 (+15.9%), from €85,778 to €99,400
of which Taxes: +€12,272
- Trade debts +€9,828
up €9,828 (+61.6%), from €15,957 to €25,785
- Staff costs +€32,627
up €32,627 (+5.2%), from €631,088 to €663,715
- Gross operating margin +€31,914
up €31,914 (+5.4%), from €593,668 to €625,582
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 | €180,836 | €159,818 | -€21,018 | -11.6% |
| Fixed assets | 21/28 | €10,067 | €4,657 | -€5,410 | -53.7% |
| Tangible fixed assets | 22/27 | €10,067 | €4,657 | -€5,410 | -53.7% |
| Plant, machinery and equipment | 23 | €3,862 | €2,871 | -€991 | -25.7% |
| Furniture and vehicles | 24 | €3,443 | €0 | -€3,443 | -100.0% |
| Other tangible fixed assets | 26 | €2,762 | €1,786 | -€976 | -35.3% |
| Current assets | 29/58 | €170,769 | €155,161 | -€15,608 | -9.1% |
| Amounts receivable within one year | 40/41 | €98,069 | €113,567 | +€15,497 | +15.8% |
| Trade receivables | 40 | €86,592 | €113,224 | +€26,632 | +30.8% |
| Other amounts receivable | 41 | €11,478 | €343 | -€11,135 | -97.0% |
| Current investments | 50/53 | €1,000 | €0 | -€1,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €59,821 | €13,941 | -€45,880 | -76.7% |
| Deferred charges and accrued income | 490/1 | €11,878 | €27,653 | +€15,775 | +132.8% |
| Total equity and liabilities | 10/49 | €180,836 | €159,818 | -€21,018 | -11.6% |
| Equity | 10/15 | €78,893 | €34,224 | -€44,669 | -56.6% |
| Contributions | 10/11 | €52,000 | €52,000 | = | 0.0% |
| Reserves | 13 | €26,893 | €26,893 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,200 | €5,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,200 | €5,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,818 | €13,818 | = | 0.0% |
| Distributable reserves | 133 | €7,875 | €7,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€44,669 | -€44,669 | |
| Amounts payable | 17/49 | €101,943 | €125,594 | +€23,651 | +23.2% |
| Amounts payable within one year | 42/48 | €101,743 | €125,194 | +€23,451 | +23.0% |
| Financial debts | 43 | €8 | €8 | = | 0.0% |
| Credit institutions | 430/8 | €8 | €8 | = | 0.0% |
| Trade debts | 44 | €15,957 | €25,785 | +€9,828 | +61.6% |
| Suppliers | 440/4 | €15,957 | €25,785 | +€9,828 | +61.6% |
| Taxes, remuneration and social security | 45 | €85,778 | €99,400 | +€13,623 | +15.9% |
| Taxes | 450/3 | €10,931 | €23,203 | +€12,272 | +112.3% |
| Remuneration and social security | 454/9 | €74,847 | €76,197 | +€1,350 | +1.8% |
| Accrued charges and deferred income | 492/3 | €200 | €400 | +€200 | +100.0% |
| Remuneration, social security and pensions | 62 | €631,088 | €663,715 | +€32,627 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,709 | €5,410 | -€2,300 | -29.8% |
| Other operating charges | 640/8 | €1,551 | €671 | -€881 | -56.8% |
| Gross operating margin | 9900 | €593,668 | €625,582 | +€31,914 | +5.4% |
| Operating profit (loss) | 9901 | -€46,681 | -€44,214 | +€2,467 | +5.3% |
| Financial income | 75/76B | €2,050 | €7 | -€2,043 | -99.7% |
| Recurring financial income | 75 | €0 | €7 | +€6 | +2071.0% |
| Non-recurring financial income | 76B | €2,049 | €0 | -€2,049 | -100.0% |
| Financial charges | 65/66B | €330 | €460 | +€130 | +39.3% |
| Recurring financial charges | 65 | €330 | €460 | +€130 | +39.3% |
| Profit (loss) for the period before taxes | 9903 | -€44,962 | -€44,667 | +€294 | +0.7% |
| Income taxes | 67/77 | €0 | €2 | +€2 | |
| Profit (loss) for the period | 9904 | -€44,962 | -€44,669 | +€292 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,962 | -€44,669 | +€292 | +0.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.