FORMAX: 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.
FORMAX
Largest movements
- Tangible fixed assets +€60,184
up €60,184 (+65.6%), from €91,723 to €151,907
of which Furniture and vehicles: +€79,418
- Receivables within one year -€33,500
down €33,500 (-35.3%), from €94,925 to €61,425
of which Trade receivables: -€36,410
- Cash -€17,403
down €17,403 (-13.2%), from €131,571 to €114,168
mainly Investment in fixed assets (net) (-€97,748) and Contributions, distributions and other (-€61,300)
- Profit (loss) carried forward -€52,004
down €52,004 (-64.2%), from €81,013 to €29,008
- Debts after one year +€32,675
up €32,675 (+113%), from €28,954 to €61,629
- Reserves +€25,800
up €25,800 (+42.4%), from €60,860 to €86,660
of which Distributable reserves: +€25,800
- Tax, wage and social debts -€23,060
down €23,060 (-60.1%), from €38,390 to €15,330
of which Taxes: -€24,057
- Current portion of long-term debt +€18,680
up €18,680 (+81.6%), from €22,879 to €41,559
- Gross operating margin -€9,090
down €9,090 (-5.7%), from €158,564 to €149,475
- Financial income -€4,516
down €4,516 (-80.6%), from €5,603 to €1,087
- Taxes -€3,516
down €3,516 (-16.9%), from €20,864 to €17,348
- Depreciation +€2,590
up €2,590 (+7.4%), from €34,974 to €37,564
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 | €324,387 | €336,088 | +€11,701 | +3.6% |
| Fixed assets | 21/28 | €92,432 | €152,616 | +€60,184 | +65.1% |
| Tangible fixed assets | 22/27 | €91,723 | €151,907 | +€60,184 | +65.6% |
| Furniture and vehicles | 24 | €19,467 | €98,885 | +€79,418 | +408% |
| Leasing and similar rights | 25 | €66,758 | €50,273 | -€16,485 | -24.7% |
| Other tangible fixed assets | 26 | €5,498 | €2,749 | -€2,749 | -50.0% |
| Financial fixed assets | 28 | €709 | €709 | = | 0.0% |
| Current assets | 29/58 | €231,955 | €183,472 | -€48,483 | -20.9% |
| Amounts receivable within one year | 40/41 | €94,925 | €61,425 | -€33,500 | -35.3% |
| Trade receivables | 40 | €94,925 | €58,515 | -€36,410 | -38.4% |
| Other amounts receivable | 41 | - | €2,910 | +€2,910 | |
| Cash at bank and in hand | 54/58 | €131,571 | €114,168 | -€17,403 | -13.2% |
| Deferred charges and accrued income | 490/1 | €5,459 | €7,879 | +€2,420 | +44.3% |
| Total equity and liabilities | 10/49 | €324,387 | €336,088 | +€11,701 | +3.6% |
| Equity | 10/15 | €148,073 | €121,868 | -€26,204 | -17.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €60,860 | €86,660 | +€25,800 | +42.4% |
| 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 | €59,000 | €84,800 | +€25,800 | +43.7% |
| Profit (loss) carried forward | 14 | €81,013 | €29,008 | -€52,004 | -64.2% |
| Amounts payable | 17/49 | €176,315 | €214,220 | +€37,905 | +21.5% |
| Amounts payable after more than one year | 17 | €28,954 | €61,629 | +€32,675 | +113% |
| Financial debts | 170/4 | €28,954 | €61,629 | +€32,675 | +113% |
| Amounts payable within one year | 42/48 | €147,360 | €152,590 | +€5,230 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €22,879 | €41,559 | +€18,680 | +81.6% |
| Trade debts | 44 | €34,651 | €33,087 | -€1,564 | -4.5% |
| Suppliers | 440/4 | €34,651 | €33,087 | -€1,564 | -4.5% |
| Taxes, remuneration and social security | 45 | €38,390 | €15,330 | -€23,060 | -60.1% |
| Taxes | 450/3 | €27,580 | €3,523 | -€24,057 | -87.2% |
| Remuneration and social security | 454/9 | €10,811 | €11,807 | +€996 | +9.2% |
| Other amounts payable | 47/48 | €51,441 | €62,615 | +€11,174 | +21.7% |
| Remuneration, social security and pensions | 62 | €49,260 | €50,625 | +€1,365 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,974 | €37,564 | +€2,590 | +7.4% |
| Other operating charges | 640/8 | €4,242 | €3,558 | -€684 | -16.1% |
| Non-recurring operating charges | 66A | - | €3,390 | +€3,390 | |
| Gross operating margin | 9900 | €158,564 | €149,475 | -€9,090 | -5.7% |
| Operating profit (loss) | 9901 | €70,088 | €54,338 | -€15,750 | -22.5% |
| Financial income | 75/76B | €5,603 | €1,087 | -€4,516 | -80.6% |
| Recurring financial income | 75 | €5,603 | €1,087 | -€4,516 | -80.6% |
| Financial charges | 65/66B | €2,223 | €2,981 | +€758 | +34.1% |
| Recurring financial charges | 65 | €2,223 | €2,981 | +€758 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €73,468 | €52,443 | -€21,025 | -28.6% |
| Income taxes | 67/77 | €20,864 | €17,348 | -€3,516 | -16.9% |
| Profit (loss) for the period | 9904 | €52,604 | €35,096 | -€17,508 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,604 | €35,096 | -€17,508 | -33.3% |
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 14 October 2026 via checked.be.