Fornax: 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.
Fornax
Largest movements
- Receivables within one year +€153,256
up €153,256 (+70.2%), from €218,188 to €371,444
of which Trade receivables: +€153,256
- Cash +€24,813
up €24,813 (+45.0%), from €55,146 to €79,958
mainly Net result for the year (+€263,612) and Other debts (+€50,000)
- Profit (loss) carried forward +€263,612
up €263,612 (+1827.1%), from €14,428 to €278,040
- Debts after one year -€138,910
down €138,910 (-14.6%), from €951,969 to €813,059
- Other debts +€50,000
up €50,000 (+27.6%), from €181,000 to €231,000
- Financial income -€198,538
down €198,538 (-100.0%), from €198,538 to €1
- Gross operating margin -€9,725
down €9,725 (-2.0%), from €476,085 to €466,360
- Staff costs +€8,809
up €8,809 (+10.4%), from €84,484 to €93,293
- Financial charges +€4,852
up €4,852 (+27.5%), from €17,632 to €22,485
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 | €2,034,445 | €2,212,214 | +€177,769 | +8.7% |
| Fixed assets | 21/28 | €1,002,800 | €1,002,500 | -€300 | 0.0% |
| Tangible fixed assets | 22/27 | €300 | - | -€300 | |
| Furniture and vehicles | 24 | €300 | - | -€300 | |
| Financial fixed assets | 28 | €1,002,500 | €1,002,500 | = | 0.0% |
| Current assets | 29/58 | €1,031,645 | €1,209,714 | +€178,069 | +17.3% |
| Amounts receivable within one year | 40/41 | €218,188 | €371,444 | +€153,256 | +70.2% |
| Trade receivables | 40 | €152,149 | €305,405 | +€153,256 | +100.7% |
| Other amounts receivable | 41 | €66,038 | €66,038 | = | 0.0% |
| Current investments | 50/53 | €608,312 | €608,312 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €55,146 | €79,958 | +€24,813 | +45.0% |
| Deferred charges and accrued income | 490/1 | €150,000 | €150,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,034,445 | €2,212,214 | +€177,769 | +8.7% |
| Equity | 10/15 | €652,740 | €916,352 | +€263,612 | +40.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €608,312 | €608,312 | = | 0.0% |
| Non-distributable reserves | 130/1 | €608,312 | €608,312 | = | 0.0% |
| Own shares acquired | 1312 | €608,312 | €608,312 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,428 | €278,040 | +€263,612 | +1827.1% |
| Amounts payable | 17/49 | €1,381,705 | €1,295,862 | -€85,843 | -6.2% |
| Amounts payable after more than one year | 17 | €951,969 | €813,059 | -€138,910 | -14.6% |
| Financial debts | 170/4 | €951,969 | €813,059 | -€138,910 | -14.6% |
| Amounts payable within one year | 42/48 | €429,737 | €482,803 | +€53,067 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €136,513 | €138,910 | +€2,396 | +1.8% |
| Trade debts | 44 | €50,472 | €42,864 | -€7,608 | -15.1% |
| Suppliers | 440/4 | €50,472 | €42,864 | -€7,608 | -15.1% |
| Taxes, remuneration and social security | 45 | €61,752 | €70,030 | +€8,278 | +13.4% |
| Taxes | 450/3 | €46,640 | €63,730 | +€17,090 | +36.6% |
| Remuneration and social security | 454/9 | €15,112 | €6,300 | -€8,812 | -58.3% |
| Other amounts payable | 47/48 | €181,000 | €231,000 | +€50,000 | +27.6% |
| Remuneration, social security and pensions | 62 | €84,484 | €93,293 | +€8,809 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €541 | €300 | -€241 | -44.5% |
| Other operating charges | 640/8 | €1,167 | €1,381 | +€215 | +18.4% |
| Gross operating margin | 9900 | €476,085 | €466,360 | -€9,725 | -2.0% |
| Operating profit (loss) | 9901 | €389,894 | €371,385 | -€18,509 | -4.7% |
| Financial income | 75/76B | €198,538 | €1 | -€198,538 | -100.0% |
| Recurring financial income | 75 | €198,538 | €1 | -€198,538 | -100.0% |
| Financial charges | 65/66B | €17,632 | €22,485 | +€4,852 | +27.5% |
| Recurring financial charges | 65 | €17,632 | €22,485 | +€4,852 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €570,800 | €348,901 | -€221,899 | -38.9% |
| Income taxes | 67/77 | €88,475 | €85,289 | -€3,186 | -3.6% |
| Profit (loss) for the period | 9904 | €482,325 | €263,612 | -€218,713 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €482,325 | €263,612 | -€218,713 | -45.3% |
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 10 October 2026 via checked.be.