FORONEX: 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.
FORONEX
Largest movements
- Receivables within one year -€883,667
down €883,667 (-22.6%), from €3.9m to €3.0m
of which Trade receivables: -€800,457
- Stocks and contracts +€661,287
up €661,287 (+71.5%), from €924,971 to €1.6m
- Cash -€338,360
down €338,360 (-69.8%), from €484,488 to €146,128
mainly Stocks and contracts (-€661,287) and Trade debts (-€548,569)
- Trade debts -€548,569
down €548,569 (-21.5%), from €2.6m to €2.0m
- Other debts +€489,587
up €489,587 (+166.0%), from €295,000 to €784,587
- Short-term financial debts -€375,000
down €375,000 (-14.3%), from €2.6m to €2.3m
of which Other loans: -€1.0m
- Profit (loss) carried forward -€98,651
down €98,651 (-5.3%), from -€1.9m to -€2.0m
- Accrued charges and deferred income -€92,522
down €92,522 (-77.4%), from €119,480 to €26,959
- Taxes +€141,740
up €141,740 (+7969.4%), from €1,779 to €143,518
- Other operating charges -€87,161
down €87,161 (-78.0%), from €111,754 to €24,593
- Gross operating margin -€70,051
down €70,051 (-4.6%), from €1.5m to €1.4m
- Staff costs -€43,913
down €43,913 (-3.8%), from €1.2m to €1.1m
- Financial charges -€41,747
down €41,747 (-25.0%), from €166,711 to €124,964
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 | €6,030,024 | €5,401,437 | -€628,587 | -10.4% |
| Fixed assets | 21/28 | €638,190 | €587,880 | -€50,310 | -7.9% |
| Intangible fixed assets | 21 | €229,183 | €226,884 | -€2,298 | -1.0% |
| Tangible fixed assets | 22/27 | €403,303 | €348,218 | -€55,085 | -13.7% |
| Land and buildings | 22 | €115,384 | €128,552 | +€13,168 | +11.4% |
| Plant, machinery and equipment | 23 | €195,503 | €158,547 | -€36,956 | -18.9% |
| Furniture and vehicles | 24 | €44,737 | €36,172 | -€8,565 | -19.1% |
| Leasing and similar rights | 25 | €47,679 | €24,948 | -€22,731 | -47.7% |
| Financial fixed assets | 28 | €5,704 | €12,778 | +€7,074 | +124.0% |
| Current assets | 29/58 | €5,391,834 | €4,813,557 | -€578,277 | -10.7% |
| Stocks and contracts in progress | 3 | €924,971 | €1,586,258 | +€661,287 | +71.5% |
| Stocks | 30/36 | €924,971 | €1,586,258 | +€661,287 | +71.5% |
| Amounts receivable within one year | 40/41 | €3,910,370 | €3,026,703 | -€883,667 | -22.6% |
| Trade receivables | 40 | €3,420,244 | €2,619,787 | -€800,457 | -23.4% |
| Other amounts receivable | 41 | €490,126 | €406,916 | -€83,210 | -17.0% |
| Cash at bank and in hand | 54/58 | €484,488 | €146,128 | -€338,360 | -69.8% |
| Deferred charges and accrued income | 490/1 | €72,004 | €54,468 | -€17,536 | -24.4% |
| Total equity and liabilities | 10/49 | €6,030,024 | €5,401,437 | -€628,587 | -10.4% |
| Equity | 10/15 | €160,391 | €61,740 | -€98,651 | -61.5% |
| Contributions | 10/11 | €2,029,750 | €2,029,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,869,359 | -€1,968,010 | -€98,651 | -5.3% |
| Amounts payable | 17/49 | €5,869,633 | €5,339,697 | -€529,935 | -9.0% |
| Amounts payable after more than one year | 17 | €110,352 | €43,846 | -€66,506 | -60.3% |
| Financial debts | 170/4 | €95,012 | €28,505 | -€66,506 | -70.0% |
| Other amounts payable | 178/9 | €15,340 | €15,340 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,639,801 | €5,268,893 | -€370,907 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €65,160 | €80,093 | +€14,932 | +22.9% |
| Financial debts | 43 | €2,625,000 | €2,250,000 | -€375,000 | -14.3% |
| Credit institutions | 430/8 | €1,625,000 | €2,250,000 | +€625,000 | +38.5% |
| Other loans | 439 | €1,000,000 | - | -€1.0m | |
| Trade debts | 44 | €2,554,831 | €2,006,262 | -€548,569 | -21.5% |
| Suppliers | 440/4 | €2,554,831 | €2,006,262 | -€548,569 | -21.5% |
| Taxes, remuneration and social security | 45 | €99,809 | €147,951 | +€48,142 | +48.2% |
| Taxes | 450/3 | €1,819 | €18,618 | +€16,800 | +923.8% |
| Remuneration and social security | 454/9 | €97,991 | €129,333 | +€31,342 | +32.0% |
| Other amounts payable | 47/48 | €295,000 | €784,587 | +€489,587 | +166.0% |
| Accrued charges and deferred income | 492/3 | €119,480 | €26,959 | -€92,522 | -77.4% |
| Remuneration, social security and pensions | 62 | €1,161,015 | €1,117,102 | -€43,913 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,688 | €131,582 | +€12,894 | +10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,340 | - | -€30,340 | |
| Other operating charges | 640/8 | €111,754 | €24,593 | -€87,161 | -78.0% |
| Non-recurring operating charges | 66A | €550 | €6,682 | +€6,132 | +1114.8% |
| Gross operating margin | 9900 | €1,519,840 | €1,449,789 | -€70,051 | -4.6% |
| Operating profit (loss) | 9901 | €97,493 | €169,831 | +€72,337 | +74.2% |
| Financial income | 75/76B | €6,798 | - | -€6,798 | |
| Recurring financial income | 75 | €6,798 | - | -€6,798 | |
| Financial charges | 65/66B | €166,711 | €124,964 | -€41,747 | -25.0% |
| Recurring financial charges | 65 | €166,711 | €124,964 | -€41,747 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | -€62,419 | €44,867 | +€107,286 | |
| Income taxes | 67/77 | €1,779 | €143,518 | +€141,740 | +7969.4% |
| Profit (loss) for the period | 9904 | -€64,197 | -€98,651 | -€34,454 | -53.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,197 | -€98,651 | -€34,454 | -53.7% |
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.