FORREST: 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.
FORREST
Largest movements
- Current investments +€85,232
up €85,232 (+140.0%), from €60,891 to €146,123
- Tangible fixed assets -€83,407
down €83,407 (-5.8%), from €1.4m to €1.3m
of which Land and buildings: -€75,105
- Cash -€37,634
down €37,634 (-59.6%), from €63,104 to €25,470
mainly Other debts (-€116,307) and Current investments (-€85,232)
- Other debts -€116,307
down €116,307 (-42.8%), from €272,000 to €155,693
- Profit (loss) carried forward +€76,860
up €76,860, from -€30,191 to €46,669
- Gross operating margin +€24,748
up €24,748 (+17.1%), from €144,354 to €169,102
- Financial income +€4,036
up €4,036 (+107.9%), from €3,741 to €7,776
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,592,767 | €1,556,297 | -€36,470 | -2.3% |
| Fixed assets | 21/28 | €1,443,942 | €1,360,534 | -€83,407 | -5.8% |
| Tangible fixed assets | 22/27 | €1,432,008 | €1,348,601 | -€83,407 | -5.8% |
| Land and buildings | 22 | €1,370,542 | €1,295,437 | -€75,105 | -5.5% |
| Plant, machinery and equipment | 23 | €61,466 | €53,164 | -€8,302 | -13.5% |
| Financial fixed assets | 28 | €11,934 | €11,934 | = | 0.0% |
| Current assets | 29/58 | €148,825 | €195,763 | +€46,938 | +31.5% |
| Amounts receivable within one year | 40/41 | €22,411 | €23,034 | +€624 | +2.8% |
| Trade receivables | 40 | €21,774 | €21,024 | -€749 | -3.4% |
| Other amounts receivable | 41 | €637 | €2,010 | +€1,373 | +215.5% |
| Current investments | 50/53 | €60,891 | €146,123 | +€85,232 | +140.0% |
| Cash at bank and in hand | 54/58 | €63,104 | €25,470 | -€37,634 | -59.6% |
| Deferred charges and accrued income | 490/1 | €2,420 | €1,136 | -€1,284 | -53.1% |
| Total equity and liabilities | 10/49 | €1,592,767 | €1,556,297 | -€36,470 | -2.3% |
| Equity | 10/15 | €1,316,445 | €1,395,976 | +€79,530 | +6.0% |
| Contributions | 10/11 | €1,035,729 | €1,035,729 | = | 0.0% |
| Capital | 10 | €1,035,729 | €1,035,729 | = | 0.0% |
| Issued capital | 100 | €1,035,729 | €1,035,729 | = | 0.0% |
| Reserves | 13 | €310,908 | €313,578 | +€2,670 | +0.9% |
| Non-distributable reserves | 130/1 | €87,890 | €103,573 | +€15,683 | +17.8% |
| Legal reserve | 130 | €87,890 | €103,573 | +€15,683 | +17.8% |
| Tax-exempt reserves | 132 | €223,018 | €210,005 | -€13,013 | -5.8% |
| Profit (loss) carried forward | 14 | -€30,191 | €46,669 | +€76,860 | |
| Amounts payable | 17/49 | €276,321 | €160,321 | -€116,000 | -42.0% |
| Amounts payable within one year | 42/48 | €276,176 | €160,231 | -€115,944 | -42.0% |
| Trade debts | 44 | €527 | €995 | +€468 | +88.8% |
| Suppliers | 440/4 | €527 | €995 | +€468 | +88.8% |
| Taxes, remuneration and social security | 45 | €3,649 | €3,544 | -€105 | -2.9% |
| Taxes | 450/3 | €3,649 | €3,544 | -€105 | -2.9% |
| Other amounts payable | 47/48 | €272,000 | €155,693 | -€116,307 | -42.8% |
| Accrued charges and deferred income | 492/3 | €146 | €90 | -€56 | -38.3% |
| Non-recurring operating income | 76A | - | €8,264 | +€8,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,804 | €83,407 | -€397 | -0.5% |
| Other operating charges | 640/8 | €12,526 | €12,535 | +€9 | +0.1% |
| Gross operating margin | 9900 | €144,354 | €169,102 | +€24,748 | +17.1% |
| Operating profit (loss) | 9901 | €48,025 | €73,161 | +€25,136 | +52.3% |
| Financial income | 75/76B | €3,741 | €7,776 | +€4,036 | +107.9% |
| Recurring financial income | 75 | €3,741 | €7,776 | +€4,036 | +107.9% |
| Financial charges | 65/66B | €577 | €1,084 | +€507 | +87.8% |
| Recurring financial charges | 65 | €577 | €1,084 | +€507 | +87.8% |
| Profit (loss) for the period before taxes | 9903 | €51,188 | €79,853 | +€28,665 | +56.0% |
| Income taxes | 67/77 | €485 | €323 | -€162 | -33.5% |
| Profit (loss) for the period | 9904 | €50,703 | €79,530 | +€28,827 | +56.9% |
| Transfer from tax-exempt reserves | 789 | €13,013 | €13,013 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,716 | €92,543 | +€28,827 | +45.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.