FORS: 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.
FORS
Largest movements
- Receivables after one year +€125,000
new in 2025: €125,000
- Cash -€61,056
down €61,056 (-58.4%), from €104,577 to €43,522
mainly Receivables after one year (-€125,000) and Current portion of long-term debt (-€50,937)
- Current investments -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Tangible fixed assets -€9,651
down €9,651 (-68.1%), from €14,174 to €4,523
of which Leasing and similar rights: -€6,432
- Receivables within one year -€9,079
down €9,079 (-23.3%), from €38,959 to €29,880
of which Trade receivables: -€5,751
- Reserves +€78,335
up €78,335 (+14.3%), from €545,914 to €624,248
of which Distributable reserves: +€78,335
- Current portion of long-term debt -€50,937
down €50,937 (-100.0%), from €50,937 to €0
- Other debts -€12,787
down €12,787 (-77.8%), from €16,440 to €3,653
- Tax, wage and social debts +€7,055
up €7,055 (+27.5%), from €25,609 to €32,664
- Gross operating margin +€16,080
up €16,080 (+20.7%), from €77,638 to €93,717
- Depreciation -€14,507
down €14,507 (-80.2%), from €18,081 to €3,574
- Taxes +€9,111
up €9,111 (+41.3%), from €22,063 to €31,174
- Financial income +€1,258
up €1,258 (+6.2%), from €20,401 to €21,659
of which Non-recurring financial income: +€21,659
- Financial charges -€1,122
down €1,122 (-44.9%), from €2,501 to €1,379
of which Financial charges: -€1,249
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 | €646,710 | €666,925 | +€20,215 | +3.1% |
| Fixed assets | 21/28 | €478,174 | €468,523 | -€9,651 | -2.0% |
| Tangible fixed assets | 22/27 | €14,174 | €4,523 | -€9,651 | -68.1% |
| Plant, machinery and equipment | 23 | - | €325 | +€325 | |
| Furniture and vehicles | 24 | €2,378 | €810 | -€1,569 | -66.0% |
| Leasing and similar rights | 25 | €6,432 | €0 | -€6,432 | -100.0% |
| Other tangible fixed assets | 26 | €5,363 | €3,389 | -€1,975 | -36.8% |
| Financial fixed assets | 28 | €464,000 | €464,000 | = | 0.0% |
| Current assets | 29/58 | €168,536 | €198,402 | +€29,866 | +17.7% |
| Amounts receivable after more than one year | 29 | - | €125,000 | +€125,000 | |
| Other amounts receivable | 291 | - | €125,000 | +€125,000 | |
| Amounts receivable within one year | 40/41 | €38,959 | €29,880 | -€9,079 | -23.3% |
| Trade receivables | 40 | €35,631 | €29,880 | -€5,751 | -16.1% |
| Other amounts receivable | 41 | €3,328 | €0 | -€3,328 | -100.0% |
| Current investments | 50/53 | €25,000 | €0 | -€25,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €104,577 | €43,522 | -€61,056 | -58.4% |
| Total equity and liabilities | 10/49 | €646,710 | €666,925 | +€20,215 | +3.1% |
| Equity | 10/15 | €552,114 | €630,448 | +€78,335 | +14.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €545,914 | €624,248 | +€78,335 | +14.3% |
| 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 | €544,054 | €622,388 | +€78,335 | +14.4% |
| Amounts payable | 17/49 | €94,596 | €36,476 | -€58,120 | -61.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €94,596 | €36,476 | -€58,120 | -61.4% |
| Current portion of amounts payable after more than one year | 42 | €50,937 | €0 | -€50,937 | -100.0% |
| Trade debts | 44 | €1,611 | €159 | -€1,452 | -90.1% |
| Suppliers | 440/4 | €1,611 | €159 | -€1,452 | -90.1% |
| Taxes, remuneration and social security | 45 | €25,609 | €32,664 | +€7,055 | +27.5% |
| Taxes | 450/3 | €25,609 | €32,664 | +€7,055 | +27.5% |
| Other amounts payable | 47/48 | €16,440 | €3,653 | -€12,787 | -77.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,081 | €3,574 | -€14,507 | -80.2% |
| Other operating charges | 640/8 | €1,491 | €915 | -€576 | -38.6% |
| Gross operating margin | 9900 | €77,638 | €93,717 | +€16,080 | +20.7% |
| Operating profit (loss) | 9901 | €58,066 | €89,228 | +€31,163 | +53.7% |
| Financial income | 75/76B | €20,401 | €21,659 | +€1,258 | +6.2% |
| Recurring financial income | 75 | €20,401 | €21,659 | +€1,258 | +6.2% |
| Non-recurring financial income | 76B | - | €21,659 | +€21,659 | |
| Financial charges | 65/66B | €2,501 | €1,379 | -€1,122 | -44.9% |
| Recurring financial charges | 65 | €2,501 | €1,252 | -€1,249 | -49.9% |
| Non-recurring financial charges | 66B | - | €127 | +€127 | |
| Profit (loss) for the period before taxes | 9903 | €75,967 | €109,509 | +€33,542 | +44.2% |
| Income taxes | 67/77 | €22,063 | €31,174 | +€9,111 | +41.3% |
| Profit (loss) for the period | 9904 | €53,904 | €78,335 | +€24,431 | +45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,904 | €78,335 | +€24,431 | +45.3% |
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 9 October 2026 via checked.be.