FORSA: 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.
FORSA
Largest movements
- Financial fixed assets -€9.7m
down €9.7m (-99.7%), from €9.7m to €32,703
- Current investments +€8.0m
up €8.0m (+93.5%), from €8.6m to €16.6m
- Cash +€5.2m
up €5.2m (+259%), from €2.0m to €7.2m
- Receivables within one year +€1.8m
up €1.8m (+78.3%), from €2.3m to €4.2m
of which Other amounts receivable: +€1.2m
- Receivables after one year +€700,000
new in 2025: €700,000
- Other debts +€10.1m
up €10.1m (+463%), from €2.2m to €12.3m
- Reserves -€4.1m
down €4.1m (-19.9%), from €20.4m to €16.3m
of which Distributable reserves: -€4.1m
- Gross operating margin +€4.6m
up €4.6m, from -€9,230 to €4.6m
- Financial income +€900,044
up €900,044 (+171%), from €525,460 to €1.4m
- Financial charges +€327,946
up €327,946 (+85.0%), from -€385,988 to -€58,043
- Taxes +€67,661
up €67,661 (+157%), from €43,114 to €110,775
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,795,648 | €28,945,903 | +€6.2m | +27.0% |
| Fixed assets | 21/28 | €9,823,005 | €224,162 | -€9.6m | -97.7% |
| Tangible fixed assets | 22/27 | €87,922 | €191,460 | +€103,537 | +118% |
| Land and buildings | 22 | €1,240 | €268 | -€972 | -78.4% |
| Furniture and vehicles | 24 | €86,683 | €191,192 | +€104,509 | +121% |
| Financial fixed assets | 28 | €9,735,082 | €32,703 | -€9.7m | -99.7% |
| Current assets | 29/58 | €12,972,643 | €28,721,741 | +€15.7m | +121% |
| Amounts receivable after more than one year | 29 | - | €700,000 | +€700,000 | |
| Other amounts receivable | 291 | - | €700,000 | +€700,000 | |
| Amounts receivable within one year | 40/41 | €2,330,525 | €4,155,125 | +€1.8m | +78.3% |
| Trade receivables | 40 | €1,815 | €579,709 | +€577,894 | +31,840% |
| Other amounts receivable | 41 | €2,328,710 | €3,575,417 | +€1.2m | +53.5% |
| Current investments | 50/53 | €8,559,376 | €16,559,797 | +€8.0m | +93.5% |
| Cash at bank and in hand | 54/58 | €2,008,739 | €7,202,696 | +€5.2m | +259% |
| Deferred charges and accrued income | 490/1 | €74,003 | €104,123 | +€30,119 | +40.7% |
| Total equity and liabilities | 10/49 | €22,795,648 | €28,945,903 | +€6.2m | +27.0% |
| Equity | 10/15 | €20,466,260 | €16,396,124 | -€4.1m | -19.9% |
| Contributions | 10/11 | €61,583 | €61,583 | = | 0.0% |
| Capital | 10 | €61,583 | €61,583 | = | 0.0% |
| Issued capital | 100 | €61,583 | €61,583 | = | 0.0% |
| Reserves | 13 | €20,404,677 | €16,334,541 | -€4.1m | -19.9% |
| Non-distributable reserves | 130/1 | €24,447 | €24,447 | = | 0.0% |
| Legal reserve | 130 | €24,447 | €24,447 | = | 0.0% |
| Distributable reserves | 133 | €20,380,231 | €16,310,095 | -€4.1m | -20.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,329,387 | €12,549,779 | +€10.2m | +439% |
| Amounts payable within one year | 42/48 | €2,293,376 | €12,500,291 | +€10.2m | +445% |
| Trade debts | 44 | €79,273 | €187,244 | +€107,971 | +136% |
| Suppliers | 440/4 | €79,273 | €187,244 | +€107,971 | +136% |
| Taxes, remuneration and social security | 45 | €26,087 | €329 | -€25,759 | -98.7% |
| Taxes | 450/3 | €26,087 | €329 | -€25,759 | -98.7% |
| Other amounts payable | 47/48 | €2,188,016 | €12,312,719 | +€10.1m | +463% |
| Accrued charges and deferred income | 492/3 | €36,012 | €49,488 | +€13,476 | +37.4% |
| Non-recurring operating income | 76A | - | €22,280 | +€22,280 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,104 | €54,550 | +€36,447 | +201% |
| Other operating charges | 640/8 | €9,202 | €8,795 | -€407 | -4.4% |
| Gross operating margin | 9900 | -€9,230 | €4,620,438 | +€4.6m | |
| Operating profit (loss) | 9901 | -€36,536 | €4,557,092 | +€4.6m | |
| Financial income | 75/76B | €525,460 | €1,425,504 | +€900,044 | +171% |
| Recurring financial income | 75 | €525,460 | €1,425,504 | +€900,044 | +171% |
| Financial charges | 65/66B | -€385,988 | -€58,043 | +€327,946 | +85.0% |
| Recurring financial charges | 65 | -€385,988 | -€58,043 | +€327,946 | +85.0% |
| Profit (loss) for the period before taxes | 9903 | €874,912 | €6,040,639 | +€5.2m | +590% |
| Income taxes | 67/77 | €43,114 | €110,775 | +€67,661 | +157% |
| Profit (loss) for the period | 9904 | €831,798 | €5,929,864 | +€5.1m | +613% |
| Profit (loss) for the period to be appropriated | 9905 | €831,798 | €5,929,864 | +€5.1m | +613% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.