Forsatel: 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.
Forsatel
Largest movements
- Cash -€12,308
down €12,308 (-55.1%), from €22,349 to €10,041
mainly Other debts (-€17,654) and Tax, wage and social debts (-€3,874)
- Tangible fixed assets -€8,377
down €8,377 (-28.0%), from €29,960 to €21,582
of which Plant, machinery and equipment: -€4,757
- Receivables within one year -€3,015
down €3,015 (-80.9%), from €3,728 to €713
- Deferred charges and accrued income +€756
up €756 (+67.8%), from €1,115 to €1,871
- Other debts -€17,654
down €17,654 (-76.2%), from €23,161 to €5,507
- Tax, wage and social debts -€3,874
down €3,874 (-39.8%), from €9,746 to €5,871
- Reserves -€2,331
down €2,331 (-36.4%), from €6,400 to €4,069
of which Distributable reserves: -€2,331
- Trade debts +€915
up €915 (+57.4%), from €1,595 to €2,511
- Gross operating margin +€10,368
up €10,368 (+26.2%), from €39,551 to €49,919
- Staff costs +€5,247
up €5,247 (+15.6%), from €33,535 to €38,782
- Depreciation +€1,825
up €1,825 (+18.2%), from €10,007 to €11,832
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.
Derived cash bridge
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 | €59,502 | €36,558 | -€22,944 | -38.6% |
| Fixed assets | 21/28 | €29,960 | €21,582 | -€8,377 | -28.0% |
| Tangible fixed assets | 22/27 | €29,960 | €21,582 | -€8,377 | -28.0% |
| Plant, machinery and equipment | 23 | €22,266 | €17,509 | -€4,757 | -21.4% |
| Furniture and vehicles | 24 | €5,746 | €3,094 | -€2,652 | -46.2% |
| Other tangible fixed assets | 26 | €1,948 | €979 | -€968 | -49.7% |
| Current assets | 29/58 | €29,542 | €14,975 | -€14,567 | -49.3% |
| Stocks and contracts in progress | 3 | €2,350 | €2,350 | = | 0.0% |
| Stocks | 30/36 | €2,350 | €2,350 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,728 | €713 | -€3,015 | -80.9% |
| Other amounts receivable | 41 | €3,728 | €713 | -€3,015 | -80.9% |
| Cash at bank and in hand | 54/58 | €22,349 | €10,041 | -€12,308 | -55.1% |
| Deferred charges and accrued income | 490/1 | €1,115 | €1,871 | +€756 | +67.8% |
| Total equity and liabilities | 10/49 | €59,502 | €36,558 | -€22,944 | -38.6% |
| Equity | 10/15 | €25,000 | €22,669 | -€2,331 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,400 | €4,069 | -€2,331 | -36.4% |
| 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 | €4,540 | €2,209 | -€2,331 | -51.3% |
| Amounts payable | 17/49 | €34,502 | €13,889 | -€20,613 | -59.7% |
| Amounts payable within one year | 42/48 | €34,502 | €13,889 | -€20,613 | -59.7% |
| Trade debts | 44 | €1,595 | €2,511 | +€915 | +57.4% |
| Suppliers | 440/4 | €1,595 | €2,511 | +€915 | +57.4% |
| Taxes, remuneration and social security | 45 | €9,746 | €5,871 | -€3,874 | -39.8% |
| Remuneration and social security | 454/9 | €9,746 | €5,871 | -€3,874 | -39.8% |
| Other amounts payable | 47/48 | €23,161 | €5,507 | -€17,654 | -76.2% |
| Remuneration, social security and pensions | 62 | €33,535 | €38,782 | +€5,247 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,007 | €11,832 | +€1,825 | +18.2% |
| Other operating charges | 640/8 | €804 | €903 | +€99 | +12.3% |
| Gross operating margin | 9900 | €39,551 | €49,919 | +€10,368 | +26.2% |
| Operating profit (loss) | 9901 | -€4,796 | -€1,598 | +€3,198 | +66.7% |
| Financial charges | 65/66B | €764 | €733 | -€31 | -4.0% |
| Recurring financial charges | 65 | €764 | €733 | -€31 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,560 | -€2,331 | +€3,229 | +58.1% |
| Profit (loss) for the period | 9904 | -€5,560 | -€2,331 | +€3,229 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,560 | -€2,331 | +€3,229 | +58.1% |
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 15 October 2026 via checked.be.