FORTAN MANAGEMENT: 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.
FORTAN MANAGEMENT
Largest movements
- Tangible fixed assets +€416,920
up €416,920 (+8.6%), from €4.8m to €5.3m
- Receivables within one year +€196,739
up €196,739 (+972%), from €20,235 to €216,974
of which Trade receivables: +€194,156
- Cash -€97,611
down €97,611 (-100.0%), from €97,624 to €13
mainly Other debts (-€1.8m) and Investment in fixed assets (net) (-€467,107)
- Reserves +€2.2m
up €2.2m (+779%), from €279,437 to €2.5m
of which Distributable reserves: +€1.3m
- Other debts -€1.8m
down €1.8m (-96.8%), from €1.8m to €57,761
- Profit (loss) carried forward +€325,852
no longer reported in 2025 (was -€325,852)
- Debts after one year -€208,409
down €208,409 (-13.5%), from €1.5m to €1.3m
- Short-term financial debts -€90,097
down €90,097 (-6.1%), from €1.5m to €1.4m
- Gross operating margin +€220,501
up €220,501 (+93.4%), from €236,027 to €456,528
- Financial charges -€83,671
down €83,671 (-49.1%), from €170,276 to €86,606
- Depreciation +€28,800
up €28,800 (+78.3%), from €36,780 to €65,580
- Other operating charges +€18,029
up €18,029 (+867%), from €2,080 to €20,109
- Taxes +€11,938
new in 2025: €11,938
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 | €5,067,309 | €5,567,965 | +€500,656 | +9.9% |
| Fixed assets | 21/28 | €4,949,450 | €5,350,977 | +€401,527 | +8.1% |
| Intangible fixed assets | 21 | €84,722 | €69,329 | -€15,393 | -18.2% |
| Tangible fixed assets | 22/27 | €4,849,728 | €5,266,648 | +€416,920 | +8.6% |
| Land and buildings | 22 | €4,849,728 | €5,266,648 | +€416,920 | +8.6% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €117,859 | €216,987 | +€99,129 | +84.1% |
| Amounts receivable within one year | 40/41 | €20,235 | €216,974 | +€196,739 | +972% |
| Trade receivables | 40 | €14,400 | €208,556 | +€194,156 | +1,348% |
| Other amounts receivable | 41 | €5,835 | €8,418 | +€2,583 | +44.3% |
| Cash at bank and in hand | 54/58 | €97,624 | €13 | -€97,611 | -100.0% |
| Total equity and liabilities | 10/49 | €5,067,309 | €5,567,965 | +€500,656 | +9.9% |
| Equity | 10/15 | €15,585 | €2,529,251 | +€2.5m | +16,128% |
| Contributions | 10/11 | €62,000 | €72,611 | +€10,611 | +17.1% |
| Capital | 10 | €62,000 | €72,611 | +€10,611 | +17.1% |
| Issued capital | 100 | €62,000 | €72,611 | +€10,611 | +17.1% |
| Reserves | 13 | €279,437 | €2,456,640 | +€2.2m | +779% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €853,155 | +€853,155 | |
| Distributable reserves | 133 | €273,237 | €1,597,285 | +€1.3m | +485% |
| Profit (loss) carried forward | 14 | -€325,852 | - | +€325,852 | |
| Amounts payable | 17/49 | €5,051,723 | €3,038,714 | -€2.0m | -39.8% |
| Amounts payable after more than one year | 17 | €1,541,431 | €1,333,022 | -€208,409 | -13.5% |
| Financial debts | 170/4 | €1,541,431 | €1,333,022 | -€208,409 | -13.5% |
| Amounts payable within one year | 42/48 | €3,510,292 | €1,705,692 | -€1.8m | -51.4% |
| Current portion of amounts payable after more than one year | 42 | €208,409 | €215,909 | +€7,500 | +3.6% |
| Financial debts | 43 | €1,483,334 | €1,393,237 | -€90,097 | -6.1% |
| Credit institutions | 430/8 | €1,483,334 | €1,393,237 | -€90,097 | -6.1% |
| Trade debts | 44 | €4,336 | €26,436 | +€22,099 | +510% |
| Suppliers | 440/4 | €4,336 | €26,436 | +€22,099 | +510% |
| Taxes, remuneration and social security | 45 | €411 | €12,349 | +€11,938 | +2,902% |
| Taxes | 450/3 | €411 | €12,349 | +€11,938 | +2,902% |
| Other amounts payable | 47/48 | €1,813,801 | €57,761 | -€1.8m | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,780 | €65,580 | +€28,800 | +78.3% |
| Other operating charges | 640/8 | €2,080 | €20,109 | +€18,029 | +867% |
| Gross operating margin | 9900 | €236,027 | €456,528 | +€220,501 | +93.4% |
| Operating profit (loss) | 9901 | €197,168 | €370,839 | +€173,672 | +88.1% |
| Financial charges | 65/66B | €170,276 | €86,606 | -€83,671 | -49.1% |
| Recurring financial charges | 65 | €170,276 | €86,606 | -€83,671 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €26,891 | €284,234 | +€257,343 | +957% |
| Income taxes | 67/77 | - | €11,938 | +€11,938 | |
| Profit (loss) for the period | 9904 | €26,891 | €272,296 | +€245,405 | +913% |
| Profit (loss) for the period to be appropriated | 9905 | €26,891 | €272,296 | +€245,405 | +913% |
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 26 October 2026 via checked.be.