FORTE: 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.
FORTE
Largest movements
- Cash +€213,586
up €213,586 (+74.0%), from €288,767 to €502,353
mainly Net result for the year (+€163,890) and Current investments (+€100,000)
- Current investments -€100,000
down €100,000 (-66.3%), from €150,851 to €50,851
- Tangible fixed assets -€39,141
down €39,141 (-13.2%), from €296,585 to €257,443
- Receivables within one year +€27,075
up €27,075 (+21.4%), from €126,353 to €153,429
of which Other amounts receivable: +€29,541
- Reserves +€163,890
up €163,890 (+18.2%), from €900,193 to €1.1m
of which Distributable reserves: +€163,890
- Trade debts -€30,681
down €30,681 (-82.2%), from €37,311 to €6,631
- Debts after one year -€30,353
down €30,353 (-18.5%), from €163,730 to €133,378
- Advances received +€27,622
new in 2025: €27,622
- Tax, wage and social debts -€15,177
down €15,177 (-23.3%), from €65,269 to €50,092
of which Taxes: -€18,474
- Gross operating margin -€89,047
down €89,047 (-24.1%), from €369,856 to €280,809
- Taxes -€23,833
down €23,833 (-22.6%), from €105,522 to €81,689
- Financial income +€5,901
up €5,901 (+44.9%), from €13,131 to €19,032
- Financial charges -€5,867
down €5,867 (-45.3%), from €12,958 to €7,091
- Other operating charges -€4,862
down €4,862 (-60.6%), from €8,023 to €3,161
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 | €1,218,180 | €1,331,093 | +€112,913 | +9.3% |
| Fixed assets | 21/28 | €446,585 | €407,443 | -€39,141 | -8.8% |
| Tangible fixed assets | 22/27 | €296,585 | €257,443 | -€39,141 | -13.2% |
| Land and buildings | 22 | €145,610 | €126,298 | -€19,313 | -13.3% |
| Plant, machinery and equipment | 23 | €1,528 | €551 | -€977 | -63.9% |
| Furniture and vehicles | 24 | €147,860 | €129,801 | -€18,059 | -12.2% |
| Other tangible fixed assets | 26 | €1,586 | €793 | -€793 | -50.0% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €771,596 | €923,650 | +€152,054 | +19.7% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €126,353 | €153,429 | +€27,075 | +21.4% |
| Trade receivables | 40 | €120,202 | €117,736 | -€2,466 | -2.1% |
| Other amounts receivable | 41 | €6,152 | €35,693 | +€29,541 | +480% |
| Current investments | 50/53 | €150,851 | €50,851 | -€100,000 | -66.3% |
| Cash at bank and in hand | 54/58 | €288,767 | €502,353 | +€213,586 | +74.0% |
| Deferred charges and accrued income | 490/1 | €5,624 | €17,017 | +€11,393 | +203% |
| Total equity and liabilities | 10/49 | €1,218,180 | €1,331,093 | +€112,913 | +9.3% |
| Equity | 10/15 | €913,079 | €1,076,969 | +€163,890 | +17.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €900,193 | €1,064,083 | +€163,890 | +18.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €900,193 | €1,064,083 | +€163,890 | +18.2% |
| Profit (loss) carried forward | 14 | €486 | €486 | = | 0.0% |
| Amounts payable | 17/49 | €305,102 | €254,124 | -€50,978 | -16.7% |
| Amounts payable after more than one year | 17 | €163,730 | €133,378 | -€30,353 | -18.5% |
| Financial debts | 170/4 | €163,730 | €133,378 | -€30,353 | -18.5% |
| Amounts payable within one year | 42/48 | €141,372 | €120,747 | -€20,625 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €29,376 | €30,353 | +€977 | +3.3% |
| Trade debts | 44 | €37,311 | €6,631 | -€30,681 | -82.2% |
| Suppliers | 440/4 | €37,311 | €6,631 | -€30,681 | -82.2% |
| Advances received on contracts in progress | 46 | - | €27,622 | +€27,622 | |
| Taxes, remuneration and social security | 45 | €65,269 | €50,092 | -€15,177 | -23.3% |
| Taxes | 450/3 | €58,676 | €40,203 | -€18,474 | -31.5% |
| Remuneration and social security | 454/9 | €6,593 | €9,889 | +€3,296 | +50.0% |
| Other amounts payable | 47/48 | €9,415 | €6,049 | -€3,366 | -35.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,769 | €44,010 | +€241 | +0.6% |
| Other operating charges | 640/8 | €8,023 | €3,161 | -€4,862 | -60.6% |
| Gross operating margin | 9900 | €369,856 | €280,809 | -€89,047 | -24.1% |
| Operating profit (loss) | 9901 | €318,064 | €233,638 | -€84,426 | -26.5% |
| Financial income | 75/76B | €13,131 | €19,032 | +€5,901 | +44.9% |
| Recurring financial income | 75 | €13,131 | €19,032 | +€5,901 | +44.9% |
| Financial charges | 65/66B | €12,958 | €7,091 | -€5,867 | -45.3% |
| Recurring financial charges | 65 | €12,958 | €7,091 | -€5,867 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €318,237 | €245,579 | -€72,658 | -22.8% |
| Income taxes | 67/77 | €105,522 | €81,689 | -€23,833 | -22.6% |
| Profit (loss) for the period | 9904 | €212,716 | €163,890 | -€48,825 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €212,716 | €163,890 | -€48,825 | -23.0% |
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 16 October 2026 via checked.be.