Fortec: 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.
Fortec
Largest movements
- Tangible fixed assets +€102,687
up €102,687 (+12.1%), from €847,355 to €950,042
of which Land and buildings: +€692,647
- Cash -€69,650
down €69,650 (-45.6%), from €152,786 to €83,136
mainly Investment in fixed assets (net) (-€133,404) and Trade debts (-€28,791)
- Receivables within one year +€17,846
up €17,846 (+129%), from €13,844 to €31,690
of which Other amounts receivable: +€9,030
- Reserves +€36,787
up €36,787 (+17.7%), from €207,596 to €244,383
- Current portion of long-term debt +€35,339
up €35,339 (+285%), from €12,378 to €47,717
- Trade debts -€28,791
down €28,791 (-96.3%), from €29,893 to €1,102
- Debts after one year +€23,825
up €23,825 (+4.7%), from €502,842 to €526,667
- Tax, wage and social debts -€11,131
down €11,131 (-44.6%), from €24,982 to €13,851
of which Taxes: -€9,317
- Financial charges +€12,656
up €12,656 (+92.8%), from €13,634 to €26,290
- Depreciation +€10,798
up €10,798 (+54.2%), from €19,918 to €30,717
- Taxes -€8,183
down €8,183 (-35.9%), from €22,782 to €14,599
- Gross operating margin -€5,419
down €5,419 (-4.7%), from €115,019 to €109,600
- Financial income -€1,373
down €1,373 (-85.1%), from €1,614 to €241
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 | €1,061,055 | €1,111,516 | +€50,461 | +4.8% |
| Fixed assets | 21/28 | €864,455 | €967,142 | +€102,687 | +11.9% |
| Tangible fixed assets | 22/27 | €847,355 | €950,042 | +€102,687 | +12.1% |
| Land and buildings | 22 | €245,000 | €937,647 | +€692,647 | +283% |
| Plant, machinery and equipment | 23 | €4,115 | €2,124 | -€1,991 | -48.4% |
| Furniture and vehicles | 24 | €24,630 | €10,271 | -€14,359 | -58.3% |
| Assets under construction and advance payments | 27 | €573,609 | €0 | -€573,609 | -100% |
| Financial fixed assets | 28 | €17,100 | €17,100 | = | 0.0% |
| Current assets | 29/58 | €196,601 | €144,374 | -€52,226 | -26.6% |
| Amounts receivable within one year | 40/41 | €13,844 | €31,690 | +€17,846 | +129% |
| Trade receivables | 40 | €8,234 | €17,050 | +€8,816 | +107% |
| Other amounts receivable | 41 | €5,610 | €14,640 | +€9,030 | +161% |
| Current investments | 50/53 | €25,500 | €25,500 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €152,786 | €83,136 | -€69,650 | -45.6% |
| Deferred charges and accrued income | 490/1 | €4,471 | €4,049 | -€422 | -9.4% |
| Total equity and liabilities | 10/49 | €1,061,055 | €1,111,516 | +€50,461 | +4.8% |
| Equity | 10/15 | €458,796 | €495,583 | +€36,787 | +8.0% |
| Contributions | 10/11 | €251,200 | €251,200 | = | 0.0% |
| Reserves | 13 | €207,596 | €244,383 | +€36,787 | +17.7% |
| Distributable reserves | 133 | €207,596 | €244,383 | +€36,787 | +17.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €602,259 | €615,933 | +€13,674 | +2.3% |
| Amounts payable after more than one year | 17 | €502,842 | €526,667 | +€23,825 | +4.7% |
| Financial debts | 170/4 | €502,842 | €526,667 | +€23,825 | +4.7% |
| Amounts payable within one year | 42/48 | €99,093 | €88,279 | -€10,814 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €12,378 | €47,717 | +€35,339 | +285% |
| Trade debts | 44 | €29,893 | €1,102 | -€28,791 | -96.3% |
| Suppliers | 440/4 | €29,893 | €1,102 | -€28,791 | -96.3% |
| Taxes, remuneration and social security | 45 | €24,982 | €13,851 | -€11,131 | -44.6% |
| Taxes | 450/3 | €23,168 | €13,851 | -€9,317 | -40.2% |
| Remuneration and social security | 454/9 | €1,813 | €0 | -€1,813 | -100% |
| Other amounts payable | 47/48 | €31,839 | €25,608 | -€6,231 | -19.6% |
| Accrued charges and deferred income | 492/3 | €325 | €987 | +€662 | +204% |
| Non-recurring operating income | 76A | - | €40 | +€40 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,918 | €30,717 | +€10,798 | +54.2% |
| Other operating charges | 640/8 | €1,046 | €1,448 | +€402 | +38.5% |
| Gross operating margin | 9900 | €115,019 | €109,600 | -€5,419 | -4.7% |
| Operating profit (loss) | 9901 | €94,055 | €77,435 | -€16,620 | -17.7% |
| Financial income | 75/76B | €1,614 | €241 | -€1,373 | -85.1% |
| Recurring financial income | 75 | €1,614 | €241 | -€1,373 | -85.1% |
| Financial charges | 65/66B | €13,634 | €26,290 | +€12,656 | +92.8% |
| Recurring financial charges | 65 | €13,634 | €26,290 | +€12,656 | +92.8% |
| Profit (loss) for the period before taxes | 9903 | €82,036 | €51,386 | -€30,649 | -37.4% |
| Income taxes | 67/77 | €22,782 | €14,599 | -€8,183 | -35.9% |
| Profit (loss) for the period | 9904 | €59,253 | €36,787 | -€22,466 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,253 | €36,787 | -€22,466 | -37.9% |
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 28 October 2026 via checked.be.