FORTEM: what changed
Two fiscal 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.
FORTEM
Largest movements
- Cash +€254,446
up €254,446 (+27.9%), from €913,501 to €1.2m
mainly Net result for the year (+€436,617) and Advances received (+€203,000)
- Stocks and contracts +€161,000
up €161,000 (+412.8%), from €39,000 to €200,000
- Receivables within one year +€132,427
up €132,427 (+72.0%), from €184,031 to €316,458
of which Other amounts receivable: +€132,427
- Reserves +€419,880
up €419,880 (+42.5%), from €988,440 to €1.4m
- Advances received +€203,000
up €203,000, from €0 to €203,000
- Tax, wage and social debts -€150,203
down €150,203 (-74.7%), from €201,007 to €50,804
- Trade debts +€57,001
up €57,001 (+4637.8%), from €1,229 to €58,230
- Gross operating margin +€642,274
up €642,274, from -€5,417 to €636,857
- Taxes +€189,552
up €189,552 (+75192.1%), from €252 to €189,804
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.
Cash bridge derived
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 | €1,176,210 | €1,722,354 | +€546,144 | +46.4% |
| Fixed assets | 21/28 | €37,472 | €36,243 | -€1,229 | -3.3% |
| Intangible fixed assets | 21 | €7,797 | €7,747 | -€50 | -0.6% |
| Tangible fixed assets | 22/27 | €29,675 | €28,496 | -€1,179 | -4.0% |
| Plant, machinery and equipment | 23 | €3,992 | €3,099 | -€893 | -22.4% |
| Furniture and vehicles | 24 | €5,067 | €7,367 | +€2,300 | +45.4% |
| Other tangible fixed assets | 26 | €20,616 | €18,030 | -€2,586 | -12.5% |
| Current assets | 29/58 | €1,138,738 | €1,686,111 | +€547,372 | +48.1% |
| Stocks and contracts in progress | 3 | €39,000 | €200,000 | +€161,000 | +412.8% |
| Stocks | 30/36 | €39,000 | €200,000 | +€161,000 | +412.8% |
| Amounts receivable within one year | 40/41 | €184,031 | €316,458 | +€132,427 | +72.0% |
| Trade receivables | 40 | €41,666 | €41,666 | = | 0.0% |
| Other amounts receivable | 41 | €142,365 | €274,792 | +€132,427 | +93.0% |
| Cash at bank and in hand | 54/58 | €913,501 | €1,167,947 | +€254,446 | +27.9% |
| Deferred charges and accrued income | 490/1 | €2,206 | €1,705 | -€500 | -22.7% |
| Total equity and liabilities | 10/49 | €1,176,210 | €1,722,354 | +€546,144 | +46.4% |
| Equity | 10/15 | €973,703 | €1,410,320 | +€436,617 | +44.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €988,440 | €1,408,320 | +€419,880 | +42.5% |
| Distributable reserves | 133 | €988,440 | €1,408,320 | +€419,880 | +42.5% |
| Profit (loss) carried forward | 14 | -€16,737 | €0 | +€16,737 | |
| Amounts payable | 17/49 | €202,507 | €312,033 | +€109,526 | +54.1% |
| Amounts payable within one year | 42/48 | €202,507 | €312,033 | +€109,526 | +54.1% |
| Trade debts | 44 | €1,229 | €58,230 | +€57,001 | +4637.8% |
| Suppliers | 440/4 | €1,229 | €58,230 | +€57,001 | +4637.8% |
| Advances received on contracts in progress | 46 | €0 | €203,000 | +€203,000 | |
| Taxes, remuneration and social security | 45 | €201,007 | €50,804 | -€150,203 | -74.7% |
| Taxes | 450/3 | €201,007 | €50,804 | -€150,203 | -74.7% |
| Other amounts payable | 47/48 | €271 | €0 | -€271 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,577 | €9,729 | +€1,153 | +13.4% |
| Other operating charges | 640/8 | €1,934 | €1,512 | -€421 | -21.8% |
| Gross operating margin | 9900 | -€5,417 | €636,857 | +€642,274 | |
| Operating profit (loss) | 9901 | -€15,927 | €625,615 | +€641,542 | |
| Financial income | 75/76B | €251 | €1,015 | +€764 | +304.4% |
| Recurring financial income | 75 | €251 | €1,015 | +€764 | +304.4% |
| Financial charges | 65/66B | €809 | €209 | -€600 | -74.1% |
| Recurring financial charges | 65 | €809 | €209 | -€600 | -74.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,485 | €626,421 | +€642,906 | |
| Income taxes | 67/77 | €252 | €189,804 | +€189,552 | +75192.1% |
| Profit (loss) for the period | 9904 | -€16,737 | €436,617 | +€453,355 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,737 | €436,617 | +€453,355 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.