FORTEM 46: 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.
FORTEM 46
Largest movements
- Tangible fixed assets +€45,891
up €45,891 (+5.9%), from €772,550 to €818,441
of which Furniture and vehicles: +€66,137
- Other debts +€67,008
up €67,008 (+67.3%), from €99,635 to €166,644
- Short-term financial debts -€57,837
down €57,837 (-88.7%), from €65,242 to €7,404
- Trade debts +€16,289
up €16,289 (+216%), from €7,540 to €23,830
- Current portion of long-term debt +€11,463
up €11,463 (+33.6%), from €34,162 to €45,625
- Depreciation -€19,332
down €19,332 (-44.9%), from €43,042 to €23,709
- Gross operating margin -€2,929
down €2,929 (-4.1%), from €71,732 to €68,803
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €817,097 | €869,669 | +€52,572 | +6.4% |
| Fixed assets | 21/28 | €772,550 | €818,441 | +€45,891 | +5.9% |
| Tangible fixed assets | 22/27 | €772,550 | €818,441 | +€45,891 | +5.9% |
| Land and buildings | 22 | €732,985 | €716,136 | -€16,849 | -2.3% |
| Plant, machinery and equipment | 23 | €39,565 | €36,168 | -€3,397 | -8.6% |
| Furniture and vehicles | 24 | - | €66,137 | +€66,137 | |
| Current assets | 29/58 | €44,546 | €51,227 | +€6,681 | +15.0% |
| Stocks and contracts in progress | 3 | €30,000 | €31,611 | +€1,611 | +5.4% |
| Stocks | 30/36 | €20,000 | €26,775 | +€6,775 | +33.9% |
| Contracts in progress | 37 | €10,000 | €4,837 | -€5,163 | -51.6% |
| Amounts receivable within one year | 40/41 | €14,546 | €19,161 | +€4,615 | +31.7% |
| Trade receivables | 40 | €4,307 | €2,785 | -€1,522 | -35.3% |
| Other amounts receivable | 41 | €10,239 | €16,375 | +€6,136 | +59.9% |
| Deferred charges and accrued income | 490/1 | - | €455 | +€455 | |
| Total equity and liabilities | 10/49 | €817,097 | €869,669 | +€52,572 | +6.4% |
| Equity | 10/15 | €1,251 | €8,742 | +€7,491 | +599% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,749 | -€1,258 | +€7,491 | +85.6% |
| Amounts payable | 17/49 | €815,846 | €860,926 | +€45,081 | +5.5% |
| Amounts payable after more than one year | 17 | €607,524 | €615,489 | +€7,965 | +1.3% |
| Financial debts | 170/4 | €607,524 | €615,489 | +€7,965 | +1.3% |
| Amounts payable within one year | 42/48 | €208,322 | €245,437 | +€37,116 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €34,162 | €45,625 | +€11,463 | +33.6% |
| Financial debts | 43 | €65,242 | €7,404 | -€57,837 | -88.7% |
| Credit institutions | 430/8 | €65,242 | €7,404 | -€57,837 | -88.7% |
| Trade debts | 44 | €7,540 | €23,830 | +€16,289 | +216% |
| Suppliers | 440/4 | €7,540 | €23,830 | +€16,289 | +216% |
| Taxes, remuneration and social security | 45 | €1,742 | €1,935 | +€192 | +11.0% |
| Taxes | 450/3 | €1,742 | €1,935 | +€192 | +11.0% |
| Other amounts payable | 47/48 | €99,635 | €166,644 | +€67,008 | +67.3% |
| Non-recurring operating income | 76A | - | €25,448 | +€25,448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,042 | €23,709 | -€19,332 | -44.9% |
| Other operating charges | 640/8 | €5,035 | €4,883 | -€152 | -3.0% |
| Gross operating margin | 9900 | €71,732 | €68,803 | -€2,929 | -4.1% |
| Operating profit (loss) | 9901 | €23,655 | €40,211 | +€16,556 | +70.0% |
| Financial income | 75/76B | €13 | €22 | +€9 | +69.0% |
| Recurring financial income | 75 | €13 | €22 | +€9 | +69.0% |
| Financial charges | 65/66B | €32,313 | €32,632 | +€319 | +1.0% |
| Recurring financial charges | 65 | €32,313 | €32,632 | +€319 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,645 | €7,600 | +€16,245 | |
| Income taxes | 67/77 | €104 | €109 | +€5 | +5.1% |
| Profit (loss) for the period | 9904 | -€8,749 | €7,491 | +€16,240 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,749 | €7,491 | +€16,240 |
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 24 October 2026 via checked.be.