FORTEXCO: 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.
FORTEXCO
Largest movements
- Stocks and contracts +€29,697
up €29,697 (+32.1%), from €92,417 to €122,114
- Receivables within one year +€19,552
up €19,552 (+102%), from €19,200 to €38,751
of which Trade receivables: +€20,934
- Cash -€15,102
down €15,102 (-40.8%), from €37,028 to €21,927
mainly Stocks and contracts (-€29,697) and Receivables within one year (-€19,552)
- Deferred charges and accrued income -€3,257
down €3,257 (-62.4%), from €5,216 to €1,959
- Trade debts +€45,198
up €45,198 (+157%), from €28,876 to €74,073
- Reserves -€16,173
down €16,173 (-34.3%), from €47,096 to €30,923
of which Distributable reserves: -€16,173
- Other debts -€6,627
down €6,627 (-34.2%), from €19,383 to €12,755
- Current portion of long-term debt +€5,085
up €5,085 (+59.0%), from €8,613 to €13,698
- Debts after one year +€4,910
up €4,910 (+131%), from €3,740 to €8,650
- Gross operating margin -€23,284
down €23,284 (-28.9%), from €80,690 to €57,406
- Staff costs -€9,689
down €9,689 (-15.1%), from €63,981 to €54,292
- Financial income +€2,033
up €2,033 (+25,738%), from €8 to €2,041
of which Non-recurring financial income: +€2,022
- Other operating charges +€1,579
up €1,579 (+20.3%), from €7,787 to €9,366
- Taxes -€1,033
down €1,033 (-78.0%), from €1,325 to €291
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 | €159,170 | €187,903 | +€28,733 | +18.1% |
| Fixed assets | 21/28 | €5,309 | €3,151 | -€2,158 | -40.6% |
| Intangible fixed assets | 21 | €1,558 | €378 | -€1,180 | -75.7% |
| Tangible fixed assets | 22/27 | €1,100 | €123 | -€978 | -88.9% |
| Furniture and vehicles | 24 | €1,100 | €123 | -€978 | -88.9% |
| Financial fixed assets | 28 | €2,650 | €2,650 | = | 0.0% |
| Current assets | 29/58 | €153,861 | €184,752 | +€30,891 | +20.1% |
| Stocks and contracts in progress | 3 | €92,417 | €122,114 | +€29,697 | +32.1% |
| Stocks | 30/36 | €92,417 | €122,114 | +€29,697 | +32.1% |
| Amounts receivable within one year | 40/41 | €19,200 | €38,751 | +€19,552 | +102% |
| Trade receivables | 40 | €17,054 | €37,988 | +€20,934 | +123% |
| Other amounts receivable | 41 | €2,146 | €763 | -€1,382 | -64.4% |
| Cash at bank and in hand | 54/58 | €37,028 | €21,927 | -€15,102 | -40.8% |
| Deferred charges and accrued income | 490/1 | €5,216 | €1,959 | -€3,257 | -62.4% |
| Total equity and liabilities | 10/49 | €159,170 | €187,903 | +€28,733 | +18.1% |
| Equity | 10/15 | €53,296 | €37,123 | -€16,173 | -30.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €47,096 | €30,923 | -€16,173 | -34.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €45,236 | €29,063 | -€16,173 | -35.8% |
| Amounts payable | 17/49 | €105,874 | €150,780 | +€44,906 | +42.4% |
| Amounts payable after more than one year | 17 | €3,740 | €8,650 | +€4,910 | +131% |
| Financial debts | 170/4 | €3,740 | €8,650 | +€4,910 | +131% |
| Amounts payable within one year | 42/48 | €102,134 | €142,130 | +€39,996 | +39.2% |
| Current portion of amounts payable after more than one year | 42 | €8,613 | €13,698 | +€5,085 | +59.0% |
| Trade debts | 44 | €28,876 | €74,073 | +€45,198 | +157% |
| Suppliers | 440/4 | €28,876 | €74,073 | +€45,198 | +157% |
| Taxes, remuneration and social security | 45 | €45,262 | €41,603 | -€3,659 | -8.1% |
| Taxes | 450/3 | €24,678 | €21,938 | -€2,741 | -11.1% |
| Remuneration and social security | 454/9 | €20,584 | €19,665 | -€918 | -4.5% |
| Other amounts payable | 47/48 | €19,383 | €12,755 | -€6,627 | -34.2% |
| Remuneration, social security and pensions | 62 | €63,981 | €54,292 | -€9,689 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,290 | €2,158 | -€132 | -5.8% |
| Other operating charges | 640/8 | €7,787 | €9,366 | +€1,579 | +20.3% |
| Gross operating margin | 9900 | €80,690 | €57,406 | -€23,284 | -28.9% |
| Operating profit (loss) | 9901 | €6,632 | -€8,410 | -€15,043 | |
| Financial income | 75/76B | €8 | €2,041 | +€2,033 | +25,738% |
| Recurring financial income | 75 | €8 | €19 | +€12 | +146% |
| Non-recurring financial income | 76B | - | €2,022 | +€2,022 | |
| Financial charges | 65/66B | €9,143 | €9,513 | +€369 | +4.0% |
| Recurring financial charges | 65 | €6,687 | €9,513 | +€2,826 | +42.3% |
| Non-recurring financial charges | 66B | €2,457 | - | -€2,457 | |
| Profit (loss) for the period before taxes | 9903 | -€2,503 | -€15,882 | -€13,379 | -535% |
| Income taxes | 67/77 | €1,325 | €291 | -€1,033 | -78.0% |
| Profit (loss) for the period | 9904 | -€3,828 | -€16,173 | -€12,346 | -323% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,828 | -€16,173 | -€12,346 | -323% |
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 18 October 2026 via checked.be.