FORTH: 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.
FORTH
Largest movements
- Tangible fixed assets -€6,450
down €6,450 (-3.1%), from €205,993 to €199,543
of which Land and buildings: -€8,760
- Cash +€2,919
up €2,919 (+28.7%), from €10,177 to €13,096
mainly Depreciation (+€9,436) and Other debts (+€7,762)
- Reserves -€10,915
down €10,915 (-4.6%), from €234,989 to €224,074
of which Distributable reserves: -€10,915
- Other debts +€7,762
up €7,762 (+53.8%), from €14,428 to €22,189
- Gross operating margin +€9,528
up €9,528, from -€8,657 to €871
- Depreciation +€454
up €454 (+5.1%), from €8,981 to €9,436
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 | €270,897 | €266,113 | -€4,784 | -1.8% |
| Fixed assets | 21/28 | €205,993 | €199,543 | -€6,450 | -3.1% |
| Tangible fixed assets | 22/27 | €205,993 | €199,543 | -€6,450 | -3.1% |
| Land and buildings | 22 | €205,993 | €197,233 | -€8,760 | -4.3% |
| Plant, machinery and equipment | 23 | €0 | €2,311 | +€2,311 | |
| Current assets | 29/58 | €64,904 | €66,569 | +€1,665 | +2.6% |
| Amounts receivable within one year | 40/41 | €29,409 | €29,409 | = | 0.0% |
| Trade receivables | 40 | €29,409 | €29,409 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,177 | €13,096 | +€2,919 | +28.7% |
| Deferred charges and accrued income | 490/1 | €25,318 | €24,064 | -€1,254 | -5.0% |
| Total equity and liabilities | 10/49 | €270,897 | €266,113 | -€4,784 | -1.8% |
| Equity | 10/15 | €247,387 | €236,472 | -€10,915 | -4.4% |
| Contributions | 10/11 | €12,397 | €12,397 | = | 0.0% |
| Reserves | 13 | €234,989 | €224,074 | -€10,915 | -4.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €233,130 | €222,215 | -€10,915 | -4.7% |
| Amounts payable | 17/49 | €23,510 | €29,641 | +€6,131 | +26.1% |
| Amounts payable within one year | 42/48 | €21,865 | €29,641 | +€7,776 | +35.6% |
| Trade debts | 44 | €7,438 | €7,452 | +€14 | +0.2% |
| Suppliers | 440/4 | €7,438 | €7,452 | +€14 | +0.2% |
| Other amounts payable | 47/48 | €14,428 | €22,189 | +€7,762 | +53.8% |
| Accrued charges and deferred income | 492/3 | €1,645 | €0 | -€1,645 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,981 | €9,436 | +€454 | +5.1% |
| Other operating charges | 640/8 | €2,239 | €2,306 | +€67 | +3.0% |
| Gross operating margin | 9900 | -€8,657 | €871 | +€9,528 | |
| Operating profit (loss) | 9901 | -€19,877 | -€10,870 | +€9,006 | +45.3% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,922 | -€10,915 | +€9,006 | +45.2% |
| Profit (loss) for the period | 9904 | -€19,922 | -€10,915 | +€9,006 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,922 | -€10,915 | +€9,006 | +45.2% |
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 9 October 2026 via checked.be.