FORTIBEL: 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.
FORTIBEL
Largest movements
- Receivables within one year +€81,215
up €81,215 (+124%), from €65,650 to €146,865
of which Trade receivables: +€60,717
- Cash +€9,135
up €9,135 (+48.7%), from €18,749 to €27,884
mainly Net result for the year (+€31,256) and Tax, wage and social debts (+€22,980)
- Profit (loss) carried forward +€31,256
up €31,256 (+101%), from €30,837 to €62,094
- Tax, wage and social debts +€22,980
up €22,980 (+137%), from €16,732 to €39,712
of which Taxes: +€17,784
- Trade debts +€19,333
up €19,333 (+727%), from €2,661 to €21,994
- Accrued charges and deferred income +€9,647
new in 2025: €9,647
- Other debts +€5,818
new in 2025: €5,818
- Gross operating margin +€1,533
up €1,533 (+3.9%), from €39,455 to €40,988
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 | €86,230 | €177,125 | +€90,895 | +105% |
| Formation expenses | 20 | €633 | - | -€633 | |
| Fixed assets | 21/28 | €1,198 | €2,376 | +€1,178 | +98.4% |
| Tangible fixed assets | 22/27 | €1,198 | €2,376 | +€1,178 | +98.4% |
| Plant, machinery and equipment | 23 | €1,198 | €2,376 | +€1,178 | +98.4% |
| Current assets | 29/58 | €84,399 | €174,749 | +€90,350 | +107% |
| Amounts receivable within one year | 40/41 | €65,650 | €146,865 | +€81,215 | +124% |
| Trade receivables | 40 | €62,996 | €123,713 | +€60,717 | +96.4% |
| Other amounts receivable | 41 | €2,654 | €23,152 | +€20,498 | +772% |
| Cash at bank and in hand | 54/58 | €18,749 | €27,884 | +€9,135 | +48.7% |
| Total equity and liabilities | 10/49 | €86,230 | €177,125 | +€90,895 | +105% |
| Equity | 10/15 | €66,837 | €98,094 | +€31,256 | +46.8% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,837 | €62,094 | +€31,256 | +101% |
| Amounts payable | 17/49 | €19,392 | €79,031 | +€59,639 | +308% |
| Amounts payable within one year | 42/48 | €19,392 | €69,384 | +€49,992 | +258% |
| Financial debts | 43 | - | €1,861 | +€1,861 | |
| Credit institutions | 430/8 | - | €1,861 | +€1,861 | |
| Trade debts | 44 | €2,661 | €21,994 | +€19,333 | +727% |
| Suppliers | 440/4 | €2,661 | €21,994 | +€19,333 | +727% |
| Taxes, remuneration and social security | 45 | €16,732 | €39,712 | +€22,980 | +137% |
| Taxes | 450/3 | €16,732 | €34,515 | +€17,784 | +106% |
| Remuneration and social security | 454/9 | - | €5,196 | +€5,196 | |
| Other amounts payable | 47/48 | - | €5,818 | +€5,818 | |
| Accrued charges and deferred income | 492/3 | - | €9,647 | +€9,647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €892 | €1,189 | +€298 | +33.4% |
| Gross operating margin | 9900 | €39,455 | €40,988 | +€1,533 | +3.9% |
| Operating profit (loss) | 9901 | €38,563 | €39,799 | +€1,236 | +3.2% |
| Financial income | 75/76B | €156 | €0 | -€156 | -100.0% |
| Recurring financial income | 75 | €156 | €0 | -€156 | -100.0% |
| Financial charges | 65/66B | €21 | €414 | +€393 | +1,871% |
| Recurring financial charges | 65 | €21 | €414 | +€393 | +1,871% |
| Profit (loss) for the period before taxes | 9903 | €38,698 | €39,385 | +€687 | +1.8% |
| Income taxes | 67/77 | €7,861 | €8,128 | +€267 | +3.4% |
| Profit (loss) for the period | 9904 | €30,837 | €31,256 | +€419 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,837 | €31,256 | +€419 | +1.4% |
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 20 October 2026 via checked.be.