FORTIGI: 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.
FORTIGI
Largest movements
- Tangible fixed assets +€286,349
up €286,349 (+802%), from €35,707 to €322,056
of which Land and buildings: +€287,408
- Receivables within one year +€12,460
up €12,460 (+36.4%), from €34,195 to €46,655
of which Other amounts receivable: +€11,980
- Cash +€9,874
up €9,874 (+11.9%), from €82,988 to €92,862
mainly Other debts (+€293,393) and Depreciation (+€42,852)
- Other debts +€293,393
up €293,393 (+13,110%), from €2,238 to €295,630
- Reserves +€19,750
up €19,750 (+19.9%), from €99,350 to €119,100
- Debts after one year -€7,168
down €7,168 (-22.8%), from €31,492 to €24,324
of which Financial debts: -€6,768
- Depreciation +€35,127
up €35,127 (+455%), from €7,725 to €42,852
- Taxes -€12,348
down €12,348 (-60.6%), from €20,368 to €8,020
- Gross operating margin -€11,083
down €11,083 (-13.1%), from €84,883 to €73,801
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 | €153,444 | €462,701 | +€309,257 | +202% |
| Fixed assets | 21/28 | €35,707 | €322,056 | +€286,349 | +802% |
| Tangible fixed assets | 22/27 | €35,707 | €322,056 | +€286,349 | +802% |
| Land and buildings | 22 | €31,333 | €318,742 | +€287,408 | +917% |
| Plant, machinery and equipment | 23 | €4,374 | €3,315 | -€1,059 | -24.2% |
| Current assets | 29/58 | €117,737 | €140,645 | +€22,908 | +19.5% |
| Amounts receivable within one year | 40/41 | €34,195 | €46,655 | +€12,460 | +36.4% |
| Trade receivables | 40 | €29,565 | €30,045 | +€480 | +1.6% |
| Other amounts receivable | 41 | €4,630 | €16,610 | +€11,980 | +259% |
| Cash at bank and in hand | 54/58 | €82,988 | €92,862 | +€9,874 | +11.9% |
| Deferred charges and accrued income | 490/1 | €554 | €1,128 | +€574 | +104% |
| Total equity and liabilities | 10/49 | €153,444 | €462,701 | +€309,257 | +202% |
| Equity | 10/15 | €100,456 | €120,210 | +€19,754 | +19.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €99,350 | €119,100 | +€19,750 | +19.9% |
| Distributable reserves | 133 | €99,350 | €119,100 | +€19,750 | +19.9% |
| Profit (loss) carried forward | 14 | €106 | €110 | +€4 | +3.4% |
| Amounts payable | 17/49 | €52,988 | €342,491 | +€289,504 | +546% |
| Amounts payable after more than one year | 17 | €31,492 | €24,324 | -€7,168 | -22.8% |
| Financial debts | 170/4 | €31,092 | €24,324 | -€6,768 | -21.8% |
| Other amounts payable | 178/9 | €400 | €0 | -€400 | -100% |
| Amounts payable within one year | 42/48 | €21,452 | €318,124 | +€296,672 | +1,383% |
| Current portion of amounts payable after more than one year | 42 | €6,616 | €6,768 | +€153 | +2.3% |
| Trade debts | 44 | €3,297 | €5,582 | +€2,285 | +69.3% |
| Suppliers | 440/4 | €3,297 | €5,582 | +€2,285 | +69.3% |
| Taxes, remuneration and social security | 45 | €9,301 | €10,142 | +€841 | +9.0% |
| Taxes | 450/3 | €9,301 | €10,142 | +€841 | +9.0% |
| Other amounts payable | 47/48 | €2,238 | €295,630 | +€293,393 | +13,110% |
| Accrued charges and deferred income | 492/3 | €44 | €44 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,725 | €42,852 | +€35,127 | +455% |
| Other operating charges | 640/8 | €1,510 | €1,381 | -€129 | -8.5% |
| Gross operating margin | 9900 | €84,883 | €73,801 | -€11,083 | -13.1% |
| Operating profit (loss) | 9901 | €75,649 | €29,568 | -€46,081 | -60.9% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €2,030 | €1,794 | -€236 | -11.6% |
| Recurring financial charges | 65 | €2,030 | €1,794 | -€236 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €73,619 | €27,774 | -€45,845 | -62.3% |
| Income taxes | 67/77 | €20,368 | €8,020 | -€12,348 | -60.6% |
| Profit (loss) for the period | 9904 | €53,251 | €19,754 | -€33,497 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,251 | €19,754 | -€33,497 | -62.9% |
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 25 October 2026 via checked.be.