FORTISSIMI: 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.
What changed
FORTISSIMI
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,034
2024 · -€2,990+€1,956
Equity
€761,615
2024 · €762,648-€1,034
Cash
€1,935
2024 · €1,609+€326
Balance sheet total
€1.0m
2024 · €1.1m-€37,049
Largest movements
Assets
- Tangible fixed assets -€38,899
down €38,899 (-3.6%), from €1.1m to €1.0m
of which Land and buildings: -€38,367
Equity and liabilities
- Other debts -€21,254
down €21,254 (-17.5%), from €121,526 to €100,272
Income statement
- Gross operating margin +€3,110
up €3,110 (+6.7%), from €46,648 to €49,758
- Depreciation +€2,621
up €2,621 (+7.2%), from €36,277 to €38,899
- Financial charges -€1,657
down €1,657 (-14.7%), from €11,239 to €9,583
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.
Result 2024
-€2,990
Gross operating margin
+€3,110
Depreciation
-€2,621
Other operating charges
-€191
Financial income
+€1
Financial charges
+€1,657
Taxes
-€0
Result 2025
-€1,034
raises the resultlowers the result
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.
From operations
+€10,322
Investment
€0
Financing
-€9,996
Cash 2024
€1,609
From operations (derived)
+€10,322
Net result for the year
-€1,034
Depreciation
+€38,899
Receivables within one year
-€272
Deferred charges and accrued income
-€1,251
Provisions
-€4,446
Trade debts
-€365
Other debts
-€21,254
Accrued charges and deferred income
+€46
Financing
-€9,996
Debts after one year
-€9,996
Cash 2025
€1,935
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,078,534 | €1,041,485 | -€37,049 | -3.4% |
| Fixed assets | 21/28 | €1,076,533 | €1,037,634 | -€38,899 | -3.6% |
| Tangible fixed assets | 22/27 | €1,075,933 | €1,037,034 | -€38,899 | -3.6% |
| Land and buildings | 22 | €1,073,806 | €1,035,439 | -€38,367 | -3.6% |
| Other tangible fixed assets | 26 | €2,127 | €1,595 | -€532 | -25.0% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €2,002 | €3,851 | +€1,850 | +92.4% |
| Amounts receivable within one year | 40/41 | €393 | €665 | +€272 | +69.4% |
| Trade receivables | 40 | - | €665 | +€665 | |
| Other amounts receivable | 41 | €393 | €0 | -€393 | -100% |
| Cash at bank and in hand | 54/58 | €1,609 | €1,935 | +€326 | +20.3% |
| Deferred charges and accrued income | 490/1 | €0 | €1,251 | +€1,251 | |
| Total equity and liabilities | 10/49 | €1,078,534 | €1,041,485 | -€37,049 | -3.4% |
| Equity | 10/15 | €762,648 | €761,615 | -€1,034 | -0.1% |
| Contributions | 10/11 | €388,018 | €388,018 | = | 0.0% |
| Capital | 10 | €388,018 | €388,018 | = | 0.0% |
| Issued capital | 100 | €388,018 | €388,018 | = | 0.0% |
| Reserves | 13 | €374,630 | €373,597 | -€1,034 | -0.3% |
| Non-distributable reserves | 130/1 | €31,193 | €37,652 | +€6,459 | +20.7% |
| Legal reserve | 130 | €31,193 | €37,652 | +€6,459 | +20.7% |
| Tax-exempt reserves | 132 | €217,933 | €210,440 | -€7,492 | -3.4% |
| Distributable reserves | 133 | €125,505 | €125,505 | = | 0.0% |
| Provisions and deferred taxes | 16 | €129,318 | €124,872 | -€4,446 | -3.4% |
| Deferred taxes | 168 | €129,318 | €124,872 | -€4,446 | -3.4% |
| Amounts payable | 17/49 | €186,568 | €154,998 | -€31,569 | -16.9% |
| Amounts payable after more than one year | 17 | €53,392 | €43,396 | -€9,996 | -18.7% |
| Financial debts | 170/4 | €53,392 | €43,396 | -€9,996 | -18.7% |
| Amounts payable within one year | 42/48 | €131,930 | €110,310 | -€21,619 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €9,996 | €9,996 | = | 0.0% |
| Trade debts | 44 | €407 | €42 | -€365 | -89.6% |
| Suppliers | 440/4 | €407 | €42 | -€365 | -89.6% |
| Other amounts payable | 47/48 | €121,526 | €100,272 | -€21,254 | -17.5% |
| Accrued charges and deferred income | 492/3 | €1,246 | €1,292 | +€46 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,277 | €38,899 | +€2,621 | +7.2% |
| Other operating charges | 640/8 | €6,566 | €6,757 | +€191 | +2.9% |
| Gross operating margin | 9900 | €46,648 | €49,758 | +€3,110 | +6.7% |
| Operating profit (loss) | 9901 | €3,804 | €4,102 | +€297 | +7.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €11,239 | €9,583 | -€1,657 | -14.7% |
| Recurring financial charges | 65 | €11,239 | €9,583 | -€1,657 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,435 | -€5,479 | +€1,956 | +26.3% |
| Transfer from deferred taxes | 780 | €4,445 | €4,446 | +€1 | 0.0% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€2,990 | -€1,034 | +€1,956 | +65.4% |
| Transfer from tax-exempt reserves | 789 | €7,491 | €7,492 | +€2 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,501 | €6,459 | +€1,958 | +43.5% |
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 26 October 2026 via checked.be.