FORTITRADE: 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.
FORTITRADE
Largest movements
- Current investments +€319,925
up €319,925 (+54.6%), from €586,325 to €906,250
- Receivables within one year +€277,605
up €277,605 (+5515.5%), from €5,033 to €282,638
of which Trade receivables: +€264,990
- Cash -€56,522
down €56,522 (-76.0%), from €74,387 to €17,866
mainly Current investments (-€319,925) and Contributions, distributions and other (-€282,000)
- Short-term financial debts +€359,794
up €359,794 (+32049.8%), from €1,123 to €360,917
of which Other loans: +€360,000
- Other debts +€251,288
up €251,288 (+2029.5%), from €12,382 to €263,670
- Reserves -€54,000
down €54,000 (-9.8%), from €553,200 to €499,200
- Current portion of long-term debt -€18,488
down €18,488 (-69.0%), from €26,803 to €8,315
- Tax, wage and social debts +€13,281
up €13,281 (+15.0%), from €88,611 to €101,891
- Gross operating margin +€257,158
up €257,158 (+197.1%), from €130,458 to €387,616
- Taxes +€88,731
up €88,731 (+471.7%), from €18,811 to €107,542
- Financial income +€33,770
up €33,770 (+7874.5%), from €429 to €34,199
- Depreciation +€7,954
up €7,954 (+27.8%), from €28,611 to €36,565
- Financial charges +€7,115
up €7,115 (+18.4%), from €38,672 to €45,787
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 | €728,164 | €1,277,505 | +€549,341 | +75.4% |
| Fixed assets | 21/28 | €57,791 | €65,936 | +€8,145 | +14.1% |
| Tangible fixed assets | 22/27 | €57,791 | €65,936 | +€8,145 | +14.1% |
| Furniture and vehicles | 24 | €57,791 | €65,936 | +€8,145 | +14.1% |
| Current assets | 29/58 | €670,373 | €1,211,569 | +€541,196 | +80.7% |
| Amounts receivable within one year | 40/41 | €5,033 | €282,638 | +€277,605 | +5515.5% |
| Trade receivables | 40 | - | €264,990 | +€264,990 | |
| Other amounts receivable | 41 | €5,033 | €17,648 | +€12,615 | +250.6% |
| Current investments | 50/53 | €586,325 | €906,250 | +€319,925 | +54.6% |
| Cash at bank and in hand | 54/58 | €74,387 | €17,866 | -€56,522 | -76.0% |
| Deferred charges and accrued income | 490/1 | €4,627 | €4,815 | +€188 | +4.1% |
| Total equity and liabilities | 10/49 | €728,164 | €1,277,505 | +€549,341 | +75.4% |
| Equity | 10/15 | €560,007 | €506,938 | -€53,069 | -9.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €553,200 | €499,200 | -€54,000 | -9.8% |
| Distributable reserves | 133 | €553,200 | €499,200 | -€54,000 | -9.8% |
| Profit (loss) carried forward | 14 | €1,807 | €2,738 | +€931 | +51.6% |
| Provisions and deferred taxes | 16 | €28,914 | €29,829 | +€915 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €28,914 | €29,829 | +€915 | +3.2% |
| Other liabilities and charges | 164/5 | €28,914 | €29,829 | +€915 | +3.2% |
| Amounts payable | 17/49 | €139,243 | €740,738 | +€601,495 | +432.0% |
| Amounts payable after more than one year | 17 | €6,238 | - | -€6,238 | |
| Financial debts | 170/4 | €6,238 | - | -€6,238 | |
| Amounts payable within one year | 42/48 | €133,005 | €740,738 | +€607,733 | +456.9% |
| Current portion of amounts payable after more than one year | 42 | €26,803 | €8,315 | -€18,488 | -69.0% |
| Financial debts | 43 | €1,123 | €360,917 | +€359,794 | +32049.8% |
| Credit institutions | 430/8 | €1,123 | €917 | -€206 | -18.3% |
| Other loans | 439 | - | €360,000 | +€360,000 | |
| Trade debts | 44 | €4,087 | €5,945 | +€1,858 | +45.5% |
| Suppliers | 440/4 | €4,087 | €5,945 | +€1,858 | +45.5% |
| Taxes, remuneration and social security | 45 | €88,611 | €101,891 | +€13,281 | +15.0% |
| Taxes | 450/3 | €88,611 | €101,891 | +€13,281 | +15.0% |
| Other amounts payable | 47/48 | €12,382 | €263,670 | +€251,288 | +2029.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,611 | €36,565 | +€7,954 | +27.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €691 | €915 | +€224 | +32.3% |
| Other operating charges | 640/8 | €1,779 | €1,564 | -€215 | -12.1% |
| Non-recurring operating charges | 66A | - | €511 | +€511 | |
| Gross operating margin | 9900 | €130,458 | €387,616 | +€257,158 | +197.1% |
| Operating profit (loss) | 9901 | €99,377 | €348,062 | +€248,685 | +250.2% |
| Financial income | 75/76B | €429 | €34,199 | +€33,770 | +7874.5% |
| Recurring financial income | 75 | €429 | €34,199 | +€33,770 | +7874.5% |
| Financial charges | 65/66B | €38,672 | €45,787 | +€7,115 | +18.4% |
| Recurring financial charges | 65 | €38,672 | €45,787 | +€7,115 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €61,134 | €336,473 | +€275,340 | +450.4% |
| Income taxes | 67/77 | €18,811 | €107,542 | +€88,731 | +471.7% |
| Profit (loss) for the period | 9904 | €42,323 | €228,931 | +€186,609 | +440.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,323 | €228,931 | +€186,609 | +440.9% |
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 10 October 2026 via checked.be.