FORTITUDE: 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.
FORTITUDE
Largest movements
- Tangible fixed assets -€15,221
down €15,221 (-45.4%), from €33,513 to €18,292
of which Furniture and vehicles: -€10,795
- Deferred charges and accrued income -€11,115
down €11,115 (-32.0%), from €34,705 to €23,591
- Receivables within one year -€7,428
down €7,428 (-2.8%), from €268,350 to €260,922
of which Trade receivables: -€7,465
- Trade debts -€32,053
down €32,053 (-43.7%), from €73,338 to €41,285
- Profit (loss) carried forward +€10,345
up €10,345 (+12.0%), from -€86,305 to -€75,960
- Accrued charges and deferred income -€8,397
down €8,397 (-18.1%), from €46,510 to €38,112
- Gross operating margin +€92,915
up €92,915 (+30.5%), from €304,186 to €397,101
- Staff costs +€19,108
up €19,108 (+5.7%), from €337,690 to €356,798
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 | €350,267 | €317,092 | -€33,175 | -9.5% |
| Fixed assets | 21/28 | €33,513 | €18,292 | -€15,221 | -45.4% |
| Tangible fixed assets | 22/27 | €33,513 | €18,292 | -€15,221 | -45.4% |
| Furniture and vehicles | 24 | €29,087 | €18,292 | -€10,795 | -37.1% |
| Other tangible fixed assets | 26 | €4,426 | - | -€4,426 | |
| Current assets | 29/58 | €316,754 | €298,800 | -€17,954 | -5.7% |
| Amounts receivable within one year | 40/41 | €268,350 | €260,922 | -€7,428 | -2.8% |
| Trade receivables | 40 | €268,181 | €260,716 | -€7,465 | -2.8% |
| Other amounts receivable | 41 | €169 | €206 | +€37 | +21.9% |
| Cash at bank and in hand | 54/58 | €13,698 | €14,287 | +€589 | +4.3% |
| Deferred charges and accrued income | 490/1 | €34,705 | €23,591 | -€11,115 | -32.0% |
| Total equity and liabilities | 10/49 | €350,267 | €317,092 | -€33,175 | -9.5% |
| Equity | 10/15 | €115,312 | €125,657 | +€10,345 | +9.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,617 | €1,617 | = | 0.0% |
| Distributable reserves | 133 | €1,617 | €1,617 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,305 | -€75,960 | +€10,345 | +12.0% |
| Amounts payable | 17/49 | €234,954 | €191,435 | -€43,519 | -18.5% |
| Amounts payable within one year | 42/48 | €188,445 | €153,323 | -€35,122 | -18.6% |
| Trade debts | 44 | €73,338 | €41,285 | -€32,053 | -43.7% |
| Suppliers | 440/4 | €73,338 | €41,285 | -€32,053 | -43.7% |
| Taxes, remuneration and social security | 45 | €114,612 | €111,543 | -€3,069 | -2.7% |
| Taxes | 450/3 | €65,746 | €74,639 | +€8,893 | +13.5% |
| Remuneration and social security | 454/9 | €48,866 | €36,904 | -€11,962 | -24.5% |
| Other amounts payable | 47/48 | €495 | €495 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €46,510 | €38,112 | -€8,397 | -18.1% |
| Remuneration, social security and pensions | 62 | €337,690 | €356,798 | +€19,108 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,050 | €18,622 | +€1,571 | +9.2% |
| Other operating charges | 640/8 | €4,471 | €3,825 | -€647 | -14.5% |
| Gross operating margin | 9900 | €304,186 | €397,101 | +€92,915 | +30.5% |
| Operating profit (loss) | 9901 | -€55,026 | €17,857 | +€72,882 | |
| Financial income | 75/76B | €12 | €1,316 | +€1,304 | +11,186% |
| Recurring financial income | 75 | €12 | €1,316 | +€1,304 | +11,186% |
| Financial charges | 65/66B | €5,605 | €7,499 | +€1,894 | +33.8% |
| Recurring financial charges | 65 | €5,605 | €7,499 | +€1,894 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | -€60,619 | €11,674 | +€72,292 | |
| Income taxes | 67/77 | €629 | €1,329 | +€700 | +111% |
| Profit (loss) for the period | 9904 | -€61,248 | €10,345 | +€71,593 | |
| Profit (loss) for the period to be appropriated | 9905 | -€61,248 | €10,345 | +€71,593 |
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 23 October 2026 via checked.be.