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
- Cash +€108,963
up €108,963 (+57.6%), from €189,223 to €298,186
mainly Net result for the year (+€105,984) and Deferred charges and accrued income (+€66,895)
- Deferred charges and accrued income -€66,895
down €66,895 (-41.0%), from €163,026 to €96,132
- Current investments +€50,881
up €50,881 (+13.9%), from €365,959 to €416,841
- Tangible fixed assets -€12,671
down €12,671 (-16.7%), from €75,781 to €63,110
of which Furniture and vehicles: -€10,104
- Reserves +€105,984
up €105,984 (+13.6%), from €780,710 to €886,695
- Other debts -€22,465
no longer reported in 2025 (was €22,465)
- Financial income -€51,744
down €51,744 (-30.6%), from €169,119 to €117,375
- Gross operating margin +€33,636
up €33,636 (+507%), from €6,629 to €40,265
- Depreciation +€8,830
up €8,830 (+83.8%), from €10,542 to €19,372
- Taxes +€4,666
up €4,666 (+31.4%), from €14,870 to €19,535
- Financial charges -€1,400
down €1,400 (-11.8%), from €11,865 to €10,465
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 | €821,073 | €901,572 | +€80,499 | +9.8% |
| Fixed assets | 21/28 | €83,448 | €70,777 | -€12,671 | -15.2% |
| Tangible fixed assets | 22/27 | €75,781 | €63,110 | -€12,671 | -16.7% |
| Furniture and vehicles | 24 | €24,859 | €14,755 | -€10,104 | -40.6% |
| Other tangible fixed assets | 26 | €50,922 | €48,355 | -€2,567 | -5.0% |
| Financial fixed assets | 28 | €7,667 | €7,667 | = | 0.0% |
| Current assets | 29/58 | €737,626 | €830,795 | +€93,170 | +12.6% |
| Amounts receivable within one year | 40/41 | €19,417 | €19,636 | +€219 | +1.1% |
| Trade receivables | 40 | €8,090 | €9,184 | +€1,094 | +13.5% |
| Other amounts receivable | 41 | €11,327 | €10,453 | -€874 | -7.7% |
| Current investments | 50/53 | €365,959 | €416,841 | +€50,881 | +13.9% |
| Cash at bank and in hand | 54/58 | €189,223 | €298,186 | +€108,963 | +57.6% |
| Deferred charges and accrued income | 490/1 | €163,026 | €96,132 | -€66,895 | -41.0% |
| Total equity and liabilities | 10/49 | €821,073 | €901,572 | +€80,499 | +9.8% |
| Equity | 10/15 | €780,711 | €886,696 | +€105,984 | +13.6% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €780,710 | €886,695 | +€105,984 | +13.6% |
| Distributable reserves | 133 | €780,710 | €886,695 | +€105,984 | +13.6% |
| Amounts payable | 17/49 | €40,362 | €14,877 | -€25,486 | -63.1% |
| Amounts payable within one year | 42/48 | €40,246 | €14,815 | -€25,431 | -63.2% |
| Trade debts | 44 | €4,155 | €4,207 | +€52 | +1.3% |
| Suppliers | 440/4 | €4,155 | €4,207 | +€52 | +1.3% |
| Taxes, remuneration and social security | 45 | €13,625 | €10,607 | -€3,018 | -22.1% |
| Taxes | 450/3 | €13,625 | €10,607 | -€3,018 | -22.1% |
| Other amounts payable | 47/48 | €22,465 | - | -€22,465 | |
| Accrued charges and deferred income | 492/3 | €117 | €62 | -€55 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,542 | €19,372 | +€8,830 | +83.8% |
| Other operating charges | 640/8 | €2,438 | €2,283 | -€155 | -6.4% |
| Gross operating margin | 9900 | €6,629 | €40,265 | +€33,636 | +507% |
| Operating profit (loss) | 9901 | -€6,351 | €18,610 | +€24,961 | |
| Financial income | 75/76B | €169,119 | €117,375 | -€51,744 | -30.6% |
| Recurring financial income | 75 | €169,119 | €117,375 | -€51,744 | -30.6% |
| Financial charges | 65/66B | €11,865 | €10,465 | -€1,400 | -11.8% |
| Recurring financial charges | 65 | €11,865 | €10,465 | -€1,400 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €150,902 | €125,520 | -€25,382 | -16.8% |
| Income taxes | 67/77 | €14,870 | €19,535 | +€4,666 | +31.4% |
| Profit (loss) for the period | 9904 | €136,032 | €105,984 | -€30,048 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €136,032 | €105,984 | -€30,048 | -22.1% |
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 14 October 2026 via checked.be.