FORTITUDO: 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.
FORTITUDO
Largest movements
- Tangible fixed assets -€23,881
down €23,881 (-23.6%), from €101,202 to €77,320
of which Furniture and vehicles: -€18,485
- Receivables within one year +€4,949
up €4,949 (+88.4%), from €5,597 to €10,546
of which Other amounts receivable: +€4,349
- Deferred charges and accrued income +€3,904
up €3,904 (+33.4%), from €11,693 to €15,597
- Profit (loss) carried forward -€16,623
down €16,623 (-112%), from -€14,877 to -€31,500
- Short-term financial debts +€15,801
up €15,801 (+5,528%), from €286 to €16,087
of which Credit institutions: +€15,801
- Debts after one year -€14,631
down €14,631 (-53.7%), from €27,267 to €12,637
- Gross operating margin -€21,994
down €21,994 (-74.6%), from €29,477 to €7,483
- Depreciation -€397
down €397 (-1.6%), from €25,449 to €25,053
- Financial charges -€328
down €328 (-12.4%), from €2,648 to €2,320
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 | €259,255 | €244,297 | -€14,959 | -5.8% |
| Fixed assets | 21/28 | €101,202 | €77,320 | -€23,881 | -23.6% |
| Tangible fixed assets | 22/27 | €101,202 | €77,320 | -€23,881 | -23.6% |
| Land and buildings | 22 | €44,982 | €39,493 | -€5,489 | -12.2% |
| Plant, machinery and equipment | 23 | €4,549 | €3,665 | -€884 | -19.4% |
| Furniture and vehicles | 24 | €50,382 | €31,897 | -€18,485 | -36.7% |
| Other tangible fixed assets | 26 | €1,289 | €2,266 | +€977 | +75.8% |
| Current assets | 29/58 | €158,054 | €166,976 | +€8,923 | +5.6% |
| Amounts receivable after more than one year | 29 | €140,000 | €140,000 | = | 0.0% |
| Other amounts receivable | 291 | €140,000 | €140,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,597 | €10,546 | +€4,949 | +88.4% |
| Trade receivables | 40 | €1,500 | €2,100 | +€600 | +40.0% |
| Other amounts receivable | 41 | €4,097 | €8,446 | +€4,349 | +106% |
| Cash at bank and in hand | 54/58 | €764 | €834 | +€70 | +9.1% |
| Deferred charges and accrued income | 490/1 | €11,693 | €15,597 | +€3,904 | +33.4% |
| Total equity and liabilities | 10/49 | €259,255 | €244,297 | -€14,959 | -5.8% |
| Equity | 10/15 | €216,871 | €200,248 | -€16,623 | -7.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €211,748 | €211,748 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €209,748 | €209,748 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,877 | -€31,500 | -€16,623 | -112% |
| Amounts payable | 17/49 | €42,385 | €44,049 | +€1,664 | +3.9% |
| Amounts payable after more than one year | 17 | €27,267 | €12,637 | -€14,631 | -53.7% |
| Financial debts | 170/4 | €27,267 | €12,637 | -€14,631 | -53.7% |
| Amounts payable within one year | 42/48 | €15,117 | €31,412 | +€16,295 | +108% |
| Current portion of amounts payable after more than one year | 42 | €14,070 | €14,631 | +€561 | +4.0% |
| Financial debts | 43 | €286 | €16,087 | +€15,801 | +5,528% |
| Credit institutions | 430/8 | €286 | €16,087 | +€15,801 | +5,528% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €761 | €472 | -€289 | -38.0% |
| Suppliers | 440/4 | €761 | €472 | -€289 | -38.0% |
| Taxes, remuneration and social security | 45 | €0 | €222 | +€222 | |
| Taxes | 450/3 | €0 | €222 | +€222 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,449 | €25,053 | -€397 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €451 | €527 | +€76 | +16.9% |
| Gross operating margin | 9900 | €29,477 | €7,483 | -€21,994 | -74.6% |
| Operating profit (loss) | 9901 | €3,576 | -€18,097 | -€21,673 | |
| Financial income | 75/76B | €3,854 | €4,017 | +€163 | +4.2% |
| Recurring financial income | 75 | €3,854 | €4,017 | +€163 | +4.2% |
| Financial charges | 65/66B | €2,648 | €2,320 | -€328 | -12.4% |
| Recurring financial charges | 65 | €2,648 | €2,320 | -€328 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €4,782 | -€16,401 | -€21,183 | |
| Income taxes | 67/77 | €223 | €222 | -€0 | -0.2% |
| Profit (loss) for the period | 9904 | €4,559 | -€16,623 | -€21,182 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,559 | -€16,623 | -€21,182 |
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 19 October 2026 via checked.be.