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
- Cash +€100,503
up €100,503 (+52.1%), from €193,038 to €293,541
mainly Current investments (+€75,000) and Net result for the year (+€25,174)
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Receivables within one year +€6,718
up €6,718 (+36.8%), from €18,247 to €24,966
of which Other amounts receivable: +€10,001
- Reserves +€24,424
up €24,424 (+9.6%), from €254,372 to €278,796
- Other debts +€6,998
up €6,998 (+22.0%), from €31,837 to €38,835
- Gross operating margin -€15,393
down €15,393 (-30.9%), from €49,753 to €34,360
- Depreciation -€5,017
down €5,017 (-94.7%), from €5,299 to €282
- Taxes -€3,332
down €3,332 (-25.5%), from €13,068 to €9,737
- Other operating charges -€687
down €687 (-68.7%), from €999 to €313
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 | €307,597 | €340,378 | +€32,781 | +10.7% |
| Fixed assets | 21/28 | - | €2,257 | +€2,257 | |
| Tangible fixed assets | 22/27 | - | €2,257 | +€2,257 | |
| Plant, machinery and equipment | 23 | - | €2,257 | +€2,257 | |
| Current assets | 29/58 | €307,597 | €338,121 | +€30,524 | +9.9% |
| Amounts receivable after more than one year | 29 | €13,350 | €13,350 | = | 0.0% |
| Other amounts receivable | 291 | €13,350 | €13,350 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,247 | €24,966 | +€6,718 | +36.8% |
| Trade receivables | 40 | €12,594 | €9,312 | -€3,282 | -26.1% |
| Other amounts receivable | 41 | €5,653 | €15,654 | +€10,001 | +177% |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €193,038 | €293,541 | +€100,503 | +52.1% |
| Deferred charges and accrued income | 490/1 | €7,962 | €6,264 | -€1,697 | -21.3% |
| Total equity and liabilities | 10/49 | €307,597 | €340,378 | +€32,781 | +10.7% |
| Equity | 10/15 | €266,772 | €291,196 | +€24,424 | +9.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €254,372 | €278,796 | +€24,424 | +9.6% |
| Distributable reserves | 133 | €254,372 | €278,796 | +€24,424 | +9.6% |
| Amounts payable | 17/49 | €40,825 | €49,183 | +€8,358 | +20.5% |
| Amounts payable within one year | 42/48 | €40,825 | €49,183 | +€8,358 | +20.5% |
| Trade debts | 44 | €2,288 | €3,363 | +€1,075 | +47.0% |
| Suppliers | 440/4 | €2,288 | €3,363 | +€1,075 | +47.0% |
| Taxes, remuneration and social security | 45 | €6,700 | €6,985 | +€284 | +4.2% |
| Taxes | 450/3 | €6,700 | €6,985 | +€284 | +4.2% |
| Other amounts payable | 47/48 | €31,837 | €38,835 | +€6,998 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,299 | €282 | -€5,017 | -94.7% |
| Other operating charges | 640/8 | €999 | €313 | -€687 | -68.7% |
| Gross operating margin | 9900 | €49,753 | €34,360 | -€15,393 | -30.9% |
| Operating profit (loss) | 9901 | €43,456 | €33,766 | -€9,690 | -22.3% |
| Financial income | 75/76B | €4,073 | €4,427 | +€355 | +8.7% |
| Recurring financial income | 75 | €4,073 | €4,427 | +€355 | +8.7% |
| Financial charges | 65/66B | €3,062 | €3,282 | +€220 | +7.2% |
| Recurring financial charges | 65 | €3,062 | €3,282 | +€220 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €44,466 | €34,910 | -€9,555 | -21.5% |
| Income taxes | 67/77 | €13,068 | €9,737 | -€3,332 | -25.5% |
| Profit (loss) for the period | 9904 | €31,397 | €25,174 | -€6,224 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,397 | €25,174 | -€6,224 | -19.8% |
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 20 October 2026 via checked.be.