FORTY-LOVE: what changed
FORTY-LOVE
Largest movements
- Cash -€75,532
down €75,532 (-59.1%), from €127,869 to €52,336
mainly Current investments (-€72,388) and Other debts (-€42,637)
- Current investments +€72,388
up €72,388 (+70.9%), from €102,059 to €174,446
- Tangible fixed assets -€16,773
down €16,773 (-29.7%), from €56,536 to €39,762
of which Furniture and vehicles: -€8,454
- Other debts -€42,637
down €42,637 (-35.5%), from €120,268 to €77,631
- Reserves +€26,003
up €26,003 (+18.5%), from €140,605 to €166,608
- Debts after one year -€10,519
down €10,519 (-34.3%), from €30,681 to €20,162
- Tax, wage and social debts +€6,753
up €6,753 (+166%), from €4,057 to €10,810
- Gross operating margin +€67,966
up €67,966, from -€12,135 to €55,831
- Financial income -€17,807
down €17,807 (-84.8%), from €20,992 to €3,185
- Taxes +€12,274
up €12,274 (+957%), from €1,283 to €13,557
- Financial charges +€6,139
up €6,139 (+1,733%), from €354 to €6,493
- Depreciation +€1,163
up €1,163 (+11.2%), from €10,409 to €11,572
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €300,787 | €280,988 | -€19,799 | -6.6% |
| Fixed assets | 21/28 | €56,586 | €39,812 | -€16,773 | -29.6% |
| Tangible fixed assets | 22/27 | €56,536 | €39,762 | -€16,773 | -29.7% |
| Land and buildings | 22 | €1,595 | €1,326 | -€269 | -16.9% |
| Plant, machinery and equipment | 23 | - | €551 | +€551 | |
| Furniture and vehicles | 24 | €10,231 | €1,778 | -€8,454 | -82.6% |
| Leasing and similar rights | 25 | €39,496 | €31,562 | -€7,934 | -20.1% |
| Other tangible fixed assets | 26 | €5,214 | €4,546 | -€668 | -12.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €244,201 | €241,176 | -€3,025 | -1.2% |
| Amounts receivable within one year | 40/41 | €9,223 | €10,016 | +€792 | +8.6% |
| Trade receivables | 40 | €9,223 | €9,818 | +€594 | +6.4% |
| Other amounts receivable | 41 | - | €198 | +€198 | |
| Current investments | 50/53 | €102,059 | €174,446 | +€72,388 | +70.9% |
| Cash at bank and in hand | 54/58 | €127,869 | €52,336 | -€75,532 | -59.1% |
| Deferred charges and accrued income | 490/1 | €5,050 | €4,377 | -€673 | -13.3% |
| Total equity and liabilities | 10/49 | €300,787 | €280,988 | -€19,799 | -6.6% |
| Equity | 10/15 | €130,439 | €156,442 | +€26,003 | +19.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €140,605 | €166,608 | +€26,003 | +18.5% |
| Distributable reserves | 133 | €140,605 | €166,608 | +€26,003 | +18.5% |
| Profit (loss) carried forward | 14 | -€16,366 | -€16,366 | = | 0.0% |
| Amounts payable | 17/49 | €170,348 | €124,546 | -€45,802 | -26.9% |
| Amounts payable after more than one year | 17 | €30,681 | €20,162 | -€10,519 | -34.3% |
| Financial debts | 170/4 | €30,681 | €20,162 | -€10,519 | -34.3% |
| Amounts payable within one year | 42/48 | €139,667 | €104,384 | -€35,282 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €10,519 | €10,519 | = | 0.0% |
| Trade debts | 44 | €4,822 | €5,424 | +€602 | +12.5% |
| Suppliers | 440/4 | €4,822 | €5,424 | +€602 | +12.5% |
| Taxes, remuneration and social security | 45 | €4,057 | €10,810 | +€6,753 | +166% |
| Taxes | 450/3 | €4,057 | €10,810 | +€6,753 | +166% |
| Other amounts payable | 47/48 | €120,268 | €77,631 | -€42,637 | -35.5% |
| Non-recurring operating income | 76A | - | €6,886 | +€6,886 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,409 | €11,572 | +€1,163 | +11.2% |
| Other operating charges | 640/8 | €1,856 | €1,391 | -€464 | -25.0% |
| Gross operating margin | 9900 | -€12,135 | €55,831 | +€67,966 | |
| Operating profit (loss) | 9901 | -€24,399 | €42,868 | +€67,267 | |
| Financial income | 75/76B | €20,992 | €3,185 | -€17,807 | -84.8% |
| Recurring financial income | 75 | €20,992 | €3,185 | -€17,807 | -84.8% |
| Financial charges | 65/66B | €354 | €6,493 | +€6,139 | +1,733% |
| Recurring financial charges | 65 | €354 | €6,493 | +€6,139 | +1,733% |
| Profit (loss) for the period before taxes | 9903 | -€3,761 | €39,560 | +€43,322 | |
| Income taxes | 67/77 | €1,283 | €13,557 | +€12,274 | +957% |
| Profit (loss) for the period | 9904 | -€5,045 | €26,003 | +€31,048 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,045 | €26,003 | +€31,048 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.