FortySix: 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.
FortySix
Largest movements
- Receivables within one year -€15,213
down €15,213 (-38.8%), from €39,212 to €23,999
of which Trade receivables: -€23,271
- Tangible fixed assets -€9,519
down €9,519 (-4.0%), from €237,017 to €227,499
of which Land and buildings: -€9,379
- Cash -€8,718
down €8,718 (-44.6%), from €19,557 to €10,839
mainly Contributions, distributions and other (-€40,000) and Trade debts (-€27,189)
- Other debts +€39,389
up €39,389 (+6451.5%), from €611 to €40,000
- Reserves -€30,100
down €30,100 (-61.4%), from €49,000 to €18,900
- Trade debts -€27,189
down €27,189 (-77.2%), from €35,217 to €8,027
- Debts after one year -€18,230
down €18,230 (-11.9%), from €152,989 to €134,759
- Financial charges -€2,078
down €2,078 (-28.8%), from €7,202 to €5,125
- Gross operating margin -€1,648
down €1,648 (-4.8%), from €34,341 to €32,693
- Depreciation -€536
down €536 (-4.4%), from €12,285 to €11,749
- Taxes +€395
up €395 (+10.6%), from €3,726 to €4,121
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.
Cash bridge derived
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 | €300,514 | €266,562 | -€33,952 | -11.3% |
| Fixed assets | 21/28 | €237,282 | €227,764 | -€9,519 | -4.0% |
| Tangible fixed assets | 22/27 | €237,017 | €227,499 | -€9,519 | -4.0% |
| Land and buildings | 22 | €230,804 | €221,426 | -€9,379 | -4.1% |
| Furniture and vehicles | 24 | €4,736 | €4,781 | +€45 | +1.0% |
| Other tangible fixed assets | 26 | €1,477 | €1,292 | -€185 | -12.5% |
| Financial fixed assets | 28 | €265 | €265 | = | 0.0% |
| Current assets | 29/58 | €63,231 | €38,798 | -€24,433 | -38.6% |
| Amounts receivable within one year | 40/41 | €39,212 | €23,999 | -€15,213 | -38.8% |
| Trade receivables | 40 | €39,212 | €15,941 | -€23,271 | -59.3% |
| Other amounts receivable | 41 | - | €8,058 | +€8,058 | |
| Cash at bank and in hand | 54/58 | €19,557 | €10,839 | -€8,718 | -44.6% |
| Deferred charges and accrued income | 490/1 | €4,462 | €3,960 | -€502 | -11.3% |
| Total equity and liabilities | 10/49 | €300,514 | €266,562 | -€33,952 | -11.3% |
| Equity | 10/15 | €81,712 | €51,667 | -€30,045 | -36.8% |
| Contributions | 10/11 | €8,055 | €8,055 | = | 0.0% |
| Reserves | 13 | €49,000 | €18,900 | -€30,100 | -61.4% |
| Distributable reserves | 133 | €49,000 | €18,900 | -€30,100 | -61.4% |
| Profit (loss) carried forward | 14 | €24,657 | €24,712 | +€55 | +0.2% |
| Amounts payable | 17/49 | €218,802 | €214,895 | -€3,907 | -1.8% |
| Amounts payable after more than one year | 17 | €152,989 | €134,759 | -€18,230 | -11.9% |
| Financial debts | 170/4 | €152,989 | €134,759 | -€18,230 | -11.9% |
| Amounts payable within one year | 42/48 | €58,563 | €73,086 | +€14,523 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €17,696 | €18,230 | +€534 | +3.0% |
| Trade debts | 44 | €35,217 | €8,027 | -€27,189 | -77.2% |
| Suppliers | 440/4 | €35,217 | €8,027 | -€27,189 | -77.2% |
| Taxes, remuneration and social security | 45 | €5,040 | €6,829 | +€1,789 | +35.5% |
| Taxes | 450/3 | €5,040 | €6,829 | +€1,789 | +35.5% |
| Other amounts payable | 47/48 | €611 | €40,000 | +€39,389 | +6451.5% |
| Accrued charges and deferred income | 492/3 | €7,250 | €7,050 | -€200 | -2.8% |
| Non-recurring operating income | 76A | €736 | - | -€736 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,285 | €11,749 | -€536 | -4.4% |
| Other operating charges | 640/8 | €1,645 | €1,755 | +€110 | +6.7% |
| Gross operating margin | 9900 | €34,341 | €32,693 | -€1,648 | -4.8% |
| Operating profit (loss) | 9901 | €20,411 | €19,189 | -€1,222 | -6.0% |
| Financial income | 75/76B | €2 | €12 | +€10 | +430.2% |
| Recurring financial income | 75 | €2 | €12 | +€10 | +430.2% |
| Financial charges | 65/66B | €7,202 | €5,125 | -€2,078 | -28.8% |
| Recurring financial charges | 65 | €7,202 | €5,125 | -€2,078 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €13,211 | €14,076 | +€865 | +6.5% |
| Income taxes | 67/77 | €3,726 | €4,121 | +€395 | +10.6% |
| Profit (loss) for the period | 9904 | €9,485 | €9,955 | +€470 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,485 | €9,955 | +€470 | +5.0% |
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 9 October 2026 via checked.be.