FortyTwo: 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.
FortyTwo
Largest movements
- Tangible fixed assets -€504,528
down €504,528 (-98.2%), from €513,935 to €9,407
of which Land and buildings: -€512,836
- Cash +€13,916
up €13,916 (+26.9%), from €51,689 to €65,605
mainly Investment in fixed assets (net) (+€503,416) and Trade debts (+€47,068)
- Receivables within one year +€6,352
up €6,352 (+12.1%), from €52,472 to €58,824
of which Other amounts receivable: +€15,759
- Debts after one year -€339,964
no longer reported in 2025 (was €339,964)
- Reserves -€162,404
down €162,404 (-83.7%), from €193,947 to €31,543
- Trade debts +€47,068
up €47,068 (+452%), from €10,422 to €57,490
- Current portion of long-term debt -€14,309
no longer reported in 2025 (was €14,309)
- Tax, wage and social debts -€13,755
down €13,755 (-30.3%), from €45,403 to €31,648
- Gross operating margin -€51,300
down €51,300 (-42.0%), from €122,040 to €70,740
- Financial charges -€8,909
down €8,909 (-50.2%), from €17,740 to €8,831
- Depreciation -€8,650
down €8,650 (-88.6%), from €9,762 to €1,112
- Other operating charges +€7,637
up €7,637 (+211%), from €3,625 to €11,262
- Financial income -€6,608
down €6,608 (-90.1%), from €7,335 to €728
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 | €618,558 | €135,513 | -€483,045 | -78.1% |
| Fixed assets | 21/28 | €513,935 | €9,407 | -€504,528 | -98.2% |
| Tangible fixed assets | 22/27 | €513,935 | €9,407 | -€504,528 | -98.2% |
| Land and buildings | 22 | €512,836 | - | -€512,836 | |
| Plant, machinery and equipment | 23 | €1,099 | - | -€1,099 | |
| Furniture and vehicles | 24 | - | €9,407 | +€9,407 | |
| Current assets | 29/58 | €104,623 | €126,106 | +€21,483 | +20.5% |
| Amounts receivable within one year | 40/41 | €52,472 | €58,824 | +€6,352 | +12.1% |
| Trade receivables | 40 | €45,811 | €36,404 | -€9,407 | -20.5% |
| Other amounts receivable | 41 | €6,661 | €22,420 | +€15,759 | +237% |
| Cash at bank and in hand | 54/58 | €51,689 | €65,605 | +€13,916 | +26.9% |
| Deferred charges and accrued income | 490/1 | €462 | €1,678 | +€1,216 | +263% |
| Total equity and liabilities | 10/49 | €618,558 | €135,513 | -€483,045 | -78.1% |
| Equity | 10/15 | €195,947 | €33,543 | -€162,404 | -82.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €193,947 | €31,543 | -€162,404 | -83.7% |
| Distributable reserves | 133 | €193,947 | €31,543 | -€162,404 | -83.7% |
| Amounts payable | 17/49 | €422,610 | €101,970 | -€320,640 | -75.9% |
| Amounts payable after more than one year | 17 | €339,964 | - | -€339,964 | |
| Financial debts | 170/4 | €339,964 | - | -€339,964 | |
| Amounts payable within one year | 42/48 | €82,646 | €101,815 | +€19,169 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €14,309 | - | -€14,309 | |
| Trade debts | 44 | €10,422 | €57,490 | +€47,068 | +452% |
| Suppliers | 440/4 | €10,422 | €57,490 | +€47,068 | +452% |
| Advances received on contracts in progress | 46 | - | €1,792 | +€1,792 | |
| Taxes, remuneration and social security | 45 | €45,403 | €31,648 | -€13,755 | -30.3% |
| Taxes | 450/3 | €45,403 | €31,648 | -€13,755 | -30.3% |
| Other amounts payable | 47/48 | €12,512 | €10,885 | -€1,627 | -13.0% |
| Accrued charges and deferred income | 492/3 | - | €155 | +€155 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,762 | €1,112 | -€8,650 | -88.6% |
| Other operating charges | 640/8 | €3,625 | €11,262 | +€7,637 | +211% |
| Non-recurring operating charges | 66A | €35,000 | - | -€35,000 | |
| Gross operating margin | 9900 | €122,040 | €70,740 | -€51,300 | -42.0% |
| Operating profit (loss) | 9901 | €73,653 | €58,366 | -€15,287 | -20.8% |
| Financial income | 75/76B | €7,335 | €728 | -€6,608 | -90.1% |
| Recurring financial income | 75 | €7,335 | €728 | -€6,608 | -90.1% |
| Financial charges | 65/66B | €17,740 | €8,831 | -€8,909 | -50.2% |
| Recurring financial charges | 65 | €17,740 | €8,831 | -€8,909 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €63,248 | €50,263 | -€12,986 | -20.5% |
| Income taxes | 67/77 | €13,339 | €18,720 | +€5,381 | +40.3% |
| Profit (loss) for the period | 9904 | €49,909 | €31,543 | -€18,366 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,909 | €31,543 | -€18,366 | -36.8% |
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.