Forum Estates Holding: 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.
What changed
Forum Estates Holding
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3.4m
2024 · €656,096-€4.1m
Equity
€106.8m
2024 · €110.2m-€3.4m
Cash
€472,024
2024 · €191,592+€280,432
Balance sheet total
€270.4m
2024 · €245.5m+€25.0m
Largest movements
Assets
- Financial fixed assets +€34.2m
up €34.2m (+19.2%), from €178.5m to €212.7m
of which Affiliated companies: +€34.2m
- Receivables after one year -€10.0m
down €10.0m (-34.0%), from €29.4m to €19.4m
Equity and liabilities
- Other debts +€50.4m
up €50.4m (+442%), from €11.4m to €61.8m
- Debts after one year -€12.9m
down €12.9m (-11.8%), from €109.0m to €96.2m
- Current portion of long-term debt -€8.5m
down €8.5m (-63.0%), from €13.5m to €5.0m
- Profit (loss) carried forward -€3.4m
down €3.4m (-63.8%), from €5.3m to €1.9m
Income statement
- Services and other goods +€4.2m
up €4.2m (+184%), from €2.3m to €6.6m
- Financial income -€676,997
down €676,997 (-6.9%), from €9.9m to €9.2m
- Financial charges -€515,434
down €515,434 (-6.7%), from €7.7m to €7.1m
- Taxes -€362,559
down €362,559, from €295,369 to -€67,189
of which Taxes: -€292,406
- Turnover -€225,014
down €225,014 (-11.1%), from €2.0m to €1.8m
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.
Result 2024
€656,096
Turnover
-€225,014
Other operating income
-€5,043
Services and other goods
-€4.2m
Staff costs
+€184,113
Depreciation
+€26,176
Other operating charges
+€1,336
Other operating items
+€3,825
Financial income
-€676,997
Financial charges
+€515,434
Taxes
+€362,559
Result 2025
-€3.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€55.9m
Investment
-€34.2m
Financing
-€21.4m
Cash 2024
€191,592
From operations (derived)
+€55.9m
Net result for the year
-€3.4m
Depreciation
+€132,577
Receivables after one year
+€10.0m
Receivables within one year
-€567,575
Smaller working-capital items
-€116,672
Trade debts
-€231,103
Tax, wage and social debts
-€363,545
Other debts
+€50.4m
Investment (derived)
-€34.2m
Investment in fixed assets (net)
-€34.2m
Financing
-€21.4m
Debts after one year
-€12.9m
Current portion of long-term debt
-€8.5m
Cash 2025
€472,024
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €245,477,949 | €270,437,626 | +€25.0m | +10.2% |
| Fixed assets | 21/28 | €178,845,102 | €212,921,986 | +€34.1m | +19.1% |
| Tangible fixed assets | 22/27 | €325,493 | €198,457 | -€127,036 | -39.0% |
| Plant, machinery and equipment | 23 | €25,181 | €4,946 | -€20,235 | -80.4% |
| Furniture and vehicles | 24 | €148,976 | €93,587 | -€55,389 | -37.2% |
| Leasing and similar rights | 25 | €48,123 | €15,276 | -€32,847 | -68.3% |
| Other tangible fixed assets | 26 | €103,212 | €84,648 | -€18,564 | -18.0% |
| Financial fixed assets | 28 | €178,519,609 | €212,723,529 | +€34.2m | +19.2% |
| Affiliated companies | 280/1 | €178,494,029 | €212,697,825 | +€34.2m | +19.2% |
| Participating interests | 280 | €178,494,029 | €212,697,825 | +€34.2m | +19.2% |
| Other financial fixed assets | 284/8 | €25,580 | €25,704 | +€124 | +0.5% |
| Amounts receivable and cash guarantees | 285/8 | €25,580 | €25,704 | +€124 | +0.5% |
| Current assets | 29/58 | €66,632,847 | €57,515,640 | -€9.1m | -13.7% |
| Amounts receivable after more than one year | 29 | €29,400,000 | €19,400,000 | -€10.0m | -34.0% |
| Other amounts receivable | 291 | €29,400,000 | €19,400,000 | -€10.0m | -34.0% |
| Amounts receivable within one year | 40/41 | €36,965,221 | €37,532,796 | +€567,575 | +1.5% |
| Trade receivables | 40 | €555,291 | €590,526 | +€35,235 | +6.3% |
| Other amounts receivable | 41 | €36,409,930 | €36,942,269 | +€532,340 | +1.5% |
| Cash at bank and in hand | 54/58 | €191,592 | €472,024 | +€280,432 | +146% |
| Deferred charges and accrued income | 490/1 | €76,035 | €110,821 | +€34,786 | +45.8% |
| Total equity and liabilities | 10/49 | €245,477,949 | €270,437,626 | +€25.0m | +10.2% |
| Equity | 10/15 | €110,212,960 | €106,805,579 | -€3.4m | -3.1% |
| Contributions | 10/11 | €104,869,172 | €104,869,172 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,343,788 | €1,936,407 | -€3.4m | -63.8% |
| Amounts payable | 17/49 | €135,264,989 | €163,632,047 | +€28.4m | +21.0% |
| Amounts payable after more than one year | 17 | €109,020,848 | €96,163,679 | -€12.9m | -11.8% |
| Financial debts | 170/4 | €109,020,848 | €96,163,679 | -€12.9m | -11.8% |
| Subordinated loans | 170 | €104,254,469 | €91,663,679 | -€12.6m | -12.1% |
| Leasing and similar obligations | 172 | €16,379 | - | -€16,379 | |
| Credit institutions | 173 | €4,750,000 | €4,500,000 | -€250,000 | -5.3% |
| Amounts payable within one year | 42/48 | €26,128,460 | €67,434,573 | +€41.3m | +158% |
| Current portion of amounts payable after more than one year | 42 | €13,518,611 | €5,002,155 | -€8.5m | -63.0% |
| Trade debts | 44 | €633,107 | €402,004 | -€231,103 | -36.5% |
| Suppliers | 440/4 | €633,107 | €402,004 | -€231,103 | -36.5% |
| Taxes, remuneration and social security | 45 | €580,291 | €216,746 | -€363,545 | -62.6% |
| Taxes | 450/3 | €491,238 | €0 | -€491,238 | -100.0% |
| Remuneration and social security | 454/9 | €89,053 | €216,746 | +€127,692 | +143% |
| Other amounts payable | 47/48 | €11,396,450 | €61,813,669 | +€50.4m | +442% |
| Accrued charges and deferred income | 492/3 | €115,681 | €33,795 | -€81,886 | -70.8% |
| Operating income | 70/76A | €2,064,450 | €1,838,219 | -€226,231 | -11.0% |
| Turnover | 70 | €2,030,861 | €1,805,847 | -€225,014 | -11.1% |
| Other operating income | 74 | €21,415 | €16,372 | -€5,043 | -23.5% |
| Non-recurring operating income | 76A | €12,175 | €16,000 | +€3,825 | +31.4% |
| Operating charges | 60/66A | €3,327,710 | €7,365,952 | +€4.0m | +121% |
| Services and other goods | 61 | €2,308,123 | €6,557,990 | +€4.2m | +184% |
| Remuneration, social security and pensions | 62 | €849,612 | €665,499 | -€184,113 | -21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,753 | €132,577 | -€26,176 | -16.5% |
| Other operating charges | 640/8 | €11,222 | €9,886 | -€1,336 | -11.9% |
| Operating profit (loss) | 9901 | -€1,263,260 | -€5,527,733 | -€4.3m | -338% |
| Financial income | 75/76B | €9,865,850 | €9,188,853 | -€676,997 | -6.9% |
| Recurring financial income | 75 | €9,865,850 | €9,188,853 | -€676,997 | -6.9% |
| Income from financial fixed assets | 750 | €6,584,211 | €6,969,507 | +€385,296 | +5.9% |
| Income from current assets | 751 | €3,211,365 | €2,219,346 | -€992,019 | -30.9% |
| Other financial income | 752/9 | €70,274 | - | -€70,274 | |
| Financial charges | 65/66B | €7,651,125 | €7,135,690 | -€515,434 | -6.7% |
| Recurring financial charges | 65 | €7,651,125 | €7,135,690 | -€515,434 | -6.7% |
| Debt charges | 650 | €7,650,027 | €7,134,977 | -€515,049 | -6.7% |
| Other financial charges | 652/9 | €1,098 | €713 | -€385 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €951,466 | -€3,474,571 | -€4.4m | |
| Income taxes | 67/77 | €295,369 | -€67,189 | -€362,559 | |
| Taxes | 670/3 | €295,369 | €2,963 | -€292,406 | -99.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €70,152 | +€70,152 | |
| Profit (loss) for the period | 9904 | €656,096 | -€3,407,381 | -€4.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €656,096 | -€3,407,381 | -€4.1m |
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 24 October 2026 via checked.be.