FORVAN: 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.
FORVAN
Largest movements
- Receivables within one year -€40,172
down €40,172 (-45.8%), from €87,744 to €47,572
of which Trade receivables: -€68,407
- Cash -€20,870
down €20,870 (-59.5%), from €35,101 to €14,232
mainly Net result for the year (-€43,486) and Trade debts (-€23,528)
- Receivables after one year -€6,777
down €6,777 (-100.0%), from €6,777 to €0
- Profit (loss) carried forward -€43,486
down €43,486 (-22.6%), from -€192,555 to -€236,040
- Trade debts -€23,528
down €23,528 (-90.8%), from €25,901 to €2,373
- Gross operating margin -€9,862
down €9,862 (-32.3%), from -€30,535 to -€40,397
- Other operating charges +€1,105
up €1,105 (+47.0%), from €2,353 to €3,458
- Financial income +€671
up €671 (+43.1%), from €1,555 to €2,226
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 | €172,585 | €105,015 | -€67,570 | -39.2% |
| Fixed assets | 21/28 | €41,500 | €40,706 | -€794 | -1.9% |
| Tangible fixed assets | 22/27 | €41,500 | €40,706 | -€794 | -1.9% |
| Land and buildings | 22 | €41,225 | €40,063 | -€1,163 | -2.8% |
| Plant, machinery and equipment | 23 | €275 | €643 | +€369 | +134.3% |
| Current assets | 29/58 | €131,085 | €64,309 | -€66,776 | -50.9% |
| Amounts receivable after more than one year | 29 | €6,777 | €0 | -€6,777 | -100.0% |
| Other amounts receivable | 291 | €6,777 | €0 | -€6,777 | -100.0% |
| Amounts receivable within one year | 40/41 | €87,744 | €47,572 | -€40,172 | -45.8% |
| Trade receivables | 40 | €68,407 | €0 | -€68,407 | -100.0% |
| Other amounts receivable | 41 | €19,337 | €47,572 | +€28,236 | +146.0% |
| Cash at bank and in hand | 54/58 | €35,101 | €14,232 | -€20,870 | -59.5% |
| Deferred charges and accrued income | 490/1 | €1,463 | €2,504 | +€1,042 | +71.2% |
| Total equity and liabilities | 10/49 | €172,585 | €105,015 | -€67,570 | -39.2% |
| Equity | 10/15 | €146,127 | €102,642 | -€43,486 | -29.8% |
| Contributions | 10/11 | €69,100 | €69,100 | = | 0.0% |
| Capital | 10 | €69,100 | €69,100 | = | 0.0% |
| Issued capital | 100 | €69,100 | €69,100 | = | 0.0% |
| Reserves | 13 | €269,582 | €269,582 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,910 | €6,910 | = | 0.0% |
| Legal reserve | 130 | €6,910 | €6,910 | = | 0.0% |
| Distributable reserves | 133 | €262,671 | €262,671 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€192,555 | -€236,040 | -€43,486 | -22.6% |
| Amounts payable | 17/49 | €26,457 | €2,373 | -€24,084 | -91.0% |
| Amounts payable within one year | 42/48 | €26,457 | €2,373 | -€24,084 | -91.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €25,901 | €2,373 | -€23,528 | -90.8% |
| Suppliers | 440/4 | €25,901 | €2,373 | -€23,528 | -90.8% |
| Taxes, remuneration and social security | 45 | €557 | €0 | -€557 | -100.0% |
| Taxes | 450/3 | €557 | €0 | -€557 | -100.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,610 | €1,750 | +€140 | +8.7% |
| Other operating charges | 640/8 | €2,353 | €3,458 | +€1,105 | +47.0% |
| Gross operating margin | 9900 | -€30,535 | -€40,397 | -€9,862 | -32.3% |
| Operating profit (loss) | 9901 | -€34,497 | -€45,604 | -€11,107 | -32.2% |
| Financial income | 75/76B | €1,555 | €2,226 | +€671 | +43.1% |
| Recurring financial income | 75 | €1,555 | €2,226 | +€671 | +43.1% |
| Financial charges | 65/66B | €135 | €108 | -€27 | -20.1% |
| Recurring financial charges | 65 | €135 | €108 | -€27 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€33,077 | -€43,486 | -€10,409 | -31.5% |
| Profit (loss) for the period | 9904 | -€33,077 | -€43,486 | -€10,409 | -31.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,077 | -€43,486 | -€10,409 | -31.5% |
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 11 October 2026 via checked.be.