FORWARD: 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
FORWARD
NACE 70.100, Activities of head offices
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€41,934
2024 · €70,587-€28,652
Equity
€1.9m
2024 · €1.8m+€41,934
Cash
€27,549
2024 · €20,736+€6,813
Balance sheet total
€3.5m
2024 · €2.7m+€755,219
Largest movements
Assets
- Financial fixed assets +€424,500
up €424,500 (+71.1%), from €596,807 to €1.0m
of which Affiliated companies: +€1.0m
- Receivables within one year +€361,933
up €361,933 (+20.5%), from €1.8m to €2.1m
of which Other amounts receivable: +€236,710
Equity and liabilities
- Other debts +€687,600
up €687,600 (+111.9%), from €614,591 to €1.3m
- Trade debts +€68,027
up €68,027 (+66.7%), from €102,015 to €170,042
- Debts after one year -€50,563
down €50,563 (-40.5%), from €124,731 to €74,168
- Profit (loss) carried forward +€41,934
up €41,934 (+2.6%), from €1.6m to €1.7m
Income statement
- Other operating income +€566,701
new in 2025: €566,701
- Services and other goods +€464,313
new in 2025: €464,313
- Gross operating margin -€136,431
no longer reported in 2025 (was €136,431)
- Depreciation +€11,390
up €11,390 (+46.8%), from €24,330 to €35,721
- Turnover +€9,651
new in 2025: €9,651
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
€70,587
Turnover
+€9,651
Other operating income
+€566,701
Services and other goods
-€464,313
Depreciation
-€11,390
Other operating charges
+€511
Other operating items
-€136,431
Financial income
-€3
Financial charges
-€1,591
Taxes
+€8,213
Result 2025
€41,934
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.
From operations
+€482,062
Investment
-€426,044
Financing
-€49,205
Cash 2024
€20,736
From operations (derived)
+€482,062
Net result for the year
+€41,934
Depreciation
+€35,721
Receivables within one year
-€361,933
Deferred charges and accrued income
+€3,850
Trade debts
+€68,027
Tax, wage and social debts
+€6,862
Other debts
+€687,600
Investment (derived)
-€426,044
Investment in fixed assets (net)
-€426,050
Current investments
+€6
Financing
-€49,205
Debts after one year
-€50,563
Current portion of long-term debt
+€1,358
Cash 2025
€27,549
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,714,258 | €3,469,477 | +€755,219 | +27.8% |
| Fixed assets | 21/28 | €919,557 | €1,309,886 | +€390,329 | +42.4% |
| Tangible fixed assets | 22/27 | €322,751 | €288,580 | -€34,171 | -10.6% |
| Furniture and vehicles | 24 | €135,203 | €104,433 | -€30,770 | -22.8% |
| Leasing and similar rights | 25 | €159,563 | €159,563 | = | 0.0% |
| Other tangible fixed assets | 26 | €27,984 | €24,584 | -€3,401 | -12.2% |
| Financial fixed assets | 28 | €596,807 | €1,021,307 | +€424,500 | +71.1% |
| Affiliated companies | 280/1 | - | €1,021,307 | +€1.0m | |
| Participating interests | 280 | - | €1,021,307 | +€1.0m | |
| Other financial fixed assets | 284/8 | - | €0 | = | |
| Current assets | 29/58 | €1,794,701 | €2,159,591 | +€364,890 | +20.3% |
| Amounts receivable within one year | 40/41 | €1,761,296 | €2,123,228 | +€361,933 | +20.5% |
| Trade receivables | 40 | €328,368 | €453,590 | +€125,222 | +38.1% |
| Other amounts receivable | 41 | €1,432,928 | €1,669,638 | +€236,710 | +16.5% |
| Current investments | 50/53 | €2,378 | €2,372 | -€6 | -0.2% |
| Other investments | 51/53 | - | €2,372 | +€2,372 | |
| Cash at bank and in hand | 54/58 | €20,736 | €27,549 | +€6,813 | +32.9% |
| Deferred charges and accrued income | 490/1 | €10,291 | €6,441 | -€3,850 | -37.4% |
| Total equity and liabilities | 10/49 | €2,714,258 | €3,469,477 | +€755,219 | +27.8% |
| Equity | 10/15 | €1,823,607 | €1,865,541 | +€41,934 | +2.3% |
| Contributions | 10/11 | €19,073 | €19,073 | = | 0.0% |
| Reserves | 13 | €186,707 | €186,707 | = | 0.0% |
| Distributable reserves | 133 | €186,707 | €186,707 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,617,826 | €1,659,761 | +€41,934 | +2.6% |
| Amounts payable | 17/49 | €890,651 | €1,603,936 | +€713,284 | +80.1% |
| Amounts payable after more than one year | 17 | €124,731 | €74,168 | -€50,563 | -40.5% |
| Financial debts | 170/4 | €124,731 | €74,168 | -€50,563 | -40.5% |
| Leasing and similar obligations | 172 | - | €74,168 | +€74,168 | |
| Amounts payable within one year | 42/48 | €765,921 | €1,529,768 | +€763,847 | +99.7% |
| Current portion of amounts payable after more than one year | 42 | €49,205 | €50,563 | +€1,358 | +2.8% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €102,015 | €170,042 | +€68,027 | +66.7% |
| Suppliers | 440/4 | €102,015 | €170,042 | +€68,027 | +66.7% |
| Taxes, remuneration and social security | 45 | €110 | €6,972 | +€6,862 | +6221.7% |
| Taxes | 450/3 | €110 | €6,972 | +€6,862 | +6221.7% |
| Other amounts payable | 47/48 | €614,591 | €1,302,190 | +€687,600 | +111.9% |
| Operating income | 70/76A | - | €576,352 | +€576,352 | |
| Turnover | 70 | - | €9,651 | +€9,651 | |
| Other operating income | 74 | - | €566,701 | +€566,701 | |
| Operating charges | 60/66A | - | €508,923 | +€508,923 | |
| Services and other goods | 61 | - | €464,313 | +€464,313 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,330 | €35,721 | +€11,390 | +46.8% |
| Other operating charges | 640/8 | €9,400 | €8,889 | -€511 | -5.4% |
| Gross operating margin | 9900 | €136,431 | - | -€136,431 | |
| Operating profit (loss) | 9901 | €102,700 | €67,428 | -€35,272 | -34.3% |
| Financial income | 75/76B | €15 | €13 | -€3 | -17.6% |
| Recurring financial income | 75 | €15 | €13 | -€3 | -17.6% |
| Income from financial fixed assets | 750 | - | €13 | +€13 | |
| Financial charges | 65/66B | €7,722 | €9,313 | +€1,591 | +20.6% |
| Recurring financial charges | 65 | €7,722 | €9,313 | +€1,591 | +20.6% |
| Debt charges | 650 | - | €8,929 | +€8,929 | |
| Other financial charges | 652/9 | - | €384 | +€384 | |
| Profit (loss) for the period before taxes | 9903 | €94,993 | €58,128 | -€36,865 | -38.8% |
| Income taxes | 67/77 | €24,407 | €16,194 | -€8,213 | -33.7% |
| Taxes | 670/3 | - | €17,197 | +€17,197 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,003 | +€1,003 | |
| Profit (loss) for the period | 9904 | €70,587 | €41,934 | -€28,652 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,587 | €41,934 | -€28,652 | -40.6% |
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 10 October 2026 via checked.be.