FORWARD-ENERGY: 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.
FORWARD-ENERGY
Largest movements
- Cash -€51,791
down €51,791 (-56.4%), from €91,813 to €40,021
mainly Contributions, distributions and other (-€43,118) and Receivables within one year (-€29,502)
- Tangible fixed assets -€32,639
down €32,639 (-8.5%), from €381,888 to €349,249
- Receivables within one year +€29,502
up €29,502 (+31.9%), from €92,468 to €121,970
of which Trade receivables: +€32,210
- Reserves -€42,441
down €42,441 (-11.3%), from €373,953 to €331,512
- Debts after one year -€23,272
down €23,272 (-43.5%), from €53,517 to €30,245
- Gross operating margin -€35,959
down €35,959 (-25.5%), from €140,765 to €104,806
- Taxes +€34,666
up €34,666 (+113%), from €30,610 to €65,276
- Financial income -€2,299
down €2,299 (-71.7%), from €3,209 to €909
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 | €570,184 | €511,653 | -€58,530 | -10.3% |
| Fixed assets | 21/28 | €381,888 | €349,249 | -€32,639 | -8.5% |
| Tangible fixed assets | 22/27 | €381,888 | €349,249 | -€32,639 | -8.5% |
| Land and buildings | 22 | €324,148 | €310,850 | -€13,297 | -4.1% |
| Plant, machinery and equipment | 23 | €7,454 | €0 | -€7,454 | -100% |
| Furniture and vehicles | 24 | €50,286 | €38,399 | -€11,888 | -23.6% |
| Current assets | 29/58 | €188,295 | €162,405 | -€25,891 | -13.8% |
| Amounts receivable within one year | 40/41 | €92,468 | €121,970 | +€29,502 | +31.9% |
| Trade receivables | 40 | €24,200 | €56,410 | +€32,210 | +133% |
| Other amounts receivable | 41 | €68,268 | €65,560 | -€2,708 | -4.0% |
| Cash at bank and in hand | 54/58 | €91,813 | €40,021 | -€51,791 | -56.4% |
| Deferred charges and accrued income | 490/1 | €4,015 | €413 | -€3,602 | -89.7% |
| Total equity and liabilities | 10/49 | €570,184 | €511,653 | -€58,530 | -10.3% |
| Equity | 10/15 | €443,389 | €400,948 | -€42,441 | -9.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €373,953 | €331,512 | -€42,441 | -11.3% |
| Distributable reserves | 133 | €373,953 | €331,512 | -€42,441 | -11.3% |
| Profit (loss) carried forward | 14 | €61,376 | €61,376 | = | 0.0% |
| Amounts payable | 17/49 | €126,795 | €110,705 | -€16,090 | -12.7% |
| Amounts payable after more than one year | 17 | €53,517 | €30,245 | -€23,272 | -43.5% |
| Financial debts | 170/4 | €53,517 | €30,245 | -€23,272 | -43.5% |
| Amounts payable within one year | 42/48 | €73,278 | €77,466 | +€4,188 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €22,266 | €23,272 | +€1,006 | +4.5% |
| Trade debts | 44 | €2,416 | €1,645 | -€770 | -31.9% |
| Suppliers | 440/4 | €2,416 | €1,645 | -€770 | -31.9% |
| Taxes, remuneration and social security | 45 | €47,856 | €52,549 | +€4,692 | +9.8% |
| Taxes | 450/3 | €47,856 | €36,549 | -€11,308 | -23.6% |
| Remuneration and social security | 454/9 | - | €16,000 | +€16,000 | |
| Other amounts payable | 47/48 | €740 | €0 | -€740 | -100% |
| Accrued charges and deferred income | 492/3 | - | €2,994 | +€2,994 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,527 | €25,185 | +€657 | +2.7% |
| Other operating charges | 640/8 | €3,929 | €3,871 | -€59 | -1.5% |
| Non-recurring operating charges | 66A | €1,734 | €7,455 | +€5,720 | +330% |
| Gross operating margin | 9900 | €140,765 | €104,806 | -€35,959 | -25.5% |
| Operating profit (loss) | 9901 | €110,574 | €68,295 | -€42,279 | -38.2% |
| Financial income | 75/76B | €3,209 | €909 | -€2,299 | -71.7% |
| Recurring financial income | 75 | €3,209 | €909 | -€2,299 | -71.7% |
| Financial charges | 65/66B | €4,594 | €3,252 | -€1,342 | -29.2% |
| Recurring financial charges | 65 | €4,594 | €3,252 | -€1,342 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €109,189 | €65,953 | -€43,236 | -39.6% |
| Income taxes | 67/77 | €30,610 | €65,276 | +€34,666 | +113% |
| Profit (loss) for the period | 9904 | €78,579 | €677 | -€77,903 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,579 | €677 | -€77,903 | -99.1% |
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 13 October 2026 via checked.be.