FORWARD GLOBAL: 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 GLOBAL
Largest movements
- Receivables within one year +€1.4m
up €1.4m (+38.2%), from €3.8m to €5.2m
of which Trade receivables: +€1.6m
- Cash -€151,908
down €151,908 (-18.2%), from €835,723 to €683,815
mainly Contributions, distributions and other (-€2.0m) and Receivables within one year (-€1.4m)
- Current investments +€127,387
up €127,387 (+57.8%), from €220,533 to €347,920
- Other debts +€2.0m
up €2.0m (+263.1%), from €750,000 to €2.7m
- Profit (loss) carried forward -€1.4m
down €1.4m (-53.6%), from €2.5m to €1.2m
- Trade debts +€712,325
up €712,325 (+61.1%), from €1.2m to €1.9m
- Accrued charges and deferred income +€422,083
up €422,083 (+175.0%), from €241,238 to €663,322
- Tax, wage and social debts -€310,027
down €310,027 (-60.8%), from €509,689 to €199,662
of which Taxes: -€324,056
- Staff costs +€173,072
up €173,072 (+12.7%), from €1.4m to €1.5m
- Write-downs -€133,701
down €133,701, from €119,024 to -€14,677
- Financial income -€72,938
down €72,938 (-86.4%), from €84,410 to €11,471
- Taxes -€36,299
down €36,299 (-12.1%), from €300,247 to €263,948
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 | €5,402,362 | €6,842,436 | +€1.4m | +26.7% |
| Fixed assets | 21/28 | €460,681 | €465,952 | +€5,270 | +1.1% |
| Tangible fixed assets | 22/27 | €460,681 | €465,952 | +€5,270 | +1.1% |
| Furniture and vehicles | 24 | €62,245 | €73,360 | +€11,115 | +17.9% |
| Other tangible fixed assets | 26 | €398,437 | €392,592 | -€5,845 | -1.5% |
| Current assets | 29/58 | €4,941,681 | €6,376,484 | +€1.4m | +29.0% |
| Amounts receivable within one year | 40/41 | €3,750,313 | €5,183,257 | +€1.4m | +38.2% |
| Trade receivables | 40 | €3,418,547 | €5,060,459 | +€1.6m | +48.0% |
| Other amounts receivable | 41 | €331,766 | €122,798 | -€208,967 | -63.0% |
| Current investments | 50/53 | €220,533 | €347,920 | +€127,387 | +57.8% |
| Cash at bank and in hand | 54/58 | €835,723 | €683,815 | -€151,908 | -18.2% |
| Deferred charges and accrued income | 490/1 | €135,112 | €161,491 | +€26,379 | +19.5% |
| Total equity and liabilities | 10/49 | €5,402,362 | €6,842,436 | +€1.4m | +26.7% |
| Equity | 10/15 | €2,734,896 | €1,377,390 | -€1.4m | -49.6% |
| Contributions | 10/11 | €32,500 | €32,500 | = | 0.0% |
| Reserves | 13 | €168,000 | €168,000 | = | 0.0% |
| Distributable reserves | 133 | €168,000 | €168,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,534,396 | €1,176,890 | -€1.4m | -53.6% |
| Amounts payable | 17/49 | €2,667,466 | €5,465,045 | +€2.8m | +104.9% |
| Amounts payable within one year | 42/48 | €2,426,227 | €4,801,724 | +€2.4m | +97.9% |
| Trade debts | 44 | €1,166,538 | €1,878,863 | +€712,325 | +61.1% |
| Suppliers | 440/4 | €1,166,538 | €1,878,863 | +€712,325 | +61.1% |
| Taxes, remuneration and social security | 45 | €509,689 | €199,662 | -€310,027 | -60.8% |
| Taxes | 450/3 | €324,056 | - | -€324,056 | |
| Remuneration and social security | 454/9 | €185,633 | €199,662 | +€14,029 | +7.6% |
| Other amounts payable | 47/48 | €750,000 | €2,723,198 | +€2.0m | +263.1% |
| Accrued charges and deferred income | 492/3 | €241,238 | €663,322 | +€422,083 | +175.0% |
| Remuneration, social security and pensions | 62 | €1,367,522 | €1,540,594 | +€173,072 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,330 | €78,076 | +€746 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €119,024 | -€14,677 | -€133,701 | |
| Other operating charges | 640/8 | €970 | €22,189 | +€21,220 | +2188.7% |
| Non-recurring operating charges | 66A | - | €11,034 | +€11,034 | |
| Gross operating margin | 9900 | €2,556,584 | €2,555,436 | -€1,148 | 0.0% |
| Operating profit (loss) | 9901 | €991,739 | €918,220 | -€73,519 | -7.4% |
| Financial income | 75/76B | €84,410 | €11,471 | -€72,938 | -86.4% |
| Recurring financial income | 75 | €84,410 | €11,471 | -€72,938 | -86.4% |
| Financial charges | 65/66B | €20,144 | €23,249 | +€3,105 | +15.4% |
| Recurring financial charges | 65 | €20,144 | €23,249 | +€3,105 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €1,056,004 | €906,442 | -€149,562 | -14.2% |
| Income taxes | 67/77 | €300,247 | €263,948 | -€36,299 | -12.1% |
| Profit (loss) for the period | 9904 | €755,757 | €642,494 | -€113,263 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €755,757 | €642,494 | -€113,263 | -15.0% |
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 9 October 2026 via checked.be.