Forward Group: 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 Group
Largest movements
- Receivables within one year +€238,674
up €238,674 (+167%), from €142,756 to €381,430
of which Other amounts receivable: +€330,361
- Tangible fixed assets +€20,942
new in 2025: €20,942
- Cash +€14,056
up €14,056 (+34.0%), from €41,390 to €55,446
mainly Net result for the year (+€199,755) and Tax, wage and social debts (+€49,161)
- Reserves +€199,755
up €199,755 (+179%), from €111,455 to €311,211
- Tax, wage and social debts +€49,161
up €49,161 (+101%), from €48,511 to €97,672
- Other debts +€10,137
up €10,137 (+86.2%), from €11,763 to €21,901
- Trade debts +€8,786
up €8,786 (+87.9%), from €9,996 to €18,782
- Accrued charges and deferred income +€5,692
new in 2025: €5,692
- Gross operating margin +€130,751
up €130,751 (+89.9%), from €145,432 to €276,183
- Taxes +€37,817
up €37,817 (+117%), from €32,456 to €70,273
- Depreciation +€3,751
new in 2025: €3,751
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 | €186,726 | €460,257 | +€273,531 | +146% |
| Fixed assets | 21/28 | - | €20,942 | +€20,942 | |
| Tangible fixed assets | 22/27 | - | €20,942 | +€20,942 | |
| Furniture and vehicles | 24 | - | €20,942 | +€20,942 | |
| Current assets | 29/58 | €186,726 | €439,316 | +€252,590 | +135% |
| Stocks and contracts in progress | 3 | €2,167 | €1,612 | -€555 | -25.6% |
| Stocks | 30/36 | €2,167 | €1,612 | -€555 | -25.6% |
| Amounts receivable within one year | 40/41 | €142,756 | €381,430 | +€238,674 | +167% |
| Trade receivables | 40 | €106,956 | €15,269 | -€91,687 | -85.7% |
| Other amounts receivable | 41 | €35,800 | €366,161 | +€330,361 | +923% |
| Cash at bank and in hand | 54/58 | €41,390 | €55,446 | +€14,056 | +34.0% |
| Deferred charges and accrued income | 490/1 | €413 | €827 | +€415 | +100% |
| Total equity and liabilities | 10/49 | €186,726 | €460,257 | +€273,531 | +146% |
| Equity | 10/15 | €116,455 | €316,211 | +€199,755 | +172% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €111,455 | €311,211 | +€199,755 | +179% |
| Distributable reserves | 133 | €111,455 | €311,211 | +€199,755 | +179% |
| Amounts payable | 17/49 | €70,271 | €144,047 | +€73,776 | +105% |
| Amounts payable within one year | 42/48 | €70,271 | €138,355 | +€68,084 | +96.9% |
| Trade debts | 44 | €9,996 | €18,782 | +€8,786 | +87.9% |
| Suppliers | 440/4 | €9,996 | €18,782 | +€8,786 | +87.9% |
| Taxes, remuneration and social security | 45 | €48,511 | €97,672 | +€49,161 | +101% |
| Taxes | 450/3 | €48,511 | €97,672 | +€49,161 | +101% |
| Other amounts payable | 47/48 | €11,763 | €21,901 | +€10,137 | +86.2% |
| Accrued charges and deferred income | 492/3 | - | €5,692 | +€5,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,751 | +€3,751 | |
| Other operating charges | 640/8 | €903 | €491 | -€412 | -45.7% |
| Gross operating margin | 9900 | €145,432 | €276,183 | +€130,751 | +89.9% |
| Operating profit (loss) | 9901 | €144,529 | €271,941 | +€127,412 | +88.2% |
| Financial income | 75/76B | €468 | €95 | -€373 | -79.8% |
| Recurring financial income | 75 | €468 | €95 | -€373 | -79.8% |
| Financial charges | 65/66B | €1,086 | €2,007 | +€922 | +84.9% |
| Recurring financial charges | 65 | €1,086 | €2,007 | +€922 | +84.9% |
| Profit (loss) for the period before taxes | 9903 | €143,911 | €270,028 | +€126,117 | +87.6% |
| Income taxes | 67/77 | €32,456 | €70,273 | +€37,817 | +117% |
| Profit (loss) for the period | 9904 | €111,455 | €199,755 | +€88,300 | +79.2% |
| Profit (loss) for the period to be appropriated | 9905 | €111,455 | €199,755 | +€88,300 | +79.2% |
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.