FORWARD INITIATIVES: 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 INITIATIVES
Largest movements
- Financial fixed assets +€100,000
up €100,000 (+706%), from €14,170 to €114,170
- Cash -€84,277
down €84,277 (-33.0%), from €255,437 to €171,160
mainly Contributions, distributions and other (-€144,278) and Investment in fixed assets (net) (-€88,445)
- Tangible fixed assets -€25,099
down €25,099 (-46.6%), from €53,866 to €28,767
of which Furniture and vehicles: -€20,736
- Receivables within one year +€5,217
up €5,217 (+5.3%), from €97,781 to €102,998
of which Trade receivables: +€31,304
- Other debts +€130,004
up €130,004 (+3,768%), from €3,450 to €133,453
- Reserves -€125,378
down €125,378 (-34.4%), from €364,089 to €238,711
of which Distributable reserves: -€125,378
- Trade debts -€16,788
down €16,788 (-75.0%), from €22,392 to €5,604
- Tax, wage and social debts +€13,939
new in 2025: €13,939
- Debts after one year -€9,564
no longer reported in 2025 (was €9,564)
- Financial income -€168,362
down €168,362 (-99.6%), from €168,989 to €627
- Taxes -€11,885
down €11,885 (-55.8%), from €21,300 to €9,415
- Gross operating margin +€11,209
up €11,209 (+32.3%), from €34,730 to €45,939
- Depreciation -€4,064
down €4,064 (-23.1%), from €17,608 to €13,544
- Financial charges -€1,549
down €1,549 (-49.0%), from €3,163 to €1,614
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 | €434,074 | €426,645 | -€7,429 | -1.7% |
| Fixed assets | 21/28 | €68,035 | €142,937 | +€74,901 | +110% |
| Tangible fixed assets | 22/27 | €53,866 | €28,767 | -€25,099 | -46.6% |
| Plant, machinery and equipment | 23 | €8,785 | €6,479 | -€2,306 | -26.2% |
| Furniture and vehicles | 24 | €37,881 | €17,145 | -€20,736 | -54.7% |
| Other tangible fixed assets | 26 | €7,200 | €5,143 | -€2,057 | -28.6% |
| Financial fixed assets | 28 | €14,170 | €114,170 | +€100,000 | +706% |
| Current assets | 29/58 | €366,038 | €283,708 | -€82,330 | -22.5% |
| Amounts receivable after more than one year | 29 | €5,648 | €4,709 | -€939 | -16.6% |
| Other amounts receivable | 291 | €5,648 | €4,709 | -€939 | -16.6% |
| Amounts receivable within one year | 40/41 | €97,781 | €102,998 | +€5,217 | +5.3% |
| Trade receivables | 40 | €58,424 | €89,728 | +€31,304 | +53.6% |
| Other amounts receivable | 41 | €39,357 | €13,270 | -€26,087 | -66.3% |
| Cash at bank and in hand | 54/58 | €255,437 | €171,160 | -€84,277 | -33.0% |
| Deferred charges and accrued income | 490/1 | €7,173 | €4,842 | -€2,331 | -32.5% |
| Total equity and liabilities | 10/49 | €434,074 | €426,645 | -€7,429 | -1.7% |
| Equity | 10/15 | €382,796 | €257,418 | -€125,378 | -32.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €364,089 | €238,711 | -€125,378 | -34.4% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €321,989 | €196,611 | -€125,378 | -38.9% |
| Profit (loss) carried forward | 14 | €6,207 | €6,207 | = | 0.0% |
| Amounts payable | 17/49 | €51,278 | €169,227 | +€117,949 | +230% |
| Amounts payable after more than one year | 17 | €9,564 | - | -€9,564 | |
| Financial debts | 170/4 | €9,564 | - | -€9,564 | |
| Amounts payable within one year | 42/48 | €41,714 | €169,227 | +€127,513 | +306% |
| Current portion of amounts payable after more than one year | 42 | €15,872 | €16,231 | +€359 | +2.3% |
| Trade debts | 44 | €22,392 | €5,604 | -€16,788 | -75.0% |
| Suppliers | 440/4 | €22,392 | €5,604 | -€16,788 | -75.0% |
| Taxes, remuneration and social security | 45 | - | €13,939 | +€13,939 | |
| Taxes | 450/3 | - | €13,939 | +€13,939 | |
| Other amounts payable | 47/48 | €3,450 | €133,453 | +€130,004 | +3,768% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,608 | €13,544 | -€4,064 | -23.1% |
| Other operating charges | 640/8 | €693 | €639 | -€54 | -7.7% |
| Non-recurring operating charges | 66A | - | €2,455 | +€2,455 | |
| Gross operating margin | 9900 | €34,730 | €45,939 | +€11,209 | +32.3% |
| Operating profit (loss) | 9901 | €16,428 | €29,301 | +€12,873 | +78.4% |
| Financial income | 75/76B | €168,989 | €627 | -€168,362 | -99.6% |
| Recurring financial income | 75 | €168,989 | €627 | -€168,362 | -99.6% |
| Financial charges | 65/66B | €3,163 | €1,614 | -€1,549 | -49.0% |
| Recurring financial charges | 65 | €3,163 | €1,614 | -€1,549 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | €182,255 | €28,315 | -€153,940 | -84.5% |
| Income taxes | 67/77 | €21,300 | €9,415 | -€11,885 | -55.8% |
| Profit (loss) for the period | 9904 | €160,955 | €18,900 | -€142,055 | -88.3% |
| Transfer from tax-exempt reserves | 789 | €15,500 | - | -€15,500 | |
| Transfer to tax-exempt reserves | 689 | €21,050 | - | -€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €155,405 | €18,900 | -€136,505 | -87.8% |
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 16 October 2026 via checked.be.