Forward Management: 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 Management
Largest movements
- Current investments -€1.1m
down €1.1m (-21.6%), from €4.9m to €3.9m
- Cash -€360,118
down €360,118 (-44.1%), from €816,366 to €456,248
mainly Contributions, distributions and other (-€3.8m) and Investment in fixed assets (net) (-€26,292)
- Receivables after one year -€150,000
down €150,000 (-21.4%), from €700,000 to €550,000
- Reserves -€3.2m
down €3.2m (-65.4%), from €4.9m to €1.7m
- Other debts +€1.6m
up €1.6m (+83.6%), from €1.9m to €3.5m
- Gross operating margin -€1.9m
down €1.9m (-81.6%), from €2.3m to €419,697
- Taxes -€489,249
down €489,249 (-84.1%), from €581,774 to €92,526
- Financial income +€195,030
up €195,030 (+129%), from €150,796 to €345,825
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 | €7,253,378 | €5,632,792 | -€1.6m | -22.3% |
| Fixed assets | 21/28 | €673,304 | €647,940 | -€25,364 | -3.8% |
| Tangible fixed assets | 22/27 | €673,204 | €647,840 | -€25,364 | -3.8% |
| Land and buildings | 22 | €673,204 | €623,385 | -€49,819 | -7.4% |
| Furniture and vehicles | 24 | - | €24,455 | +€24,455 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €6,580,074 | €4,984,852 | -€1.6m | -24.2% |
| Amounts receivable after more than one year | 29 | €700,000 | €550,000 | -€150,000 | -21.4% |
| Other amounts receivable | 291 | €700,000 | €550,000 | -€150,000 | -21.4% |
| Amounts receivable within one year | 40/41 | €84,129 | €80,706 | -€3,423 | -4.1% |
| Trade receivables | 40 | €84,001 | €35,181 | -€48,820 | -58.1% |
| Other amounts receivable | 41 | €128 | €45,525 | +€45,397 | +35,486% |
| Current investments | 50/53 | €4,945,864 | €3,875,198 | -€1.1m | -21.6% |
| Cash at bank and in hand | 54/58 | €816,366 | €456,248 | -€360,118 | -44.1% |
| Deferred charges and accrued income | 490/1 | €33,715 | €22,700 | -€11,015 | -32.7% |
| Total equity and liabilities | 10/49 | €7,253,378 | €5,632,792 | -€1.6m | -22.3% |
| Equity | 10/15 | €4,962,582 | €1,730,899 | -€3.2m | -65.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,943,982 | €1,712,299 | -€3.2m | -65.4% |
| Distributable reserves | 133 | €4,943,982 | €1,712,299 | -€3.2m | -65.4% |
| Amounts payable | 17/49 | €2,290,796 | €3,901,893 | +€1.6m | +70.3% |
| Amounts payable within one year | 42/48 | €2,290,546 | €3,896,633 | +€1.6m | +70.1% |
| Trade debts | 44 | €10,700 | €9,408 | -€1,292 | -12.1% |
| Suppliers | 440/4 | €10,700 | €9,408 | -€1,292 | -12.1% |
| Taxes, remuneration and social security | 45 | €355,478 | €354,977 | -€501 | -0.1% |
| Taxes | 450/3 | €352,937 | €354,977 | +€2,040 | +0.6% |
| Remuneration and social security | 454/9 | €2,541 | - | -€2,541 | |
| Other amounts payable | 47/48 | €1,924,368 | €3,532,248 | +€1.6m | +83.6% |
| Accrued charges and deferred income | 492/3 | €250 | €5,260 | +€5,010 | +2,004% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,819 | €51,656 | +€1,837 | +3.7% |
| Other operating charges | 640/8 | €8,183 | €16,177 | +€7,994 | +97.7% |
| Gross operating margin | 9900 | €2,278,246 | €419,697 | -€1.9m | -81.6% |
| Operating profit (loss) | 9901 | €2,220,244 | €351,864 | -€1.9m | -84.2% |
| Financial income | 75/76B | €150,796 | €345,825 | +€195,030 | +129% |
| Recurring financial income | 75 | €150,796 | €345,825 | +€195,030 | +129% |
| Financial charges | 65/66B | €12,334 | €16,013 | +€3,678 | +29.8% |
| Recurring financial charges | 65 | €12,334 | €16,013 | +€3,678 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €2,358,705 | €681,676 | -€1.7m | -71.1% |
| Income taxes | 67/77 | €581,774 | €92,526 | -€489,249 | -84.1% |
| Profit (loss) for the period | 9904 | €1,776,931 | €589,151 | -€1.2m | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,776,931 | €589,151 | -€1.2m | -66.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.