FORWARD REAL ESTATE: 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 REAL ESTATE
Largest movements
- Cash +€138,978
up €138,978 (+87.5%), from €158,904 to €297,882
mainly Net result for the year (+€205,365) and Other debts (+€143,910)
- Receivables within one year +€10,925
up €10,925 (+11.3%), from €96,723 to €107,648
of which Trade receivables: +€10,990
- Other debts +€143,910
up €143,910 (+221%), from €65,236 to €209,145
- Tax, wage and social debts +€28,181
up €28,181 (+59.3%), from €47,540 to €75,720
of which Taxes: +€34,143
- Debts after one year -€9,174
down €9,174 (-42.9%), from €21,396 to €12,222
- Gross operating margin +€202,069
up €202,069 (+95.4%), from €211,804 to €413,872
- Taxes +€48,276
up €48,276 (+237%), from €20,331 to €68,607
- Staff costs +€15,170
up €15,170 (+15.0%), from €101,008 to €116,178
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 | €314,566 | €468,740 | +€154,174 | +49.0% |
| Fixed assets | 21/28 | €53,370 | €54,523 | +€1,154 | +2.2% |
| Intangible fixed assets | 21 | €568 | - | -€568 | |
| Tangible fixed assets | 22/27 | €47,842 | €49,563 | +€1,722 | +3.6% |
| Furniture and vehicles | 24 | €5,068 | €1,161 | -€3,907 | -77.1% |
| Other tangible fixed assets | 26 | €42,774 | €48,403 | +€5,629 | +13.2% |
| Financial fixed assets | 28 | €4,960 | €4,960 | = | 0.0% |
| Current assets | 29/58 | €261,197 | €414,217 | +€153,020 | +58.6% |
| Amounts receivable within one year | 40/41 | €96,723 | €107,648 | +€10,925 | +11.3% |
| Trade receivables | 40 | €96,336 | €107,326 | +€10,990 | +11.4% |
| Other amounts receivable | 41 | €387 | €322 | -€66 | -17.0% |
| Cash at bank and in hand | 54/58 | €158,904 | €297,882 | +€138,978 | +87.5% |
| Deferred charges and accrued income | 490/1 | €5,570 | €8,688 | +€3,117 | +56.0% |
| Total equity and liabilities | 10/49 | €314,566 | €468,740 | +€154,174 | +49.0% |
| Equity | 10/15 | €150,254 | €147,619 | -€2,635 | -1.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €126,993 | €126,993 | = | 0.0% |
| Distributable reserves | 133 | €126,993 | €126,993 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,261 | €626 | -€2,635 | -80.8% |
| Amounts payable | 17/49 | €164,312 | €321,122 | +€156,809 | +95.4% |
| Amounts payable after more than one year | 17 | €21,396 | €12,222 | -€9,174 | -42.9% |
| Financial debts | 170/4 | €21,396 | €12,222 | -€9,174 | -42.9% |
| Amounts payable within one year | 42/48 | €142,916 | €308,900 | +€165,983 | +116% |
| Current portion of amounts payable after more than one year | 42 | €11,151 | €9,174 | -€1,977 | -17.7% |
| Trade debts | 44 | €18,990 | €14,860 | -€4,130 | -21.7% |
| Suppliers | 440/4 | €18,990 | €14,860 | -€4,130 | -21.7% |
| Taxes, remuneration and social security | 45 | €47,540 | €75,720 | +€28,181 | +59.3% |
| Taxes | 450/3 | €27,453 | €61,596 | +€34,143 | +124% |
| Remuneration and social security | 454/9 | €20,087 | €14,124 | -€5,963 | -29.7% |
| Other amounts payable | 47/48 | €65,236 | €209,145 | +€143,910 | +221% |
| Remuneration, social security and pensions | 62 | €101,008 | €116,178 | +€15,170 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,588 | €9,489 | -€2,099 | -18.1% |
| Other operating charges | 640/8 | €6,748 | €7,683 | +€935 | +13.9% |
| Gross operating margin | 9900 | €211,804 | €413,872 | +€202,069 | +95.4% |
| Operating profit (loss) | 9901 | €92,459 | €280,523 | +€188,063 | +203% |
| Financial income | 75/76B | €408 | €103 | -€304 | -74.6% |
| Recurring financial income | 75 | €408 | €103 | -€304 | -74.6% |
| Financial charges | 65/66B | €5,535 | €6,654 | +€1,119 | +20.2% |
| Recurring financial charges | 65 | €5,535 | €6,654 | +€1,119 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €87,332 | €273,971 | +€186,640 | +214% |
| Income taxes | 67/77 | €20,331 | €68,607 | +€48,276 | +237% |
| Profit (loss) for the period | 9904 | €67,001 | €205,365 | +€138,364 | +207% |
| Profit (loss) for the period to be appropriated | 9905 | €67,001 | €205,365 | +€138,364 | +207% |
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 30 October 2026 via checked.be.