FORWARD TRAVEL: 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 TRAVEL
Largest movements
- Cash +€114,007
up €114,007 (+52.5%), from €217,115 to €331,122
mainly Advances received (+€121,731) and Net result for the year (+€82,400)
- Receivables within one year +€77,112
up €77,112 (+71.7%), from €107,534 to €184,645
of which Trade receivables: +€86,053
- Deferred charges and accrued income +€23,646
up €23,646 (+10.3%), from €230,355 to €254,001
- Advances received +€121,731
up €121,731 (+651%), from €18,700 to €140,431
- Reserves +€82,400
up €82,400 (+28.8%), from €285,705 to €368,104
of which Distributable reserves: +€82,400
- Trade debts +€17,518
up €17,518 (+24.5%), from €71,560 to €89,078
- Staff costs -€77,378
down €77,378 (-98.2%), from €78,770 to €1,392
- Taxes +€22,916
up €22,916 (+936%), from €2,448 to €25,363
- Gross operating margin +€4,103
up €4,103 (+3.8%), from €108,732 to €112,835
- Write-downs +€3,511
new in 2025: €3,511
- Financial income +€2,085
up €2,085 (+36.5%), from €5,714 to €7,800
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 | €687,732 | €903,130 | +€215,398 | +31.3% |
| Fixed assets | 21/28 | €132,728 | €133,361 | +€634 | +0.5% |
| Intangible fixed assets | 21 | €132,728 | €132,728 | = | 0.0% |
| Tangible fixed assets | 22/27 | - | €634 | +€634 | |
| Furniture and vehicles | 24 | - | €634 | +€634 | |
| Current assets | 29/58 | €555,004 | €769,769 | +€214,765 | +38.7% |
| Amounts receivable within one year | 40/41 | €107,534 | €184,645 | +€77,112 | +71.7% |
| Trade receivables | 40 | €71,781 | €157,833 | +€86,053 | +120% |
| Other amounts receivable | 41 | €35,753 | €26,812 | -€8,941 | -25.0% |
| Cash at bank and in hand | 54/58 | €217,115 | €331,122 | +€114,007 | +52.5% |
| Deferred charges and accrued income | 490/1 | €230,355 | €254,001 | +€23,646 | +10.3% |
| Total equity and liabilities | 10/49 | €687,732 | €903,130 | +€215,398 | +31.3% |
| Equity | 10/15 | €347,705 | €430,104 | +€82,400 | +23.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €285,705 | €368,104 | +€82,400 | +28.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €279,505 | €361,904 | +€82,400 | +29.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €340,027 | €473,026 | +€132,998 | +39.1% |
| Amounts payable after more than one year | 17 | €56,947 | €49,697 | -€7,250 | -12.7% |
| Financial debts | 170/4 | €56,947 | €49,697 | -€7,250 | -12.7% |
| Amounts payable within one year | 42/48 | €106,479 | €245,041 | +€138,562 | +130% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €71,560 | €89,078 | +€17,518 | +24.5% |
| Suppliers | 440/4 | €71,560 | €89,078 | +€17,518 | +24.5% |
| Advances received on contracts in progress | 46 | €18,700 | €140,431 | +€121,731 | +651% |
| Taxes, remuneration and social security | 45 | €15,791 | €15,113 | -€679 | -4.3% |
| Taxes | 450/3 | €5,185 | €11,657 | +€6,471 | +125% |
| Remuneration and social security | 454/9 | €10,606 | €3,456 | -€7,150 | -67.4% |
| Other amounts payable | 47/48 | €428 | €420 | -€8 | -1.9% |
| Accrued charges and deferred income | 492/3 | €176,601 | €178,287 | +€1,687 | +1.0% |
| Remuneration, social security and pensions | 62 | €78,770 | €1,392 | -€77,378 | -98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €216 | +€216 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,511 | +€3,511 | |
| Other operating charges | 640/8 | €1,674 | €626 | -€1,048 | -62.6% |
| Gross operating margin | 9900 | €108,732 | €112,835 | +€4,103 | +3.8% |
| Operating profit (loss) | 9901 | €28,288 | €107,090 | +€78,802 | +279% |
| Financial income | 75/76B | €5,714 | €7,800 | +€2,085 | +36.5% |
| Recurring financial income | 75 | €5,714 | €7,800 | +€2,085 | +36.5% |
| Financial charges | 65/66B | €7,630 | €7,127 | -€504 | -6.6% |
| Recurring financial charges | 65 | €7,630 | €7,127 | -€504 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €26,372 | €107,763 | +€81,391 | +309% |
| Income taxes | 67/77 | €2,448 | €25,363 | +€22,916 | +936% |
| Profit (loss) for the period | 9904 | €23,924 | €82,400 | +€58,476 | +244% |
| Profit (loss) for the period to be appropriated | 9905 | €23,924 | €82,400 | +€58,476 | +244% |
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 29 October 2026 via checked.be.