FORWART: 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.
FORWART
Largest movements
- Cash -€64,659
down €64,659 (-56.1%), from €115,161 to €50,502
mainly Contributions, distributions and other (-€117,647) and Receivables within one year (-€61,564)
- Receivables within one year +€61,564
up €61,564 (+447.9%), from €13,745 to €75,309
of which Trade receivables: +€51,532
- Tangible fixed assets +€45,559
up €45,559 (+438.0%), from €10,401 to €55,960
of which Furniture and vehicles: +€50,399
- Current investments +€31,021
up €31,021 (+25.9%), from €120,000 to €151,021
- Other debts +€89,839
up €89,839 (+14070.0%), from €639 to €90,477
- Reserves -€64,257
down €64,257 (-33.7%), from €190,415 to €126,158
- Debts after one year +€55,000
up €55,000 (+275.0%), from €20,000 to €75,000
- Tax, wage and social debts -€37,491
down €37,491 (-78.6%), from €47,721 to €10,231
- Trade debts +€32,949
up €32,949 (+99.4%), from €33,159 to €66,108
- Gross operating margin -€26,489
down €26,489 (-22.9%), from €115,703 to €89,214
- Taxes -€8,599
down €8,599 (-35.3%), from €24,333 to €15,734
- Depreciation +€8,291
up €8,291 (+201.3%), from €4,119 to €12,410
- Financial charges +€7,090
up €7,090 (+215.0%), from €3,297 to €10,387
- Financial income +€3,245
up €3,245 (+757.1%), from €429 to €3,673
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.
Cash bridge derived
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 | €303,550 | €377,889 | +€74,339 | +24.5% |
| Fixed assets | 21/28 | €10,401 | €55,960 | +€45,559 | +438.0% |
| Tangible fixed assets | 22/27 | €10,401 | €55,960 | +€45,559 | +438.0% |
| Furniture and vehicles | 24 | - | €50,399 | +€50,399 | |
| Other tangible fixed assets | 26 | €10,401 | €5,561 | -€4,840 | -46.5% |
| Current assets | 29/58 | €293,149 | €321,929 | +€28,780 | +9.8% |
| Stocks and contracts in progress | 3 | €43,484 | €43,255 | -€229 | -0.5% |
| Stocks | 30/36 | €43,484 | €43,255 | -€229 | -0.5% |
| Amounts receivable within one year | 40/41 | €13,745 | €75,309 | +€61,564 | +447.9% |
| Trade receivables | 40 | €13,745 | €65,277 | +€51,532 | +374.9% |
| Other amounts receivable | 41 | - | €10,032 | +€10,032 | |
| Current investments | 50/53 | €120,000 | €151,021 | +€31,021 | +25.9% |
| Cash at bank and in hand | 54/58 | €115,161 | €50,502 | -€64,659 | -56.1% |
| Deferred charges and accrued income | 490/1 | €760 | €1,842 | +€1,082 | +142.4% |
| Total equity and liabilities | 10/49 | €303,550 | €377,889 | +€74,339 | +24.5% |
| Equity | 10/15 | €191,415 | €127,158 | -€64,257 | -33.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €190,415 | €126,158 | -€64,257 | -33.7% |
| Distributable reserves | 133 | €190,415 | €126,158 | -€64,257 | -33.7% |
| Amounts payable | 17/49 | €112,134 | €250,731 | +€138,597 | +123.6% |
| Amounts payable after more than one year | 17 | €20,000 | €75,000 | +€55,000 | +275.0% |
| Other amounts payable | 178/9 | €20,000 | €75,000 | +€55,000 | +275.0% |
| Amounts payable within one year | 42/48 | €92,134 | €175,731 | +€83,597 | +90.7% |
| Trade debts | 44 | €33,159 | €66,108 | +€32,949 | +99.4% |
| Suppliers | 440/4 | €33,159 | €66,108 | +€32,949 | +99.4% |
| Advances received on contracts in progress | 46 | €10,615 | €8,915 | -€1,700 | -16.0% |
| Taxes, remuneration and social security | 45 | €47,721 | €10,231 | -€37,491 | -78.6% |
| Taxes | 450/3 | €47,721 | €10,231 | -€37,491 | -78.6% |
| Other amounts payable | 47/48 | €639 | €90,477 | +€89,839 | +14070.0% |
| Non-recurring operating income | 76A | - | €19,076 | +€19,076 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,119 | €12,410 | +€8,291 | +201.3% |
| Other operating charges | 640/8 | €779 | €967 | +€187 | +24.1% |
| Gross operating margin | 9900 | €115,703 | €89,214 | -€26,489 | -22.9% |
| Operating profit (loss) | 9901 | €110,805 | €75,837 | -€34,967 | -31.6% |
| Financial income | 75/76B | €429 | €3,673 | +€3,245 | +757.1% |
| Recurring financial income | 75 | €429 | €3,673 | +€3,245 | +757.1% |
| Financial charges | 65/66B | €3,297 | €10,387 | +€7,090 | +215.0% |
| Recurring financial charges | 65 | €3,297 | €10,387 | +€7,090 | +215.0% |
| Profit (loss) for the period before taxes | 9903 | €107,936 | €69,123 | -€38,813 | -36.0% |
| Income taxes | 67/77 | €24,333 | €15,734 | -€8,599 | -35.3% |
| Profit (loss) for the period | 9904 | €83,603 | €53,390 | -€30,214 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €83,603 | €53,390 | -€30,214 | -36.1% |
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 12 October 2026 via checked.be.