ForwAth: what changed
Two fiscal 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.
ForwAth
Largest movements
- Receivables within one year +€11,921
up €11,921 (+16.1%), from €74,204 to €86,125
of which Trade receivables: +€15,458
- Cash +€11,754
up €11,754 (+13.8%), from €85,353 to €97,107
mainly Net result for the year (+€54,175) and Tax, wage and social debts (+€6,427)
- Tangible fixed assets +€4,952
up €4,952 (+33.3%), from €14,875 to €19,827
of which Furniture and vehicles: +€2,895
- Profit (loss) carried forward +€37,022
up €37,022, from -€37,022 to €0
- Reserves -€14,934
down €14,934 (-7.8%), from €191,484 to €176,549
- Tax, wage and social debts +€6,427
up €6,427 (+52.9%), from €12,153 to €18,580
- Gross operating margin +€60,850
up €60,850 (+347.4%), from €17,515 to €78,365
- Taxes +€16,567
up €16,567 (+1380.6%), from €1,200 to €17,767
- Depreciation +€1,050
up €1,050 (+36.7%), from €2,860 to €3,910
- Financial charges +€874
up €874 (+43.4%), from €2,016 to €2,890
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 | €176,185 | €206,383 | +€30,198 | +17.1% |
| Fixed assets | 21/28 | €14,900 | €19,852 | +€4,952 | +33.2% |
| Tangible fixed assets | 22/27 | €14,875 | €19,827 | +€4,952 | +33.3% |
| Plant, machinery and equipment | 23 | €13,943 | €16,001 | +€2,057 | +14.8% |
| Furniture and vehicles | 24 | €931 | €3,826 | +€2,895 | +310.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €161,285 | €186,531 | +€25,246 | +15.7% |
| Amounts receivable within one year | 40/41 | €74,204 | €86,125 | +€11,921 | +16.1% |
| Trade receivables | 40 | €58,678 | €74,136 | +€15,458 | +26.3% |
| Other amounts receivable | 41 | €15,526 | €11,988 | -€3,537 | -22.8% |
| Cash at bank and in hand | 54/58 | €85,353 | €97,107 | +€11,754 | +13.8% |
| Deferred charges and accrued income | 490/1 | €1,729 | €3,300 | +€1,572 | +90.9% |
| Total equity and liabilities | 10/49 | €176,185 | €206,383 | +€30,198 | +17.1% |
| Equity | 10/15 | €160,662 | €182,749 | +€22,088 | +13.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €191,484 | €176,549 | -€14,934 | -7.8% |
| Distributable reserves | 133 | €191,484 | €176,549 | -€14,934 | -7.8% |
| Profit (loss) carried forward | 14 | -€37,022 | €0 | +€37,022 | |
| Amounts payable | 17/49 | €15,523 | €23,634 | +€8,110 | +52.2% |
| Amounts payable within one year | 42/48 | €15,523 | €21,619 | +€6,096 | +39.3% |
| Trade debts | 44 | €2,537 | €3,039 | +€502 | +19.8% |
| Suppliers | 440/4 | €2,537 | €3,039 | +€502 | +19.8% |
| Taxes, remuneration and social security | 45 | €12,153 | €18,580 | +€6,427 | +52.9% |
| Taxes | 450/3 | €12,153 | €18,580 | +€6,427 | +52.9% |
| Other amounts payable | 47/48 | €833 | €0 | -€833 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €2,015 | +€2,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,860 | €3,910 | +€1,050 | +36.7% |
| Other operating charges | 640/8 | €388 | €409 | +€21 | +5.3% |
| Gross operating margin | 9900 | €17,515 | €78,365 | +€60,850 | +347.4% |
| Operating profit (loss) | 9901 | €14,266 | €74,046 | +€59,780 | +419.0% |
| Financial income | 75/76B | €1,400 | €787 | -€613 | -43.8% |
| Recurring financial income | 75 | €1,400 | €787 | -€613 | -43.8% |
| Financial charges | 65/66B | €2,016 | €2,890 | +€874 | +43.4% |
| Recurring financial charges | 65 | €2,016 | €2,890 | +€874 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €13,650 | €71,942 | +€58,292 | +427.1% |
| Income taxes | 67/77 | €1,200 | €17,767 | +€16,567 | +1380.6% |
| Profit (loss) for the period | 9904 | €12,450 | €54,175 | +€41,725 | +335.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,450 | €54,175 | +€41,725 | +335.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.