FORWIN: 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.
FORWIN
Largest movements
- Receivables within one year +€144,867
up €144,867 (+133%), from €108,879 to €253,747
of which Other amounts receivable: +€138,881
- Cash -€50,599
down €50,599 (-19.9%), from €254,475 to €203,876
mainly Receivables within one year (-€144,867) and Current portion of long-term debt (-€87,565)
- Tangible fixed assets -€49,354
down €49,354 (-18.4%), from €268,635 to €219,281
of which Plant, machinery and equipment: -€26,442
- Deferred charges and accrued income -€8,758
down €8,758 (-34.3%), from €25,564 to €16,806
- Current portion of long-term debt -€87,565
down €87,565 (-70.5%), from €124,204 to €36,639
- Trade debts +€78,837
up €78,837 (+31.2%), from €252,695 to €331,532
- Other debts +€65,900
up €65,900 (+11,439%), from €576 to €66,476
- Debts after one year -€36,639
down €36,639 (-100%), from €36,639 to €0
- Profit (loss) carried forward +€11,938
up €11,938 (+13.0%), from €91,580 to €103,518
- Gross operating margin -€101,681
down €101,681 (-11.2%), from €906,737 to €805,056
- Staff costs -€57,050
down €57,050 (-8.8%), from €648,609 to €591,559
- Depreciation -€32,171
down €32,171 (-27.6%), from €116,439 to €84,268
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 | €706,973 | €739,365 | +€32,392 | +4.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €269,230 | €219,876 | -€49,354 | -18.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €268,635 | €219,281 | -€49,354 | -18.4% |
| Plant, machinery and equipment | 23 | €233,800 | €207,358 | -€26,442 | -11.3% |
| Furniture and vehicles | 24 | €34,835 | €11,923 | -€22,912 | -65.8% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €437,743 | €519,488 | +€81,746 | +18.7% |
| Stocks and contracts in progress | 3 | €48,595 | €44,830 | -€3,765 | -7.7% |
| Stocks | 30/36 | €48,595 | €44,830 | -€3,765 | -7.7% |
| Amounts receivable within one year | 40/41 | €108,879 | €253,747 | +€144,867 | +133% |
| Trade receivables | 40 | €0 | €5,987 | +€5,987 | |
| Other amounts receivable | 41 | €108,879 | €247,760 | +€138,881 | +128% |
| Current investments | 50/53 | €229 | €229 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €254,475 | €203,876 | -€50,599 | -19.9% |
| Deferred charges and accrued income | 490/1 | €25,564 | €16,806 | -€8,758 | -34.3% |
| Total equity and liabilities | 10/49 | €706,973 | €739,365 | +€32,392 | +4.6% |
| Equity | 10/15 | €208,555 | €220,493 | +€11,938 | +5.7% |
| Contributions | 10/11 | €107,500 | €107,500 | = | 0.0% |
| Reserves | 13 | €9,475 | €9,475 | = | 0.0% |
| Distributable reserves | 133 | €9,475 | €9,475 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,580 | €103,518 | +€11,938 | +13.0% |
| Amounts payable | 17/49 | €498,418 | €518,872 | +€20,454 | +4.1% |
| Amounts payable after more than one year | 17 | €36,639 | €0 | -€36,639 | -100% |
| Financial debts | 170/4 | €36,639 | €0 | -€36,639 | -100% |
| Amounts payable within one year | 42/48 | €461,779 | €518,872 | +€57,093 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €124,204 | €36,639 | -€87,565 | -70.5% |
| Trade debts | 44 | €252,695 | €331,532 | +€78,837 | +31.2% |
| Suppliers | 440/4 | €252,695 | €331,532 | +€78,837 | +31.2% |
| Taxes, remuneration and social security | 45 | €84,304 | €84,225 | -€79 | -0.1% |
| Taxes | 450/3 | €517 | €6,611 | +€6,094 | +1,178% |
| Remuneration and social security | 454/9 | €83,787 | €77,614 | -€6,173 | -7.4% |
| Other amounts payable | 47/48 | €576 | €66,476 | +€65,900 | +11,439% |
| Remuneration, social security and pensions | 62 | €648,609 | €591,559 | -€57,050 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,439 | €84,268 | -€32,171 | -27.6% |
| Other operating charges | 640/8 | €12,671 | €12,617 | -€54 | -0.4% |
| Gross operating margin | 9900 | €906,737 | €805,056 | -€101,681 | -11.2% |
| Operating profit (loss) | 9901 | €129,018 | €116,612 | -€12,406 | -9.6% |
| Financial income | 75/76B | €219 | €218 | -€1 | -0.3% |
| Recurring financial income | 75 | €219 | €218 | -€1 | -0.3% |
| Financial charges | 65/66B | €10,383 | €7,577 | -€2,806 | -27.0% |
| Recurring financial charges | 65 | €10,383 | €7,577 | -€2,806 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €118,854 | €109,254 | -€9,600 | -8.1% |
| Income taxes | 67/77 | €33,374 | €31,316 | -€2,057 | -6.2% |
| Profit (loss) for the period | 9904 | €85,480 | €77,938 | -€7,543 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,480 | €77,938 | -€7,543 | -8.8% |
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 13 October 2026 via checked.be.