Forwrd: 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.
Forwrd
Largest movements
- Receivables within one year +€28,790
up €28,790 (+82.9%), from €34,716 to €63,506
of which Trade receivables: +€29,620
- Intangible fixed assets +€23,674
new in 2025: €23,674
- Cash +€8,765
new in 2025: €8,765
mainly Net result for the year (+€44,093) and Other debts (+€11,660)
- Tangible fixed assets -€5,625
down €5,625 (-44.5%), from €12,633 to €7,008
of which Furniture and vehicles: -€5,625
- Profit (loss) carried forward +€41,132
no longer reported in 2025 (was -€41,132)
- Other debts +€11,660
up €11,660 (+148%), from €7,858 to €19,519
- Debts after one year -€7,234
no longer reported in 2025 (was €7,234)
- Tax, wage and social debts +€6,348
up €6,348 (+25.0%), from €25,389 to €31,737
of which Taxes: +€5,910
- Reserves +€2,961
up €2,961 (+9.7%), from €30,566 to €33,526
of which Distributable reserves: +€2,961
- Gross operating margin +€44,965
up €44,965 (+53.0%), from €84,804 to €129,770
- Staff costs +€3,551
up €3,551 (+5.1%), from €70,116 to €73,667
- Depreciation +€3,545
up €3,545 (+56.8%), from €6,240 to €9,785
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 | €50,076 | €104,723 | +€54,647 | +109% |
| Fixed assets | 21/28 | €12,633 | €30,682 | +€18,049 | +143% |
| Intangible fixed assets | 21 | - | €23,674 | +€23,674 | |
| Tangible fixed assets | 22/27 | €12,633 | €7,008 | -€5,625 | -44.5% |
| Land and buildings | 22 | €159 | - | -€159 | |
| Plant, machinery and equipment | 23 | - | €159 | +€159 | |
| Furniture and vehicles | 24 | €12,474 | €6,849 | -€5,625 | -45.1% |
| Current assets | 29/58 | €37,443 | €74,041 | +€36,598 | +97.7% |
| Amounts receivable within one year | 40/41 | €34,716 | €63,506 | +€28,790 | +82.9% |
| Trade receivables | 40 | €33,856 | €63,476 | +€29,620 | +87.5% |
| Other amounts receivable | 41 | €860 | €30 | -€830 | -96.5% |
| Cash at bank and in hand | 54/58 | - | €8,765 | +€8,765 | |
| Deferred charges and accrued income | 490/1 | €2,727 | €1,769 | -€958 | -35.1% |
| Total equity and liabilities | 10/49 | €50,076 | €104,723 | +€54,647 | +109% |
| Equity | 10/15 | -€4,366 | €39,726 | +€44,093 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €30,566 | €33,526 | +€2,961 | +9.7% |
| Tax-exempt reserves | 132 | €2,753 | €2,753 | = | 0.0% |
| Distributable reserves | 133 | €27,813 | €30,774 | +€2,961 | +10.6% |
| Profit (loss) carried forward | 14 | -€41,132 | - | +€41,132 | |
| Amounts payable | 17/49 | €54,443 | €64,997 | +€10,554 | +19.4% |
| Amounts payable after more than one year | 17 | €7,234 | - | -€7,234 | |
| Financial debts | 170/4 | €7,234 | - | -€7,234 | |
| Amounts payable within one year | 42/48 | €47,116 | €64,997 | +€17,881 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | €6,793 | €7,234 | +€442 | +6.5% |
| Financial debts | 43 | €1,153 | - | -€1,153 | |
| Credit institutions | 430/8 | €1,153 | - | -€1,153 | |
| Trade debts | 44 | €5,923 | €6,507 | +€584 | +9.9% |
| Suppliers | 440/4 | €5,923 | €6,507 | +€584 | +9.9% |
| Taxes, remuneration and social security | 45 | €25,389 | €31,737 | +€6,348 | +25.0% |
| Taxes | 450/3 | €10,669 | €16,579 | +€5,910 | +55.4% |
| Remuneration and social security | 454/9 | €14,720 | €15,158 | +€438 | +3.0% |
| Other amounts payable | 47/48 | €7,858 | €19,519 | +€11,660 | +148% |
| Accrued charges and deferred income | 492/3 | €92 | - | -€92 | |
| Remuneration, social security and pensions | 62 | €70,116 | €73,667 | +€3,551 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,240 | €9,785 | +€3,545 | +56.8% |
| Other operating charges | 640/8 | €446 | €469 | +€23 | +5.2% |
| Gross operating margin | 9900 | €84,804 | €129,770 | +€44,965 | +53.0% |
| Operating profit (loss) | 9901 | €8,002 | €45,848 | +€37,846 | +473% |
| Financial income | 75/76B | €18 | €0 | -€18 | -97.5% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -97.5% |
| Financial charges | 65/66B | €2,249 | €1,067 | -€1,182 | -52.6% |
| Recurring financial charges | 65 | €2,249 | €1,067 | -€1,182 | -52.6% |
| Profit (loss) for the period before taxes | 9903 | €5,771 | €44,782 | +€39,011 | +676% |
| Income taxes | 67/77 | €377 | €689 | +€312 | +82.7% |
| Profit (loss) for the period | 9904 | €5,394 | €44,093 | +€38,699 | +717% |
| Profit (loss) for the period to be appropriated | 9905 | €5,394 | €44,093 | +€38,699 | +717% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.