FORX: 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.
FORX
Largest movements
- Receivables within one year +€160,241
up €160,241 (+156.3%), from €102,528 to €262,770
of which Trade receivables: +€159,678
- Stocks and contracts +€74,772
up €74,772 (+24.6%), from €303,468 to €378,240
- Tangible fixed assets -€57,241
down €57,241 (-21.9%), from €260,895 to €203,654
- Cash -€49,688
down €49,688 (-45.8%), from €108,376 to €58,687
mainly Receivables within one year (-€160,241) and Stocks and contracts (-€74,772)
- Trade debts +€110,799
up €110,799 (+468.7%), from €23,637 to €134,436
- Short-term financial debts +€75,000
up €75,000 (+37.5%), from €200,000 to €275,000
- Debts after one year -€44,723
down €44,723 (-25.7%), from €173,703 to €128,980
- Other debts -€29,374
down €29,374 (-23.7%), from €124,128 to €94,754
- Tax, wage and social debts +€10,820
up €10,820 (+54.3%), from €19,909 to €30,729
of which Taxes: +€9,346
- Gross operating margin +€28,938
up €28,938 (+13.0%), from €221,925 to €250,863
- Staff costs +€17,322
up €17,322 (+28.1%), from €61,667 to €78,989
- Depreciation -€10,248
down €10,248 (-10.5%), from €97,676 to €87,428
- Financial charges +€6,739
up €6,739 (+32.2%), from €20,913 to €27,652
- Other operating charges -€3,125
down €3,125 (-41.1%), from €7,610 to €4,485
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 | €776,911 | €907,140 | +€130,230 | +16.8% |
| Fixed assets | 21/28 | €262,539 | €207,444 | -€55,095 | -21.0% |
| Intangible fixed assets | 21 | - | €2,145 | +€2,145 | |
| Tangible fixed assets | 22/27 | €260,895 | €203,654 | -€57,241 | -21.9% |
| Land and buildings | 22 | €1,632 | €9,991 | +€8,359 | +512.2% |
| Plant, machinery and equipment | 23 | €139,383 | €113,908 | -€25,475 | -18.3% |
| Furniture and vehicles | 24 | €46,627 | €30,920 | -€15,707 | -33.7% |
| Leasing and similar rights | 25 | €73,252 | €48,835 | -€24,417 | -33.3% |
| Financial fixed assets | 28 | €1,645 | €1,645 | = | 0.0% |
| Current assets | 29/58 | €514,372 | €699,696 | +€185,325 | +36.0% |
| Stocks and contracts in progress | 3 | €303,468 | €378,240 | +€74,772 | +24.6% |
| Stocks | 30/36 | €303,468 | €378,240 | +€74,772 | +24.6% |
| Amounts receivable within one year | 40/41 | €102,528 | €262,770 | +€160,241 | +156.3% |
| Trade receivables | 40 | €99,854 | €259,532 | +€159,678 | +159.9% |
| Other amounts receivable | 41 | €2,674 | €3,237 | +€563 | +21.1% |
| Cash at bank and in hand | 54/58 | €108,376 | €58,687 | -€49,688 | -45.8% |
| Total equity and liabilities | 10/49 | €776,911 | €907,140 | +€130,230 | +16.8% |
| Equity | 10/15 | €154,203 | €154,408 | +€206 | +0.1% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €118,000 | €118,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €118,000 | €118,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,203 | €1,408 | +€206 | +17.1% |
| Amounts payable | 17/49 | €622,708 | €752,732 | +€130,024 | +20.9% |
| Amounts payable after more than one year | 17 | €173,703 | €128,980 | -€44,723 | -25.7% |
| Financial debts | 170/4 | €173,703 | €128,980 | -€44,723 | -25.7% |
| Amounts payable within one year | 42/48 | €447,391 | €622,138 | +€174,747 | +39.1% |
| Current portion of amounts payable after more than one year | 42 | €79,717 | €87,220 | +€7,503 | +9.4% |
| Financial debts | 43 | €200,000 | €275,000 | +€75,000 | +37.5% |
| Credit institutions | 430/8 | €200,000 | €275,000 | +€75,000 | +37.5% |
| Trade debts | 44 | €23,637 | €134,436 | +€110,799 | +468.7% |
| Suppliers | 440/4 | €23,637 | €134,436 | +€110,799 | +468.7% |
| Taxes, remuneration and social security | 45 | €19,909 | €30,729 | +€10,820 | +54.3% |
| Taxes | 450/3 | €13,688 | €23,034 | +€9,346 | +68.3% |
| Remuneration and social security | 454/9 | €6,220 | €7,695 | +€1,474 | +23.7% |
| Other amounts payable | 47/48 | €124,128 | €94,754 | -€29,374 | -23.7% |
| Accrued charges and deferred income | 492/3 | €1,614 | €1,614 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €61,667 | €78,989 | +€17,322 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,676 | €87,428 | -€10,248 | -10.5% |
| Other operating charges | 640/8 | €7,610 | €4,485 | -€3,125 | -41.1% |
| Gross operating margin | 9900 | €221,925 | €250,863 | +€28,938 | +13.0% |
| Operating profit (loss) | 9901 | €54,973 | €79,961 | +€24,988 | +45.5% |
| Financial income | 75/76B | €150 | €73 | -€77 | -51.2% |
| Recurring financial income | 75 | €150 | €73 | -€77 | -51.2% |
| Financial charges | 65/66B | €20,913 | €27,652 | +€6,739 | +32.2% |
| Recurring financial charges | 65 | €20,913 | €27,652 | +€6,739 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €34,210 | €52,382 | +€18,172 | +53.1% |
| Income taxes | 67/77 | €1,933 | €3,177 | +€1,244 | +64.4% |
| Profit (loss) for the period | 9904 | €32,278 | €49,206 | +€16,928 | +52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,278 | €49,206 | +€16,928 | +52.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.