FOURWARD: 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.
FOURWARD
Largest movements
- Receivables within one year -€109,936
down €109,936 (-94.2%), from €116,649 to €6,713
of which Other amounts receivable: -€109,901
- Cash +€29,822
up €29,822 (+88.0%), from €33,874 to €63,697
mainly Receivables within one year (+€109,936) and Net result for the year (+€44,801)
- Tangible fixed assets -€25,092
down €25,092 (-21.7%), from €115,376 to €90,284
of which Furniture and vehicles: -€13,450
- Deferred charges and accrued income -€4,998
no longer reported in 2025 (was €4,998)
- Intangible fixed assets -€4,455
down €4,455 (-21.5%), from €20,738 to €16,283
- Reserves -€138,812
no longer reported in 2025 (was €138,812)
- Tax, wage and social debts +€30,224
up €30,224 (+155%), from €19,558 to €49,782
of which Taxes: +€30,159
- Other debts +€22,188
up €22,188 (+98.6%), from €22,500 to €44,688
- Debts after one year -€18,462
down €18,462 (-30.7%), from €60,190 to €41,729
- Current portion of long-term debt -€7,804
down €7,804 (-29.7%), from €26,266 to €18,462
- Gross operating margin -€59,326
down €59,326 (-30.6%), from €194,032 to €134,706
- Taxes -€5,729
down €5,729 (-22.2%), from €25,816 to €20,087
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 | €306,777 | €192,118 | -€114,659 | -37.4% |
| Fixed assets | 21/28 | €151,256 | €121,709 | -€29,547 | -19.5% |
| Intangible fixed assets | 21 | €20,738 | €16,283 | -€4,455 | -21.5% |
| Tangible fixed assets | 22/27 | €115,376 | €90,284 | -€25,092 | -21.7% |
| Land and buildings | 22 | €16,021 | €14,207 | -€1,814 | -11.3% |
| Plant, machinery and equipment | 23 | €9,200 | €9,494 | +€295 | +3.2% |
| Furniture and vehicles | 24 | €29,680 | €16,230 | -€13,450 | -45.3% |
| Other tangible fixed assets | 26 | €60,476 | €50,352 | -€10,124 | -16.7% |
| Financial fixed assets | 28 | €15,142 | €15,142 | = | 0.0% |
| Current assets | 29/58 | €155,521 | €70,410 | -€85,111 | -54.7% |
| Amounts receivable within one year | 40/41 | €116,649 | €6,713 | -€109,936 | -94.2% |
| Trade receivables | 40 | €835 | €800 | -€35 | -4.2% |
| Other amounts receivable | 41 | €115,814 | €5,913 | -€109,901 | -94.9% |
| Cash at bank and in hand | 54/58 | €33,874 | €63,697 | +€29,822 | +88.0% |
| Deferred charges and accrued income | 490/1 | €4,998 | - | -€4,998 | |
| Total equity and liabilities | 10/49 | €306,777 | €192,118 | -€114,659 | -37.4% |
| Equity | 10/15 | €168,812 | €30,113 | -€138,699 | -82.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €138,812 | - | -€138,812 | |
| Distributable reserves | 133 | €138,812 | - | -€138,812 | |
| Profit (loss) carried forward | 14 | - | €113 | +€113 | |
| Amounts payable | 17/49 | €137,965 | €162,006 | +€24,041 | +17.4% |
| Amounts payable after more than one year | 17 | €60,190 | €41,729 | -€18,462 | -30.7% |
| Financial debts | 170/4 | €60,190 | €41,729 | -€18,462 | -30.7% |
| Amounts payable within one year | 42/48 | €77,775 | €115,346 | +€37,571 | +48.3% |
| Current portion of amounts payable after more than one year | 42 | €26,266 | €18,462 | -€7,804 | -29.7% |
| Trade debts | 44 | €9,451 | €2,414 | -€7,037 | -74.5% |
| Suppliers | 440/4 | €9,451 | €2,414 | -€7,037 | -74.5% |
| Taxes, remuneration and social security | 45 | €19,558 | €49,782 | +€30,224 | +155% |
| Taxes | 450/3 | €16,963 | €47,122 | +€30,159 | +178% |
| Remuneration and social security | 454/9 | €2,595 | €2,660 | +€65 | +2.5% |
| Other amounts payable | 47/48 | €22,500 | €44,688 | +€22,188 | +98.6% |
| Accrued charges and deferred income | 492/3 | - | €4,931 | +€4,931 | |
| Remuneration, social security and pensions | 62 | €20,850 | €19,822 | -€1,028 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,586 | €37,524 | -€62 | -0.2% |
| Other operating charges | 640/8 | €5,275 | €6,654 | +€1,378 | +26.1% |
| Gross operating margin | 9900 | €194,032 | €134,706 | -€59,326 | -30.6% |
| Operating profit (loss) | 9901 | €130,321 | €70,706 | -€59,615 | -45.7% |
| Financial charges | 65/66B | €4,829 | €5,818 | +€990 | +20.5% |
| Recurring financial charges | 65 | €4,829 | €5,818 | +€990 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €125,492 | €64,888 | -€60,604 | -48.3% |
| Income taxes | 67/77 | €25,816 | €20,087 | -€5,729 | -22.2% |
| Profit (loss) for the period | 9904 | €99,676 | €44,801 | -€54,875 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €99,676 | €44,801 | -€54,875 | -55.1% |
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 16 October 2026 via checked.be.