FRWRD: 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.
FRWRD
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+27.4%), from €5.3m to €6.7m
of which Land and buildings: +€1.5m
- Receivables within one year +€284,930
up €284,930 (+35.3%), from €807,768 to €1.1m
of which Trade receivables: +€293,387
- Debts after one year +€1.3m
up €1.3m (+26.9%), from €4.7m to €5.9m
of which Financial debts: +€1.3m
- Current portion of long-term debt +€117,392
up €117,392 (+23.8%), from €494,246 to €611,638
- Other debts +€107,932
up €107,932 (+13.7%), from €790,583 to €898,515
- Reserves +€105,430
up €105,430 (+10.8%), from €979,983 to €1.1m
- Tax, wage and social debts +€100,120
up €100,120 (+32.3%), from €310,207 to €410,327
of which Remuneration and social security: +€125,854
- Gross operating margin +€948,373
up €948,373 (+32.1%), from €3.0m to €3.9m
- Staff costs +€472,301
up €472,301 (+33.2%), from €1.4m to €1.9m
- Depreciation +€230,045
up €230,045 (+52.1%), from €441,260 to €671,305
- Other operating charges +€55,149
up €55,149 (+427.6%), from €12,898 to €68,047
- Financial charges +€43,632
up €43,632 (+25.6%), from €170,222 to €213,854
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 | €7,827,957 | €9,535,615 | +€1.7m | +21.8% |
| Fixed assets | 21/28 | €5,736,242 | €7,161,868 | +€1.4m | +24.9% |
| Intangible fixed assets | 21 | €457,176 | €436,598 | -€20,578 | -4.5% |
| Tangible fixed assets | 22/27 | €5,276,366 | €6,722,571 | +€1.4m | +27.4% |
| Land and buildings | 22 | €5,102,927 | €6,585,037 | +€1.5m | +29.0% |
| Plant, machinery and equipment | 23 | €19,962 | €12,542 | -€7,421 | -37.2% |
| Furniture and vehicles | 24 | €153,477 | €124,992 | -€28,486 | -18.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €2,091,715 | €2,373,747 | +€282,033 | +13.5% |
| Stocks and contracts in progress | 3 | €502,520 | €592,433 | +€89,913 | +17.9% |
| Contracts in progress | 37 | €502,520 | €592,433 | +€89,913 | +17.9% |
| Amounts receivable within one year | 40/41 | €807,768 | €1,092,698 | +€284,930 | +35.3% |
| Trade receivables | 40 | €799,077 | €1,092,464 | +€293,387 | +36.7% |
| Other amounts receivable | 41 | €8,691 | €234 | -€8,457 | -97.3% |
| Cash at bank and in hand | 54/58 | €575,164 | €506,073 | -€69,091 | -12.0% |
| Deferred charges and accrued income | 490/1 | €206,262 | €182,543 | -€23,719 | -11.5% |
| Total equity and liabilities | 10/49 | €7,827,957 | €9,535,615 | +€1.7m | +21.8% |
| Equity | 10/15 | €1,007,183 | €1,112,613 | +€105,430 | +10.5% |
| Contributions | 10/11 | €27,200 | €27,200 | = | 0.0% |
| Reserves | 13 | €979,983 | €1,085,413 | +€105,430 | +10.8% |
| Distributable reserves | 133 | €979,983 | €1,085,413 | +€105,430 | +10.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,820,774 | €8,423,002 | +€1.6m | +23.5% |
| Amounts payable after more than one year | 17 | €4,670,773 | €5,928,953 | +€1.3m | +26.9% |
| Financial debts | 170/4 | €4,664,173 | €5,922,353 | +€1.3m | +27.0% |
| Other amounts payable | 178/9 | €6,600 | €6,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,114,527 | €2,450,193 | +€335,666 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €494,246 | €611,638 | +€117,392 | +23.8% |
| Financial debts | 43 | €380,000 | €380,000 | = | 0.0% |
| Credit institutions | 430/8 | €380,000 | €380,000 | = | 0.0% |
| Trade debts | 44 | €139,492 | €149,714 | +€10,222 | +7.3% |
| Suppliers | 440/4 | €139,492 | €149,714 | +€10,222 | +7.3% |
| Taxes, remuneration and social security | 45 | €310,207 | €410,327 | +€100,120 | +32.3% |
| Taxes | 450/3 | €115,183 | €89,450 | -€25,734 | -22.3% |
| Remuneration and social security | 454/9 | €195,023 | €320,877 | +€125,854 | +64.5% |
| Other amounts payable | 47/48 | €790,583 | €898,515 | +€107,932 | +13.7% |
| Accrued charges and deferred income | 492/3 | €35,474 | €43,856 | +€8,382 | +23.6% |
| Remuneration, social security and pensions | 62 | €1,424,118 | €1,896,419 | +€472,301 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €441,260 | €671,305 | +€230,045 | +52.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,286 | -€12,235 | -€30,521 | |
| Other operating charges | 640/8 | €12,898 | €68,047 | +€55,149 | +427.6% |
| Gross operating margin | 9900 | €2,953,474 | €3,901,846 | +€948,373 | +32.1% |
| Operating profit (loss) | 9901 | €1,056,911 | €1,278,310 | +€221,399 | +20.9% |
| Financial income | 75/76B | €15,078 | €35,415 | +€20,337 | +134.9% |
| Recurring financial income | 75 | €15,078 | €35,415 | +€20,337 | +134.9% |
| Financial charges | 65/66B | €170,222 | €213,854 | +€43,632 | +25.6% |
| Recurring financial charges | 65 | €170,222 | €213,854 | +€43,632 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €901,767 | €1,099,871 | +€198,104 | +22.0% |
| Income taxes | 67/77 | €89,595 | €95,926 | +€6,331 | +7.1% |
| Profit (loss) for the period | 9904 | €812,172 | €1,003,945 | +€191,774 | +23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €812,172 | €1,003,945 | +€191,774 | +23.6% |
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 30 September 2026 via checked.be.