G.R. Forest: 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.
G.R. Forest
Largest movements
- Tangible fixed assets -€71,705
down €71,705 (-25.2%), from €284,491 to €212,787
of which Leasing and similar rights: -€64,469
- Receivables within one year +€8,850
up €8,850 (+18.0%), from €49,248 to €58,099
of which Other amounts receivable: +€12,765
- Deferred charges and accrued income +€7,042
up €7,042 (+87.5%), from €8,051 to €15,093
- Debts after one year -€63,954
down €63,954 (-30.2%), from €211,770 to €147,816
- Trade debts +€49,146
up €49,146 (+77.4%), from €63,497 to €112,643
- Profit (loss) carried forward -€44,920
down €44,920 (-129%), from -€34,930 to -€79,851
- Current portion of long-term debt +€8,736
up €8,736 (+14.0%), from €62,232 to €70,967
- Other debts -€4,877
no longer reported in 2025 (was €4,877)
- Gross operating margin -€41,109
down €41,109 (-52.4%), from €78,419 to €37,310
- Other operating charges -€21,660
down €21,660 (-85.6%), from €25,290 to €3,630
- Depreciation +€3,678
up €3,678 (+5.4%), from €68,027 to €71,705
- Financial charges -€1,387
down €1,387 (-15.5%), from €8,920 to €7,533
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €343,199 | €287,773 | -€55,426 | -16.1% |
| Fixed assets | 21/28 | €285,250 | €213,546 | -€71,705 | -25.1% |
| Tangible fixed assets | 22/27 | €284,491 | €212,787 | -€71,705 | -25.2% |
| Plant, machinery and equipment | 23 | €5,944 | €3,074 | -€2,869 | -48.3% |
| Furniture and vehicles | 24 | €10,275 | €5,908 | -€4,367 | -42.5% |
| Leasing and similar rights | 25 | €268,273 | €203,804 | -€64,469 | -24.0% |
| Financial fixed assets | 28 | €759 | €759 | = | 0.0% |
| Current assets | 29/58 | €57,949 | €74,227 | +€16,279 | +28.1% |
| Stocks and contracts in progress | 3 | €649 | €1,036 | +€386 | +59.5% |
| Stocks | 30/36 | €649 | €1,036 | +€386 | +59.5% |
| Amounts receivable within one year | 40/41 | €49,248 | €58,099 | +€8,850 | +18.0% |
| Trade receivables | 40 | €42,259 | €38,344 | -€3,915 | -9.3% |
| Other amounts receivable | 41 | €6,989 | €19,754 | +€12,765 | +183% |
| Deferred charges and accrued income | 490/1 | €8,051 | €15,093 | +€7,042 | +87.5% |
| Total equity and liabilities | 10/49 | €343,199 | €287,773 | -€55,426 | -16.1% |
| Equity | 10/15 | -€4,221 | -€49,142 | -€44,920 | -1,064% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €709 | €709 | = | 0.0% |
| Distributable reserves | 133 | €709 | €709 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,930 | -€79,851 | -€44,920 | -129% |
| Amounts payable | 17/49 | €347,420 | €336,915 | -€10,505 | -3.0% |
| Amounts payable after more than one year | 17 | €211,770 | €147,816 | -€63,954 | -30.2% |
| Financial debts | 170/4 | €211,770 | €147,816 | -€63,954 | -30.2% |
| Amounts payable within one year | 42/48 | €135,650 | €189,099 | +€53,449 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | €62,232 | €70,967 | +€8,736 | +14.0% |
| Financial debts | 43 | €5,044 | €5,187 | +€143 | +2.8% |
| Credit institutions | 430/8 | €5,044 | €5,187 | +€143 | +2.8% |
| Trade debts | 44 | €63,497 | €112,643 | +€49,146 | +77.4% |
| Suppliers | 440/4 | €63,497 | €112,643 | +€49,146 | +77.4% |
| Taxes, remuneration and social security | 45 | - | €301 | +€301 | |
| Taxes | 450/3 | - | €301 | +€301 | |
| Other amounts payable | 47/48 | €4,877 | - | -€4,877 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,027 | €71,705 | +€3,678 | +5.4% |
| Other operating charges | 640/8 | €25,290 | €3,630 | -€21,660 | -85.6% |
| Gross operating margin | 9900 | €78,419 | €37,310 | -€41,109 | -52.4% |
| Operating profit (loss) | 9901 | -€14,898 | -€38,024 | -€23,126 | -155% |
| Financial income | 75/76B | €20 | €637 | +€617 | +3,081% |
| Recurring financial income | 75 | €20 | €637 | +€617 | +3,081% |
| Financial charges | 65/66B | €8,920 | €7,533 | -€1,387 | -15.5% |
| Recurring financial charges | 65 | €8,920 | €7,533 | -€1,387 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€23,798 | -€44,920 | -€21,122 | -88.8% |
| Profit (loss) for the period | 9904 | -€23,798 | -€44,920 | -€21,122 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,798 | -€44,920 | -€21,122 | -88.8% |
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 24 October 2026 via checked.be.