I FORWARDING: 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.
I FORWARDING
Largest movements
- Receivables within one year -€86,530
down €86,530 (-5.8%), from €1.5m to €1.4m
of which Trade receivables: -€61,396
- Current investments -€34,588
down €34,588 (-26.9%), from €128,586 to €93,998
- Cash +€24,691
up €24,691 (+19.9%), from €124,275 to €148,966
mainly Receivables within one year (+€86,530) and Net result for the year (+€39,347)
- Trade debts -€133,125
down €133,125 (-13.9%), from €959,329 to €826,204
- Reserves +€39,347
up €39,347 (+6.1%), from €649,215 to €688,562
of which Distributable reserves: +€39,347
- Gross operating margin +€139,422
up €139,422 (+37.1%), from €376,018 to €515,440
- Taxes +€25,407
new in 2025: €25,407
- Financial charges +€8,247
up €8,247 (+19.2%), from €43,039 to €51,286
- Staff costs -€7,635
down €7,635 (-1.8%), from €421,755 to €414,119
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 | €1,757,510 | €1,674,909 | -€82,601 | -4.7% |
| Fixed assets | 21/28 | €707 | €9,800 | +€9,093 | +1286.5% |
| Tangible fixed assets | 22/27 | €707 | €1,276 | +€569 | +80.6% |
| Furniture and vehicles | 24 | €707 | €1,276 | +€569 | +80.6% |
| Financial fixed assets | 28 | - | €8,524 | +€8,524 | |
| Current assets | 29/58 | €1,756,804 | €1,665,109 | -€91,695 | -5.2% |
| Amounts receivable within one year | 40/41 | €1,503,426 | €1,416,896 | -€86,530 | -5.8% |
| Trade receivables | 40 | €1,454,693 | €1,393,297 | -€61,396 | -4.2% |
| Other amounts receivable | 41 | €48,733 | €23,598 | -€25,135 | -51.6% |
| Current investments | 50/53 | €128,586 | €93,998 | -€34,588 | -26.9% |
| Cash at bank and in hand | 54/58 | €124,275 | €148,966 | +€24,691 | +19.9% |
| Deferred charges and accrued income | 490/1 | €516 | €5,249 | +€4,732 | +916.4% |
| Total equity and liabilities | 10/49 | €1,757,510 | €1,674,909 | -€82,601 | -4.7% |
| Equity | 10/15 | €794,941 | €834,288 | +€39,347 | +4.9% |
| Reserves | 13 | €649,215 | €688,562 | +€39,347 | +6.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €647,355 | €686,702 | +€39,347 | +6.1% |
| Profit (loss) carried forward | 14 | €145,726 | €145,726 | = | 0.0% |
| Amounts payable | 17/49 | €962,569 | €840,621 | -€121,948 | -12.7% |
| Amounts payable within one year | 42/48 | €962,569 | €828,677 | -€133,892 | -13.9% |
| Trade debts | 44 | €959,329 | €826,204 | -€133,125 | -13.9% |
| Suppliers | 440/4 | €959,329 | €826,204 | -€133,125 | -13.9% |
| Taxes, remuneration and social security | 45 | €767 | - | -€767 | |
| Taxes | 450/3 | €767 | - | -€767 | |
| Other amounts payable | 47/48 | €2,473 | €2,472 | -€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €11,944 | +€11,944 | |
| Remuneration, social security and pensions | 62 | €421,755 | €414,119 | -€7,635 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110 | - | -€110 | |
| Other operating charges | 640/8 | €3,691 | €3,926 | +€235 | +6.4% |
| Gross operating margin | 9900 | €376,018 | €515,440 | +€139,422 | +37.1% |
| Operating profit (loss) | 9901 | -€49,538 | €97,395 | +€146,933 | |
| Financial income | 75/76B | €13,964 | €18,645 | +€4,681 | +33.5% |
| Recurring financial income | 75 | €13,964 | €18,645 | +€4,681 | +33.5% |
| Financial charges | 65/66B | €43,039 | €51,286 | +€8,247 | +19.2% |
| Recurring financial charges | 65 | €43,039 | €51,286 | +€8,247 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | -€78,613 | €64,754 | +€143,368 | |
| Income taxes | 67/77 | - | €25,407 | +€25,407 | |
| Profit (loss) for the period | 9904 | -€78,613 | €39,347 | +€117,961 | |
| Profit (loss) for the period to be appropriated | 9905 | -€78,613 | €39,347 | +€117,961 |
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 29 September 2026 via checked.be.