JOHAN FORNIER: 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.
JOHAN FORNIER
Largest movements
- Tangible fixed assets +€386,134
new in 2025: €386,134
of which Land and buildings: +€374,337
- Receivables within one year +€76,064
up €76,064 (+13,553%), from €561 to €76,625
of which Other amounts receivable: +€73,635
- Cash -€19,311
down €19,311 (-19.9%), from €97,193 to €77,882
mainly Investment in fixed assets (net) (-€447,885) and Receivables within one year (-€76,064)
- Debts after one year +€273,266
new in 2025: €273,266
- Profit (loss) carried forward +€173,168
up €173,168 (+293%), from €59,152 to €232,320
- Tax, wage and social debts -€24,990
down €24,990 (-78.5%), from €31,815 to €6,825
- Current portion of long-term debt +€17,889
new in 2025: €17,889
- Gross operating margin +€222,362
up €222,362 (+297%), from €74,805 to €297,168
- Depreciation +€63,349
up €63,349 (+7,931%), from €799 to €64,147
- Taxes +€38,500
up €38,500 (+260%), from €14,810 to €53,310
- Financial charges +€7,473
up €7,473 (+12,885%), from €58 to €7,531
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 | €100,150 | €540,641 | +€440,491 | +440% |
| Formation expenses | 20 | €2,396 | - | -€2,396 | |
| Fixed assets | 21/28 | - | €386,134 | +€386,134 | |
| Tangible fixed assets | 22/27 | - | €386,134 | +€386,134 | |
| Land and buildings | 22 | - | €374,337 | +€374,337 | |
| Plant, machinery and equipment | 23 | - | €11,797 | +€11,797 | |
| Current assets | 29/58 | €97,754 | €154,507 | +€56,753 | +58.1% |
| Amounts receivable within one year | 40/41 | €561 | €76,625 | +€76,064 | +13,553% |
| Trade receivables | 40 | €402 | €2,831 | +€2,429 | +605% |
| Other amounts receivable | 41 | €159 | €73,795 | +€73,635 | +46,186% |
| Cash at bank and in hand | 54/58 | €97,193 | €77,882 | -€19,311 | -19.9% |
| Total equity and liabilities | 10/49 | €100,150 | €540,641 | +€440,491 | +440% |
| Equity | 10/15 | €60,152 | €233,320 | +€173,168 | +288% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,152 | €232,320 | +€173,168 | +293% |
| Amounts payable | 17/49 | €39,998 | €307,321 | +€267,323 | +668% |
| Amounts payable after more than one year | 17 | - | €273,266 | +€273,266 | |
| Financial debts | 170/4 | - | €273,266 | +€273,266 | |
| Amounts payable within one year | 42/48 | €37,498 | €31,555 | -€5,943 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | - | €17,889 | +€17,889 | |
| Financial debts | 43 | €390 | - | -€390 | |
| Credit institutions | 430/8 | €390 | - | -€390 | |
| Trade debts | 44 | €5,293 | €6,841 | +€1,547 | +29.2% |
| Suppliers | 440/4 | €5,293 | €6,841 | +€1,547 | +29.2% |
| Taxes, remuneration and social security | 45 | €31,815 | €6,825 | -€24,990 | -78.5% |
| Taxes | 450/3 | €31,815 | €6,825 | -€24,990 | -78.5% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €799 | €64,147 | +€63,349 | +7,931% |
| Other operating charges | 640/8 | - | €391 | +€391 | |
| Gross operating margin | 9900 | €74,805 | €297,168 | +€222,362 | +297% |
| Operating profit (loss) | 9901 | €74,007 | €232,629 | +€158,623 | +214% |
| Financial income | 75/76B | €14 | €1,380 | +€1,366 | +9,902% |
| Recurring financial income | 75 | €14 | €1,380 | +€1,366 | +9,902% |
| Financial charges | 65/66B | €58 | €7,531 | +€7,473 | +12,885% |
| Recurring financial charges | 65 | €58 | €7,531 | +€7,473 | +12,885% |
| Profit (loss) for the period before taxes | 9903 | €73,962 | €226,478 | +€152,516 | +206% |
| Income taxes | 67/77 | €14,810 | €53,310 | +€38,500 | +260% |
| Profit (loss) for the period | 9904 | €59,152 | €173,168 | +€114,016 | +193% |
| Profit (loss) for the period to be appropriated | 9905 | €59,152 | €173,168 | +€114,016 | +193% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.