LA FORET: 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.
LA FORET
Largest movements
- Receivables after one year -€205,028
no longer reported in 2025 (was €205,028)
- Receivables within one year +€108,609
up €108,609 (+91.0%), from €119,344 to €227,953
of which Other amounts receivable: +€193,283
- Tangible fixed assets -€31,325
down €31,325 (-12.5%), from €250,173 to €218,847
- Cash +€13,178
up €13,178 (+28.0%), from €47,007 to €60,186
mainly Receivables after one year (+€205,028) and Depreciation (+€58,695)
- Reserves -€81,669
down €81,669 (-19.2%), from €425,034 to €343,365
of which Distributable reserves: -€81,669
- Current portion of long-term debt +€51,711
up €51,711 (+1,013%), from €5,103 to €56,814
- Trade debts -€50,024
down €50,024 (-38.9%), from €128,661 to €78,636
- Tax, wage and social debts -€35,324
down €35,324 (-27.4%), from €128,892 to €93,568
of which Remuneration and social security: -€32,142
- Gross operating margin -€73,730
down €73,730 (-9.4%), from €784,869 to €711,139
- Staff costs -€47,081
down €47,081 (-6.4%), from €732,655 to €685,574
- Financial charges +€16,275
up €16,275 (+76.3%), from €21,316 to €37,591
- Depreciation +€8,134
up €8,134 (+16.1%), from €50,561 to €58,695
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 | €709,284 | €588,893 | -€120,392 | -17.0% |
| Fixed assets | 21/28 | €251,573 | €218,947 | -€32,625 | -13.0% |
| Tangible fixed assets | 22/27 | €250,173 | €218,847 | -€31,325 | -12.5% |
| Plant, machinery and equipment | 23 | €74,800 | €60,126 | -€14,674 | -19.6% |
| Furniture and vehicles | 24 | €29,287 | €21,011 | -€8,276 | -28.3% |
| Other tangible fixed assets | 26 | €146,085 | €137,710 | -€8,375 | -5.7% |
| Financial fixed assets | 28 | €1,400 | €100 | -€1,300 | -92.9% |
| Current assets | 29/58 | €457,711 | €369,945 | -€87,766 | -19.2% |
| Amounts receivable after more than one year | 29 | €205,028 | - | -€205,028 | |
| Other amounts receivable | 291 | €205,028 | - | -€205,028 | |
| Stocks and contracts in progress | 3 | €69,051 | €69,051 | = | 0.0% |
| Stocks | 30/36 | €69,051 | €69,051 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €119,344 | €227,953 | +€108,609 | +91.0% |
| Trade receivables | 40 | €104,525 | €19,851 | -€84,674 | -81.0% |
| Other amounts receivable | 41 | €14,818 | €208,102 | +€193,283 | +1,304% |
| Cash at bank and in hand | 54/58 | €47,007 | €60,186 | +€13,178 | +28.0% |
| Deferred charges and accrued income | 490/1 | €17,281 | €12,755 | -€4,525 | -26.2% |
| Total equity and liabilities | 10/49 | €709,284 | €588,893 | -€120,392 | -17.0% |
| Equity | 10/15 | €431,234 | €349,565 | -€81,669 | -18.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €425,034 | €343,365 | -€81,669 | -19.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €425,034 | €343,365 | -€81,669 | -19.2% |
| Amounts payable | 17/49 | €278,050 | €239,328 | -€38,722 | -13.9% |
| Amounts payable after more than one year | 17 | €9,084 | €10,310 | +€1,226 | +13.5% |
| Financial debts | 170/4 | €9,084 | €971 | -€8,112 | -89.3% |
| Advances received on contracts in progress | 176 | - | €9,338 | +€9,338 | |
| Amounts payable within one year | 42/48 | €268,816 | €229,018 | -€39,798 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €5,103 | €56,814 | +€51,711 | +1,013% |
| Trade debts | 44 | €128,661 | €78,636 | -€50,024 | -38.9% |
| Suppliers | 440/4 | €128,661 | €78,636 | -€50,024 | -38.9% |
| Taxes, remuneration and social security | 45 | €128,892 | €93,568 | -€35,324 | -27.4% |
| Taxes | 450/3 | €22,746 | €19,564 | -€3,182 | -14.0% |
| Remuneration and social security | 454/9 | €106,146 | €74,004 | -€32,142 | -30.3% |
| Other amounts payable | 47/48 | €6,160 | - | -€6,160 | |
| Accrued charges and deferred income | 492/3 | €150 | - | -€150 | |
| Non-recurring operating income | 76A | €2,262 | - | -€2,262 | |
| Remuneration, social security and pensions | 62 | €732,655 | €685,574 | -€47,081 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,561 | €58,695 | +€8,134 | +16.1% |
| Other operating charges | 640/8 | €3,401 | €10,126 | +€6,725 | +198% |
| Non-recurring operating charges | 66A | €3,162 | €351 | -€2,811 | -88.9% |
| Gross operating margin | 9900 | €784,869 | €711,139 | -€73,730 | -9.4% |
| Operating profit (loss) | 9901 | -€4,911 | -€43,607 | -€38,696 | -788% |
| Financial income | 75/76B | €71 | - | -€71 | |
| Recurring financial income | 75 | €71 | - | -€71 | |
| Financial charges | 65/66B | €21,316 | €37,591 | +€16,275 | +76.3% |
| Recurring financial charges | 65 | €21,316 | €37,591 | +€16,275 | +76.3% |
| Profit (loss) for the period before taxes | 9903 | -€26,156 | -€81,199 | -€55,042 | -210% |
| Income taxes | 67/77 | €453 | €471 | +€18 | +3.9% |
| Profit (loss) for the period | 9904 | -€26,609 | -€81,669 | -€55,060 | -207% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,609 | -€81,669 | -€55,060 | -207% |
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 15 October 2026 via checked.be.