LE FORGERON: 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.
LE FORGERON
Largest movements
- Stocks and contracts +€650,700
up €650,700 (+882%), from €73,768 to €724,468
- Cash -€34,699
down €34,699 (-100.0%), from €34,700 to €1
mainly Stocks and contracts (-€650,700) and Net result for the year (-€9,682)
- Receivables within one year -€24,927
down €24,927 (-54.7%), from €45,572 to €20,646
of which Trade receivables: -€18,927
- Short-term financial debts +€364,000
new in 2025: €364,000
- Other debts +€235,660
up €235,660 (+293%), from €80,500 to €316,160
- Profit (loss) carried forward -€9,682
down €9,682 (-84.3%), from -€11,488 to -€21,170
- Financial charges -€914
down €914, from €883 to -€31
- Gross operating margin +€791
up €791 (+7.5%), from -€10,505 to -€9,713
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 | €154,041 | €745,115 | +€591,075 | +384% |
| Current assets | 29/58 | €154,041 | €745,115 | +€591,075 | +384% |
| Stocks and contracts in progress | 3 | €73,768 | €724,468 | +€650,700 | +882% |
| Stocks | 30/36 | €73,768 | €724,468 | +€650,700 | +882% |
| Amounts receivable within one year | 40/41 | €45,572 | €20,646 | -€24,927 | -54.7% |
| Trade receivables | 40 | €39,572 | €20,646 | -€18,927 | -47.8% |
| Other amounts receivable | 41 | €6,000 | €0 | -€6,000 | -100% |
| Cash at bank and in hand | 54/58 | €34,700 | €1 | -€34,699 | -100.0% |
| Total equity and liabilities | 10/49 | €154,041 | €745,115 | +€591,075 | +384% |
| Equity | 10/15 | €38,512 | €28,830 | -€9,682 | -25.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,488 | -€21,170 | -€9,682 | -84.3% |
| Amounts payable | 17/49 | €115,529 | €716,285 | +€600,757 | +520% |
| Amounts payable within one year | 42/48 | €115,529 | €715,223 | +€599,694 | +519% |
| Financial debts | 43 | - | €364,000 | +€364,000 | |
| Credit institutions | 430/8 | - | €364,000 | +€364,000 | |
| Trade debts | 44 | €35,029 | €35,062 | +€34 | +0.1% |
| Suppliers | 440/4 | €35,029 | €35,062 | +€34 | +0.1% |
| Other amounts payable | 47/48 | €80,500 | €316,160 | +€235,660 | +293% |
| Accrued charges and deferred income | 492/3 | - | €1,062 | +€1,062 | |
| Other operating charges | 640/8 | €100 | €0 | -€100 | -100% |
| Gross operating margin | 9900 | -€10,505 | -€9,713 | +€791 | +7.5% |
| Operating profit (loss) | 9901 | -€10,605 | -€9,713 | +€891 | +8.4% |
| Financial charges | 65/66B | €883 | -€31 | -€914 | |
| Recurring financial charges | 65 | €883 | -€31 | -€914 | |
| Profit (loss) for the period before taxes | 9903 | -€11,488 | -€9,682 | +€1,806 | +15.7% |
| Profit (loss) for the period | 9904 | -€11,488 | -€9,682 | +€1,806 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,488 | -€9,682 | +€1,806 | +15.7% |
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 13 October 2026 via checked.be.