Series Forever: 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.
Series Forever
Largest movements
- Tangible fixed assets +€36,358
up €36,358 (+65.7%), from €55,312 to €91,671
of which Land and buildings: +€25,800
- Stocks and contracts +€33,363
up €33,363 (+24.8%), from €134,801 to €168,165
- Cash -€24,084
down €24,084 (-52.7%), from €45,665 to €21,581
mainly Investment in fixed assets (net) (-€55,861) and Stocks and contracts (-€33,363)
- Debts after one year +€23,274
up €23,274 (+143%), from €16,250 to €39,524
- Other debts +€13,301
up €13,301 (+29.4%), from €45,309 to €58,611
- Tax, wage and social debts +€9,208
up €9,208 (+67.0%), from €13,744 to €22,952
of which Taxes: +€7,645
- Trade debts +€6,604
up €6,604 (+95.8%), from €6,892 to €13,496
- Reserves -€6,564
down €6,564 (-5.5%), from €120,061 to €113,497
of which Distributable reserves: -€6,564
- Staff costs +€22,745
up €22,745 (+187%), from €12,196 to €34,941
- Depreciation +€10,715
up €10,715 (+122%), from €8,788 to €19,503
- Taxes -€10,673
down €10,673 (-66.7%), from €16,010 to €5,337
- Gross operating margin -€5,253
down €5,253 (-6.4%), from €81,765 to €76,512
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 | €245,774 | €293,014 | +€47,241 | +19.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €55,717 | €92,076 | +€36,358 | +65.3% |
| Tangible fixed assets | 22/27 | €55,312 | €91,671 | +€36,358 | +65.7% |
| Land and buildings | 22 | €1,248 | €27,048 | +€25,800 | +2,068% |
| Plant, machinery and equipment | 23 | €2,805 | €10,442 | +€7,637 | +272% |
| Furniture and vehicles | 24 | €51,260 | €54,181 | +€2,921 | +5.7% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €190,056 | €200,939 | +€10,883 | +5.7% |
| Stocks and contracts in progress | 3 | €134,801 | €168,165 | +€33,363 | +24.8% |
| Stocks | 30/36 | €134,801 | €168,165 | +€33,363 | +24.8% |
| Amounts receivable within one year | 40/41 | €9,590 | €10,522 | +€932 | +9.7% |
| Trade receivables | 40 | €9,590 | €1,531 | -€8,059 | -84.0% |
| Other amounts receivable | 41 | €0 | €8,991 | +€8,991 | |
| Cash at bank and in hand | 54/58 | €45,665 | €21,581 | -€24,084 | -52.7% |
| Deferred charges and accrued income | 490/1 | - | €671 | +€671 | |
| Total equity and liabilities | 10/49 | €245,774 | €293,014 | +€47,241 | +19.2% |
| Equity | 10/15 | €149,631 | €143,067 | -€6,564 | -4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €120,061 | €113,497 | -€6,564 | -5.5% |
| Non-distributable reserves | 130/1 | €709 | €709 | = | 0.0% |
| Reserves not available under the articles | 1311 | €709 | €709 | = | 0.0% |
| Distributable reserves | 133 | €119,352 | €112,788 | -€6,564 | -5.5% |
| Profit (loss) carried forward | 14 | €10,970 | €10,970 | = | 0.0% |
| Amounts payable | 17/49 | €96,143 | €149,948 | +€53,805 | +56.0% |
| Amounts payable after more than one year | 17 | €16,250 | €39,524 | +€23,274 | +143% |
| Financial debts | 170/4 | €16,250 | €39,524 | +€23,274 | +143% |
| Amounts payable within one year | 42/48 | €79,893 | €110,424 | +€30,531 | +38.2% |
| Current portion of amounts payable after more than one year | 42 | €13,947 | €15,365 | +€1,418 | +10.2% |
| Trade debts | 44 | €6,892 | €13,496 | +€6,604 | +95.8% |
| Suppliers | 440/4 | €6,892 | €13,496 | +€6,604 | +95.8% |
| Taxes, remuneration and social security | 45 | €13,744 | €22,952 | +€9,208 | +67.0% |
| Taxes | 450/3 | €10,479 | €18,124 | +€7,645 | +73.0% |
| Remuneration and social security | 454/9 | €3,265 | €4,828 | +€1,563 | +47.9% |
| Other amounts payable | 47/48 | €45,309 | €58,611 | +€13,301 | +29.4% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €12,196 | €34,941 | +€22,745 | +187% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,788 | €19,503 | +€10,715 | +122% |
| Other operating charges | 640/8 | €1,181 | €995 | -€186 | -15.8% |
| Gross operating margin | 9900 | €81,765 | €76,512 | -€5,253 | -6.4% |
| Operating profit (loss) | 9901 | €59,600 | €21,073 | -€38,527 | -64.6% |
| Financial income | 75/76B | €30 | €59 | +€29 | +99.1% |
| Recurring financial income | 75 | €30 | €59 | +€29 | +99.1% |
| Financial charges | 65/66B | €2,957 | €2,691 | -€266 | -9.0% |
| Recurring financial charges | 65 | €2,957 | €2,691 | -€266 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €56,673 | €18,441 | -€38,232 | -67.5% |
| Income taxes | 67/77 | €16,010 | €5,337 | -€10,673 | -66.7% |
| Profit (loss) for the period | 9904 | €40,663 | €13,104 | -€27,559 | -67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,663 | €13,104 | -€27,559 | -67.8% |
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 20 October 2026 via checked.be.