SIMUL FORTIS V: what changed
SIMUL FORTIS V
Largest movements
- Receivables within one year +€63,217
up €63,217 (+57.2%), from €110,500 to €173,717
of which Trade receivables: +€108,900
- Tangible fixed assets +€59,359
up €59,359 (+805%), from €7,375 to €66,734
of which Furniture and vehicles: +€60,017
- Receivables after one year +€51,390
new in 2025: €51,390
- Cash -€30,838
down €30,838 (-66.3%), from €46,519 to €15,681
mainly Investment in fixed assets (net) (-€68,472) and Receivables within one year (-€63,217)
- Reserves +€54,654
up €54,654 (+52.5%), from €104,011 to €158,665
- Tax, wage and social debts +€47,001
up €47,001 (+106%), from €44,219 to €91,221
of which Taxes: +€48,701
- Other debts +€39,738
up €39,738 (+425%), from €9,347 to €49,085
- Gross operating margin -€26,391
down €26,391 (-18.9%), from €139,672 to €113,281
- Depreciation +€8,520
up €8,520 (+1,437%), from €593 to €9,113
- Financial charges +€7,523
up €7,523 (+2,523%), from €298 to €7,821
- Taxes +€5,661
up €5,661 (+17.7%), from €31,960 to €37,621
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €164,394 | €307,522 | +€143,128 | +87.1% |
| Fixed assets | 21/28 | €7,375 | €66,734 | +€59,359 | +805% |
| Tangible fixed assets | 22/27 | €7,375 | €66,734 | +€59,359 | +805% |
| Furniture and vehicles | 24 | €1,197 | €61,214 | +€60,017 | +5,013% |
| Other tangible fixed assets | 26 | €6,178 | €5,520 | -€658 | -10.6% |
| Current assets | 29/58 | €157,019 | €240,788 | +€83,769 | +53.3% |
| Amounts receivable after more than one year | 29 | - | €51,390 | +€51,390 | |
| Other amounts receivable | 291 | - | €51,390 | +€51,390 | |
| Amounts receivable within one year | 40/41 | €110,500 | €173,717 | +€63,217 | +57.2% |
| Trade receivables | 40 | €56,464 | €165,364 | +€108,900 | +193% |
| Other amounts receivable | 41 | €54,036 | €8,353 | -€45,683 | -84.5% |
| Cash at bank and in hand | 54/58 | €46,519 | €15,681 | -€30,838 | -66.3% |
| Total equity and liabilities | 10/49 | €164,394 | €307,522 | +€143,128 | +87.1% |
| Equity | 10/15 | €110,011 | €164,665 | +€54,654 | +49.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €104,011 | €158,665 | +€54,654 | +52.5% |
| Distributable reserves | 133 | €104,011 | €158,665 | +€54,654 | +52.5% |
| Amounts payable | 17/49 | €54,383 | €142,857 | +€88,474 | +163% |
| Amounts payable within one year | 42/48 | €54,383 | €141,631 | +€87,249 | +160% |
| Trade debts | 44 | €816 | €1,326 | +€510 | +62.5% |
| Suppliers | 440/4 | €816 | €1,326 | +€510 | +62.5% |
| Taxes, remuneration and social security | 45 | €44,219 | €91,221 | +€47,001 | +106% |
| Taxes | 450/3 | €42,519 | €91,221 | +€48,701 | +115% |
| Remuneration and social security | 454/9 | €1,700 | €0 | -€1,700 | -100% |
| Other amounts payable | 47/48 | €9,347 | €49,085 | +€39,738 | +425% |
| Accrued charges and deferred income | 492/3 | - | €1,225 | +€1,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €593 | €9,113 | +€8,520 | +1,437% |
| Other operating charges | 640/8 | €2,810 | €4,162 | +€1,352 | +48.1% |
| Gross operating margin | 9900 | €139,672 | €113,281 | -€26,391 | -18.9% |
| Operating profit (loss) | 9901 | €136,270 | €100,006 | -€36,263 | -26.6% |
| Financial income | 75/76B | - | €90 | +€90 | |
| Recurring financial income | 75 | - | €90 | +€90 | |
| Financial charges | 65/66B | €298 | €7,821 | +€7,523 | +2,523% |
| Recurring financial charges | 65 | €298 | €7,821 | +€7,523 | +2,523% |
| Profit (loss) for the period before taxes | 9903 | €135,971 | €92,275 | -€43,697 | -32.1% |
| Income taxes | 67/77 | €31,960 | €37,621 | +€5,661 | +17.7% |
| Profit (loss) for the period | 9904 | €104,011 | €54,654 | -€49,357 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €104,011 | €54,654 | -€49,357 | -47.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.