THE FORGE: what changed
Two fiscal 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.
THE FORGE
Largest movements
- Receivables within one year -€73,544
down €73,544 (-44.5%), from €165,228 to €91,685
of which Trade receivables: -€72,993
- Cash +€33,885
up €33,885 (+141.1%), from €24,009 to €57,894
mainly Receivables within one year (+€73,544) and Net result for the year (+€24,219)
- Tangible fixed assets -€14,788
down €14,788 (-6.9%), from €215,479 to €200,691
of which Other tangible fixed assets: -€11,661
- Debts after one year -€95,000
down €95,000 (-65.4%), from €145,238 to €50,238
- Reserves +€24,219
up €24,219 (+27.6%), from €87,625 to €111,844
of which Distributable reserves: +€24,219
- Accrued charges and deferred income +€24,136
up €24,136 (+257.2%), from €9,384 to €33,519
- Tax, wage and social debts -€7,169
down €7,169 (-27.3%), from €26,258 to €19,088
of which Remuneration and social security: -€21,000
- Gross operating margin +€54,303
up €54,303 (+226.6%), from €23,965 to €78,269
- Provisions +€19,000
new in 2025: €19,000
- Taxes +€9,800
up €9,800 (+702.7%), from €1,395 to €11,195
- Financial charges +€2,033
up €2,033 (+37.9%), from €5,360 to €7,393
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.
Cash bridge derived
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 | €407,216 | €350,270 | -€56,946 | -14.0% |
| Fixed assets | 21/28 | €215,479 | €200,691 | -€14,788 | -6.9% |
| Tangible fixed assets | 22/27 | €215,479 | €200,691 | -€14,788 | -6.9% |
| Land and buildings | 22 | €8,921 | €8,006 | -€915 | -10.3% |
| Plant, machinery and equipment | 23 | €839 | - | -€839 | |
| Furniture and vehicles | 24 | €3,683 | €2,311 | -€1,372 | -37.3% |
| Other tangible fixed assets | 26 | €202,035 | €190,374 | -€11,661 | -5.8% |
| Current assets | 29/58 | €191,738 | €149,579 | -€42,159 | -22.0% |
| Amounts receivable within one year | 40/41 | €165,228 | €91,685 | -€73,544 | -44.5% |
| Trade receivables | 40 | €164,678 | €91,685 | -€72,993 | -44.3% |
| Other amounts receivable | 41 | €550 | - | -€550 | |
| Cash at bank and in hand | 54/58 | €24,009 | €57,894 | +€33,885 | +141.1% |
| Deferred charges and accrued income | 490/1 | €2,500 | - | -€2,500 | |
| Total equity and liabilities | 10/49 | €407,216 | €350,270 | -€56,946 | -14.0% |
| Equity | 10/15 | €93,825 | €118,044 | +€24,219 | +25.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €87,625 | €111,844 | +€24,219 | +27.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €85,765 | €109,984 | +€24,219 | +28.2% |
| Amounts payable | 17/49 | €313,391 | €232,226 | -€81,165 | -25.9% |
| Amounts payable after more than one year | 17 | €145,238 | €50,238 | -€95,000 | -65.4% |
| Financial debts | 170/4 | €145,238 | €50,238 | -€95,000 | -65.4% |
| Amounts payable within one year | 42/48 | €158,769 | €148,469 | -€10,301 | -6.5% |
| Trade debts | 44 | €39,683 | €39,263 | -€420 | -1.1% |
| Suppliers | 440/4 | €39,683 | €39,263 | -€420 | -1.1% |
| Taxes, remuneration and social security | 45 | €26,258 | €19,088 | -€7,169 | -27.3% |
| Taxes | 450/3 | €5,258 | €19,088 | +€13,831 | +263.0% |
| Remuneration and social security | 454/9 | €21,000 | - | -€21,000 | |
| Other amounts payable | 47/48 | €92,828 | €90,117 | -€2,711 | -2.9% |
| Accrued charges and deferred income | 492/3 | €9,384 | €33,519 | +€24,136 | +257.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,556 | €14,788 | +€232 | +1.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €19,000 | +€19,000 | |
| Other operating charges | 640/8 | €1,658 | €1,675 | +€17 | +1.0% |
| Gross operating margin | 9900 | €23,965 | €78,269 | +€54,303 | +226.6% |
| Operating profit (loss) | 9901 | €7,752 | €42,807 | +€35,055 | +452.2% |
| Financial charges | 65/66B | €5,360 | €7,393 | +€2,033 | +37.9% |
| Recurring financial charges | 65 | €5,360 | €7,393 | +€2,033 | +37.9% |
| Profit (loss) for the period before taxes | 9903 | €2,391 | €35,413 | +€33,022 | +1380.9% |
| Income taxes | 67/77 | €1,395 | €11,195 | +€9,800 | +702.7% |
| Profit (loss) for the period | 9904 | €997 | €24,219 | +€23,222 | +2329.6% |
| Profit (loss) for the period to be appropriated | 9905 | €997 | €24,219 | +€23,222 | +2329.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.