THE FORREST: 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.
THE FORREST
Largest movements
- Receivables within one year +€34,082
up €34,082 (+150%), from €22,726 to €56,809
of which Other amounts receivable: +€45,736
- Tangible fixed assets -€16,589
down €16,589 (-10.0%), from €166,521 to €149,932
of which Furniture and vehicles: -€15,655
- Cash -€10,776
down €10,776 (-27.1%), from €39,692 to €28,916
mainly Receivables within one year (-€34,082) and Investment in fixed assets (net) (-€25,178)
- Deferred charges and accrued income -€6,788
down €6,788 (-66.0%), from €10,286 to €3,498
- Debts after one year -€15,000
down €15,000 (-28.6%), from €52,500 to €37,500
- Trade debts +€14,339
up €14,339 (+214%), from €6,711 to €21,050
- Reserves +€13,091
up €13,091 (+13.5%), from €96,812 to €109,904
of which Distributable reserves: +€13,091
- Tax, wage and social debts -€10,989
down €10,989 (-43.4%), from €25,304 to €14,315
of which Remuneration and social security: -€6,388
- Staff costs +€15,738
up €15,738 (+22.0%), from €71,649 to €87,386
- Depreciation +€12,775
up €12,775 (+42.8%), from €29,869 to €42,645
- Gross operating margin -€9,942
down €9,942 (-6.1%), from €162,245 to €152,303
- Financial charges -€7,089
down €7,089 (-59.9%), from €11,829 to €4,739
- Financial income +€2,809
up €2,809, from €0 to €2,809
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €261,805 | €260,856 | -€949 | -0.4% |
| Fixed assets | 21/28 | €189,101 | €171,634 | -€17,467 | -9.2% |
| Intangible fixed assets | 21 | - | €1,122 | +€1,122 | |
| Tangible fixed assets | 22/27 | €166,521 | €149,932 | -€16,589 | -10.0% |
| Plant, machinery and equipment | 23 | €7,276 | €9,725 | +€2,449 | +33.7% |
| Furniture and vehicles | 24 | €112,808 | €97,152 | -€15,655 | -13.9% |
| Other tangible fixed assets | 26 | €46,437 | €43,055 | -€3,382 | -7.3% |
| Financial fixed assets | 28 | €22,580 | €20,580 | -€2,000 | -8.9% |
| Current assets | 29/58 | €72,704 | €89,222 | +€16,518 | +22.7% |
| Amounts receivable within one year | 40/41 | €22,726 | €56,809 | +€34,082 | +150% |
| Trade receivables | 40 | €14,365 | €2,711 | -€11,654 | -81.1% |
| Other amounts receivable | 41 | €8,362 | €54,097 | +€45,736 | +547% |
| Cash at bank and in hand | 54/58 | €39,692 | €28,916 | -€10,776 | -27.1% |
| Deferred charges and accrued income | 490/1 | €10,286 | €3,498 | -€6,788 | -66.0% |
| Total equity and liabilities | 10/49 | €261,805 | €260,856 | -€949 | -0.4% |
| Equity | 10/15 | €158,812 | €171,904 | +€13,091 | +8.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €96,812 | €109,904 | +€13,091 | +13.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €90,612 | €103,704 | +€13,091 | +14.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €102,992 | €88,952 | -€14,041 | -13.6% |
| Amounts payable after more than one year | 17 | €52,500 | €37,500 | -€15,000 | -28.6% |
| Financial debts | 170/4 | €52,500 | €37,500 | -€15,000 | -28.6% |
| Amounts payable within one year | 42/48 | €49,348 | €51,198 | +€1,850 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €17,333 | €15,000 | -€2,333 | -13.5% |
| Trade debts | 44 | €6,711 | €21,050 | +€14,339 | +214% |
| Suppliers | 440/4 | €6,711 | €21,050 | +€14,339 | +214% |
| Taxes, remuneration and social security | 45 | €25,304 | €14,315 | -€10,989 | -43.4% |
| Taxes | 450/3 | €11,483 | €6,882 | -€4,601 | -40.1% |
| Remuneration and social security | 454/9 | €13,821 | €7,432 | -€6,388 | -46.2% |
| Other amounts payable | 47/48 | €0 | €833 | +€833 | |
| Accrued charges and deferred income | 492/3 | €1,145 | €254 | -€890 | -77.8% |
| Remuneration, social security and pensions | 62 | €71,649 | €87,386 | +€15,738 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,869 | €42,645 | +€12,775 | +42.8% |
| Other operating charges | 640/8 | €6,510 | €5,676 | -€835 | -12.8% |
| Gross operating margin | 9900 | €162,245 | €152,303 | -€9,942 | -6.1% |
| Operating profit (loss) | 9901 | €54,217 | €16,596 | -€37,620 | -69.4% |
| Financial income | 75/76B | €0 | €2,809 | +€2,809 | |
| Recurring financial income | 75 | €0 | €2,809 | +€2,809 | |
| Financial charges | 65/66B | €11,829 | €4,739 | -€7,089 | -59.9% |
| Recurring financial charges | 65 | €11,829 | €4,739 | -€7,089 | -59.9% |
| Profit (loss) for the period before taxes | 9903 | €42,388 | €14,666 | -€27,722 | -65.4% |
| Income taxes | 67/77 | €489 | €742 | +€253 | +51.7% |
| Profit (loss) for the period | 9904 | €41,899 | €13,924 | -€27,974 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,899 | €13,924 | -€27,974 | -66.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.