The Forward Group: 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 Forward Group
Largest movements
- Receivables within one year +€215,495
up €215,495 (+50.3%), from €428,019 to €643,514
of which Other amounts receivable: +€384,978
- Profit (loss) carried forward +€253,195
up €253,195 (+47.6%), from €532,052 to €785,247
- Debts after one year -€38,624
down €38,624 (-5.4%), from €716,409 to €677,785
- Trade debts -€32,422
down €32,422 (-43.2%), from €75,050 to €42,628
- Short-term financial debts +€27,058
new in 2024: €27,058
- Gross operating margin -€77,585
down €77,585 (-16.9%), from €460,145 to €382,560
- Taxes -€16,962
down €16,962 (-17.0%), from €99,713 to €82,750
- Financial income +€15,252
up €15,252 (+207.4%), from €7,354 to €22,606
- Other operating charges +€10,323
up €10,323 (+163.9%), from €6,298 to €16,621
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,552,116 | €1,749,843 | +€197,727 | +12.7% |
| Fixed assets | 21/28 | €1,103,455 | €1,096,963 | -€6,492 | -0.6% |
| Tangible fixed assets | 22/27 | €1,091,465 | €1,084,973 | -€6,492 | -0.6% |
| Land and buildings | 22 | €1,077,989 | €1,079,454 | +€1,465 | +0.1% |
| Plant, machinery and equipment | 23 | €2,906 | €5,519 | +€2,613 | +89.9% |
| Furniture and vehicles | 24 | €10,570 | - | -€10,570 | |
| Financial fixed assets | 28 | €11,990 | €11,990 | = | 0.0% |
| Current assets | 29/58 | €448,661 | €652,880 | +€204,219 | +45.5% |
| Amounts receivable within one year | 40/41 | €428,019 | €643,514 | +€215,495 | +50.3% |
| Trade receivables | 40 | €230,776 | €61,293 | -€169,483 | -73.4% |
| Other amounts receivable | 41 | €197,243 | €582,221 | +€384,978 | +195.2% |
| Cash at bank and in hand | 54/58 | €19,572 | €7,996 | -€11,576 | -59.1% |
| Deferred charges and accrued income | 490/1 | €1,070 | €1,369 | +€300 | +28.0% |
| Total equity and liabilities | 10/49 | €1,552,116 | €1,749,843 | +€197,727 | +12.7% |
| Equity | 10/15 | €607,052 | €860,247 | +€253,195 | +41.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €532,052 | €785,247 | +€253,195 | +47.6% |
| Amounts payable | 17/49 | €945,063 | €889,596 | -€55,468 | -5.9% |
| Amounts payable after more than one year | 17 | €716,409 | €677,785 | -€38,624 | -5.4% |
| Financial debts | 170/4 | €716,409 | €677,785 | -€38,624 | -5.4% |
| Amounts payable within one year | 42/48 | €228,654 | €211,810 | -€16,844 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €38,030 | €38,624 | +€594 | +1.6% |
| Financial debts | 43 | - | €27,058 | +€27,058 | |
| Credit institutions | 430/8 | - | €27,058 | +€27,058 | |
| Trade debts | 44 | €75,050 | €42,628 | -€32,422 | -43.2% |
| Suppliers | 440/4 | €75,050 | €42,628 | -€32,422 | -43.2% |
| Taxes, remuneration and social security | 45 | €115,574 | €103,500 | -€12,073 | -10.4% |
| Taxes | 450/3 | €115,574 | €103,500 | -€12,073 | -10.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,788 | €31,542 | +€1,754 | +5.9% |
| Other operating charges | 640/8 | €6,298 | €16,621 | +€10,323 | +163.9% |
| Non-recurring operating charges | 66A | - | €2,206 | +€2,206 | |
| Gross operating margin | 9900 | €460,145 | €382,560 | -€77,585 | -16.9% |
| Operating profit (loss) | 9901 | €424,059 | €332,192 | -€91,867 | -21.7% |
| Financial income | 75/76B | €7,354 | €22,606 | +€15,252 | +207.4% |
| Recurring financial income | 75 | €7,354 | €22,606 | +€15,252 | +207.4% |
| Financial charges | 65/66B | €14,361 | €18,852 | +€4,491 | +31.3% |
| Recurring financial charges | 65 | €14,361 | €18,852 | +€4,491 | +31.3% |
| Profit (loss) for the period before taxes | 9903 | €417,052 | €335,945 | -€81,107 | -19.4% |
| Income taxes | 67/77 | €99,713 | €82,750 | -€16,962 | -17.0% |
| Profit (loss) for the period | 9904 | €317,339 | €253,195 | -€64,144 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €317,339 | €253,195 | -€64,144 | -20.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.