FOREST SPA: 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.
FOREST SPA
Largest movements
- Cash +€31,835
up €31,835 (+16.1%), from €197,145 to €228,979
mainly Tax, wage and social debts (+€33,033) and Net result for the year (+€25,777)
- Receivables within one year +€31,038
up €31,038 (+806%), from €3,851 to €34,889
of which Trade receivables: +€31,004
- Tangible fixed assets -€5,286
down €5,286 (-37.2%), from €14,205 to €8,919
of which Plant, machinery and equipment: -€3,604
- Tax, wage and social debts +€33,033
up €33,033 (+58.1%), from €56,861 to €89,893
of which Remuneration and social security: +€26,408
- Reserves +€25,777
up €25,777 (+78,113%), from €33 to €25,810
of which Distributable reserves: +€25,000
- Advances received -€14,707
down €14,707 (-12.9%), from €114,139 to €99,432
- Trade debts +€11,711
up €11,711 (+28.3%), from €41,397 to €53,108
- Gross operating margin +€36,220
up €36,220 (+157%), from €23,015 to €59,235
- Staff costs +€17,306
new in 2025: €17,306
- Taxes +€12,919
up €12,919 (+129,186%), from €10 to €12,929
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 | €215,929 | €274,199 | +€58,269 | +27.0% |
| Formation expenses | 20 | €728 | €365 | -€363 | -49.9% |
| Fixed assets | 21/28 | €14,205 | €8,919 | -€5,286 | -37.2% |
| Tangible fixed assets | 22/27 | €14,205 | €8,919 | -€5,286 | -37.2% |
| Plant, machinery and equipment | 23 | €7,095 | €3,491 | -€3,604 | -50.8% |
| Furniture and vehicles | 24 | €7,110 | €5,428 | -€1,682 | -23.7% |
| Current assets | 29/58 | €200,996 | €264,914 | +€63,918 | +31.8% |
| Amounts receivable within one year | 40/41 | €3,851 | €34,889 | +€31,038 | +806% |
| Trade receivables | 40 | €3,848 | €34,852 | +€31,004 | +806% |
| Other amounts receivable | 41 | €3 | €38 | +€34 | +1,085% |
| Cash at bank and in hand | 54/58 | €197,145 | €228,979 | +€31,835 | +16.1% |
| Deferred charges and accrued income | 490/1 | - | €1,046 | +€1,046 | |
| Total equity and liabilities | 10/49 | €215,929 | €274,199 | +€58,269 | +27.0% |
| Equity | 10/15 | €3,533 | €29,310 | +€25,777 | +730% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €33 | €25,810 | +€25,777 | +78,113% |
| Non-distributable reserves | 130/1 | €33 | €810 | +€777 | +2,356% |
| Reserves not available under the articles | 1311 | €33 | €810 | +€777 | +2,356% |
| Distributable reserves | 133 | - | €25,000 | +€25,000 | |
| Amounts payable | 17/49 | €212,396 | €244,888 | +€32,492 | +15.3% |
| Amounts payable within one year | 42/48 | €212,396 | €244,888 | +€32,492 | +15.3% |
| Trade debts | 44 | €41,397 | €53,108 | +€11,711 | +28.3% |
| Suppliers | 440/4 | €41,397 | €53,108 | +€11,711 | +28.3% |
| Advances received on contracts in progress | 46 | €114,139 | €99,432 | -€14,707 | -12.9% |
| Taxes, remuneration and social security | 45 | €56,861 | €89,893 | +€33,033 | +58.1% |
| Taxes | 450/3 | €38,226 | €44,850 | +€6,624 | +17.3% |
| Remuneration and social security | 454/9 | €18,634 | €45,043 | +€26,408 | +142% |
| Other amounts payable | 47/48 | - | €2,455 | +€2,455 | |
| Non-recurring operating income | 76A | - | €36,100 | +€36,100 | |
| Remuneration, social security and pensions | 62 | - | €17,306 | +€17,306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,099 | €2,732 | -€367 | -11.8% |
| Other operating charges | 640/8 | €390 | €387 | -€3 | -0.7% |
| Gross operating margin | 9900 | €23,015 | €59,235 | +€36,220 | +157% |
| Operating profit (loss) | 9901 | €19,526 | €38,810 | +€19,284 | +98.8% |
| Financial charges | 65/66B | €66 | €104 | +€38 | +56.8% |
| Recurring financial charges | 65 | €66 | €104 | +€38 | +56.8% |
| Profit (loss) for the period before taxes | 9903 | €19,460 | €38,706 | +€19,246 | +98.9% |
| Income taxes | 67/77 | €10 | €12,929 | +€12,919 | +129,186% |
| Profit (loss) for the period | 9904 | €19,450 | €25,777 | +€6,328 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,450 | €25,777 | +€6,328 | +32.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.