A.forall Development: what changed
What changed
A.forall Development
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€1.7m
2024 · €12.3m-€14.0m
Equity
€37.6m
2024 · €39.3m-€1.7m
Cash
€439,621
2024 · €1.1m-€666,414
Balance sheet total
€71.3m
2024 · €61.2m+€10.2m
Largest movements
Assets
- Intangible fixed assets +€6.7m
up €6.7m (+63.5%), from €10.5m to €17.2m
- Receivables within one year +€3.7m
up €3.7m (+70.2%), from €5.3m to €9.1m
of which Other amounts receivable: +€4.4m
Equity and liabilities
- Other debts +€11.2m
up €11.2m (+61.0%), from €18.3m to €29.5m
- Profit (loss) carried forward -€1.7m
down €1.7m (-9.4%), from €17.7m to €16.0m
Income statement
- Financial income -€11.4m
down €11.4m (-95.8%), from €11.9m to €501,790
- Depreciation +€2.7m
up €2.7m (+229%), from €1.2m to €3.9m
- Financial charges +€285,035
up €285,035 (+21.8%), from €1.3m to €1.6m
- Gross operating margin +€271,403
up €271,403 (+5.2%), from €5.2m to €5.5m
- Taxes -€68,098
down €68,098 (-16.2%), from €420,598 to €352,500
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.
Result 2024
€12.3m
Gross operating margin
+€271,403
Staff costs
+€24,576
Depreciation
-€2.7m
Write-downs
+€2,174
Other operating charges
+€6,793
Other operating items
+€20,000
Financial income
-€11.4m
Financial charges
-€285,035
Taxes
+€68,098
Result 2025
-€1.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€10.4m
Investment
-€11.1m
Financing
€0
Cash 2024
€1.1m
From operations (derived)
+€10.4m
Net result for the year
-€1.7m
Depreciation
+€3.9m
Receivables within one year
-€3.7m
Deferred charges and accrued income
+€62,556
Trade debts
+€696,428
Tax, wage and social debts
-€79,599
Other debts
+€11.2m
Accrued charges and deferred income
+€20,360
Investment (derived)
-€11.1m
Investment in fixed assets (net)
-€11.1m
Cash 2025
€439,621
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €61,169,353 | €71,331,218 | +€10.2m | +16.6% |
| Fixed assets | 21/28 | €54,635,952 | €61,793,103 | +€7.2m | +13.1% |
| Intangible fixed assets | 21 | €10,496,103 | €17,159,269 | +€6.7m | +63.5% |
| Tangible fixed assets | 22/27 | €30,011 | €23,995 | -€6,016 | -20.0% |
| Plant, machinery and equipment | 23 | €23,062 | €21,961 | -€1,101 | -4.8% |
| Other tangible fixed assets | 26 | €6,949 | €2,034 | -€4,915 | -70.7% |
| Financial fixed assets | 28 | €44,109,839 | €44,609,839 | +€500,000 | +1.1% |
| Current assets | 29/58 | €6,533,401 | €9,538,115 | +€3.0m | +46.0% |
| Amounts receivable within one year | 40/41 | €5,317,135 | €9,050,820 | +€3.7m | +70.2% |
| Trade receivables | 40 | €3,397,514 | €2,688,987 | -€708,528 | -20.9% |
| Other amounts receivable | 41 | €1,919,621 | €6,361,833 | +€4.4m | +231% |
| Cash at bank and in hand | 54/58 | €1,106,034 | €439,621 | -€666,414 | -60.3% |
| Deferred charges and accrued income | 490/1 | €110,231 | €47,675 | -€62,556 | -56.8% |
| Total equity and liabilities | 10/49 | €61,169,353 | €71,331,218 | +€10.2m | +16.6% |
| Equity | 10/15 | €39,258,427 | €37,592,672 | -€1.7m | -4.2% |
| Contributions | 10/11 | €19,636,620 | €19,636,620 | = | 0.0% |
| Capital | 10 | €19,216,453 | €19,216,453 | = | 0.0% |
| Issued capital | 100 | €19,216,453 | €19,216,453 | = | 0.0% |
| Contributions outside capital | 11 | €420,166 | €420,166 | = | 0.0% |
| Share premium | 1100/10 | €420,166 | €420,166 | = | 0.0% |
| Reserves | 13 | €1,921,645 | €1,921,645 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,921,645 | €1,921,645 | = | 0.0% |
| Legal reserve | 130 | €1,921,645 | €1,921,645 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,700,162 | €16,034,407 | -€1.7m | -9.4% |
| Amounts payable | 17/49 | €21,910,926 | €33,738,546 | +€11.8m | +54.0% |
| Amounts payable within one year | 42/48 | €21,910,926 | €33,718,186 | +€11.8m | +53.9% |
| Trade debts | 44 | €3,168,957 | €3,865,385 | +€696,428 | +22.0% |
| Suppliers | 440/4 | €3,168,957 | €3,865,385 | +€696,428 | +22.0% |
| Taxes, remuneration and social security | 45 | €393,796 | €314,197 | -€79,599 | -20.2% |
| Taxes | 450/3 | €53,113 | €36,683 | -€16,430 | -30.9% |
| Remuneration and social security | 454/9 | €340,683 | €277,514 | -€63,168 | -18.5% |
| Other amounts payable | 47/48 | €18,348,174 | €29,538,604 | +€11.2m | +61.0% |
| Accrued charges and deferred income | 492/3 | - | €20,360 | +€20,360 | |
| Non-recurring operating income | 76A | €14,586 | - | -€14,586 | |
| Remuneration, social security and pensions | 62 | €1,832,974 | €1,808,398 | -€24,576 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,196,792 | €3,932,821 | +€2.7m | +229% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,601 | €3,427 | -€2,174 | -38.8% |
| Other operating charges | 640/8 | €8,303 | €1,510 | -€6,793 | -81.8% |
| Non-recurring operating charges | 66A | €20,000 | - | -€20,000 | |
| Gross operating margin | 9900 | €5,249,563 | €5,520,966 | +€271,403 | +5.2% |
| Operating profit (loss) | 9901 | €2,185,893 | -€225,190 | -€2.4m | |
| Financial income | 75/76B | €11,872,278 | €501,790 | -€11.4m | -95.8% |
| Recurring financial income | 75 | €11,872,278 | €501,790 | -€11.4m | -95.8% |
| Financial charges | 65/66B | €1,304,820 | €1,589,855 | +€285,035 | +21.8% |
| Recurring financial charges | 65 | €1,304,820 | €1,589,855 | +€285,035 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €12,753,351 | -€1,313,255 | -€14.1m | |
| Income taxes | 67/77 | €420,598 | €352,500 | -€68,098 | -16.2% |
| Profit (loss) for the period | 9904 | €12,332,753 | -€1,665,755 | -€14.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €12,332,753 | -€1,665,755 | -€14.0m |
Next steps
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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.