ALL HORIZON: 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.
ALL HORIZON
Largest movements
- Intangible fixed assets +€6,905
new in 2025: €6,905
- Cash -€4,470
down €4,470 (-74.8%), from €5,976 to €1,506
mainly Investment in fixed assets (net) (-€16,413) and Current portion of long-term debt (-€3,809)
- Tangible fixed assets +€1,466
up €1,466 (+13.9%), from €10,510 to €11,976
of which Leasing and similar rights: +€7,251
- Receivables within one year +€1,138
up €1,138 (+33.7%), from €3,374 to €4,512
of which Trade receivables: +€1,545
- Current portion of long-term debt -€3,809
down €3,809 (-62.3%), from €6,110 to €2,301
- Debts after one year +€3,260
new in 2025: €3,260
- Trade debts +€3,052
up €3,052 (+426%), from €716 to €3,768
- Other debts +€2,709
up €2,709 (+17.5%), from €15,445 to €18,154
- Accrued charges and deferred income -€1,898
no longer reported in 2025 (was €1,898)
- Other operating charges +€1,473
up €1,473 (+196%), from €752 to €2,225
- Financial charges +€758
up €758 (+141%), from €539 to €1,297
of which Non-recurring financial charges: +€511
- Gross operating margin +€719
up €719 (+5.7%), from €12,668 to €13,387
- Depreciation -€246
down €246 (-3.0%), from €8,288 to €8,042
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 | €20,890 | €26,117 | +€5,227 | +25.0% |
| Fixed assets | 21/28 | €10,510 | €18,881 | +€8,371 | +79.6% |
| Intangible fixed assets | 21 | - | €6,905 | +€6,905 | |
| Tangible fixed assets | 22/27 | €10,510 | €11,976 | +€1,466 | +13.9% |
| Furniture and vehicles | 24 | €10,510 | €4,725 | -€5,785 | -55.0% |
| Leasing and similar rights | 25 | - | €7,251 | +€7,251 | |
| Current assets | 29/58 | €10,380 | €7,236 | -€3,144 | -30.3% |
| Amounts receivable within one year | 40/41 | €3,374 | €4,512 | +€1,138 | +33.7% |
| Trade receivables | 40 | €2,453 | €3,998 | +€1,545 | +63.0% |
| Other amounts receivable | 41 | €921 | €514 | -€407 | -44.2% |
| Cash at bank and in hand | 54/58 | €5,976 | €1,506 | -€4,470 | -74.8% |
| Deferred charges and accrued income | 490/1 | €1,030 | €1,218 | +€188 | +18.3% |
| Total equity and liabilities | 10/49 | €20,890 | €26,117 | +€5,227 | +25.0% |
| Equity | 10/15 | -€3,279 | -€1,446 | +€1,833 | +55.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,491 | -€20,658 | +€1,833 | +8.1% |
| Amounts payable | 17/49 | €24,169 | €27,563 | +€3,394 | +14.0% |
| Amounts payable after more than one year | 17 | - | €3,260 | +€3,260 | |
| Financial debts | 170/4 | - | €3,260 | +€3,260 | |
| Amounts payable within one year | 42/48 | €22,271 | €24,303 | +€2,032 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €6,110 | €2,301 | -€3,809 | -62.3% |
| Trade debts | 44 | €716 | €3,768 | +€3,052 | +426% |
| Suppliers | 440/4 | €716 | €3,768 | +€3,052 | +426% |
| Taxes, remuneration and social security | 45 | - | €80 | +€80 | |
| Taxes | 450/3 | - | €80 | +€80 | |
| Other amounts payable | 47/48 | €15,445 | €18,154 | +€2,709 | +17.5% |
| Accrued charges and deferred income | 492/3 | €1,898 | - | -€1,898 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,288 | €8,042 | -€246 | -3.0% |
| Other operating charges | 640/8 | €752 | €2,225 | +€1,473 | +196% |
| Gross operating margin | 9900 | €12,668 | €13,387 | +€719 | +5.7% |
| Operating profit (loss) | 9901 | €3,628 | €3,120 | -€508 | -14.0% |
| Financial income | 75/76B | €69 | €10 | -€59 | -85.5% |
| Recurring financial income | 75 | €69 | €10 | -€59 | -85.5% |
| Financial charges | 65/66B | €539 | €1,297 | +€758 | +141% |
| Recurring financial charges | 65 | €539 | €786 | +€247 | +45.8% |
| Non-recurring financial charges | 66B | - | €511 | +€511 | |
| Profit (loss) for the period before taxes | 9903 | €3,158 | €1,833 | -€1,325 | -42.0% |
| Profit (loss) for the period | 9904 | €3,158 | €1,833 | -€1,325 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,158 | €1,833 | -€1,325 | -42.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.