AN-HOR: 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.
AN-HOR
Largest movements
- Receivables within one year -€2,599
down €2,599 (-46.4%), from €5,603 to €3,004
- Cash -€1,995
down €1,995 (-5.1%), from €39,429 to €37,434
mainly Trade debts (-€6,607) and Tax, wage and social debts (-€1,105)
- Deferred charges and accrued income -€1,361
down €1,361 (-98.8%), from €1,379 to €17
- Tangible fixed assets -€574
down €574 (-37.6%), from €1,527 to €953
- Trade debts -€6,607
down €6,607 (-60.9%), from €10,850 to €4,243
- Profit (loss) carried forward +€1,590
up €1,590 (+26.5%), from €5,991 to €7,582
- Tax, wage and social debts -€1,105
down €1,105 (-13.5%), from €8,182 to €7,076
of which Remuneration and social security: -€1,265
- Gross operating margin -€4,028
down €4,028 (-17.8%), from €22,580 to €18,552
- Staff costs -€2,186
down €2,186 (-12.1%), from €18,069 to €15,882
- Taxes +€1,878
up €1,878, from -€1,737 to €141
- Depreciation +€379
up €379 (+195.2%), from €194 to €574
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.
Cash bridge derived
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 | €48,058 | €41,529 | -€6,530 | -13.6% |
| Fixed assets | 21/28 | €1,647 | €1,073 | -€574 | -34.8% |
| Tangible fixed assets | 22/27 | €1,527 | €953 | -€574 | -37.6% |
| Plant, machinery and equipment | 23 | €1,527 | €953 | -€574 | -37.6% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €46,411 | €40,456 | -€5,956 | -12.8% |
| Amounts receivable within one year | 40/41 | €5,603 | €3,004 | -€2,599 | -46.4% |
| Trade receivables | 40 | €5,603 | €3,004 | -€2,599 | -46.4% |
| Cash at bank and in hand | 54/58 | €39,429 | €37,434 | -€1,995 | -5.1% |
| Deferred charges and accrued income | 490/1 | €1,379 | €17 | -€1,361 | -98.8% |
| Total equity and liabilities | 10/49 | €48,058 | €41,529 | -€6,530 | -13.6% |
| Equity | 10/15 | €26,442 | €28,033 | +€1,590 | +6.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,991 | €7,582 | +€1,590 | +26.5% |
| Amounts payable | 17/49 | €21,616 | €13,496 | -€8,120 | -37.6% |
| Amounts payable within one year | 42/48 | €21,616 | €13,496 | -€8,120 | -37.6% |
| Trade debts | 44 | €10,850 | €4,243 | -€6,607 | -60.9% |
| Suppliers | 440/4 | €10,850 | €4,243 | -€6,607 | -60.9% |
| Taxes, remuneration and social security | 45 | €8,182 | €7,076 | -€1,105 | -13.5% |
| Taxes | 450/3 | €2,041 | €2,201 | +€159 | +7.8% |
| Remuneration and social security | 454/9 | €6,140 | €4,876 | -€1,265 | -20.6% |
| Other amounts payable | 47/48 | €2,584 | €2,176 | -€408 | -15.8% |
| Remuneration, social security and pensions | 62 | €18,069 | €15,882 | -€2,186 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194 | €574 | +€379 | +195.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €22,580 | €18,552 | -€4,028 | -17.8% |
| Operating profit (loss) | 9901 | €3,929 | €1,696 | -€2,234 | -56.8% |
| Financial income | 75/76B | €135 | €139 | +€4 | +3.0% |
| Recurring financial income | 75 | €135 | €139 | +€4 | +3.0% |
| Financial charges | 65/66B | €80 | €103 | +€24 | +29.8% |
| Recurring financial charges | 65 | €80 | €103 | +€24 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €3,985 | €1,731 | -€2,253 | -56.5% |
| Income taxes | 67/77 | -€1,737 | €141 | +€1,878 | |
| Profit (loss) for the period | 9904 | €5,722 | €1,590 | -€4,131 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,722 | €1,590 | -€4,131 | -72.2% |
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 9 October 2026 via checked.be.