DE 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.
DE HORIZON
Largest movements
- Tangible fixed assets +€9,265
up €9,265 (+37.5%), from €24,697 to €33,962
of which Plant, machinery and equipment: +€6,929
- Receivables within one year -€4,907
down €4,907 (-41.6%), from €11,782 to €6,876
of which Other amounts receivable: -€4,870
- Cash -€4,137
down €4,137 (-98.6%), from €4,195 to €58
mainly Investment in fixed assets (net) (-€13,281) and Net result for the year (-€5,391)
- Other debts +€12,756
up €12,756 (+47.8%), from €26,672 to €39,428
- Profit (loss) carried forward -€5,391
down €5,391 (-25.3%), from -€21,283 to -€26,675
- Debts after one year -€4,901
down €4,901 (-27.7%), from €17,662 to €12,761
- Trade debts -€2,562
down €2,562 (-32.3%), from €7,931 to €5,368
- Gross operating margin +€17,486
up €17,486 (+98.8%), from -€17,690 to -€204
- Depreciation +€2,302
up €2,302 (+134%), from €1,715 to €4,017
- Other operating charges -€536
down €536 (-75.7%), from €708 to €172
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 | €40,675 | €40,896 | +€222 | +0.5% |
| Fixed assets | 21/28 | €24,697 | €33,962 | +€9,265 | +37.5% |
| Tangible fixed assets | 22/27 | €24,697 | €33,962 | +€9,265 | +37.5% |
| Plant, machinery and equipment | 23 | €18,275 | €25,203 | +€6,929 | +37.9% |
| Furniture and vehicles | 24 | €6,423 | €8,759 | +€2,336 | +36.4% |
| Current assets | 29/58 | €15,977 | €6,934 | -€9,043 | -56.6% |
| Amounts receivable within one year | 40/41 | €11,782 | €6,876 | -€4,907 | -41.6% |
| Trade receivables | 40 | €6,912 | €6,876 | -€37 | -0.5% |
| Other amounts receivable | 41 | €4,870 | - | -€4,870 | |
| Cash at bank and in hand | 54/58 | €4,195 | €58 | -€4,137 | -98.6% |
| Total equity and liabilities | 10/49 | €40,675 | €40,896 | +€222 | +0.5% |
| Equity | 10/15 | -€16,283 | -€21,675 | -€5,391 | -33.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,283 | -€26,675 | -€5,391 | -25.3% |
| Amounts payable | 17/49 | €56,958 | €62,571 | +€5,613 | +9.9% |
| Amounts payable after more than one year | 17 | €17,662 | €12,761 | -€4,901 | -27.7% |
| Financial debts | 170/4 | €17,662 | €12,761 | -€4,901 | -27.7% |
| Amounts payable within one year | 42/48 | €39,296 | €49,810 | +€10,514 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €4,693 | €4,901 | +€208 | +4.4% |
| Trade debts | 44 | €7,931 | €5,368 | -€2,562 | -32.3% |
| Suppliers | 440/4 | €7,931 | €5,368 | -€2,562 | -32.3% |
| Taxes, remuneration and social security | 45 | - | €112 | +€112 | |
| Taxes | 450/3 | - | €112 | +€112 | |
| Other amounts payable | 47/48 | €26,672 | €39,428 | +€12,756 | +47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,715 | €4,017 | +€2,302 | +134% |
| Other operating charges | 640/8 | €708 | €172 | -€536 | -75.7% |
| Gross operating margin | 9900 | -€17,690 | -€204 | +€17,486 | +98.8% |
| Operating profit (loss) | 9901 | -€20,113 | -€4,392 | +€15,720 | +78.2% |
| Financial income | 75/76B | €2 | €1 | -€0 | -25.7% |
| Recurring financial income | 75 | €2 | €1 | -€0 | -25.7% |
| Financial charges | 65/66B | €1,172 | €1,000 | -€172 | -14.7% |
| Recurring financial charges | 65 | €1,172 | €1,000 | -€172 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€21,283 | -€5,391 | +€15,892 | +74.7% |
| Profit (loss) for the period | 9904 | -€21,283 | -€5,391 | +€15,892 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,283 | -€5,391 | +€15,892 | +74.7% |
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 14 October 2026 via checked.be.