DE HORNE: 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 HORNE
Largest movements
- Cash -€22,519
down €22,519 (-16.9%), from €133,074 to €110,555
mainly Investment in fixed assets (net) (-€21,211) and Tax, wage and social debts (-€17,058)
- Stocks and contracts +€15,224
up €15,224 (+111%), from €13,697 to €28,920
- Receivables within one year +€11,822
up €11,822 (+77.8%), from €15,195 to €27,017
- Tangible fixed assets +€5,157
up €5,157 (+7.9%), from €64,969 to €70,127
of which Other tangible fixed assets: +€9,996
- Short-term financial debts +€22,000
new in 2025: €22,000
- Tax, wage and social debts -€17,058
down €17,058 (-86.8%), from €19,663 to €2,605
of which Taxes: -€17,459
- Trade debts +€6,841
up €6,841 (+1,064%), from €643 to €7,484
- Debts after one year -€6,342
down €6,342 (-29.6%), from €21,415 to €15,073
- Reserves +€5,278
up €5,278 (+3.3%), from €157,858 to €163,136
of which Distributable reserves: +€5,278
- Gross operating margin -€27,174
down €27,174 (-31.0%), from €87,658 to €60,484
- Taxes -€14,694
down €14,694 (-84.9%), from €17,314 to €2,619
- Depreciation +€7,528
up €7,528 (+81.3%), from €9,265 to €16,794
- Staff costs +€6,644
up €6,644 (+24.8%), from €26,756 to €33,400
- Other operating charges -€1,614
down €1,614 (-90.5%), from €1,785 to €170
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 | €228,277 | €237,358 | +€9,081 | +4.0% |
| Fixed assets | 21/28 | €65,709 | €70,127 | +€4,417 | +6.7% |
| Intangible fixed assets | 21 | €740 | - | -€740 | |
| Tangible fixed assets | 22/27 | €64,969 | €70,127 | +€5,157 | +7.9% |
| Land and buildings | 22 | - | €5,836 | +€5,836 | |
| Plant, machinery and equipment | 23 | €7,941 | €7,123 | -€818 | -10.3% |
| Furniture and vehicles | 24 | €44,460 | €34,602 | -€9,857 | -22.2% |
| Other tangible fixed assets | 26 | €12,569 | €22,565 | +€9,996 | +79.5% |
| Current assets | 29/58 | €162,568 | €167,232 | +€4,664 | +2.9% |
| Stocks and contracts in progress | 3 | €13,697 | €28,920 | +€15,224 | +111% |
| Stocks | 30/36 | €13,697 | €28,920 | +€15,224 | +111% |
| Amounts receivable within one year | 40/41 | €15,195 | €27,017 | +€11,822 | +77.8% |
| Other amounts receivable | 41 | €15,195 | €27,017 | +€11,822 | +77.8% |
| Cash at bank and in hand | 54/58 | €133,074 | €110,555 | -€22,519 | -16.9% |
| Deferred charges and accrued income | 490/1 | €602 | €739 | +€137 | +22.7% |
| Total equity and liabilities | 10/49 | €228,277 | €237,358 | +€9,081 | +4.0% |
| Equity | 10/15 | €164,634 | €169,912 | +€5,278 | +3.2% |
| Contributions | 10/11 | €6,605 | €6,605 | = | 0.0% |
| Reserves | 13 | €157,858 | €163,136 | +€5,278 | +3.3% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €155,958 | €161,236 | +€5,278 | +3.4% |
| Profit (loss) carried forward | 14 | €170 | €170 | = | 0.0% |
| Amounts payable | 17/49 | €63,643 | €67,446 | +€3,803 | +6.0% |
| Amounts payable after more than one year | 17 | €21,415 | €15,073 | -€6,342 | -29.6% |
| Financial debts | 170/4 | €21,415 | €15,073 | -€6,342 | -29.6% |
| Amounts payable within one year | 42/48 | €40,445 | €52,373 | +€11,928 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €5,010 | €6,342 | +€1,332 | +26.6% |
| Financial debts | 43 | - | €22,000 | +€22,000 | |
| Other loans | 439 | - | €22,000 | +€22,000 | |
| Trade debts | 44 | €643 | €7,484 | +€6,841 | +1,064% |
| Suppliers | 440/4 | €643 | €7,484 | +€6,841 | +1,064% |
| Taxes, remuneration and social security | 45 | €19,663 | €2,605 | -€17,058 | -86.8% |
| Taxes | 450/3 | €17,563 | €104 | -€17,459 | -99.4% |
| Remuneration and social security | 454/9 | €2,100 | €2,501 | +€401 | +19.1% |
| Other amounts payable | 47/48 | €15,128 | €13,942 | -€1,186 | -7.8% |
| Accrued charges and deferred income | 492/3 | €1,783 | - | -€1,783 | |
| Remuneration, social security and pensions | 62 | €26,756 | €33,400 | +€6,644 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,265 | €16,794 | +€7,528 | +81.3% |
| Other operating charges | 640/8 | €1,785 | €170 | -€1,614 | -90.5% |
| Gross operating margin | 9900 | €87,658 | €60,484 | -€27,174 | -31.0% |
| Operating profit (loss) | 9901 | €49,852 | €10,120 | -€39,732 | -79.7% |
| Financial income | 75/76B | €64 | - | -€64 | |
| Recurring financial income | 75 | €64 | - | -€64 | |
| Financial charges | 65/66B | €901 | €2,223 | +€1,322 | +147% |
| Recurring financial charges | 65 | €901 | €2,223 | +€1,322 | +147% |
| Profit (loss) for the period before taxes | 9903 | €49,015 | €7,897 | -€41,118 | -83.9% |
| Income taxes | 67/77 | €17,314 | €2,619 | -€14,694 | -84.9% |
| Profit (loss) for the period | 9904 | €31,701 | €5,278 | -€26,423 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,701 | €5,278 | -€26,423 | -83.4% |
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 25 October 2026 via checked.be.