DE HORTUS: 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 HORTUS
Largest movements
- Stocks and contracts +€10,000
up €10,000 (+5.3%), from €190,166 to €200,166
- Cash +€9,985
up €9,985 (+49.9%), from €20,005 to €29,990
mainly Net result for the year (+€33,852) and Depreciation (+€12,538)
- Receivables within one year +€5,109
up €5,109 (+47.8%), from €10,697 to €15,806
- Tangible fixed assets -€5,095
down €5,095 (-3.0%), from €171,315 to €166,220
of which Plant, machinery and equipment: -€4,115
- Reserves +€33,852
up €33,852 (+21.0%), from €161,333 to €195,184
- Current portion of long-term debt -€10,780
down €10,780 (-72.8%), from €14,803 to €4,023
- Debts after one year -€6,181
down €6,181 (-3.7%), from €166,405 to €160,224
of which Financial debts: -€4,023
- Tax, wage and social debts +€4,743
up €4,743 (+17.7%), from €26,752 to €31,495
of which Taxes: +€3,913
- Gross operating margin -€20,324
down €20,324 (-16.9%), from €120,614 to €100,290
- Depreciation -€9,348
down €9,348 (-42.7%), from €21,886 to €12,538
- Taxes -€4,308
down €4,308 (-20.4%), from €21,093 to €16,785
- Staff costs +€1,886
up €1,886 (+6.6%), from €28,690 to €30,576
- Financial charges -€1,375
down €1,375 (-42.2%), from €3,255 to €1,880
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 | €395,620 | €414,207 | +€18,588 | +4.7% |
| Fixed assets | 21/28 | €172,411 | €166,220 | -€6,191 | -3.6% |
| Intangible fixed assets | 21 | €1,096 | €0 | -€1,096 | -100.0% |
| Tangible fixed assets | 22/27 | €171,315 | €166,220 | -€5,095 | -3.0% |
| Land and buildings | 22 | €138,777 | €139,069 | +€292 | +0.2% |
| Plant, machinery and equipment | 23 | €25,336 | €21,221 | -€4,115 | -16.2% |
| Furniture and vehicles | 24 | €7,202 | €5,930 | -€1,272 | -17.7% |
| Current assets | 29/58 | €223,209 | €247,988 | +€24,779 | +11.1% |
| Stocks and contracts in progress | 3 | €190,166 | €200,166 | +€10,000 | +5.3% |
| Stocks | 30/36 | €190,166 | €200,166 | +€10,000 | +5.3% |
| Amounts receivable within one year | 40/41 | €10,697 | €15,806 | +€5,109 | +47.8% |
| Trade receivables | 40 | €10,697 | €15,806 | +€5,109 | +47.8% |
| Cash at bank and in hand | 54/58 | €20,005 | €29,990 | +€9,985 | +49.9% |
| Deferred charges and accrued income | 490/1 | €2,341 | €2,026 | -€315 | -13.5% |
| Total equity and liabilities | 10/49 | €395,620 | €414,207 | +€18,588 | +4.7% |
| Equity | 10/15 | €179,883 | €213,734 | +€33,852 | +18.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €161,333 | €195,184 | +€33,852 | +21.0% |
| Distributable reserves | 133 | €161,333 | €195,184 | +€33,852 | +21.0% |
| Amounts payable | 17/49 | €215,737 | €200,473 | -€15,264 | -7.1% |
| Amounts payable after more than one year | 17 | €166,405 | €160,224 | -€6,181 | -3.7% |
| Financial debts | 170/4 | €11,918 | €7,894 | -€4,023 | -33.8% |
| Other amounts payable | 178/9 | €154,487 | €152,330 | -€2,158 | -1.4% |
| Amounts payable within one year | 42/48 | €49,332 | €40,249 | -€9,083 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €14,803 | €4,023 | -€10,780 | -72.8% |
| Trade debts | 44 | €7,777 | €4,731 | -€3,046 | -39.2% |
| Suppliers | 440/4 | €7,777 | €4,731 | -€3,046 | -39.2% |
| Taxes, remuneration and social security | 45 | €26,752 | €31,495 | +€4,743 | +17.7% |
| Taxes | 450/3 | €25,245 | €29,157 | +€3,913 | +15.5% |
| Remuneration and social security | 454/9 | €1,507 | €2,338 | +€831 | +55.1% |
| Remuneration, social security and pensions | 62 | €28,690 | €30,576 | +€1,886 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,886 | €12,538 | -€9,348 | -42.7% |
| Other operating charges | 640/8 | €4,682 | €4,868 | +€187 | +4.0% |
| Non-recurring operating charges | 66A | €116 | €0 | -€116 | -100.0% |
| Gross operating margin | 9900 | €120,614 | €100,290 | -€20,324 | -16.9% |
| Operating profit (loss) | 9901 | €65,240 | €52,307 | -€12,933 | -19.8% |
| Financial income | 75/76B | €201 | €210 | +€9 | +4.6% |
| Recurring financial income | 75 | €201 | €210 | +€9 | +4.6% |
| Financial charges | 65/66B | €3,255 | €1,880 | -€1,375 | -42.2% |
| Recurring financial charges | 65 | €3,255 | €1,880 | -€1,375 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €62,186 | €50,637 | -€11,549 | -18.6% |
| Income taxes | 67/77 | €21,093 | €16,785 | -€4,308 | -20.4% |
| Profit (loss) for the period | 9904 | €41,093 | €33,852 | -€7,241 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,093 | €33,852 | -€7,241 | -17.6% |
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.