GS HORIZON: what changed
What changed
GS HORIZON
NACE 55.203, Holiday cottages, homes and apartments
filed annual accounts (NBB)
Net result for the year
€30,996
2024 · €24,695+€6,301
Equity
€215,585
2024 · €184,589+€30,996
Cash
€48,177
2024 · €46,493+€1,684
Balance sheet total
€448,375
2024 · €454,104-€5,729
Largest movements
Assets
- Tangible fixed assets -€12,094
down €12,094 (-3.1%), from €390,003 to €377,909
of which Land and buildings: -€11,077
- Receivables within one year +€6,083
up €6,083 (+48.2%), from €12,627 to €18,710
of which Other amounts receivable: +€8,522
Equity and liabilities
- Profit (loss) carried forward +€30,996
up €30,996 (+47.4%), from -€65,411 to -€34,415
- Other debts -€29,962
down €29,962 (-14.2%), from €210,379 to €180,417
- Debts after one year -€4,990
down €4,990 (-12.0%), from €41,600 to €36,609
Income statement
- Gross operating margin +€10,562
up €10,562 (+13.5%), from €77,955 to €88,517
- Depreciation +€3,397
up €3,397 (+11.5%), from €29,594 to €32,990
- Other operating charges +€1,981
up €1,981 (+58.8%), from €3,367 to €5,348
- Financial charges -€1,909
down €1,909 (-9.7%), from €19,614 to €17,705
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€24,695
Gross operating margin
+€10,562
Depreciation
-€3,397
Other operating charges
-€1,981
Financial income
-€7
Financial charges
+€1,909
Taxes
-€784
Result 2025
€30,996
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€27,481
Investment
-€20,896
Financing
-€4,901
Cash 2024
€46,493
From operations (derived)
+€27,481
Net result for the year
+€30,996
Depreciation
+€32,990
Receivables within one year
-€6,083
Deferred charges and accrued income
+€1,402
Trade debts
+€213
Tax, wage and social debts
-€2,075
Other debts
-€29,962
Investment (derived)
-€20,896
Investment in fixed assets (net)
-€20,896
Financing
-€4,901
Debts after one year
-€4,990
Current portion of long-term debt
+€89
Cash 2025
€48,177
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €454,104 | €448,375 | -€5,729 | -1.3% |
| Fixed assets | 21/28 | €390,003 | €377,909 | -€12,094 | -3.1% |
| Tangible fixed assets | 22/27 | €390,003 | €377,909 | -€12,094 | -3.1% |
| Land and buildings | 22 | €343,617 | €332,541 | -€11,077 | -3.2% |
| Plant, machinery and equipment | 23 | €4,071 | €8,269 | +€4,198 | +103% |
| Furniture and vehicles | 24 | €42,314 | €37,099 | -€5,215 | -12.3% |
| Current assets | 29/58 | €64,101 | €70,466 | +€6,366 | +9.9% |
| Amounts receivable within one year | 40/41 | €12,627 | €18,710 | +€6,083 | +48.2% |
| Trade receivables | 40 | €12,627 | €10,188 | -€2,439 | -19.3% |
| Other amounts receivable | 41 | - | €8,522 | +€8,522 | |
| Cash at bank and in hand | 54/58 | €46,493 | €48,177 | +€1,684 | +3.6% |
| Deferred charges and accrued income | 490/1 | €4,981 | €3,579 | -€1,402 | -28.1% |
| Total equity and liabilities | 10/49 | €454,104 | €448,375 | -€5,729 | -1.3% |
| Equity | 10/15 | €184,589 | €215,585 | +€30,996 | +16.8% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,411 | -€34,415 | +€30,996 | +47.4% |
| Amounts payable | 17/49 | €269,515 | €232,790 | -€36,725 | -13.6% |
| Amounts payable after more than one year | 17 | €41,600 | €36,609 | -€4,990 | -12.0% |
| Financial debts | 170/4 | €41,600 | €36,609 | -€4,990 | -12.0% |
| Amounts payable within one year | 42/48 | €227,915 | €196,181 | -€31,735 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €4,901 | €4,990 | +€89 | +1.8% |
| Trade debts | 44 | €239 | €452 | +€213 | +89.2% |
| Suppliers | 440/4 | €239 | €452 | +€213 | +89.2% |
| Taxes, remuneration and social security | 45 | €12,396 | €10,321 | -€2,075 | -16.7% |
| Taxes | 450/3 | €12,396 | €10,321 | -€2,075 | -16.7% |
| Other amounts payable | 47/48 | €210,379 | €180,417 | -€29,962 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,594 | €32,990 | +€3,397 | +11.5% |
| Other operating charges | 640/8 | €3,367 | €5,348 | +€1,981 | +58.8% |
| Gross operating margin | 9900 | €77,955 | €88,517 | +€10,562 | +13.5% |
| Operating profit (loss) | 9901 | €44,994 | €50,179 | +€5,185 | +11.5% |
| Financial income | 75/76B | €8 | €1 | -€7 | -92.3% |
| Recurring financial income | 75 | €8 | €1 | -€7 | -92.3% |
| Financial charges | 65/66B | €19,614 | €17,705 | -€1,909 | -9.7% |
| Recurring financial charges | 65 | €19,614 | €17,705 | -€1,909 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €25,389 | €32,474 | +€7,086 | +27.9% |
| Income taxes | 67/77 | €693 | €1,478 | +€784 | +113% |
| Profit (loss) for the period | 9904 | €24,695 | €30,996 | +€6,301 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,695 | €30,996 | +€6,301 | +25.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.