HOR HOLDING: 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.
What changed
HOR HOLDING
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€207,768
2024 · -€113,625+€321,393
Equity
€659,142
2024 · €451,375+€207,768
Cash
€2,359
2024 · €6,467-€4,108
Balance sheet total
€2.0m
2024 · €2.1m-€73,660
Largest movements
Assets
- Receivables within one year -€67,742
no longer reported in 2025 (was €67,742)
Equity and liabilities
- Profit (loss) carried forward +€207,768
up €207,768, from -€113,625 to €94,142
- Debts after one year -€152,857
down €152,857 (-11.7%), from €1.3m to €1.2m
- Other debts -€137,372
down €137,372 (-77.3%), from €177,800 to €40,428
Income statement
- Financial income +€332,261
up €332,261 (+5,568%), from €5,967 to €338,229
- Financial charges -€27,831
down €27,831 (-24.3%), from €114,670 to €86,839
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.
Result 2024
-€113,625
Depreciation
+€204
Other operating charges
-€141
Other operating items
-€38,762
Financial income
+€332,261
Financial charges
+€27,831
Result 2025
€207,768
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€148,749
Investment
€0
Financing
-€152,857
Cash 2024
€6,467
From operations (derived)
+€148,749
Net result for the year
+€207,768
Depreciation
+€989
Receivables within one year
+€67,742
Deferred charges and accrued income
+€822
Trade debts
-€713
Tax, wage and social debts
+€8,490
Other debts
-€137,372
Accrued charges and deferred income
+€1,025
Financing
-€152,857
Debts after one year
-€152,857
Cash 2025
€2,359
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,092,503 | €2,018,843 | -€73,660 | -3.5% |
| Formation expenses | 20 | €3,707 | €2,719 | -€989 | -26.7% |
| Fixed assets | 21/28 | €2,013,650 | €2,013,650 | = | 0.0% |
| Financial fixed assets | 28 | €2,013,650 | €2,013,650 | = | 0.0% |
| Affiliated companies | 280/1 | €2,013,650 | €2,013,650 | = | 0.0% |
| Participating interests | 280 | €2,013,650 | €2,013,650 | = | 0.0% |
| Current assets | 29/58 | €75,146 | €2,475 | -€72,671 | -96.7% |
| Amounts receivable within one year | 40/41 | €67,742 | - | -€67,742 | |
| Other amounts receivable | 41 | €67,742 | - | -€67,742 | |
| Cash at bank and in hand | 54/58 | €6,467 | €2,359 | -€4,108 | -63.5% |
| Deferred charges and accrued income | 490/1 | €938 | €116 | -€822 | -87.6% |
| Total equity and liabilities | 10/49 | €2,092,503 | €2,018,843 | -€73,660 | -3.5% |
| Equity | 10/15 | €451,375 | €659,142 | +€207,768 | +46.0% |
| Contributions | 10/11 | €565,000 | €565,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€113,625 | €94,142 | +€207,768 | |
| Amounts payable | 17/49 | €1,641,129 | €1,359,701 | -€281,428 | -17.1% |
| Amounts payable after more than one year | 17 | €1,303,809 | €1,150,952 | -€152,857 | -11.7% |
| Financial debts | 170/4 | €1,303,809 | €1,150,952 | -€152,857 | -11.7% |
| Subordinated loans | 170 | €565,000 | €565,000 | = | 0.0% |
| Credit institutions | 173 | €738,809 | €585,952 | -€152,857 | -20.7% |
| Amounts payable within one year | 42/48 | €333,515 | €203,920 | -€129,595 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €152,857 | €152,857 | = | 0.0% |
| Trade debts | 44 | €2,631 | €1,919 | -€713 | -27.1% |
| Suppliers | 440/4 | €2,631 | €1,919 | -€713 | -27.1% |
| Taxes, remuneration and social security | 45 | €226 | €8,716 | +€8,490 | +3,757% |
| Taxes | 450/3 | €226 | €8,716 | +€8,490 | +3,757% |
| Other amounts payable | 47/48 | €177,800 | €40,428 | -€137,372 | -77.3% |
| Accrued charges and deferred income | 492/3 | €3,805 | €4,829 | +€1,025 | +26.9% |
| Operating charges | 60/66A | €4,922 | €43,622 | +€38,699 | +786% |
| Services and other goods | 61 | €2,631 | €3,573 | +€941 | +35.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,192 | €989 | -€204 | -17.1% |
| Other operating charges | 640/8 | €1,099 | €1,239 | +€141 | +12.8% |
| Non-recurring operating charges | 66A | - | €37,821 | +€37,821 | |
| Operating profit (loss) | 9901 | -€4,922 | -€43,622 | -€38,699 | -786% |
| Financial income | 75/76B | €5,967 | €338,229 | +€332,261 | +5,568% |
| Recurring financial income | 75 | €5,967 | €338,229 | +€332,261 | +5,568% |
| Income from financial fixed assets | 750 | - | €337,800 | +€337,800 | |
| Income from current assets | 751 | €5,967 | €429 | -€5,539 | -92.8% |
| Financial charges | 65/66B | €114,670 | €86,839 | -€27,831 | -24.3% |
| Recurring financial charges | 65 | €114,670 | €86,839 | -€27,831 | -24.3% |
| Debt charges | 650 | €112,117 | €86,334 | -€25,783 | -23.0% |
| Other financial charges | 652/9 | €2,553 | €505 | -€2,048 | -80.2% |
| Profit (loss) for the period before taxes | 9903 | -€113,625 | €207,768 | +€321,393 | |
| Profit (loss) for the period | 9904 | -€113,625 | €207,768 | +€321,393 | |
| Profit (loss) for the period to be appropriated | 9905 | -€113,625 | €207,768 | +€321,393 |
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 20 October 2026 via checked.be.