HOR-KIT: what changed
Two fiscal 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.
HOR-KIT
Largest movements
- Cash +€22,081
up €22,081 (+189.3%), from €11,665 to €33,745
mainly Net result for the year (+€28,041) and Depreciation (+€16,117)
- Tangible fixed assets -€15,317
down €15,317 (-31.6%), from €48,503 to €33,186
- Receivables within one year +€5,732
up €5,732 (+69.2%), from €8,282 to €14,013
of which Trade receivables: +€3,799
- Deferred charges and accrued income -€891
down €891 (-36.0%), from €2,477 to €1,586
- Reserves +€24,825
new in 2025: €24,825
- Debts after one year -€13,314
down €13,314 (-58.3%), from €22,822 to €9,508
- Other debts -€8,859
down €8,859 (-33.2%), from €26,720 to €17,861
- Tax, wage and social debts +€7,777
up €7,777 (+180.1%), from €4,318 to €12,095
of which Taxes: +€10,020
- Gross operating margin +€39,611
up €39,611 (+197.0%), from €20,102 to €59,713
- Taxes +€10,316
up €10,316 (+645.0%), from €1,599 to €11,916
- Depreciation +€2,038
up €2,038 (+14.5%), from €14,079 to €16,117
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 | €77,186 | €87,837 | +€10,652 | +13.8% |
| Fixed assets | 21/28 | €51,800 | €35,682 | -€16,117 | -31.1% |
| Intangible fixed assets | 21 | €3,296 | €2,496 | -€800 | -24.3% |
| Tangible fixed assets | 22/27 | €48,503 | €33,186 | -€15,317 | -31.6% |
| Plant, machinery and equipment | 23 | €3,873 | €2,933 | -€940 | -24.3% |
| Furniture and vehicles | 24 | €29,565 | €22,310 | -€7,255 | -24.5% |
| Leasing and similar rights | 25 | €15,065 | €7,942 | -€7,123 | -47.3% |
| Current assets | 29/58 | €25,386 | €52,155 | +€26,769 | +105.4% |
| Stocks and contracts in progress | 3 | €2,963 | €2,811 | -€152 | -5.1% |
| Stocks | 30/36 | €2,963 | €2,811 | -€152 | -5.1% |
| Amounts receivable within one year | 40/41 | €8,282 | €14,013 | +€5,732 | +69.2% |
| Trade receivables | 40 | €8,122 | €11,921 | +€3,799 | +46.8% |
| Other amounts receivable | 41 | €160 | €2,092 | +€1,932 | +1210.1% |
| Cash at bank and in hand | 54/58 | €11,665 | €33,745 | +€22,081 | +189.3% |
| Deferred charges and accrued income | 490/1 | €2,477 | €1,586 | -€891 | -36.0% |
| Total equity and liabilities | 10/49 | €77,186 | €87,837 | +€10,652 | +13.8% |
| Equity | 10/15 | €6,116 | €30,825 | +€24,709 | +404.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €24,825 | +€24,825 | |
| Distributable reserves | 133 | - | €24,825 | +€24,825 | |
| Profit (loss) carried forward | 14 | €116 | - | -€116 | |
| Amounts payable | 17/49 | €71,069 | €57,013 | -€14,057 | -19.8% |
| Amounts payable after more than one year | 17 | €22,822 | €9,508 | -€13,314 | -58.3% |
| Financial debts | 170/4 | €22,822 | €9,508 | -€13,314 | -58.3% |
| Amounts payable within one year | 42/48 | €47,087 | €47,072 | -€15 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €12,773 | €13,314 | +€541 | +4.2% |
| Trade debts | 44 | €3,276 | €3,802 | +€526 | +16.1% |
| Suppliers | 440/4 | €3,276 | €3,802 | +€526 | +16.1% |
| Taxes, remuneration and social security | 45 | €4,318 | €12,095 | +€7,777 | +180.1% |
| Taxes | 450/3 | €2,075 | €12,095 | +€10,020 | +482.8% |
| Remuneration and social security | 454/9 | €2,243 | - | -€2,243 | |
| Other amounts payable | 47/48 | €26,720 | €17,861 | -€8,859 | -33.2% |
| Accrued charges and deferred income | 492/3 | €1,161 | €433 | -€728 | -62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,079 | €16,117 | +€2,038 | +14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €445 | +€445 | |
| Other operating charges | 640/8 | €608 | €1,177 | +€569 | +93.5% |
| Non-recurring operating charges | 66A | - | €195 | +€195 | |
| Gross operating margin | 9900 | €20,102 | €59,713 | +€39,611 | +197.0% |
| Operating profit (loss) | 9901 | €5,415 | €41,778 | +€36,364 | +671.6% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €2,033 | €1,842 | -€191 | -9.4% |
| Recurring financial charges | 65 | €2,033 | €1,842 | -€191 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €3,382 | €39,956 | +€36,575 | +1081.6% |
| Income taxes | 67/77 | €1,599 | €11,916 | +€10,316 | +645.0% |
| Profit (loss) for the period | 9904 | €1,782 | €28,041 | +€26,258 | +1473.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,782 | €28,041 | +€26,258 | +1473.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.