HORA EST: 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.
HORA EST
Largest movements
- Receivables within one year +€9,990
up €9,990 (+30.2%), from €33,053 to €43,043
of which Other amounts receivable: +€8,325
- Tangible fixed assets +€4,920
new in 2025: €4,920
of which Furniture and vehicles: +€2,879
- Tax, wage and social debts +€7,109
up €7,109 (+53.5%), from €13,299 to €20,407
- Profit (loss) carried forward +€7,031
up €7,031 (+20.3%), from €34,632 to €41,662
- Gross operating margin -€23,491
down €23,491 (-54.9%), from €42,759 to €19,268
- Taxes -€3,620
down €3,620 (-27.9%), from €12,973 to €9,354
- Financial charges +€1,427
up €1,427 (+196%), from €727 to €2,153
- Other operating charges -€853
down €853 (-63.0%), from €1,352 to €500
- Depreciation +€559
new in 2025: €559
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 | €50,627 | €65,193 | +€14,566 | +28.8% |
| Fixed assets | 21/28 | - | €4,920 | +€4,920 | |
| Tangible fixed assets | 22/27 | - | €4,920 | +€4,920 | |
| Plant, machinery and equipment | 23 | - | €2,041 | +€2,041 | |
| Furniture and vehicles | 24 | - | €2,879 | +€2,879 | |
| Current assets | 29/58 | €50,627 | €60,273 | +€9,646 | +19.1% |
| Amounts receivable within one year | 40/41 | €33,053 | €43,043 | +€9,990 | +30.2% |
| Trade receivables | 40 | €28,474 | €30,139 | +€1,665 | +5.8% |
| Other amounts receivable | 41 | €4,579 | €12,905 | +€8,325 | +182% |
| Cash at bank and in hand | 54/58 | €16,895 | €16,267 | -€629 | -3.7% |
| Deferred charges and accrued income | 490/1 | €678 | €963 | +€284 | +41.9% |
| Total equity and liabilities | 10/49 | €50,627 | €65,193 | +€14,566 | +28.8% |
| Equity | 10/15 | €34,732 | €41,762 | +€7,031 | +20.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,632 | €41,662 | +€7,031 | +20.3% |
| Amounts payable | 17/49 | €15,895 | €23,430 | +€7,535 | +47.4% |
| Amounts payable within one year | 42/48 | €15,895 | €23,430 | +€7,535 | +47.4% |
| Trade debts | 44 | €2,596 | €3,023 | +€427 | +16.4% |
| Suppliers | 440/4 | €2,596 | €3,023 | +€427 | +16.4% |
| Taxes, remuneration and social security | 45 | €13,299 | €20,407 | +€7,109 | +53.5% |
| Taxes | 450/3 | €13,299 | €20,407 | +€7,109 | +53.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €559 | +€559 | |
| Other operating charges | 640/8 | €1,352 | €500 | -€853 | -63.0% |
| Gross operating margin | 9900 | €42,759 | €19,268 | -€23,491 | -54.9% |
| Operating profit (loss) | 9901 | €41,407 | €18,209 | -€23,197 | -56.0% |
| Financial income | 75/76B | €63 | €328 | +€265 | +419% |
| Recurring financial income | 75 | €63 | €328 | +€265 | +419% |
| Financial charges | 65/66B | €727 | €2,153 | +€1,427 | +196% |
| Recurring financial charges | 65 | €727 | €2,153 | +€1,427 | +196% |
| Profit (loss) for the period before taxes | 9903 | €40,743 | €16,384 | -€24,359 | -59.8% |
| Income taxes | 67/77 | €12,973 | €9,354 | -€3,620 | -27.9% |
| Profit (loss) for the period | 9904 | €27,770 | €7,031 | -€20,739 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,770 | €7,031 | -€20,739 | -74.7% |
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 18 October 2026 via checked.be.