Horagro: 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.
Horagro
Largest movements
- Receivables after one year -€667,256
down €667,256 (-50.5%), from €1.3m to €654,098
- Receivables within one year -€593,862
down €593,862 (-59.0%), from €1.0m to €411,944
of which Trade receivables: -€599,821
- Cash -€55,010
down €55,010 (-63.0%), from €87,370 to €32,360
mainly Other debts (-€1.3m) and Accrued charges and deferred income (-€59,547)
- Other debts -€1.3m
down €1.3m (-88.2%), from €1.5m to €180,000
- Reserves +€62,658
up €62,658 (+9.9%), from €634,434 to €697,092
of which Distributable reserves: +€62,658
- Accrued charges and deferred income -€59,547
down €59,547 (-52.8%), from €112,790 to €53,243
- Tax, wage and social debts +€49,233
up €49,233 (+72.6%), from €67,854 to €117,087
- Trade debts -€24,409
down €24,409 (-94.4%), from €25,867 to €1,458
- Financial charges -€60,019
down €60,019 (-52.0%), from €115,320 to €55,301
- Taxes +€27,265
up €27,265 (+10164.3%), from €268 to €27,533
- Services and other goods -€13,587
down €13,587 (-3.1%), from €442,057 to €428,470
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 | €2,415,016 | €1,098,880 | -€1.3m | -54.5% |
| Current assets | 29/58 | €2,415,016 | €1,098,880 | -€1.3m | -54.5% |
| Amounts receivable after more than one year | 29 | €1,321,354 | €654,098 | -€667,256 | -50.5% |
| Other amounts receivable | 291 | €1,321,354 | €654,098 | -€667,256 | -50.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,005,806 | €411,944 | -€593,862 | -59.0% |
| Trade receivables | 40 | €1,000,000 | €400,179 | -€599,821 | -60.0% |
| Other amounts receivable | 41 | €5,806 | €11,765 | +€5,959 | +102.6% |
| Cash at bank and in hand | 54/58 | €87,370 | €32,360 | -€55,010 | -63.0% |
| Deferred charges and accrued income | 490/1 | €485 | €478 | -€7 | -1.4% |
| Total equity and liabilities | 10/49 | €2,415,016 | €1,098,880 | -€1.3m | -54.5% |
| Equity | 10/15 | €684,434 | €747,092 | +€62,658 | +9.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €634,434 | €697,092 | +€62,658 | +9.9% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €629,434 | €692,092 | +€62,658 | +10.0% |
| Amounts payable | 17/49 | €1,730,581 | €351,788 | -€1.4m | -79.7% |
| Amounts payable within one year | 42/48 | €1,617,792 | €298,545 | -€1.3m | -81.5% |
| Trade debts | 44 | €25,867 | €1,458 | -€24,409 | -94.4% |
| Suppliers | 440/4 | €25,867 | €1,458 | -€24,409 | -94.4% |
| Taxes, remuneration and social security | 45 | €67,854 | €117,087 | +€49,233 | +72.6% |
| Taxes | 450/3 | €67,854 | €117,087 | +€49,233 | +72.6% |
| Other amounts payable | 47/48 | €1,524,071 | €180,000 | -€1.3m | -88.2% |
| Accrued charges and deferred income | 492/3 | €112,790 | €53,243 | -€59,547 | -52.8% |
| Operating income | 70/76A | €582,652 | €581,798 | -€855 | -0.1% |
| Turnover | 70 | €580,000 | €580,000 | = | 0.0% |
| Other operating income | 74 | €2,652 | €1,798 | -€855 | -32.2% |
| Operating charges | 60/66A | €452,158 | €436,743 | -€15,415 | -3.4% |
| Services and other goods | 61 | €442,057 | €428,470 | -€13,587 | -3.1% |
| Other operating charges | 640/8 | €10,100 | €8,273 | -€1,828 | -18.1% |
| Operating profit (loss) | 9901 | €130,495 | €145,055 | +€14,561 | +11.2% |
| Financial income | 75/76B | €459 | €436 | -€23 | -4.9% |
| Recurring financial income | 75 | €459 | €436 | -€23 | -4.9% |
| Income from current assets | 751 | €459 | €436 | -€23 | -4.9% |
| Financial charges | 65/66B | €115,320 | €55,301 | -€60,019 | -52.0% |
| Recurring financial charges | 65 | €115,320 | €55,301 | -€60,019 | -52.0% |
| Debt charges | 650 | €115,059 | €55,046 | -€60,013 | -52.2% |
| Other financial charges | 652/9 | €261 | €255 | -€6 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €15,634 | €90,191 | +€74,556 | +476.9% |
| Income taxes | 67/77 | €268 | €27,533 | +€27,265 | +10164.3% |
| Taxes | 670/3 | €268 | €27,533 | +€27,265 | +10164.3% |
| Profit (loss) for the period | 9904 | €15,366 | €62,658 | +€47,292 | +307.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,366 | €62,658 | +€47,292 | +307.8% |
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 10 October 2026 via checked.be.