HORAMA: 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.
HORAMA
Largest movements
- Tangible fixed assets +€124,565
up €124,565 (+44.3%), from €281,407 to €405,972
of which Plant, machinery and equipment: +€168,618
- Cash +€28,208
up €28,208 (+51.3%), from €54,936 to €83,143
mainly Depreciation (+€87,018) and Debts after one year (+€70,673)
- Deferred charges and accrued income +€6,763
up €6,763 (+203.0%), from €3,331 to €10,094
- Debts after one year +€70,673
up €70,673 (+201.5%), from €35,067 to €105,740
- Profit (loss) carried forward +€59,730
up €59,730 (+43.7%), from €136,837 to €196,567
- Current portion of long-term debt +€16,270
up €16,270 (+94.4%), from €17,237 to €33,507
- Tax, wage and social debts +€16,162
up €16,162 (+39.4%), from €40,978 to €57,140
of which Remuneration and social security: +€22,423
- Trade debts +€10,506
up €10,506 (+41.8%), from €25,153 to €35,660
- Write-downs -€37,304
no longer reported in 2025 (was €37,304)
- Depreciation +€25,814
up €25,814 (+42.2%), from €61,204 to €87,018
- Staff costs +€7,803
up €7,803 (+35.9%), from €21,754 to €29,557
- Gross operating margin -€7,061
down €7,061 (-3.4%), from €204,702 to €197,641
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 | €396,326 | €559,280 | +€162,953 | +41.1% |
| Fixed assets | 21/28 | €281,739 | €406,304 | +€124,565 | +44.2% |
| Tangible fixed assets | 22/27 | €281,407 | €405,972 | +€124,565 | +44.3% |
| Plant, machinery and equipment | 23 | €102,353 | €270,970 | +€168,618 | +164.7% |
| Furniture and vehicles | 24 | €179,054 | €135,002 | -€44,052 | -24.6% |
| Financial fixed assets | 28 | €332 | €332 | = | 0.0% |
| Current assets | 29/58 | €114,588 | €152,976 | +€38,388 | +33.5% |
| Amounts receivable within one year | 40/41 | €56,321 | €59,738 | +€3,417 | +6.1% |
| Trade receivables | 40 | €38,589 | €24,214 | -€14,375 | -37.3% |
| Other amounts receivable | 41 | €17,732 | €35,524 | +€17,792 | +100.3% |
| Cash at bank and in hand | 54/58 | €54,936 | €83,143 | +€28,208 | +51.3% |
| Deferred charges and accrued income | 490/1 | €3,331 | €10,094 | +€6,763 | +203.0% |
| Total equity and liabilities | 10/49 | €396,326 | €559,280 | +€162,953 | +41.1% |
| Equity | 10/15 | €138,837 | €198,567 | +€59,730 | +43.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,837 | €196,567 | +€59,730 | +43.7% |
| Amounts payable | 17/49 | €257,489 | €360,712 | +€103,223 | +40.1% |
| Amounts payable after more than one year | 17 | €35,067 | €105,740 | +€70,673 | +201.5% |
| Financial debts | 170/4 | €35,067 | €105,740 | +€70,673 | +201.5% |
| Amounts payable within one year | 42/48 | €222,422 | €254,972 | +€32,550 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €17,237 | €33,507 | +€16,270 | +94.4% |
| Trade debts | 44 | €25,153 | €35,660 | +€10,506 | +41.8% |
| Suppliers | 440/4 | €25,153 | €35,660 | +€10,506 | +41.8% |
| Taxes, remuneration and social security | 45 | €40,978 | €57,140 | +€16,162 | +39.4% |
| Taxes | 450/3 | €40,445 | €34,184 | -€6,261 | -15.5% |
| Remuneration and social security | 454/9 | €533 | €22,956 | +€22,423 | +4207.8% |
| Other amounts payable | 47/48 | €139,054 | €128,665 | -€10,389 | -7.5% |
| Remuneration, social security and pensions | 62 | €21,754 | €29,557 | +€7,803 | +35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,204 | €87,018 | +€25,814 | +42.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €37,304 | - | -€37,304 | |
| Other operating charges | 640/8 | €1,829 | €2,889 | +€1,060 | +57.9% |
| Gross operating margin | 9900 | €204,702 | €197,641 | -€7,061 | -3.4% |
| Operating profit (loss) | 9901 | €82,611 | €78,177 | -€4,434 | -5.4% |
| Financial income | 75/76B | €123 | €1 | -€122 | -99.1% |
| Recurring financial income | 75 | €123 | €1 | -€122 | -99.1% |
| Financial charges | 65/66B | €2,018 | €3,266 | +€1,248 | +61.8% |
| Recurring financial charges | 65 | €2,018 | €3,266 | +€1,248 | +61.8% |
| Profit (loss) for the period before taxes | 9903 | €80,716 | €74,912 | -€5,804 | -7.2% |
| Income taxes | 67/77 | €16,270 | €15,182 | -€1,088 | -6.7% |
| Profit (loss) for the period | 9904 | €64,446 | €59,730 | -€4,716 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,446 | €59,730 | -€4,716 | -7.3% |
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.