Horas: 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.
Horas
Largest movements
- Receivables within one year -€97,193
down €97,193 (-98.8%), from €98,404 to €1,211
of which Trade receivables: -€97,703
- Cash -€75,029
down €75,029 (-84.2%), from €89,155 to €14,127
mainly Net result for the year (-€242,820) and Provisions (-€54,000)
- Reserves -€242,820
down €242,820 (-13.6%), from €1.8m to €1.5m
of which Distributable reserves: -€205,466
- Debts after one year +€150,000
new in 2025: €150,000
- Provisions -€54,000
down €54,000 (-50.0%), from €108,000 to €54,000
- Tax, wage and social debts -€45,190
down €45,190 (-90.7%), from €49,803 to €4,613
of which Remuneration and social security: -€28,933
- Gross operating margin +€339,612
up €339,612 (+89.7%), from -€378,553 to -€38,942
- Provisions +€54,000
up €54,000 (+50.0%), from -€108,000 to -€54,000
- Staff costs +€23,296
up €23,296 (+11.9%), from €196,039 to €219,336
- Write-downs +€13,629
new in 2025: €13,629
- Financial income -€5,230
down €5,230 (-84.5%), from €6,186 to €956
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 | €2,704,985 | €2,514,945 | -€190,040 | -7.0% |
| Fixed assets | 21/28 | €2,501,176 | €2,497,892 | -€3,284 | -0.1% |
| Tangible fixed assets | 22/27 | €3,955 | €1,372 | -€2,583 | -65.3% |
| Plant, machinery and equipment | 23 | €1,841 | €797 | -€1,044 | -56.7% |
| Furniture and vehicles | 24 | €2,114 | €575 | -€1,538 | -72.8% |
| Financial fixed assets | 28 | €2,497,221 | €2,496,519 | -€702 | 0.0% |
| Current assets | 29/58 | €203,810 | €17,054 | -€186,756 | -91.6% |
| Stocks and contracts in progress | 3 | €13,445 | - | -€13,445 | |
| Stocks | 30/36 | €13,445 | - | -€13,445 | |
| Amounts receivable within one year | 40/41 | €98,404 | €1,211 | -€97,193 | -98.8% |
| Trade receivables | 40 | €98,404 | €702 | -€97,703 | -99.3% |
| Other amounts receivable | 41 | - | €510 | +€510 | |
| Cash at bank and in hand | 54/58 | €89,155 | €14,127 | -€75,029 | -84.2% |
| Deferred charges and accrued income | 490/1 | €2,805 | €1,716 | -€1,089 | -38.8% |
| Total equity and liabilities | 10/49 | €2,704,985 | €2,514,945 | -€190,040 | -7.0% |
| Equity | 10/15 | €2,284,115 | €2,041,295 | -€242,820 | -10.6% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €1,784,115 | €1,541,295 | -€242,820 | -13.6% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,354 | - | -€37,354 | |
| Distributable reserves | 133 | €1,696,761 | €1,491,295 | -€205,466 | -12.1% |
| Provisions and deferred taxes | 16 | €108,000 | €54,000 | -€54,000 | -50.0% |
| Provisions for liabilities and charges | 160/5 | €108,000 | €54,000 | -€54,000 | -50.0% |
| Other liabilities and charges | 164/5 | €108,000 | €54,000 | -€54,000 | -50.0% |
| Amounts payable | 17/49 | €312,870 | €419,650 | +€106,780 | +34.1% |
| Amounts payable after more than one year | 17 | - | €150,000 | +€150,000 | |
| Financial debts | 170/4 | - | €150,000 | +€150,000 | |
| Amounts payable within one year | 42/48 | €312,673 | €263,014 | -€49,659 | -15.9% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €12,870 | €8,401 | -€4,469 | -34.7% |
| Suppliers | 440/4 | €12,870 | €8,401 | -€4,469 | -34.7% |
| Taxes, remuneration and social security | 45 | €49,803 | €4,613 | -€45,190 | -90.7% |
| Taxes | 450/3 | €16,257 | - | -€16,257 | |
| Remuneration and social security | 454/9 | €33,546 | €4,613 | -€28,933 | -86.2% |
| Accrued charges and deferred income | 492/3 | €198 | €6,637 | +€6,439 | +3258.1% |
| Remuneration, social security and pensions | 62 | €196,039 | €219,336 | +€23,296 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,446 | €2,583 | -€864 | -25.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,629 | +€13,629 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€108,000 | -€54,000 | +€54,000 | +50.0% |
| Other operating charges | 640/8 | €1,704 | €1,182 | -€522 | -30.6% |
| Gross operating margin | 9900 | -€378,553 | -€38,942 | +€339,612 | +89.7% |
| Operating profit (loss) | 9901 | -€471,743 | -€221,671 | +€250,072 | +53.0% |
| Financial income | 75/76B | €6,186 | €956 | -€5,230 | -84.5% |
| Recurring financial income | 75 | €6,186 | €956 | -€5,230 | -84.5% |
| Financial charges | 65/66B | €21,183 | €22,104 | +€922 | +4.4% |
| Recurring financial charges | 65 | €21,183 | €22,104 | +€922 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | -€486,740 | -€242,820 | +€243,920 | +50.1% |
| Income taxes | 67/77 | -€776 | - | +€776 | |
| Profit (loss) for the period | 9904 | -€485,964 | -€242,820 | +€243,144 | +50.0% |
| Transfer from tax-exempt reserves | 789 | - | €37,354 | +€37,354 | |
| Profit (loss) for the period to be appropriated | 9905 | -€485,964 | -€205,466 | +€280,498 | +57.7% |
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 6 October 2026 via checked.be.