HORATEC: 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.
HORATEC
Largest movements
- Cash +€528,229
up €528,229 (+61.5%), from €858,604 to €1.4m
mainly Depreciation (+€567,914) and Net result for the year (+€346,412)
- Tangible fixed assets -€509,927
down €509,927 (-12.6%), from €4.0m to €3.5m
of which Plant, machinery and equipment: -€509,384
- Reserves +€346,412
up €346,412 (+14.3%), from €2.4m to €2.8m
of which Distributable reserves: +€346,412
- Debts after one year -€250,000
down €250,000 (-14.3%), from €1.8m to €1.5m
- Gross operating margin +€480,324
up €480,324 (+46.2%), from €1.0m to €1.5m
- Taxes +€103,865
up €103,865 (+2,726,128%), from €4 to €103,869
- Depreciation +€76,049
up €76,049 (+15.5%), from €491,866 to €567,914
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 | €5,090,686 | €5,169,899 | +€79,213 | +1.6% |
| Fixed assets | 21/28 | €4,034,684 | €3,524,757 | -€509,927 | -12.6% |
| Tangible fixed assets | 22/27 | €4,034,684 | €3,524,757 | -€509,927 | -12.6% |
| Plant, machinery and equipment | 23 | €4,033,735 | €3,524,351 | -€509,384 | -12.6% |
| Furniture and vehicles | 24 | €949 | €405 | -€544 | -57.3% |
| Current assets | 29/58 | €1,056,002 | €1,645,143 | +€589,141 | +55.8% |
| Stocks and contracts in progress | 3 | €112,046 | €151,470 | +€39,424 | +35.2% |
| Stocks | 30/36 | €112,046 | €151,470 | +€39,424 | +35.2% |
| Amounts receivable within one year | 40/41 | €60,430 | €81,108 | +€20,678 | +34.2% |
| Trade receivables | 40 | €14,690 | €32,368 | +€17,678 | +120% |
| Other amounts receivable | 41 | €45,740 | €48,740 | +€3,000 | +6.6% |
| Cash at bank and in hand | 54/58 | €858,604 | €1,386,833 | +€528,229 | +61.5% |
| Deferred charges and accrued income | 490/1 | €24,921 | €25,731 | +€810 | +3.2% |
| Total equity and liabilities | 10/49 | €5,090,686 | €5,169,899 | +€79,213 | +1.6% |
| Equity | 10/15 | €2,920,598 | €3,267,010 | +€346,412 | +11.9% |
| 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 | €2,420,598 | €2,767,010 | +€346,412 | +14.3% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €2,370,598 | €2,717,010 | +€346,412 | +14.6% |
| Amounts payable | 17/49 | €2,170,088 | €1,902,889 | -€267,199 | -12.3% |
| Amounts payable after more than one year | 17 | €1,750,000 | €1,500,000 | -€250,000 | -14.3% |
| Financial debts | 170/4 | €1,750,000 | €1,500,000 | -€250,000 | -14.3% |
| Amounts payable within one year | 42/48 | €400,746 | €399,622 | -€1,124 | -0.3% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Other loans | 439 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €98,517 | €81,925 | -€16,593 | -16.8% |
| Suppliers | 440/4 | €98,517 | €81,925 | -€16,593 | -16.8% |
| Taxes, remuneration and social security | 45 | €52,228 | €67,698 | +€15,469 | +29.6% |
| Taxes | 450/3 | €22,435 | €38,652 | +€16,217 | +72.3% |
| Remuneration and social security | 454/9 | €29,793 | €29,046 | -€747 | -2.5% |
| Accrued charges and deferred income | 492/3 | €19,342 | €3,267 | -€16,075 | -83.1% |
| Non-recurring operating income | 76A | €20,000 | - | -€20,000 | |
| Remuneration, social security and pensions | 62 | €472,364 | €461,093 | -€11,271 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €491,866 | €567,914 | +€76,049 | +15.5% |
| Other operating charges | 640/8 | €2,023 | €1,940 | -€83 | -4.1% |
| Gross operating margin | 9900 | €1,038,707 | €1,519,031 | +€480,324 | +46.2% |
| Operating profit (loss) | 9901 | €72,455 | €488,084 | +€415,630 | +574% |
| Financial income | 75/76B | €5,270 | €6,620 | +€1,351 | +25.6% |
| Recurring financial income | 75 | €5,270 | €6,620 | +€1,351 | +25.6% |
| Financial charges | 65/66B | €49,659 | €44,423 | -€5,236 | -10.5% |
| Recurring financial charges | 65 | €49,659 | €44,423 | -€5,236 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €28,065 | €450,282 | +€422,216 | +1,504% |
| Income taxes | 67/77 | €4 | €103,869 | +€103,865 | +2,726,128% |
| Profit (loss) for the period | 9904 | €28,062 | €346,412 | +€318,351 | +1,134% |
| Profit (loss) for the period to be appropriated | 9905 | €28,062 | €346,412 | +€318,351 | +1,134% |
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 28 October 2026 via checked.be.