HORATIUS: 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.
HORATIUS
Largest movements
- Tangible fixed assets +€276,838
up €276,838 (+374.7%), from €73,889 to €350,727
of which Land and buildings: +€247,955
- Cash -€53,729
down €53,729 (-26.7%), from €201,200 to €147,472
mainly Investment in fixed assets (net) (-€323,006) and Contributions, distributions and other (-€122,000)
- Receivables within one year +€14,574
up €14,574 (+13.9%), from €104,947 to €119,521
of which Other amounts receivable: +€14,797
- Debts after one year +€235,797
up €235,797 (+427.2%), from €55,193 to €290,990
- Other debts +€125,525
up €125,525 (+505.3%), from €24,839 to €150,364
- Reserves -€109,301
down €109,301 (-53.8%), from €203,349 to €94,048
of which Distributable reserves: -€109,301
- Tax, wage and social debts -€17,812
down €17,812 (-34.2%), from €52,096 to €34,284
of which Taxes: -€18,048
- Current portion of long-term debt +€14,794
up €14,794 (+228.1%), from €6,485 to €21,280
- Gross operating margin -€121,308
down €121,308 (-59.7%), from €203,244 to €81,936
- Taxes -€40,025
down €40,025 (-90.1%), from €44,413 to €4,388
- Depreciation +€28,170
up €28,170 (+156.5%), from €17,998 to €46,168
- Financial charges -€6,895
down €6,895 (-36.9%), from €18,703 to €11,807
- Staff costs +€4,789
new in 2025: €4,789
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 | €381,244 | €619,385 | +€238,141 | +62.5% |
| Fixed assets | 21/28 | €73,889 | €350,727 | +€276,838 | +374.7% |
| Tangible fixed assets | 22/27 | €73,889 | €350,727 | +€276,838 | +374.7% |
| Land and buildings | 22 | €21,965 | €269,920 | +€247,955 | +1128.9% |
| Plant, machinery and equipment | 23 | €3,438 | €2,098 | -€1,340 | -39.0% |
| Furniture and vehicles | 24 | €19,913 | €53,800 | +€33,887 | +170.2% |
| Other tangible fixed assets | 26 | €28,572 | €24,909 | -€3,664 | -12.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €307,355 | €268,658 | -€38,697 | -12.6% |
| Amounts receivable within one year | 40/41 | €104,947 | €119,521 | +€14,574 | +13.9% |
| Trade receivables | 40 | €97,257 | €97,035 | -€222 | -0.2% |
| Other amounts receivable | 41 | €7,690 | €22,487 | +€14,797 | +192.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €201,200 | €147,472 | -€53,729 | -26.7% |
| Deferred charges and accrued income | 490/1 | €1,208 | €1,665 | +€457 | +37.9% |
| Total equity and liabilities | 10/49 | €381,244 | €619,385 | +€238,141 | +62.5% |
| Equity | 10/15 | €221,949 | €112,648 | -€109,301 | -49.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €203,349 | €94,048 | -€109,301 | -53.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €203,349 | €94,048 | -€109,301 | -53.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | -€0 | -100.0% |
| Amounts payable | 17/49 | €159,295 | €506,737 | +€347,442 | +218.1% |
| Amounts payable after more than one year | 17 | €55,193 | €290,990 | +€235,797 | +427.2% |
| Financial debts | 170/4 | €55,193 | €290,990 | +€235,797 | +427.2% |
| Amounts payable within one year | 42/48 | €104,102 | €215,746 | +€111,644 | +107.2% |
| Current portion of amounts payable after more than one year | 42 | €6,485 | €21,280 | +€14,794 | +228.1% |
| Financial debts | 43 | €8,115 | €0 | -€8,115 | -100.0% |
| Credit institutions | 430/8 | €8,115 | €0 | -€8,115 | -100.0% |
| Trade debts | 44 | €12,567 | €9,818 | -€2,748 | -21.9% |
| Suppliers | 440/4 | €12,567 | €9,818 | -€2,748 | -21.9% |
| Taxes, remuneration and social security | 45 | €52,096 | €34,284 | -€17,812 | -34.2% |
| Taxes | 450/3 | €52,096 | €34,048 | -€18,048 | -34.6% |
| Remuneration and social security | 454/9 | - | €237 | +€237 | |
| Other amounts payable | 47/48 | €24,839 | €150,364 | +€125,525 | +505.3% |
| Non-recurring operating income | 76A | - | €3,038 | +€3,038 | |
| Remuneration, social security and pensions | 62 | - | €4,789 | +€4,789 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,998 | €46,168 | +€28,170 | +156.5% |
| Other operating charges | 640/8 | €2,003 | €2,713 | +€710 | +35.4% |
| Gross operating margin | 9900 | €203,244 | €81,936 | -€121,308 | -59.7% |
| Operating profit (loss) | 9901 | €183,243 | €28,267 | -€154,976 | -84.6% |
| Financial income | 75/76B | €1,482 | €627 | -€854 | -57.7% |
| Recurring financial income | 75 | €1,482 | €627 | -€854 | -57.7% |
| Financial charges | 65/66B | €18,703 | €11,807 | -€6,895 | -36.9% |
| Recurring financial charges | 65 | €18,703 | €11,807 | -€6,895 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €166,022 | €17,087 | -€148,935 | -89.7% |
| Income taxes | 67/77 | €44,413 | €4,388 | -€40,025 | -90.1% |
| Profit (loss) for the period | 9904 | €121,609 | €12,699 | -€108,910 | -89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €121,609 | €12,699 | -€108,910 | -89.6% |
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 11 October 2026 via checked.be.