HORBACH: 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.
HORBACH
Largest movements
- Stocks and contracts -€13,064
down €13,064 (-40.7%), from €32,136 to €19,072
- Tangible fixed assets -€12,982
down €12,982 (-30.3%), from €42,812 to €29,831
of which Furniture and vehicles: -€11,620
- Receivables within one year +€7,692
up €7,692 (+63.4%), from €12,133 to €19,825
of which Trade receivables: +€11,932
- Cash -€6,160
down €6,160 (-34.1%), from €18,088 to €11,929
mainly Tax, wage and social debts (-€20,394) and Debts after one year (-€11,273)
- Tax, wage and social debts -€20,394
down €20,394 (-48.5%), from €42,041 to €21,647
- Reserves +€13,000
up €13,000 (+7.0%), from €187,000 to €200,000
- Debts after one year -€11,273
down €11,273 (-38.6%), from €29,176 to €17,902
- Trade debts -€8,339
down €8,339 (-94.8%), from €8,799 to €460
- Other debts +€3,573
up €3,573 (+88.6%), from €4,033 to €7,606
- Gross operating margin -€29,921
down €29,921 (-48.0%), from €62,296 to €32,374
- Financial income -€16,286
down €16,286 (-98.5%), from €16,525 to €240
- Taxes -€13,367
down €13,367 (-78.7%), from €16,982 to €3,615
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 | €286,210 | €262,696 | -€23,514 | -8.2% |
| Fixed assets | 21/28 | €42,812 | €29,831 | -€12,982 | -30.3% |
| Tangible fixed assets | 22/27 | €42,812 | €29,831 | -€12,982 | -30.3% |
| Plant, machinery and equipment | 23 | €2,239 | €877 | -€1,362 | -60.8% |
| Furniture and vehicles | 24 | €40,573 | €28,953 | -€11,620 | -28.6% |
| Current assets | 29/58 | €243,398 | €232,865 | -€10,532 | -4.3% |
| Amounts receivable after more than one year | 29 | €178,073 | €178,073 | = | 0.0% |
| Other amounts receivable | 291 | €178,073 | €178,073 | = | 0.0% |
| Stocks and contracts in progress | 3 | €32,136 | €19,072 | -€13,064 | -40.7% |
| Stocks | 30/36 | €32,136 | €19,072 | -€13,064 | -40.7% |
| Amounts receivable within one year | 40/41 | €12,133 | €19,825 | +€7,692 | +63.4% |
| Trade receivables | 40 | €7,237 | €19,168 | +€11,932 | +164.9% |
| Other amounts receivable | 41 | €4,896 | €657 | -€4,239 | -86.6% |
| Cash at bank and in hand | 54/58 | €18,088 | €11,929 | -€6,160 | -34.1% |
| Deferred charges and accrued income | 490/1 | €2,968 | €3,967 | +€1,000 | +33.7% |
| Total equity and liabilities | 10/49 | €286,210 | €262,696 | -€23,514 | -8.2% |
| Equity | 10/15 | €190,490 | €203,806 | +€13,317 | +7.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €187,000 | €200,000 | +€13,000 | +7.0% |
| Distributable reserves | 133 | €187,000 | €200,000 | +€13,000 | +7.0% |
| Profit (loss) carried forward | 14 | €490 | €806 | +€317 | +64.7% |
| Amounts payable | 17/49 | €95,720 | €58,889 | -€36,831 | -38.5% |
| Amounts payable after more than one year | 17 | €29,176 | €17,902 | -€11,273 | -38.6% |
| Financial debts | 170/4 | €29,176 | €17,902 | -€11,273 | -38.6% |
| Amounts payable within one year | 42/48 | €65,644 | €40,987 | -€24,657 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €10,772 | €11,273 | +€502 | +4.7% |
| Trade debts | 44 | €8,799 | €460 | -€8,339 | -94.8% |
| Suppliers | 440/4 | €8,799 | €460 | -€8,339 | -94.8% |
| Taxes, remuneration and social security | 45 | €42,041 | €21,647 | -€20,394 | -48.5% |
| Taxes | 450/3 | €42,041 | €21,647 | -€20,394 | -48.5% |
| Other amounts payable | 47/48 | €4,033 | €7,606 | +€3,573 | +88.6% |
| Accrued charges and deferred income | 492/3 | €900 | €0 | -€900 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,458 | €12,982 | -€476 | -3.5% |
| Other operating charges | 640/8 | €1,005 | €808 | -€197 | -19.6% |
| Gross operating margin | 9900 | €62,296 | €32,374 | -€29,921 | -48.0% |
| Operating profit (loss) | 9901 | €47,833 | €18,585 | -€29,248 | -61.1% |
| Financial income | 75/76B | €16,525 | €240 | -€16,286 | -98.5% |
| Recurring financial income | 75 | €16,525 | €240 | -€16,286 | -98.5% |
| Financial charges | 65/66B | €2,156 | €1,893 | -€263 | -12.2% |
| Recurring financial charges | 65 | €2,156 | €1,893 | -€263 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €62,202 | €16,932 | -€45,271 | -72.8% |
| Income taxes | 67/77 | €16,982 | €3,615 | -€13,367 | -78.7% |
| Profit (loss) for the period | 9904 | €45,220 | €13,317 | -€31,904 | -70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,220 | €13,317 | -€31,904 | -70.6% |
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 3 October 2026 via checked.be.