HORBO: 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.
HORBO
Largest movements
- Stocks and contracts -€22,652
down €22,652 (-45.0%), from €50,308 to €27,656
- Cash +€11,480
up €11,480 (+1,036%), from €1,108 to €12,588
mainly Trade debts (+€77,690) and Stocks and contracts (+€22,652)
- Receivables within one year -€2,476
down €2,476 (-31.6%), from €7,832 to €5,356
of which Trade receivables: -€7,332
- Tangible fixed assets -€874
down €874 (-29.3%), from €2,983 to €2,109
of which Furniture and vehicles: -€1,299
- Trade debts +€77,690
up €77,690 (+365%), from €21,309 to €98,998
- Profit (loss) carried forward -€31,316
down €31,316 (-43.7%), from -€71,709 to -€103,025
- Tax, wage and social debts -€31,244
down €31,244 (-68.7%), from €45,506 to €14,262
of which Remuneration and social security: -€18,665
- Other debts -€20,508
no longer reported in 2024 (was €20,508)
- Short-term financial debts -€7,869
down €7,869 (-32.7%), from €24,056 to €16,187
- Gross operating margin -€65,387
down €65,387 (-56.3%), from €116,170 to €50,782
- Staff costs -€40,815
down €40,815 (-36.7%), from €111,215 to €70,400
- Other operating charges -€1,830
down €1,830 (-41.2%), from €4,437 to €2,607
- Financial charges +€1,195
up €1,195 (+17.4%), from €6,858 to €8,053
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,647 | €52,869 | -€14,777 | -21.8% |
| Fixed assets | 21/28 | €7,681 | €6,807 | -€874 | -11.4% |
| Tangible fixed assets | 22/27 | €2,983 | €2,109 | -€874 | -29.3% |
| Plant, machinery and equipment | 23 | €333 | €758 | +€425 | +128% |
| Furniture and vehicles | 24 | €2,651 | €1,351 | -€1,299 | -49.0% |
| Financial fixed assets | 28 | €4,698 | €4,698 | = | 0.0% |
| Current assets | 29/58 | €59,966 | €46,062 | -€13,903 | -23.2% |
| Stocks and contracts in progress | 3 | €50,308 | €27,656 | -€22,652 | -45.0% |
| Stocks | 30/36 | €50,308 | €27,656 | -€22,652 | -45.0% |
| Amounts receivable within one year | 40/41 | €7,832 | €5,356 | -€2,476 | -31.6% |
| Trade receivables | 40 | €7,832 | €500 | -€7,332 | -93.6% |
| Other amounts receivable | 41 | - | €4,856 | +€4,856 | |
| Cash at bank and in hand | 54/58 | €1,108 | €12,588 | +€11,480 | +1,036% |
| Deferred charges and accrued income | 490/1 | €717 | €462 | -€255 | -35.6% |
| Total equity and liabilities | 10/49 | €67,647 | €52,869 | -€14,777 | -21.8% |
| Equity | 10/15 | -€45,263 | -€76,578 | -€31,316 | -69.2% |
| Contributions | 10/11 | €14,587 | €14,587 | = | 0.0% |
| Reserves | 13 | €11,859 | €11,859 | = | 0.0% |
| Distributable reserves | 133 | €11,859 | €11,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,709 | -€103,025 | -€31,316 | -43.7% |
| Amounts payable | 17/49 | €112,909 | €129,448 | +€16,538 | +14.6% |
| Amounts payable within one year | 42/48 | €112,909 | €129,448 | +€16,538 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €1,530 | - | -€1,530 | |
| Financial debts | 43 | €24,056 | €16,187 | -€7,869 | -32.7% |
| Credit institutions | 430/8 | €24,056 | €16,187 | -€7,869 | -32.7% |
| Trade debts | 44 | €21,309 | €98,998 | +€77,690 | +365% |
| Suppliers | 440/4 | €21,309 | €98,998 | +€77,690 | +365% |
| Taxes, remuneration and social security | 45 | €45,506 | €14,262 | -€31,244 | -68.7% |
| Taxes | 450/3 | €19,951 | €7,373 | -€12,579 | -63.0% |
| Remuneration and social security | 454/9 | €25,555 | €6,889 | -€18,665 | -73.0% |
| Other amounts payable | 47/48 | €20,508 | - | -€20,508 | |
| Remuneration, social security and pensions | 62 | €111,215 | €70,400 | -€40,815 | -36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,103 | €1,535 | -€568 | -27.0% |
| Other operating charges | 640/8 | €4,437 | €2,607 | -€1,830 | -41.2% |
| Gross operating margin | 9900 | €116,170 | €50,782 | -€65,387 | -56.3% |
| Operating profit (loss) | 9901 | -€1,586 | -€23,761 | -€22,175 | -1,398% |
| Financial income | 75/76B | €442 | €498 | +€57 | +12.8% |
| Recurring financial income | 75 | €442 | €498 | +€57 | +12.8% |
| Financial charges | 65/66B | €6,858 | €8,053 | +€1,195 | +17.4% |
| Recurring financial charges | 65 | €6,858 | €8,053 | +€1,195 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | -€8,002 | -€31,316 | -€23,314 | -291% |
| Profit (loss) for the period | 9904 | -€8,002 | -€31,316 | -€23,314 | -291% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,002 | -€31,316 | -€23,314 | -291% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.