HORC: 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.
HORC
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts -€1,260
down €1,260 (-100.0%), from €1,260 to €0
- Profit (loss) carried forward +€861
up €861 (+11.5%), from -€7,460 to -€6,600
- Trade debts +€400
new in 2025: €400
- Financial income +€1,844
new in 2025: €1,844
- Gross operating margin +€256
up €256 (+30.8%), from -€831 to -€575
- Financial charges -€41
down €41 (-82.8%), from €50 to €9
- Other operating charges +€12
up €12 (+3.2%), from €387 to €400
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Equity | 10/15 | -€1,260 | -€400 | +€861 | +68.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,460 | -€6,600 | +€861 | +11.5% |
| Amounts payable | 17/49 | €1,260 | €400 | -€861 | -68.3% |
| Amounts payable within one year | 42/48 | €1,260 | €400 | -€861 | -68.3% |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Other amounts payable | 47/48 | €1,260 | €0 | -€1,260 | -100.0% |
| Non-recurring operating income | 76A | €42 | €0 | -€42 | -100.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€831 | -€575 | +€256 | +30.8% |
| Operating profit (loss) | 9901 | -€1,218 | -€975 | +€244 | +20.0% |
| Financial income | 75/76B | - | €1,844 | +€1,844 | |
| Recurring financial income | 75 | - | €1,844 | +€1,844 | |
| Financial charges | 65/66B | €50 | €9 | -€41 | -82.8% |
| Recurring financial charges | 65 | €50 | €9 | -€41 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,268 | €861 | +€2,129 | |
| Profit (loss) for the period | 9904 | -€1,268 | €861 | +€2,129 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,268 | €861 | +€2,129 |
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 29 September 2026 via checked.be.