HORCKMANS: 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.
HORCKMANS
Largest movements
- Cash +€29,011
up €29,011 (+8.0%), from €360,421 to €389,433
mainly Net result for the year (+€36,793) and Stocks and contracts (+€3,928)
- Reserves +€36,793
up €36,793 (+10.9%), from €338,722 to €375,514
of which Distributable reserves: +€36,793
- Gross operating margin -€4,069
down €4,069 (-6.5%), from €63,066 to €58,997
- Taxes +€1,091
up €1,091 (+5.6%), from €19,340 to €20,431
- Financial income +€1,074
up €1,074 (+27.2%), from €3,956 to €5,030
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 | €793,944 | €819,850 | +€25,906 | +3.3% |
| Fixed assets | 21/28 | €645 | €129 | -€516 | -80.0% |
| Tangible fixed assets | 22/27 | €645 | €129 | -€516 | -80.0% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €645 | €129 | -€516 | -80.0% |
| Current assets | 29/58 | €793,299 | €819,721 | +€26,422 | +3.3% |
| Stocks and contracts in progress | 3 | €35,885 | €31,957 | -€3,928 | -10.9% |
| Stocks | 30/36 | €35,885 | €31,957 | -€3,928 | -10.9% |
| Amounts receivable within one year | 40/41 | €334,298 | €335,637 | +€1,339 | +0.4% |
| Trade receivables | 40 | €58,084 | €57,103 | -€980 | -1.7% |
| Other amounts receivable | 41 | €276,215 | €278,534 | +€2,319 | +0.8% |
| Current investments | 50/53 | €62,500 | €62,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €360,421 | €389,433 | +€29,011 | +8.0% |
| Deferred charges and accrued income | 490/1 | €194 | €194 | = | 0.0% |
| Total equity and liabilities | 10/49 | €793,944 | €819,850 | +€25,906 | +3.3% |
| Equity | 10/15 | €388,722 | €425,514 | +€36,793 | +9.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €338,722 | €375,514 | +€36,793 | +10.9% |
| Non-distributable reserves | 130/1 | €550 | €550 | = | 0.0% |
| Legal reserve | 130 | €550 | €550 | = | 0.0% |
| Distributable reserves | 133 | €338,172 | €374,964 | +€36,793 | +10.9% |
| Amounts payable | 17/49 | €405,222 | €394,335 | -€10,887 | -2.7% |
| Amounts payable within one year | 42/48 | €404,897 | €394,335 | -€10,562 | -2.6% |
| Trade debts | 44 | €376,505 | €371,859 | -€4,646 | -1.2% |
| Suppliers | 440/4 | €376,505 | €371,859 | -€4,646 | -1.2% |
| Taxes, remuneration and social security | 45 | €28,392 | €22,476 | -€5,915 | -20.8% |
| Taxes | 450/3 | €11,859 | €2,426 | -€9,433 | -79.5% |
| Remuneration and social security | 454/9 | €16,533 | €20,050 | +€3,517 | +21.3% |
| Accrued charges and deferred income | 492/3 | €325 | - | -€325 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €516 | €516 | = | 0.0% |
| Other operating charges | 640/8 | €5,618 | €6,100 | +€482 | +8.6% |
| Gross operating margin | 9900 | €63,066 | €58,997 | -€4,069 | -6.5% |
| Operating profit (loss) | 9901 | €56,931 | €52,381 | -€4,550 | -8.0% |
| Financial income | 75/76B | €3,956 | €5,030 | +€1,074 | +27.2% |
| Recurring financial income | 75 | €3,956 | €5,030 | +€1,074 | +27.2% |
| Financial charges | 65/66B | €543 | €188 | -€356 | -65.5% |
| Recurring financial charges | 65 | €543 | €188 | -€356 | -65.5% |
| Profit (loss) for the period before taxes | 9903 | €60,344 | €57,224 | -€3,120 | -5.2% |
| Income taxes | 67/77 | €19,340 | €20,431 | +€1,091 | +5.6% |
| Profit (loss) for the period | 9904 | €41,004 | €36,793 | -€4,212 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €41,004 | €36,793 | -€4,212 | -10.3% |
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 15 October 2026 via checked.be.