Horcli Invest: 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.
What changed
Horcli Invest
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€516,073
2024 · €217,775+€298,298
Equity
€1.4m
2024 · €948,089+€428,499
Cash
€48,171
2024 · €54,883-€6,712
Balance sheet total
€2.2m
2024 · €2.1m+€55,178
Largest movements
Assets
- Financial fixed assets +€46,817
up €46,817 (+2.3%), from €2.1m to €2.1m
Equity and liabilities
- Profit (loss) carried forward +€428,499
up €428,499 (+862%), from €49,689 to €478,188
- Other debts -€215,059
down €215,059 (-46.0%), from €468,021 to €252,962
- Debts after one year -€92,650
down €92,650 (-17.5%), from €529,853 to €437,203
- Current portion of long-term debt -€52,896
down €52,896 (-36.3%), from €145,546 to €92,650
Income statement
- Financial income +€350,000
up €350,000 (+1,749,999,900%), from €0 to €350,000
- Turnover -€69,362
down €69,362 (-15.0%), from €461,356 to €391,995
- Taxes -€34,942
down €34,942 (-57.2%), from €61,109 to €26,166
- Services and other goods +€11,175
up €11,175 (+6.9%), from €162,664 to €173,839
- Financial charges +€6,567
up €6,567 (+35.1%), from €18,708 to €25,275
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.
Result 2024
€217,775
Turnover
-€69,362
Services and other goods
-€11,175
Other operating charges
+€459
Financial income
+€350,000
Financial charges
-€6,567
Taxes
+€34,942
Result 2025
€516,073
raises the resultlowers the result
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.
From operations
+€273,224
Investment
-€46,817
Financing
-€233,120
Cash 2024
€54,883
From operations (derived)
+€273,224
Net result for the year
+€516,073
Receivables within one year
-€15,611
Smaller working-capital items
-€465
Tax, wage and social debts
-€10,319
Other debts
-€215,059
Accrued charges and deferred income
-€1,396
Investment (derived)
-€46,817
Investment in fixed assets (net)
-€46,817
Financing
-€233,120
Debts after one year
-€92,650
Current portion of long-term debt
-€52,896
Contributions, distributions and other
-€87,574
Cash 2025
€48,171
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,143,528 | €2,198,706 | +€55,178 | +2.6% |
| Fixed assets | 21/28 | €2,060,950 | €2,107,767 | +€46,817 | +2.3% |
| Financial fixed assets | 28 | €2,060,950 | €2,107,767 | +€46,817 | +2.3% |
| Affiliated companies | 280/1 | €2,060,950 | €2,107,767 | +€46,817 | +2.3% |
| Participating interests | 280 | €2,060,950 | €2,107,767 | +€46,817 | +2.3% |
| Current assets | 29/58 | €82,578 | €90,939 | +€8,361 | +10.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €27,158 | €42,769 | +€15,611 | +57.5% |
| Trade receivables | 40 | €17,266 | €19,935 | +€2,669 | +15.5% |
| Other amounts receivable | 41 | €9,891 | €22,834 | +€12,942 | +131% |
| Cash at bank and in hand | 54/58 | €54,883 | €48,171 | -€6,712 | -12.2% |
| Deferred charges and accrued income | 490/1 | €538 | €0 | -€538 | -100% |
| Total equity and liabilities | 10/49 | €2,143,528 | €2,198,706 | +€55,178 | +2.6% |
| Equity | 10/15 | €948,089 | €1,376,588 | +€428,499 | +45.2% |
| Contributions | 10/11 | €898,400 | €898,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,689 | €478,188 | +€428,499 | +862% |
| Amounts payable | 17/49 | €1,195,440 | €822,118 | -€373,321 | -31.2% |
| Amounts payable after more than one year | 17 | €529,853 | €437,203 | -€92,650 | -17.5% |
| Financial debts | 170/4 | €529,853 | €437,203 | -€92,650 | -17.5% |
| Credit institutions | 173 | €529,853 | €437,203 | -€92,650 | -17.5% |
| Amounts payable within one year | 42/48 | €657,492 | €378,217 | -€279,275 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €145,546 | €92,650 | -€52,896 | -36.3% |
| Trade debts | 44 | €32,672 | €31,670 | -€1,002 | -3.1% |
| Suppliers | 440/4 | €32,672 | €31,670 | -€1,002 | -3.1% |
| Taxes, remuneration and social security | 45 | €11,252 | €934 | -€10,319 | -91.7% |
| Taxes | 450/3 | €11,252 | €934 | -€10,319 | -91.7% |
| Other amounts payable | 47/48 | €468,021 | €252,962 | -€215,059 | -46.0% |
| Accrued charges and deferred income | 492/3 | €8,095 | €6,699 | -€1,396 | -17.2% |
| Operating income | 70/76A | €461,356 | €391,995 | -€69,362 | -15.0% |
| Turnover | 70 | €461,356 | €391,995 | -€69,362 | -15.0% |
| Other operating income | 74 | €0 | - | = | |
| Operating charges | 60/66A | €163,765 | €174,480 | +€10,715 | +6.5% |
| Services and other goods | 61 | €162,664 | €173,839 | +€11,175 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,101 | €641 | -€459 | -41.7% |
| Operating profit (loss) | 9901 | €297,591 | €217,514 | -€80,077 | -26.9% |
| Financial income | 75/76B | €0 | €350,000 | +€350,000 | +1,749,999,900% |
| Recurring financial income | 75 | €0 | €350,000 | +€350,000 | +1,749,999,900% |
| Income from financial fixed assets | 750 | - | €350,000 | +€350,000 | |
| Other financial income | 752/9 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €18,708 | €25,275 | +€6,567 | +35.1% |
| Recurring financial charges | 65 | €18,708 | €25,275 | +€6,567 | +35.1% |
| Debt charges | 650 | €17,165 | €24,733 | +€7,567 | +44.1% |
| Other financial charges | 652/9 | €1,543 | €542 | -€1,000 | -64.8% |
| Profit (loss) for the period before taxes | 9903 | €278,883 | €542,239 | +€263,356 | +94.4% |
| Income taxes | 67/77 | €61,109 | €26,166 | -€34,942 | -57.2% |
| Taxes | 670/3 | €61,109 | €26,166 | -€34,942 | -57.2% |
| Profit (loss) for the period | 9904 | €217,775 | €516,073 | +€298,298 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €217,775 | €516,073 | +€298,298 | +137% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.