Horde: 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.
Horde
Largest movements
- Cash -€144,107
down €144,107 (-58.3%), from €247,223 to €103,116
mainly Contributions, distributions and other (-€75,000) and Trade debts (-€68,613)
- Receivables within one year -€20,896
down €20,896 (-32.4%), from €64,573 to €43,677
of which Trade receivables: -€27,745
- Trade debts -€68,613
down €68,613 (-60.1%), from €114,097 to €45,483
- Reserves -€63,591
down €63,591 (-40.4%), from €157,256 to €93,665
- Other debts -€21,664
down €21,664 (-63.5%), from €34,127 to €12,463
- Tax, wage and social debts -€11,615
down €11,615 (-91.6%), from €12,685 to €1,070
- Other operating charges +€22,152
up €22,152 (+3,871%), from €572 to €22,724
- Gross operating margin -€13,674
down €13,674 (-25.3%), from €53,981 to €40,307
- Taxes -€9,761
down €9,761 (-86.3%), from €11,306 to €1,545
- Financial charges +€2,590
up €2,590 (+49.3%), from €5,259 to €7,849
- Financial income +€1,723
up €1,723 (+56.4%), from €3,053 to €4,777
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 | €319,665 | €154,181 | -€165,483 | -51.8% |
| Fixed assets | 21/28 | €4,340 | €3,858 | -€482 | -11.1% |
| Tangible fixed assets | 22/27 | €4,340 | €3,858 | -€482 | -11.1% |
| Plant, machinery and equipment | 23 | €4,340 | €3,858 | -€482 | -11.1% |
| Current assets | 29/58 | €315,325 | €150,324 | -€165,002 | -52.3% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €64,573 | €43,677 | -€20,896 | -32.4% |
| Trade receivables | 40 | €64,509 | €36,764 | -€27,745 | -43.0% |
| Other amounts receivable | 41 | €64 | €6,913 | +€6,849 | +10,675% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €247,223 | €103,116 | -€144,107 | -58.3% |
| Deferred charges and accrued income | 490/1 | €529 | €531 | +€2 | +0.4% |
| Total equity and liabilities | 10/49 | €319,665 | €154,181 | -€165,483 | -51.8% |
| Equity | 10/15 | €158,756 | €95,165 | -€63,591 | -40.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €157,256 | €93,665 | -€63,591 | -40.4% |
| Distributable reserves | 133 | €157,256 | €93,665 | -€63,591 | -40.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €160,909 | €59,017 | -€101,892 | -63.3% |
| Amounts payable within one year | 42/48 | €160,909 | €59,017 | -€101,892 | -63.3% |
| Trade debts | 44 | €114,097 | €45,483 | -€68,613 | -60.1% |
| Suppliers | 440/4 | €114,097 | €45,483 | -€68,613 | -60.1% |
| Taxes, remuneration and social security | 45 | €12,685 | €1,070 | -€11,615 | -91.6% |
| Taxes | 450/3 | €12,685 | €1,070 | -€11,615 | -91.6% |
| Other amounts payable | 47/48 | €34,127 | €12,463 | -€21,664 | -63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,472 | €1,557 | +€85 | +5.8% |
| Other operating charges | 640/8 | €572 | €22,724 | +€22,152 | +3,871% |
| Gross operating margin | 9900 | €53,981 | €40,307 | -€13,674 | -25.3% |
| Operating profit (loss) | 9901 | €51,937 | €16,026 | -€35,911 | -69.1% |
| Financial income | 75/76B | €3,053 | €4,777 | +€1,723 | +56.4% |
| Recurring financial income | 75 | €3,053 | €4,777 | +€1,723 | +56.4% |
| Financial charges | 65/66B | €5,259 | €7,849 | +€2,590 | +49.3% |
| Recurring financial charges | 65 | €5,259 | €7,849 | +€2,590 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €49,732 | €12,954 | -€36,778 | -74.0% |
| Income taxes | 67/77 | €11,306 | €1,545 | -€9,761 | -86.3% |
| Profit (loss) for the period | 9904 | €38,426 | €11,409 | -€27,017 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,426 | €11,409 | -€27,017 | -70.3% |
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 20 October 2026 via checked.be.