HORDESIA: 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.
HORDESIA
Largest movements
- Cash +€18,761
up €18,761 (+17.5%), from €107,149 to €125,910
mainly Other debts (+€59,654) and Net result for the year (+€13,914)
- Receivables within one year +€6,828
up €6,828 (+32.3%), from €21,161 to €27,989
of which Trade receivables: +€7,743
- Contributions -€61,547
down €61,547 (-90.8%), from €67,747 to €6,200
- Other debts +€59,654
up €59,654 (+1,221%), from €4,886 to €64,539
- Profit (loss) carried forward +€13,914
up €13,914 (+27.4%), from €50,795 to €64,709
- Trade debts +€10,947
up €10,947 (+290%), from €3,770 to €14,718
- Gross operating margin +€3,574
up €3,574 (+19.7%), from €18,140 to €21,713
- Taxes +€1,525
up €1,525 (+43.3%), from €3,522 to €5,047
- Financial income -€474
no longer reported in 2025 (was €474)
of which Financial income: -€293
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 | €131,760 | €156,204 | +€24,445 | +18.6% |
| Fixed assets | 21/28 | €3,372 | €2,305 | -€1,066 | -31.6% |
| Tangible fixed assets | 22/27 | €3,347 | €2,280 | -€1,066 | -31.9% |
| Plant, machinery and equipment | 23 | €2,835 | €1,530 | -€1,305 | -46.0% |
| Furniture and vehicles | 24 | €512 | €750 | +€239 | +46.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €128,388 | €153,899 | +€25,511 | +19.9% |
| Amounts receivable within one year | 40/41 | €21,161 | €27,989 | +€6,828 | +32.3% |
| Trade receivables | 40 | €19,402 | €27,145 | +€7,743 | +39.9% |
| Other amounts receivable | 41 | €1,759 | €844 | -€914 | -52.0% |
| Cash at bank and in hand | 54/58 | €107,149 | €125,910 | +€18,761 | +17.5% |
| Deferred charges and accrued income | 490/1 | €79 | - | -€79 | |
| Total equity and liabilities | 10/49 | €131,760 | €156,204 | +€24,445 | +18.6% |
| Equity | 10/15 | €119,161 | €71,529 | -€47,633 | -40.0% |
| Contributions | 10/11 | €67,747 | €6,200 | -€61,547 | -90.8% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,795 | €64,709 | +€13,914 | +27.4% |
| Amounts payable | 17/49 | €12,598 | €84,676 | +€72,077 | +572% |
| Amounts payable within one year | 42/48 | €12,598 | €84,676 | +€72,077 | +572% |
| Trade debts | 44 | €3,770 | €14,718 | +€10,947 | +290% |
| Suppliers | 440/4 | €3,770 | €14,718 | +€10,947 | +290% |
| Taxes, remuneration and social security | 45 | €3,942 | €5,419 | +€1,476 | +37.5% |
| Taxes | 450/3 | €2,701 | €5,419 | +€2,718 | +101% |
| Remuneration and social security | 454/9 | €1,241 | - | -€1,241 | |
| Other amounts payable | 47/48 | €4,886 | €64,539 | +€59,654 | +1,221% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,122 | €2,078 | -€43 | -2.0% |
| Other operating charges | 640/8 | €78 | €7 | -€71 | -91.3% |
| Non-recurring operating charges | 66A | €30 | - | -€30 | |
| Gross operating margin | 9900 | €18,140 | €21,713 | +€3,574 | +19.7% |
| Operating profit (loss) | 9901 | €15,911 | €19,628 | +€3,717 | +23.4% |
| Financial income | 75/76B | €474 | - | -€474 | |
| Recurring financial income | 75 | €293 | - | -€293 | |
| Non-recurring financial income | 76B | €181 | - | -€181 | |
| Financial charges | 65/66B | €598 | €667 | +€70 | +11.7% |
| Recurring financial charges | 65 | €598 | €667 | +€70 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €15,788 | €18,961 | +€3,173 | +20.1% |
| Income taxes | 67/77 | €3,522 | €5,047 | +€1,525 | +43.3% |
| Profit (loss) for the period | 9904 | €12,266 | €13,914 | +€1,648 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,266 | €13,914 | +€1,648 | +13.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.