HORDEUM: 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.
HORDEUM
Largest movements
- Stocks and contracts -€19,122
down €19,122 (-44.1%), from €43,350 to €24,228
- Receivables within one year +€12,925
up €12,925 (+29.8%), from €43,338 to €56,263
of which Other amounts receivable: +€25,826
- Other debts +€15,916
new in 2025: €15,916
- Tax, wage and social debts -€12,809
down €12,809 (-55.8%), from €22,965 to €10,156
of which Taxes: -€15,209
- Reserves -€7,660
down €7,660 (-30.2%), from €25,360 to €17,700
- Short-term financial debts -€5,407
down €5,407 (-19.1%), from €28,300 to €22,892
- Profit (loss) carried forward +€1,410
up €1,410, from -€1,373 to €36
- Gross operating margin +€38,544
up €38,544, from -€18,913 to €19,632
- Financial charges +€3,428
up €3,428 (+67.6%), from €5,073 to €8,502
- Taxes +€820
new in 2025: €820
- Financial income +€692
up €692 (+92.6%), from €747 to €1,439
- Write-downs -€449
new in 2025: -€449
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 | €114,293 | €105,934 | -€8,359 | -7.3% |
| Fixed assets | 21/28 | €6,311 | €5,201 | -€1,110 | -17.6% |
| Tangible fixed assets | 22/27 | €4,911 | €3,801 | -€1,110 | -22.6% |
| Plant, machinery and equipment | 23 | €1,809 | €1,166 | -€643 | -35.6% |
| Furniture and vehicles | 24 | €478 | €274 | -€204 | -42.6% |
| Other tangible fixed assets | 26 | €2,624 | €2,361 | -€262 | -10.0% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €107,982 | €100,733 | -€7,250 | -6.7% |
| Stocks and contracts in progress | 3 | €43,350 | €24,228 | -€19,122 | -44.1% |
| Stocks | 30/36 | €43,350 | €24,228 | -€19,122 | -44.1% |
| Amounts receivable within one year | 40/41 | €43,338 | €56,263 | +€12,925 | +29.8% |
| Trade receivables | 40 | €26,036 | €13,135 | -€12,901 | -49.6% |
| Other amounts receivable | 41 | €17,301 | €43,128 | +€25,826 | +149% |
| Cash at bank and in hand | 54/58 | €6,947 | €6,551 | -€396 | -5.7% |
| Deferred charges and accrued income | 490/1 | €14,348 | €13,691 | -€657 | -4.6% |
| Total equity and liabilities | 10/49 | €114,293 | €105,934 | -€8,359 | -7.3% |
| Equity | 10/15 | €30,187 | €23,936 | -€6,250 | -20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,360 | €17,700 | -€7,660 | -30.2% |
| Distributable reserves | 133 | €25,360 | €17,700 | -€7,660 | -30.2% |
| Profit (loss) carried forward | 14 | -€1,373 | €36 | +€1,410 | |
| Amounts payable | 17/49 | €84,106 | €81,998 | -€2,109 | -2.5% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €59,106 | €56,998 | -€2,109 | -3.6% |
| Financial debts | 43 | €28,300 | €22,892 | -€5,407 | -19.1% |
| Credit institutions | 430/8 | €28,300 | €22,892 | -€5,407 | -19.1% |
| Trade debts | 44 | €7,842 | €8,034 | +€192 | +2.4% |
| Suppliers | 440/4 | €7,842 | €8,034 | +€192 | +2.4% |
| Taxes, remuneration and social security | 45 | €22,965 | €10,156 | -€12,809 | -55.8% |
| Taxes | 450/3 | €22,965 | €7,756 | -€15,209 | -66.2% |
| Remuneration and social security | 454/9 | - | €2,400 | +€2,400 | |
| Other amounts payable | 47/48 | - | €15,916 | +€15,916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €858 | €1,110 | +€251 | +29.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€449 | -€449 | |
| Other operating charges | 640/8 | €1,158 | €1,479 | +€321 | +27.7% |
| Gross operating margin | 9900 | -€18,913 | €19,632 | +€38,544 | |
| Operating profit (loss) | 9901 | -€20,929 | €17,492 | +€38,421 | |
| Financial income | 75/76B | €747 | €1,439 | +€692 | +92.6% |
| Recurring financial income | 75 | €747 | €1,439 | +€692 | +92.6% |
| Financial charges | 65/66B | €5,073 | €8,502 | +€3,428 | +67.6% |
| Recurring financial charges | 65 | €5,073 | €8,502 | +€3,428 | +67.6% |
| Profit (loss) for the period before taxes | 9903 | -€25,255 | €10,430 | +€35,685 | |
| Income taxes | 67/77 | - | €820 | +€820 | |
| Profit (loss) for the period | 9904 | -€25,255 | €9,610 | +€34,865 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,255 | €9,610 | +€34,865 |
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 21 October 2026 via checked.be.