HOREAL: 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.
HOREAL
Largest movements
- Receivables within one year -€12,755
down €12,755 (-38.0%), from €33,573 to €20,817
of which Trade receivables: -€22,218
- Tangible fixed assets +€3,078
new in 2025: €3,078
- Cash -€2,081
down €2,081 (-20.5%), from €10,143 to €8,062
mainly Trade debts (-€52,705) and Net result for the year (-€16,170)
- Stocks and contracts +€600
new in 2025: €600
- Other debts +€75,655
up €75,655 (+5028.0%), from €1,505 to €77,160
- Trade debts -€52,705
down €52,705 (-76.4%), from €69,020 to €16,316
- Profit (loss) carried forward -€16,170
down €16,170 (-13.9%), from -€116,053 to -€132,224
- Tax, wage and social debts -€14,915
down €14,915 (-82.9%), from €17,992 to €3,077
of which Taxes: -€9,517
- Short-term financial debts -€3,024
down €3,024 (-36.9%), from €8,205 to €5,182
- Staff costs -€90,440
down €90,440 (-98.1%), from €92,176 to €1,735
- Gross operating margin -€88,013
down €88,013, from €77,486 to -€10,527
- Financial income -€13,223
down €13,223 (-100.0%), from €13,224 to €1
of which Non-recurring financial income: -€13,223
- Taxes -€1,862
down €1,862 (-100.0%), from €1,862 to €0
- Depreciation +€922
new in 2025: €922
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.
Cash bridge derived
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 | €43,716 | €32,557 | -€11,159 | -25.5% |
| Fixed assets | 21/28 | - | €3,078 | +€3,078 | |
| Tangible fixed assets | 22/27 | - | €3,078 | +€3,078 | |
| Furniture and vehicles | 24 | - | €3,078 | +€3,078 | |
| Current assets | 29/58 | €43,716 | €29,480 | -€14,236 | -32.6% |
| Stocks and contracts in progress | 3 | - | €600 | +€600 | |
| Stocks | 30/36 | - | €600 | +€600 | |
| Amounts receivable within one year | 40/41 | €33,573 | €20,817 | -€12,755 | -38.0% |
| Trade receivables | 40 | €32,922 | €10,704 | -€22,218 | -67.5% |
| Other amounts receivable | 41 | €651 | €10,114 | +€9,463 | +1454.3% |
| Cash at bank and in hand | 54/58 | €10,143 | €8,062 | -€2,081 | -20.5% |
| Total equity and liabilities | 10/49 | €43,716 | €32,557 | -€11,159 | -25.5% |
| Equity | 10/15 | -€53,007 | -€69,177 | -€16,170 | -30.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Contributions outside capital | 11 | - | €61,973 | +€61,973 | |
| Other | 1109/19 | - | €61,973 | +€61,973 | |
| Reserves | 13 | €1,073 | €1,073 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,073 | €1,073 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,073 | €1,073 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€116,053 | -€132,224 | -€16,170 | -13.9% |
| Amounts payable | 17/49 | €96,722 | €101,734 | +€5,012 | +5.2% |
| Amounts payable within one year | 42/48 | €96,722 | €101,734 | +€5,012 | +5.2% |
| Financial debts | 43 | €8,205 | €5,182 | -€3,024 | -36.9% |
| Credit institutions | 430/8 | €8,205 | €5,182 | -€3,024 | -36.9% |
| Trade debts | 44 | €69,020 | €16,316 | -€52,705 | -76.4% |
| Suppliers | 440/4 | €69,020 | €16,316 | -€52,705 | -76.4% |
| Taxes, remuneration and social security | 45 | €17,992 | €3,077 | -€14,915 | -82.9% |
| Taxes | 450/3 | €9,517 | €0 | -€9,517 | -100.0% |
| Remuneration and social security | 454/9 | €8,476 | €3,077 | -€5,398 | -63.7% |
| Other amounts payable | 47/48 | €1,505 | €77,160 | +€75,655 | +5028.0% |
| Non-recurring operating income | 76A | - | €1,714 | +€1,714 | |
| Remuneration, social security and pensions | 62 | €92,176 | €1,735 | -€90,440 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €922 | +€922 | |
| Other operating charges | 640/8 | €1,762 | €1,143 | -€619 | -35.1% |
| Gross operating margin | 9900 | €77,486 | -€10,527 | -€88,013 | |
| Operating profit (loss) | 9901 | -€16,451 | -€14,327 | +€2,124 | +12.9% |
| Financial income | 75/76B | €13,224 | €1 | -€13,223 | -100.0% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +30.0% |
| Non-recurring financial income | 76B | €13,223 | €0 | -€13,223 | -100.0% |
| Financial charges | 65/66B | €2,205 | €1,844 | -€361 | -16.4% |
| Recurring financial charges | 65 | €2,205 | €1,844 | -€361 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,432 | -€16,170 | -€10,738 | -197.7% |
| Income taxes | 67/77 | €1,862 | €0 | -€1,862 | -100.0% |
| Profit (loss) for the period | 9904 | -€7,294 | -€16,170 | -€8,876 | -121.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,294 | -€16,170 | -€8,876 | -121.7% |
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 11 October 2026 via checked.be.