HORES: 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.
HORES
Largest movements
- Cash +€408,633
up €408,633 (+256%), from €159,927 to €568,560
mainly Advances received (+€664,717) and Other debts (+€284,311)
- Receivables within one year +€380,073
up €380,073 (+46.1%), from €824,460 to €1.2m
of which Trade receivables: +€583,400
- Stocks and contracts -€147,718
down €147,718 (-14.4%), from €1.0m to €875,298
- Tangible fixed assets +€115,767
up €115,767 (+6.3%), from €1.8m to €1.9m
of which Plant, machinery and equipment: +€105,570
- Advances received +€664,717
up €664,717 (+234%), from €284,609 to €949,326
- Other debts +€284,311
up €284,311 (+122%), from €232,926 to €517,236
- Debts after one year -€133,018
down €133,018 (-13.7%), from €973,031 to €840,013
of which Financial debts: -€133,018
- Short-term financial debts -€75,355
down €75,355 (-27.4%), from €275,355 to €200,000
of which Credit institutions: -€75,355
- Current portion of long-term debt +€60,476
up €60,476 (+23.8%), from €254,164 to €314,640
- Gross operating margin -€100,788
down €100,788 (-9.3%), from €1.1m to €986,489
- Taxes -€38,465
down €38,465 (-25.1%), from €152,944 to €114,479
- Staff costs +€38,408
up €38,408 (+9.5%), from €402,640 to €441,049
- Depreciation +€15,806
up €15,806 (+12.3%), from €128,031 to €143,836
- Financial charges -€13,013
down €13,013 (-20.8%), from €62,520 to €49,507
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 | €4,515,241 | €5,295,396 | +€780,155 | +17.3% |
| Fixed assets | 21/28 | €1,873,882 | €2,017,246 | +€143,364 | +7.7% |
| Tangible fixed assets | 22/27 | €1,826,250 | €1,942,017 | +€115,767 | +6.3% |
| Land and buildings | 22 | €1,756,661 | €1,737,062 | -€19,599 | -1.1% |
| Plant, machinery and equipment | 23 | €42,738 | €148,308 | +€105,570 | +247% |
| Furniture and vehicles | 24 | €14,067 | €42,001 | +€27,935 | +199% |
| Other tangible fixed assets | 26 | €12,784 | €14,646 | +€1,861 | +14.6% |
| Financial fixed assets | 28 | €47,632 | €75,229 | +€27,597 | +57.9% |
| Current assets | 29/58 | €2,641,359 | €3,278,150 | +€636,791 | +24.1% |
| Amounts receivable after more than one year | 29 | €600,000 | €600,000 | = | 0.0% |
| Other amounts receivable | 291 | €600,000 | €600,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,023,016 | €875,298 | -€147,718 | -14.4% |
| Stocks | 30/36 | €1,023,016 | €875,298 | -€147,718 | -14.4% |
| Amounts receivable within one year | 40/41 | €824,460 | €1,204,533 | +€380,073 | +46.1% |
| Trade receivables | 40 | €89,692 | €673,092 | +€583,400 | +650% |
| Other amounts receivable | 41 | €734,768 | €531,441 | -€203,328 | -27.7% |
| Cash at bank and in hand | 54/58 | €159,927 | €568,560 | +€408,633 | +256% |
| Deferred charges and accrued income | 490/1 | €33,956 | €29,759 | -€4,197 | -12.4% |
| Total equity and liabilities | 10/49 | €4,515,241 | €5,295,396 | +€780,155 | +17.3% |
| Equity | 10/15 | €2,229,941 | €2,246,819 | +€16,878 | +0.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,440,698 | €1,457,576 | +€16,878 | +1.2% |
| Distributable reserves | 133 | €1,440,698 | €1,457,576 | +€16,878 | +1.2% |
| Profit (loss) carried forward | 14 | €776,843 | €776,843 | = | 0.0% |
| Amounts payable | 17/49 | €2,285,300 | €3,048,577 | +€763,277 | +33.4% |
| Amounts payable after more than one year | 17 | €973,031 | €840,013 | -€133,018 | -13.7% |
| Financial debts | 170/4 | €873,031 | €740,013 | -€133,018 | -15.2% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,312,269 | €2,193,375 | +€881,106 | +67.1% |
| Current portion of amounts payable after more than one year | 42 | €254,164 | €314,640 | +€60,476 | +23.8% |
| Financial debts | 43 | €275,355 | €200,000 | -€75,355 | -27.4% |
| Credit institutions | 430/8 | €275,355 | €200,000 | -€75,355 | -27.4% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €132,444 | €73,110 | -€59,334 | -44.8% |
| Suppliers | 440/4 | €132,444 | €73,110 | -€59,334 | -44.8% |
| Advances received on contracts in progress | 46 | €284,609 | €949,326 | +€664,717 | +234% |
| Taxes, remuneration and social security | 45 | €132,770 | €139,063 | +€6,292 | +4.7% |
| Taxes | 450/3 | €85,359 | €73,604 | -€11,756 | -13.8% |
| Remuneration and social security | 454/9 | €47,411 | €65,459 | +€18,048 | +38.1% |
| Other amounts payable | 47/48 | €232,926 | €517,236 | +€284,311 | +122% |
| Accrued charges and deferred income | 492/3 | €0 | €15,189 | +€15,189 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €402,640 | €441,049 | +€38,408 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,031 | €143,836 | +€15,806 | +12.3% |
| Other operating charges | 640/8 | €24,638 | €13,179 | -€11,458 | -46.5% |
| Gross operating margin | 9900 | €1,087,278 | €986,489 | -€100,788 | -9.3% |
| Operating profit (loss) | 9901 | €531,969 | €388,425 | -€143,544 | -27.0% |
| Financial income | 75/76B | €704 | €3,439 | +€2,735 | +389% |
| Recurring financial income | 75 | €704 | €3,439 | +€2,735 | +389% |
| Financial charges | 65/66B | €62,520 | €49,507 | -€13,013 | -20.8% |
| Recurring financial charges | 65 | €62,520 | €49,507 | -€13,013 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €470,153 | €342,357 | -€127,797 | -27.2% |
| Income taxes | 67/77 | €152,944 | €114,479 | -€38,465 | -25.1% |
| Profit (loss) for the period | 9904 | €317,209 | €227,878 | -€89,331 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €317,209 | €227,878 | -€89,331 | -28.2% |
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 23 October 2026 via checked.be.