HOREST CONSULT: 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.
HOREST CONSULT
Largest movements
- Receivables within one year +€15,323
up €15,323 (+331%), from €4,636 to €19,960
- Tangible fixed assets +€4,076
up €4,076 (+200%), from €2,034 to €6,110
of which Furniture and vehicles: +€4,536
- Cash -€3,793
down €3,793 (-4.9%), from €77,657 to €73,863
mainly Receivables within one year (-€15,323) and Investment in fixed assets (net) (-€5,000)
- Intangible fixed assets -€2,560
down €2,560 (-20.0%), from €12,800 to €10,240
- Trade debts +€4,819
up €4,819 (+94.0%), from €5,128 to €9,947
- Tax, wage and social debts +€4,690
up €4,690 (+20.5%), from €22,837 to €27,527
of which Remuneration and social security: +€4,754
- Reserves +€2,691
up €2,691 (+145%), from €1,860 to €4,551
- Gross operating margin +€63,996
up €63,996 (+97.5%), from €65,606 to €129,601
- Staff costs +€57,166
up €57,166 (+92.2%), from €62,021 to €119,187
- Depreciation +€2,697
up €2,697 (+343%), from €787 to €3,484
- Taxes +€1,634
up €1,634 (+136%), from €1,200 to €2,834
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 | €123,356 | €136,735 | +€13,379 | +10.8% |
| Fixed assets | 21/28 | €40,034 | €41,550 | +€1,516 | +3.8% |
| Intangible fixed assets | 21 | €12,800 | €10,240 | -€2,560 | -20.0% |
| Tangible fixed assets | 22/27 | €2,034 | €6,110 | +€4,076 | +200% |
| Plant, machinery and equipment | 23 | €1,569 | €1,110 | -€459 | -29.3% |
| Furniture and vehicles | 24 | €464 | €5,000 | +€4,536 | +977% |
| Financial fixed assets | 28 | €25,200 | €25,200 | = | 0.0% |
| Current assets | 29/58 | €83,322 | €95,185 | +€11,863 | +14.2% |
| Amounts receivable within one year | 40/41 | €4,636 | €19,960 | +€15,323 | +331% |
| Trade receivables | 40 | €4,636 | €19,960 | +€15,323 | +331% |
| Cash at bank and in hand | 54/58 | €77,657 | €73,863 | -€3,793 | -4.9% |
| Deferred charges and accrued income | 490/1 | €1,029 | €1,362 | +€333 | +32.4% |
| Total equity and liabilities | 10/49 | €123,356 | €136,735 | +€13,379 | +10.8% |
| Equity | 10/15 | €95,392 | €98,083 | +€2,691 | +2.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €4,551 | +€2,691 | +145% |
| Distributable reserves | 133 | €1,860 | €4,551 | +€2,691 | +145% |
| Profit (loss) carried forward | 14 | €81,132 | €81,132 | = | 0.0% |
| Amounts payable | 17/49 | €27,964 | €38,652 | +€10,688 | +38.2% |
| Amounts payable within one year | 42/48 | €27,964 | €38,120 | +€10,155 | +36.3% |
| Trade debts | 44 | €5,128 | €9,947 | +€4,819 | +94.0% |
| Suppliers | 440/4 | €5,128 | €9,947 | +€4,819 | +94.0% |
| Taxes, remuneration and social security | 45 | €22,837 | €27,527 | +€4,690 | +20.5% |
| Taxes | 450/3 | €14,274 | €14,210 | -€64 | -0.4% |
| Remuneration and social security | 454/9 | €8,563 | €13,317 | +€4,754 | +55.5% |
| Other amounts payable | 47/48 | - | €646 | +€646 | |
| Accrued charges and deferred income | 492/3 | - | €533 | +€533 | |
| Remuneration, social security and pensions | 62 | €62,021 | €119,187 | +€57,166 | +92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €787 | €3,484 | +€2,697 | +343% |
| Other operating charges | 640/8 | €1,124 | €900 | -€223 | -19.9% |
| Gross operating margin | 9900 | €65,606 | €129,601 | +€63,996 | +97.5% |
| Operating profit (loss) | 9901 | €1,674 | €6,030 | +€4,356 | +260% |
| Financial income | 75/76B | - | €199 | +€199 | |
| Recurring financial income | 75 | - | €199 | +€199 | |
| Financial charges | 65/66B | €256 | €705 | +€449 | +176% |
| Recurring financial charges | 65 | €256 | €705 | +€449 | +176% |
| Profit (loss) for the period before taxes | 9903 | €1,418 | €5,525 | +€4,106 | +290% |
| Income taxes | 67/77 | €1,200 | €2,834 | +€1,634 | +136% |
| Profit (loss) for the period | 9904 | €218 | €2,691 | +€2,473 | +1,132% |
| Profit (loss) for the period to be appropriated | 9905 | €218 | €2,691 | +€2,473 | +1,132% |
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 30 October 2026 via checked.be.