HOREUM: what changed
Two fiscal 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.
HOREUM
Largest movements
- Tangible fixed assets +€9,247
up €9,247 (+1.9%), from €479,518 to €488,765
of which Assets under construction and advance payments: +€14,782
- Other debts +€47,146
up €47,146 (+7.2%), from €654,930 to €702,076
- Debts after one year -€33,775
down €33,775 (-92.2%), from €36,627 to €2,852
- Profit (loss) carried forward -€13,018
down €13,018 (-4.2%), from -€306,378 to -€319,396
- Current portion of long-term debt +€9,131
up €9,131 (+27.7%), from €32,958 to €42,089
- Gross operating margin -€5,383
down €5,383, from €1,607 to -€3,776
- Financial charges -€583
down €583 (-26.6%), from €2,194 to €1,611
- Other operating charges +€424
up €424 (+55.7%), from €761 to €1,185
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 | €480,301 | €489,661 | +€9,360 | +1.9% |
| Fixed assets | 21/28 | €479,518 | €488,765 | +€9,247 | +1.9% |
| Tangible fixed assets | 22/27 | €479,518 | €488,765 | +€9,247 | +1.9% |
| Land and buildings | 22 | €136,696 | €130,244 | -€6,452 | -4.7% |
| Plant, machinery and equipment | 23 | - | €917 | +€917 | |
| Assets under construction and advance payments | 27 | €342,822 | €357,604 | +€14,782 | +4.3% |
| Current assets | 29/58 | €783 | €896 | +€113 | +14.4% |
| Amounts receivable within one year | 40/41 | €557 | €671 | +€114 | +20.5% |
| Trade receivables | 40 | - | €115 | +€115 | |
| Other amounts receivable | 41 | €557 | €557 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €160 | €158 | -€2 | -1.5% |
| Deferred charges and accrued income | 490/1 | €66 | €67 | +€1 | +1.4% |
| Total equity and liabilities | 10/49 | €480,301 | €489,661 | +€9,360 | +1.9% |
| Equity | 10/15 | -€244,378 | -€257,396 | -€13,018 | -5.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€306,378 | -€319,396 | -€13,018 | -4.2% |
| Amounts payable | 17/49 | €724,679 | €747,057 | +€22,378 | +3.1% |
| Amounts payable after more than one year | 17 | €36,627 | €2,852 | -€33,775 | -92.2% |
| Financial debts | 170/4 | €36,627 | €2,852 | -€33,775 | -92.2% |
| Amounts payable within one year | 42/48 | €688,052 | €744,204 | +€56,152 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €32,958 | €42,089 | +€9,131 | +27.7% |
| Trade debts | 44 | €164 | €39 | -€125 | -76.3% |
| Suppliers | 440/4 | €164 | €39 | -€125 | -76.3% |
| Other amounts payable | 47/48 | €654,930 | €702,076 | +€47,146 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,452 | €6,460 | +€8 | +0.1% |
| Other operating charges | 640/8 | €761 | €1,185 | +€424 | +55.7% |
| Gross operating margin | 9900 | €1,607 | -€3,776 | -€5,383 | |
| Operating profit (loss) | 9901 | -€5,606 | -€11,421 | -€5,815 | -103.7% |
| Financial income | 75/76B | - | €14 | +€14 | |
| Recurring financial income | 75 | - | €14 | +€14 | |
| Financial charges | 65/66B | €2,194 | €1,611 | -€583 | -26.6% |
| Recurring financial charges | 65 | €2,194 | €1,611 | -€583 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,800 | -€13,018 | -€5,218 | -66.9% |
| Profit (loss) for the period | 9904 | -€7,800 | -€13,018 | -€5,218 | -66.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,800 | -€13,018 | -€5,218 | -66.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.