HOREV: 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.
HOREV
Largest movements
- Tangible fixed assets +€60,406
new in 2025: €60,406
of which Leasing and similar rights: +€36,962
- Receivables within one year -€10,532
down €10,532 (-63.7%), from €16,522 to €5,990
of which Trade receivables: -€10,330
- Debts after one year +€40,924
new in 2025: €40,924
- Current portion of long-term debt +€11,556
new in 2025: €11,556
- Tax, wage and social debts -€8,353
down €8,353 (-68.3%), from €12,227 to €3,874
of which Taxes: -€4,701
- Reserves +€3,318
up €3,318 (+43.8%), from €7,581 to €10,900
- Trade debts +€2,634
up €2,634 (+246.7%), from €1,068 to €3,701
- Depreciation +€14,583
new in 2025: €14,583
- Gross operating margin +€10,975
up €10,975 (+107.3%), from €10,230 to €21,205
- Financial charges +€2,735
up €2,735 (+218800.0%), from €1 to €2,736
- Taxes -€1,602
down €1,602 (-82.7%), from €1,938 to €335
- Other operating charges -€478
down €478 (-67.3%), from €709 to €232
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 | €25,876 | €75,955 | +€50,079 | +193.5% |
| Fixed assets | 21/28 | - | €60,406 | +€60,406 | |
| Tangible fixed assets | 22/27 | - | €60,406 | +€60,406 | |
| Plant, machinery and equipment | 23 | - | €23,445 | +€23,445 | |
| Leasing and similar rights | 25 | - | €36,962 | +€36,962 | |
| Current assets | 29/58 | €25,876 | €15,549 | -€10,327 | -39.9% |
| Amounts receivable within one year | 40/41 | €16,522 | €5,990 | -€10,532 | -63.7% |
| Trade receivables | 40 | €16,141 | €5,811 | -€10,330 | -64.0% |
| Other amounts receivable | 41 | €381 | €179 | -€202 | -52.9% |
| Cash at bank and in hand | 54/58 | €9,354 | €9,559 | +€205 | +2.2% |
| Total equity and liabilities | 10/49 | €25,876 | €75,955 | +€50,079 | +193.5% |
| Equity | 10/15 | €12,581 | €15,900 | +€3,318 | +26.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €7,581 | €10,900 | +€3,318 | +43.8% |
| Distributable reserves | 133 | €7,581 | €10,900 | +€3,318 | +43.8% |
| Amounts payable | 17/49 | €13,295 | €60,055 | +€46,761 | +351.7% |
| Amounts payable after more than one year | 17 | - | €40,924 | +€40,924 | |
| Financial debts | 170/4 | - | €40,924 | +€40,924 | |
| Amounts payable within one year | 42/48 | €13,295 | €19,132 | +€5,837 | +43.9% |
| Current portion of amounts payable after more than one year | 42 | - | €11,556 | +€11,556 | |
| Trade debts | 44 | €1,068 | €3,701 | +€2,634 | +246.7% |
| Suppliers | 440/4 | €1,068 | €3,701 | +€2,634 | +246.7% |
| Taxes, remuneration and social security | 45 | €12,227 | €3,874 | -€8,353 | -68.3% |
| Taxes | 450/3 | €6,728 | €2,027 | -€4,701 | -69.9% |
| Remuneration and social security | 454/9 | €5,499 | €1,847 | -€3,652 | -66.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €14,583 | +€14,583 | |
| Other operating charges | 640/8 | €709 | €232 | -€478 | -67.3% |
| Gross operating margin | 9900 | €10,230 | €21,205 | +€10,975 | +107.3% |
| Operating profit (loss) | 9901 | €9,521 | €6,390 | -€3,130 | -32.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1 | €2,736 | +€2,735 | +218800.0% |
| Recurring financial charges | 65 | €1 | €2,736 | +€2,735 | +218800.0% |
| Profit (loss) for the period before taxes | 9903 | €9,519 | €3,654 | -€5,865 | -61.6% |
| Income taxes | 67/77 | €1,938 | €335 | -€1,602 | -82.7% |
| Profit (loss) for the period | 9904 | €7,581 | €3,318 | -€4,263 | -56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,581 | €3,318 | -€4,263 | -56.2% |
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 9 October 2026 via checked.be.