HOREXIMMO: 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.
HOREXIMMO
Largest movements
- Intangible fixed assets -€12,500
down €12,500 (-35.3%), from €35,417 to €22,917
- Stocks and contracts +€4,536
up €4,536 (+30.9%), from €14,660 to €19,196
- Cash +€3,253
up €3,253 (+20.2%), from €16,131 to €19,384
mainly Depreciation (+€16,854) and Tax, wage and social debts (+€13,984)
- Tangible fixed assets -€2,154
down €2,154 (-16.6%), from €12,992 to €10,838
of which Plant, machinery and equipment: -€2,528
- Current portion of long-term debt -€19,540
no longer reported in 2025 (was €19,540)
- Tax, wage and social debts +€13,984
up €13,984 (+15.6%), from €89,485 to €103,469
of which Remuneration and social security: +€10,853
- Profit (loss) carried forward -€9,709
down €9,709 (-7.4%), from -€131,174 to -€140,882
- Trade debts +€8,650
up €8,650 (+9.2%), from €93,806 to €102,456
- Staff costs +€42,261
up €42,261 (+12.8%), from €330,678 to €372,939
- Gross operating margin +€32,859
up €32,859 (+9.3%), from €354,021 to €386,880
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 | €139,600 | €132,985 | -€6,615 | -4.7% |
| Fixed assets | 21/28 | €48,809 | €34,155 | -€14,654 | -30.0% |
| Intangible fixed assets | 21 | €35,417 | €22,917 | -€12,500 | -35.3% |
| Tangible fixed assets | 22/27 | €12,992 | €10,838 | -€2,154 | -16.6% |
| Plant, machinery and equipment | 23 | €7,409 | €4,881 | -€2,528 | -34.1% |
| Furniture and vehicles | 24 | - | €1,888 | +€1,888 | |
| Leasing and similar rights | 25 | €2,629 | €1,972 | -€657 | -25.0% |
| Other tangible fixed assets | 26 | €2,953 | €2,096 | -€857 | -29.0% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €90,791 | €98,830 | +€8,039 | +8.9% |
| Stocks and contracts in progress | 3 | €14,660 | €19,196 | +€4,536 | +30.9% |
| Stocks | 30/36 | €14,660 | €19,196 | +€4,536 | +30.9% |
| Amounts receivable within one year | 40/41 | €60,000 | €60,250 | +€250 | +0.4% |
| Trade receivables | 40 | - | €250 | +€250 | |
| Other amounts receivable | 41 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,131 | €19,384 | +€3,253 | +20.2% |
| Total equity and liabilities | 10/49 | €139,600 | €132,985 | -€6,615 | -4.7% |
| Equity | 10/15 | -€63,231 | -€72,940 | -€9,709 | -15.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €47,942 | €47,942 | = | 0.0% |
| Distributable reserves | 133 | €47,942 | €47,942 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€131,174 | -€140,882 | -€9,709 | -7.4% |
| Amounts payable | 17/49 | €202,831 | €205,925 | +€3,094 | +1.5% |
| Amounts payable within one year | 42/48 | €202,831 | €205,925 | +€3,094 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €19,540 | - | -€19,540 | |
| Trade debts | 44 | €93,806 | €102,456 | +€8,650 | +9.2% |
| Suppliers | 440/4 | €93,806 | €102,456 | +€8,650 | +9.2% |
| Taxes, remuneration and social security | 45 | €89,485 | €103,469 | +€13,984 | +15.6% |
| Taxes | 450/3 | €25,194 | €28,325 | +€3,131 | +12.4% |
| Remuneration and social security | 454/9 | €64,291 | €75,144 | +€10,853 | +16.9% |
| Non-recurring operating income | 76A | €4,105 | €513 | -€3,592 | -87.5% |
| Remuneration, social security and pensions | 62 | €330,678 | €372,939 | +€42,261 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,250 | €16,854 | +€604 | +3.7% |
| Other operating charges | 640/8 | €2,141 | €4,676 | +€2,535 | +118% |
| Gross operating margin | 9900 | €354,021 | €386,880 | +€32,859 | +9.3% |
| Operating profit (loss) | 9901 | €4,952 | -€7,589 | -€12,541 | |
| Financial charges | 65/66B | €4,929 | €2,120 | -€2,809 | -57.0% |
| Recurring financial charges | 65 | €4,929 | €2,120 | -€2,809 | -57.0% |
| Profit (loss) for the period before taxes | 9903 | €23 | -€9,709 | -€9,732 | |
| Income taxes | 67/77 | €9 | - | -€9 | |
| Profit (loss) for the period | 9904 | €14 | -€9,709 | -€9,722 | |
| Profit (loss) for the period to be appropriated | 9905 | €14 | -€9,709 | -€9,722 |
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 19 October 2026 via checked.be.