HORGA Consulting: 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.
HORGA Consulting
Largest movements
- Cash +€16,510
up €16,510 (+36.2%), from €45,578 to €62,088
mainly Other debts (+€43,095) and Net result for the year (+€26,236)
- Tangible fixed assets -€11,113
down €11,113 (-48.7%), from €22,840 to €11,727
of which Furniture and vehicles: -€10,934
- Receivables within one year +€3,665
up €3,665 (+14.9%), from €24,569 to €28,234
of which Trade receivables: +€3,600
- Other debts +€43,095
up €43,095 (+289%), from €14,935 to €58,029
- Reserves -€36,500
down €36,500 (-57.9%), from €63,070 to €26,570
of which Distributable reserves: -€36,500
- Tax, wage and social debts +€2,603
up €2,603 (+100.0%), from €2,603 to €5,205
of which Taxes: +€4,831
- Profit (loss) carried forward +€1,736
up €1,736, from -€1,305 to €432
- Gross operating margin +€16,480
up €16,480 (+34.1%), from €48,328 to €64,809
- Taxes +€8,875
up €8,875 (+6,933%), from €128 to €9,003
- Provisions -€7,124
down €7,124 (-93.7%), from €7,606 to €483
- Financial charges +€5,953
up €5,953 (+51.6%), from €11,536 to €17,489
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 | €102,987 | €112,854 | +€9,867 | +9.6% |
| Fixed assets | 21/28 | €22,840 | €11,727 | -€11,113 | -48.7% |
| Tangible fixed assets | 22/27 | €22,840 | €11,727 | -€11,113 | -48.7% |
| Plant, machinery and equipment | 23 | €1,429 | €1,250 | -€179 | -12.5% |
| Furniture and vehicles | 24 | €21,411 | €10,477 | -€10,934 | -51.1% |
| Current assets | 29/58 | €80,147 | €101,127 | +€20,980 | +26.2% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,569 | €28,234 | +€3,665 | +14.9% |
| Trade receivables | 40 | €21,000 | €24,600 | +€3,600 | +17.1% |
| Other amounts receivable | 41 | €3,569 | €3,634 | +€65 | +1.8% |
| Cash at bank and in hand | 54/58 | €45,578 | €62,088 | +€16,510 | +36.2% |
| Deferred charges and accrued income | 490/1 | - | €805 | +€805 | |
| Total equity and liabilities | 10/49 | €102,987 | €112,854 | +€9,867 | +9.6% |
| Equity | 10/15 | €67,966 | €33,202 | -€34,764 | -51.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €63,070 | €26,570 | -€36,500 | -57.9% |
| Tax-exempt reserves | 132 | €210 | €210 | = | 0.0% |
| Distributable reserves | 133 | €62,860 | €26,360 | -€36,500 | -58.1% |
| Profit (loss) carried forward | 14 | -€1,305 | €432 | +€1,736 | |
| Provisions and deferred taxes | 16 | €15,260 | €15,743 | +€483 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €15,260 | €15,743 | +€483 | +3.2% |
| Other liabilities and charges | 164/5 | €15,260 | €15,743 | +€483 | +3.2% |
| Amounts payable | 17/49 | €19,761 | €63,909 | +€44,148 | +223% |
| Amounts payable within one year | 42/48 | €19,761 | €63,909 | +€44,148 | +223% |
| Financial debts | 43 | €1,003 | €28 | -€976 | -97.3% |
| Credit institutions | 430/8 | €1,003 | €28 | -€976 | -97.3% |
| Trade debts | 44 | €1,220 | €646 | -€574 | -47.0% |
| Suppliers | 440/4 | €1,220 | €646 | -€574 | -47.0% |
| Taxes, remuneration and social security | 45 | €2,603 | €5,205 | +€2,603 | +100.0% |
| Taxes | 450/3 | €374 | €5,205 | +€4,831 | +1,292% |
| Remuneration and social security | 454/9 | €2,229 | - | -€2,229 | |
| Other amounts payable | 47/48 | €14,935 | €58,029 | +€43,095 | +289% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,790 | €11,113 | +€323 | +3.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €7,606 | €483 | -€7,124 | -93.7% |
| Other operating charges | 640/8 | €640 | €717 | +€77 | +12.1% |
| Gross operating margin | 9900 | €48,328 | €64,809 | +€16,480 | +34.1% |
| Operating profit (loss) | 9901 | €29,292 | €52,496 | +€23,204 | +79.2% |
| Financial income | 75/76B | €240 | €232 | -€8 | -3.3% |
| Recurring financial income | 75 | €240 | €232 | -€8 | -3.3% |
| Financial charges | 65/66B | €11,536 | €17,489 | +€5,953 | +51.6% |
| Recurring financial charges | 65 | €11,536 | €17,489 | +€5,953 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €17,996 | €35,239 | +€17,243 | +95.8% |
| Income taxes | 67/77 | €128 | €9,003 | +€8,875 | +6,933% |
| Profit (loss) for the period | 9904 | €17,868 | €26,236 | +€8,368 | +46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,868 | €26,236 | +€8,368 | +46.8% |
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.