HORIATECH: 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.
HORIATECH
Largest movements
- Receivables within one year +€59,822
up €59,822 (+138.2%), from €43,275 to €103,096
of which Trade receivables: +€39,295
- Tangible fixed assets +€2,359
up €2,359 (+284.6%), from €829 to €3,189
- Cash -€1,765
down €1,765 (-11.6%), from €15,184 to €13,419
mainly Receivables within one year (-€59,822) and Net result for the year (-€40,044)
- Tax, wage and social debts +€83,938
up €83,938 (+259.1%), from €32,396 to €116,334
of which Taxes: +€55,696
- Profit (loss) carried forward -€40,044
down €40,044, from €30,495 to -€9,549
- Trade debts +€16,668
new in 2025: €16,668
- Contributions +€3,000
new in 2025: €3,000
- Other debts -€1,791
no longer reported in 2025 (was €1,791)
- Staff costs +€67,602
up €67,602 (+103.4%), from €65,379 to €132,981
- Gross operating margin -€11,749
down €11,749 (-10.6%), from €110,682 to €98,933
- Financial charges -€3,323
down €3,323 (-54.1%), from €6,146 to €2,823
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 | €67,455 | €127,946 | +€60,491 | +89.7% |
| Fixed assets | 21/28 | €6,949 | €9,309 | +€2,359 | +34.0% |
| Tangible fixed assets | 22/27 | €829 | €3,189 | +€2,359 | +284.6% |
| Furniture and vehicles | 24 | €829 | €3,189 | +€2,359 | +284.6% |
| Financial fixed assets | 28 | €6,120 | €6,120 | = | 0.0% |
| Current assets | 29/58 | €60,506 | €118,637 | +€58,131 | +96.1% |
| Amounts receivable within one year | 40/41 | €43,275 | €103,096 | +€59,822 | +138.2% |
| Trade receivables | 40 | €37,041 | €76,336 | +€39,295 | +106.1% |
| Other amounts receivable | 41 | €6,234 | €26,761 | +€20,527 | +329.3% |
| Cash at bank and in hand | 54/58 | €15,184 | €13,419 | -€1,765 | -11.6% |
| Deferred charges and accrued income | 490/1 | €2,048 | €2,122 | +€74 | +3.6% |
| Total equity and liabilities | 10/49 | €67,455 | €127,946 | +€60,491 | +89.7% |
| Equity | 10/15 | €30,495 | -€6,549 | -€37,044 | |
| Contributions | 10/11 | - | €3,000 | +€3,000 | |
| Profit (loss) carried forward | 14 | €30,495 | -€9,549 | -€40,044 | |
| Amounts payable | 17/49 | €36,960 | €134,495 | +€97,535 | +263.9% |
| Amounts payable within one year | 42/48 | €36,043 | €134,495 | +€98,452 | +273.2% |
| Current portion of amounts payable after more than one year | 42 | €897 | - | -€897 | |
| Financial debts | 43 | €958 | €1,492 | +€534 | +55.7% |
| Credit institutions | 430/8 | - | €1,492 | +€1,492 | |
| Other loans | 439 | €958 | - | -€958 | |
| Trade debts | 44 | - | €16,668 | +€16,668 | |
| Suppliers | 440/4 | - | €16,668 | +€16,668 | |
| Taxes, remuneration and social security | 45 | €32,396 | €116,334 | +€83,938 | +259.1% |
| Taxes | 450/3 | €13,387 | €69,082 | +€55,696 | +416.1% |
| Remuneration and social security | 454/9 | €19,009 | €47,252 | +€28,243 | +148.6% |
| Other amounts payable | 47/48 | €1,791 | - | -€1,791 | |
| Accrued charges and deferred income | 492/3 | €917 | - | -€917 | |
| Non-recurring operating income | 76A | - | €131 | +€131 | |
| Remuneration, social security and pensions | 62 | €65,379 | €132,981 | +€67,602 | +103.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,446 | €1,255 | -€191 | -13.2% |
| Other operating charges | 640/8 | €1,085 | €948 | -€136 | -12.6% |
| Non-recurring operating charges | 66A | €604 | - | -€604 | |
| Gross operating margin | 9900 | €110,682 | €98,933 | -€11,749 | -10.6% |
| Operating profit (loss) | 9901 | €42,168 | -€36,252 | -€78,420 | |
| Financial income | 75/76B | €28 | €409 | +€381 | +1346.4% |
| Recurring financial income | 75 | €28 | €409 | +€381 | +1346.4% |
| Financial charges | 65/66B | €6,146 | €2,823 | -€3,323 | -54.1% |
| Recurring financial charges | 65 | €6,146 | €2,823 | -€3,323 | -54.1% |
| Profit (loss) for the period before taxes | 9903 | €36,051 | -€38,665 | -€74,716 | |
| Income taxes | 67/77 | €1,766 | €1,379 | -€387 | -21.9% |
| Profit (loss) for the period | 9904 | €34,285 | -€40,044 | -€74,329 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,285 | -€40,044 | -€74,329 |
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 7 October 2026 via checked.be.