HORIM: 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.
HORIM
Largest movements
- Cash +€88,436
up €88,436 (+42.5%), from €208,019 to €296,456
mainly Net result for the year (+€107,755) and Depreciation (+€2,633)
- Current investments +€18,000
up €18,000 (+14.2%), from €127,029 to €145,029
- Reserves +€107,755
up €107,755 (+21.2%), from €508,345 to €616,100
- Gross operating margin +€30,020
up €30,020 (+24.3%), from €123,579 to €153,599
- Taxes +€10,347
up €10,347 (+27.6%), from €37,464 to €47,812
- Financial income +€1,969
up €1,969 (+41.3%), from €4,772 to €6,741
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 | €529,205 | €637,424 | +€108,219 | +20.4% |
| Fixed assets | 21/28 | €11,688 | €11,654 | -€34 | -0.3% |
| Tangible fixed assets | 22/27 | €11,688 | €11,654 | -€34 | -0.3% |
| Plant, machinery and equipment | 23 | €445 | €261 | -€184 | -41.4% |
| Furniture and vehicles | 24 | €1,340 | €2,645 | +€1,305 | +97.4% |
| Other tangible fixed assets | 26 | €9,903 | €8,748 | -€1,154 | -11.7% |
| Current assets | 29/58 | €517,517 | €625,769 | +€108,252 | +20.9% |
| Amounts receivable within one year | 40/41 | €124,066 | €122,726 | -€1,340 | -1.1% |
| Other amounts receivable | 41 | €124,066 | €122,726 | -€1,340 | -1.1% |
| Current investments | 50/53 | €127,029 | €145,029 | +€18,000 | +14.2% |
| Cash at bank and in hand | 54/58 | €208,019 | €296,456 | +€88,436 | +42.5% |
| Deferred charges and accrued income | 490/1 | €58,403 | €61,559 | +€3,156 | +5.4% |
| Total equity and liabilities | 10/49 | €529,205 | €637,424 | +€108,219 | +20.4% |
| Equity | 10/15 | €509,345 | €617,100 | +€107,755 | +21.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €508,345 | €616,100 | +€107,755 | +21.2% |
| Distributable reserves | 133 | €508,345 | €616,100 | +€107,755 | +21.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €19,860 | €20,324 | +€464 | +2.3% |
| Amounts payable within one year | 42/48 | €18,740 | €20,324 | +€1,584 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €8,454 | €8,417 | -€37 | -0.4% |
| Credit institutions | 430/8 | €8,454 | €8,417 | -€37 | -0.4% |
| Trade debts | 44 | €1,736 | €1,131 | -€605 | -34.9% |
| Suppliers | 440/4 | €1,736 | €1,131 | -€605 | -34.9% |
| Taxes, remuneration and social security | 45 | €8,550 | €10,775 | +€2,226 | +26.0% |
| Taxes | 450/3 | €8,550 | €10,775 | +€2,226 | +26.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,120 | €0 | -€1,120 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,831 | €2,633 | -€198 | -7.0% |
| Other operating charges | 640/8 | €483 | €500 | +€16 | +3.3% |
| Gross operating margin | 9900 | €123,579 | €153,599 | +€30,020 | +24.3% |
| Operating profit (loss) | 9901 | €120,265 | €150,466 | +€30,201 | +25.1% |
| Financial income | 75/76B | €4,772 | €6,741 | +€1,969 | +41.3% |
| Recurring financial income | 75 | €4,772 | €6,741 | +€1,969 | +41.3% |
| Financial charges | 65/66B | €2,074 | €1,641 | -€433 | -20.9% |
| Recurring financial charges | 65 | €2,074 | €1,641 | -€433 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €122,963 | €155,566 | +€32,604 | +26.5% |
| Income taxes | 67/77 | €37,464 | €47,812 | +€10,347 | +27.6% |
| Profit (loss) for the period | 9904 | €85,498 | €107,755 | +€22,256 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,498 | €107,755 | +€22,256 | +26.0% |
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.