HORINVEST: 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.
HORINVEST
Largest movements
- Receivables after one year +€140,397
new in 2025: €140,397
- Cash -€125,100
down €125,100 (-57.7%), from €216,684 to €91,584
mainly Receivables after one year (-€140,397) and Debts after one year (-€14,250)
- Tangible fixed assets -€25,011
down €25,011 (-16.5%), from €151,617 to €126,605
of which Land and buildings: -€23,486
- Receivables within one year -€9,407
down €9,407 (-56.9%), from €16,519 to €7,112
of which Trade receivables: -€14,973
- Debts after one year -€14,250
down €14,250 (-27.9%), from €51,124 to €36,874
- Gross operating margin -€5,317
down €5,317 (-14.4%), from €36,866 to €31,549
- Financial income +€3,593
up €3,593 (+22,728%), from €16 to €3,609
- Depreciation -€1,770
down €1,770 (-6.6%), from €26,782 to €25,011
- Financial charges -€440
down €440 (-19.0%), from €2,320 to €1,880
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 | €406,135 | €387,031 | -€19,104 | -4.7% |
| Fixed assets | 21/28 | €151,617 | €126,605 | -€25,011 | -16.5% |
| Tangible fixed assets | 22/27 | €151,617 | €126,605 | -€25,011 | -16.5% |
| Land and buildings | 22 | €149,863 | €126,377 | -€23,486 | -15.7% |
| Plant, machinery and equipment | 23 | €1,294 | - | -€1,294 | |
| Furniture and vehicles | 24 | €459 | €228 | -€231 | -50.3% |
| Current assets | 29/58 | €254,518 | €260,426 | +€5,908 | +2.3% |
| Amounts receivable after more than one year | 29 | - | €140,397 | +€140,397 | |
| Trade receivables | 290 | - | €140,397 | +€140,397 | |
| Stocks and contracts in progress | 3 | €16,497 | €16,497 | = | 0.0% |
| Stocks | 30/36 | €16,497 | €16,497 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,519 | €7,112 | -€9,407 | -56.9% |
| Trade receivables | 40 | €16,519 | €1,546 | -€14,973 | -90.6% |
| Other amounts receivable | 41 | - | €5,566 | +€5,566 | |
| Current investments | 50/53 | €242 | - | -€242 | |
| Cash at bank and in hand | 54/58 | €216,684 | €91,584 | -€125,100 | -57.7% |
| Deferred charges and accrued income | 490/1 | €4,576 | €4,836 | +€260 | +5.7% |
| Total equity and liabilities | 10/49 | €406,135 | €387,031 | -€19,104 | -4.7% |
| Equity | 10/15 | €314,746 | €316,132 | +€1,386 | +0.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €184,404 | €185,695 | +€1,291 | +0.7% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,417 | €5,209 | -€5,209 | -50.0% |
| Distributable reserves | 133 | €167,737 | €174,237 | +€6,500 | +3.9% |
| Profit (loss) carried forward | 14 | €67,842 | €67,937 | +€95 | +0.1% |
| Provisions and deferred taxes | 16 | €5,364 | €2,682 | -€2,682 | -50.0% |
| Deferred taxes | 168 | €5,364 | €2,682 | -€2,682 | -50.0% |
| Amounts payable | 17/49 | €86,024 | €68,217 | -€17,808 | -20.7% |
| Amounts payable after more than one year | 17 | €51,124 | €36,874 | -€14,250 | -27.9% |
| Financial debts | 170/4 | €51,124 | €36,874 | -€14,250 | -27.9% |
| Amounts payable within one year | 42/48 | €34,900 | €31,342 | -€3,558 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €14,249 | €14,250 | +€1 | 0.0% |
| Trade debts | 44 | €4,920 | €4,938 | +€18 | +0.4% |
| Suppliers | 440/4 | €4,920 | €4,938 | +€18 | +0.4% |
| Taxes, remuneration and social security | 45 | €10,895 | €7,773 | -€3,123 | -28.7% |
| Taxes | 450/3 | €10,895 | €7,773 | -€3,123 | -28.7% |
| Other amounts payable | 47/48 | €4,836 | €4,381 | -€455 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,782 | €25,011 | -€1,770 | -6.6% |
| Other operating charges | 640/8 | €5,383 | €5,706 | +€323 | +6.0% |
| Gross operating margin | 9900 | €36,866 | €31,549 | -€5,317 | -14.4% |
| Operating profit (loss) | 9901 | €4,702 | €831 | -€3,871 | -82.3% |
| Financial income | 75/76B | €16 | €3,609 | +€3,593 | +22,728% |
| Recurring financial income | 75 | €16 | €3,609 | +€3,593 | +22,728% |
| Financial charges | 65/66B | €2,320 | €1,880 | -€440 | -19.0% |
| Recurring financial charges | 65 | €2,320 | €1,880 | -€440 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €2,398 | €2,561 | +€163 | +6.8% |
| Transfer from deferred taxes | 780 | €2,682 | €2,682 | = | 0.0% |
| Income taxes | 67/77 | €3,916 | €3,856 | -€60 | -1.5% |
| Profit (loss) for the period | 9904 | €1,163 | €1,386 | +€223 | +19.2% |
| Transfer from tax-exempt reserves | 789 | €5,209 | €5,209 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,372 | €6,595 | +€223 | +3.5% |
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 1 November 2026 via checked.be.