HORIO: 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.
HORIO
Largest movements
- Tangible fixed assets -€20,960
down €20,960 (-6.5%), from €321,514 to €300,553
of which Furniture and vehicles: -€19,567
- Deferred charges and accrued income -€8,616
down €8,616 (-17.8%), from €48,464 to €39,847
- Cash -€5,486
down €5,486 (-27.6%), from €19,892 to €14,406
mainly Debts after one year (-€26,676) and Contributions, distributions and other (-€17,677)
- Receivables within one year -€5,351
down €5,351 (-18.6%), from €28,841 to €23,491
- Debts after one year -€26,676
down €26,676 (-10.8%), from €246,514 to €219,838
- Trade debts -€16,242
down €16,242 (-91.9%), from €17,676 to €1,434
- Tax, wage and social debts -€4,274
down €4,274 (-16.9%), from €25,328 to €21,054
of which Taxes: -€4,076
- Gross operating margin +€11,708
up €11,708 (+13.2%), from €88,993 to €100,701
- Depreciation +€9,835
up €9,835 (+57.8%), from €17,005 to €26,840
- Staff costs +€4,015
up €4,015 (+15.6%), from €25,722 to €29,737
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €421,711 | €381,297 | -€40,414 | -9.6% |
| Fixed assets | 21/28 | €324,514 | €303,553 | -€20,960 | -6.5% |
| Tangible fixed assets | 22/27 | €321,514 | €300,553 | -€20,960 | -6.5% |
| Land and buildings | 22 | €242,130 | €240,737 | -€1,393 | -0.6% |
| Furniture and vehicles | 24 | €79,384 | €59,816 | -€19,567 | -24.6% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €97,197 | €77,744 | -€19,453 | -20.0% |
| Amounts receivable within one year | 40/41 | €28,841 | €23,491 | -€5,351 | -18.6% |
| Other amounts receivable | 41 | €28,841 | €23,491 | -€5,351 | -18.6% |
| Cash at bank and in hand | 54/58 | €19,892 | €14,406 | -€5,486 | -27.6% |
| Deferred charges and accrued income | 490/1 | €48,464 | €39,847 | -€8,616 | -17.8% |
| Total equity and liabilities | 10/49 | €421,711 | €381,297 | -€40,414 | -9.6% |
| Equity | 10/15 | €94,459 | €96,795 | +€2,337 | +2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €82,059 | €84,395 | +€2,337 | +2.8% |
| Distributable reserves | 133 | €82,059 | €84,395 | +€2,337 | +2.8% |
| Amounts payable | 17/49 | €327,252 | €284,502 | -€42,750 | -13.1% |
| Amounts payable after more than one year | 17 | €246,514 | €219,838 | -€26,676 | -10.8% |
| Financial debts | 170/4 | €246,514 | €219,838 | -€26,676 | -10.8% |
| Amounts payable within one year | 42/48 | €76,738 | €56,665 | -€20,074 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €33,735 | €34,176 | +€442 | +1.3% |
| Trade debts | 44 | €17,676 | €1,434 | -€16,242 | -91.9% |
| Suppliers | 440/4 | €17,676 | €1,434 | -€16,242 | -91.9% |
| Taxes, remuneration and social security | 45 | €25,328 | €21,054 | -€4,274 | -16.9% |
| Taxes | 450/3 | €18,047 | €13,971 | -€4,076 | -22.6% |
| Remuneration and social security | 454/9 | €7,280 | €7,083 | -€197 | -2.7% |
| Accrued charges and deferred income | 492/3 | €4,000 | €8,000 | +€4,000 | +100.0% |
| Remuneration, social security and pensions | 62 | €25,722 | €29,737 | +€4,015 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,005 | €26,840 | +€9,835 | +57.8% |
| Other operating charges | 640/8 | €5,363 | €6,148 | +€785 | +14.6% |
| Non-recurring operating charges | 66A | €393 | - | -€393 | |
| Gross operating margin | 9900 | €88,993 | €100,701 | +€11,708 | +13.2% |
| Operating profit (loss) | 9901 | €40,510 | €37,977 | -€2,533 | -6.3% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €4,035 | €4,477 | +€442 | +11.0% |
| Recurring financial charges | 65 | €4,035 | €4,477 | +€442 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €36,483 | €33,500 | -€2,983 | -8.2% |
| Income taxes | 67/77 | €14,144 | €13,487 | -€658 | -4.6% |
| Profit (loss) for the period | 9904 | €22,339 | €20,013 | -€2,326 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,339 | €20,013 | -€2,326 | -10.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.