HORISON: 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.
HORISON
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+2171.2%), from €46,870 to €1.1m
of which Other tangible fixed assets: +€663,753
- Receivables within one year +€191,823
up €191,823 (+275.4%), from €69,657 to €261,479
of which Trade receivables: +€191,100
- Debts after one year +€805,545
up €805,545 (+76.4%), from €1.1m to €1.9m
- Reserves +€286,225
up €286,225 (+47.4%), from €603,854 to €890,079
of which Distributable reserves: +€286,225
- Current portion of long-term debt +€135,307
up €135,307 (+62.1%), from €217,790 to €353,097
- Trade debts +€71,699
up €71,699 (+96.2%), from €74,536 to €146,235
- Other debts -€70,884
down €70,884 (-13.5%), from €526,977 to €456,092
- Gross operating margin +€255,780
up €255,780 (+148.2%), from €172,544 to €428,324
- Depreciation +€77,664
up €77,664 (+782.5%), from €9,925 to €87,589
- Staff costs +€53,763
up €53,763 (+42.4%), from €126,941 to €180,704
- Financial charges +€38,260
up €38,260 (+131.0%), from €29,207 to €67,468
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 | €2,528,077 | €3,758,865 | +€1.2m | +48.7% |
| Fixed assets | 21/28 | €2,427,946 | €3,461,713 | +€1.0m | +42.6% |
| Intangible fixed assets | 21 | - | €16,119 | +€16,119 | |
| Tangible fixed assets | 22/27 | €46,870 | €1,064,518 | +€1.0m | +2171.2% |
| Plant, machinery and equipment | 23 | €12,202 | €11,466 | -€737 | -6.0% |
| Furniture and vehicles | 24 | €2,371 | €138,093 | +€135,722 | +5725.0% |
| Leasing and similar rights | 25 | - | €218,909 | +€218,909 | |
| Other tangible fixed assets | 26 | €32,297 | €696,050 | +€663,753 | +2055.2% |
| Financial fixed assets | 28 | €2,381,076 | €2,381,076 | = | 0.0% |
| Current assets | 29/58 | €100,131 | €297,152 | +€197,021 | +196.8% |
| Amounts receivable within one year | 40/41 | €69,657 | €261,479 | +€191,823 | +275.4% |
| Trade receivables | 40 | €39,040 | €230,140 | +€191,100 | +489.5% |
| Other amounts receivable | 41 | €30,617 | €31,339 | +€723 | +2.4% |
| Cash at bank and in hand | 54/58 | €17,593 | €4,442 | -€13,151 | -74.8% |
| Deferred charges and accrued income | 490/1 | €12,881 | €31,231 | +€18,350 | +142.5% |
| Total equity and liabilities | 10/49 | €2,528,077 | €3,758,865 | +€1.2m | +48.7% |
| Equity | 10/15 | €624,854 | €911,079 | +€286,225 | +45.8% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €603,854 | €890,079 | +€286,225 | +47.4% |
| Non-distributable reserves | 130/1 | €2,100 | €2,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,100 | €2,100 | = | 0.0% |
| Distributable reserves | 133 | €601,754 | €887,979 | +€286,225 | +47.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,903,222 | €2,847,786 | +€944,563 | +49.6% |
| Amounts payable after more than one year | 17 | €1,054,105 | €1,859,650 | +€805,545 | +76.4% |
| Financial debts | 170/4 | €1,054,105 | €1,859,650 | +€805,545 | +76.4% |
| Amounts payable within one year | 42/48 | €844,181 | €988,136 | +€143,954 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €217,790 | €353,097 | +€135,307 | +62.1% |
| Trade debts | 44 | €74,536 | €146,235 | +€71,699 | +96.2% |
| Suppliers | 440/4 | €74,536 | €146,235 | +€71,699 | +96.2% |
| Taxes, remuneration and social security | 45 | €24,879 | €32,712 | +€7,833 | +31.5% |
| Taxes | 450/3 | €6,259 | €9,394 | +€3,135 | +50.1% |
| Remuneration and social security | 454/9 | €18,621 | €23,319 | +€4,698 | +25.2% |
| Other amounts payable | 47/48 | €526,977 | €456,092 | -€70,884 | -13.5% |
| Accrued charges and deferred income | 492/3 | €4,936 | €0 | -€4,936 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €126,941 | €180,704 | +€53,763 | +42.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,925 | €87,589 | +€77,664 | +782.5% |
| Other operating charges | 640/8 | €1,347 | €3,811 | +€2,464 | +183.0% |
| Non-recurring operating charges | 66A | €1,214 | €0 | -€1,214 | -100.0% |
| Gross operating margin | 9900 | €172,544 | €428,324 | +€255,780 | +148.2% |
| Operating profit (loss) | 9901 | €33,118 | €156,221 | +€123,103 | +371.7% |
| Financial income | 75/76B | €200,000 | €200,000 | +€0 | 0.0% |
| Recurring financial income | 75 | €200,000 | €200,000 | +€0 | 0.0% |
| Financial charges | 65/66B | €29,207 | €67,468 | +€38,260 | +131.0% |
| Recurring financial charges | 65 | €29,207 | €67,468 | +€38,260 | +131.0% |
| Profit (loss) for the period before taxes | 9903 | €203,910 | €288,754 | +€84,844 | +41.6% |
| Income taxes | 67/77 | €2,099 | €2,529 | +€430 | +20.5% |
| Profit (loss) for the period | 9904 | €201,811 | €286,225 | +€84,413 | +41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €201,811 | €286,225 | +€84,413 | +41.8% |
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 12 October 2026 via checked.be.