horizen: 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.
horizen
Largest movements
- Receivables within one year -€215,062
down €215,062 (-8.4%), from €2.6m to €2.3m
of which Other amounts receivable: -€223,698
- Intangible fixed assets +€33,644
new in 2025: €33,644
- Profit (loss) carried forward -€249,990
down €249,990 (-10.8%), from €2.3m to €2.1m
- Other debts +€31,899
up €31,899 (+24.6%), from €129,464 to €161,364
- Financial charges +€224,812
up €224,812 (+3601.5%), from €6,242 to €231,055
of which Non-recurring financial charges: +€223,188
- Gross operating margin +€98,889
up €98,889 (+72.9%), from -€135,576 to -€36,686
- Financial income +€11,653
up €11,653 (+48.9%), from €23,828 to €35,481
- Depreciation +€4,609
up €4,609 (+40.7%), from €11,313 to €15,922
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 | €2,593,215 | €2,400,063 | -€193,152 | -7.4% |
| Fixed assets | 21/28 | €34,314 | €58,173 | +€23,860 | +69.5% |
| Intangible fixed assets | 21 | - | €33,644 | +€33,644 | |
| Tangible fixed assets | 22/27 | €22,047 | €12,263 | -€9,784 | -44.4% |
| Plant, machinery and equipment | 23 | €299 | €503 | +€205 | +68.6% |
| Furniture and vehicles | 24 | €19,019 | €11,179 | -€7,840 | -41.2% |
| Other tangible fixed assets | 26 | €2,730 | €581 | -€2,149 | -78.7% |
| Financial fixed assets | 28 | €12,267 | €12,267 | = | 0.0% |
| Current assets | 29/58 | €2,558,901 | €2,341,889 | -€217,012 | -8.5% |
| Amounts receivable within one year | 40/41 | €2,556,690 | €2,341,628 | -€215,062 | -8.4% |
| Trade receivables | 40 | €24,050 | €32,686 | +€8,636 | +35.9% |
| Other amounts receivable | 41 | €2,532,641 | €2,308,942 | -€223,698 | -8.8% |
| Cash at bank and in hand | 54/58 | €150 | €261 | +€112 | +74.6% |
| Deferred charges and accrued income | 490/1 | €2,061 | - | -€2,061 | |
| Total equity and liabilities | 10/49 | €2,593,215 | €2,400,063 | -€193,152 | -7.4% |
| Equity | 10/15 | €2,340,682 | €2,090,692 | -€249,990 | -10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,320,222 | €2,070,232 | -€249,990 | -10.8% |
| Amounts payable | 17/49 | €252,532 | €309,371 | +€56,839 | +22.5% |
| Amounts payable after more than one year | 17 | €100,000 | €103,000 | +€3,000 | +3.0% |
| Financial debts | 170/4 | €100,000 | €103,000 | +€3,000 | +3.0% |
| Amounts payable within one year | 42/48 | €141,132 | €195,092 | +€53,959 | +38.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €4,337 | €4,311 | -€27 | -0.6% |
| Credit institutions | 430/8 | €4,337 | €4,311 | -€27 | -0.6% |
| Trade debts | 44 | €7,331 | €15,571 | +€8,241 | +112.4% |
| Suppliers | 440/4 | €7,331 | €15,571 | +€8,241 | +112.4% |
| Taxes, remuneration and social security | 45 | - | €13,846 | +€13,846 | |
| Taxes | 450/3 | - | €13,846 | +€13,846 | |
| Other amounts payable | 47/48 | €129,464 | €161,364 | +€31,899 | +24.6% |
| Accrued charges and deferred income | 492/3 | €11,400 | €11,279 | -€121 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,313 | €15,922 | +€4,609 | +40.7% |
| Other operating charges | 640/8 | €1,201 | €1,808 | +€606 | +50.5% |
| Gross operating margin | 9900 | -€135,576 | -€36,686 | +€98,889 | +72.9% |
| Operating profit (loss) | 9901 | -€148,091 | -€54,417 | +€93,674 | +63.3% |
| Financial income | 75/76B | €23,828 | €35,481 | +€11,653 | +48.9% |
| Recurring financial income | 75 | €23,828 | €35,481 | +€11,653 | +48.9% |
| Financial charges | 65/66B | €6,242 | €231,055 | +€224,812 | +3601.5% |
| Recurring financial charges | 65 | €6,242 | €7,867 | +€1,625 | +26.0% |
| Non-recurring financial charges | 66B | - | €223,188 | +€223,188 | |
| Profit (loss) for the period before taxes | 9903 | -€130,504 | -€249,990 | -€119,486 | -91.6% |
| Profit (loss) for the period | 9904 | -€130,504 | -€249,990 | -€119,486 | -91.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€130,504 | -€249,990 | -€119,486 | -91.6% |
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.