HORIZON: 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.
HORIZON
Largest movements
- Cash +€16,617
up €16,617 (+19.1%), from €86,898 to €103,515
mainly Depreciation (+€16,041) and Receivables within one year (+€4,139)
- Tangible fixed assets -€16,041
down €16,041 (-6.4%), from €251,420 to €235,378
- Receivables within one year -€4,139
down €4,139 (-26.9%), from €15,407 to €11,268
of which Trade receivables: -€6,173
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€10,808
down €10,808 (-33.6%), from €32,151 to €21,343
- Taxes -€2,840
down €2,840 (-90.6%), from €3,134 to €294
- Other operating charges +€533
up €533 (+12.4%), from €4,297 to €4,830
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 | €355,019 | €350,161 | -€4,857 | -1.4% |
| Fixed assets | 21/28 | €251,420 | €235,378 | -€16,041 | -6.4% |
| Tangible fixed assets | 22/27 | €251,420 | €235,378 | -€16,041 | -6.4% |
| Land and buildings | 22 | €232,122 | €224,234 | -€7,888 | -3.4% |
| Plant, machinery and equipment | 23 | €941 | €591 | -€350 | -37.2% |
| Furniture and vehicles | 24 | €4,283 | €2,753 | -€1,530 | -35.7% |
| Other tangible fixed assets | 26 | €14,074 | €7,800 | -€6,273 | -44.6% |
| Current assets | 29/58 | €103,599 | €114,783 | +€11,184 | +10.8% |
| Amounts receivable within one year | 40/41 | €15,407 | €11,268 | -€4,139 | -26.9% |
| Trade receivables | 40 | €9,822 | €3,649 | -€6,173 | -62.9% |
| Other amounts receivable | 41 | €5,585 | €7,619 | +€2,034 | +36.4% |
| Cash at bank and in hand | 54/58 | €86,898 | €103,515 | +€16,617 | +19.1% |
| Deferred charges and accrued income | 490/1 | €1,294 | €0 | -€1,294 | -100.0% |
| Total equity and liabilities | 10/49 | €355,019 | €350,161 | -€4,857 | -1.4% |
| Equity | 10/15 | €273,603 | €273,741 | +€138 | +0.1% |
| Contributions | 10/11 | €70,769 | €70,769 | = | 0.0% |
| Capital | 10 | €70,750 | €70,750 | = | 0.0% |
| Issued capital | 100 | €70,750 | €70,750 | = | 0.0% |
| Outside capital | 11 | €19 | €19 | = | 0.0% |
| Share premium | 1100/10 | €19 | €19 | = | 0.0% |
| Reserves | 13 | €185,535 | €185,535 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,075 | €7,075 | = | 0.0% |
| Legal reserve | 130 | €7,075 | €7,075 | = | 0.0% |
| Tax-exempt reserves | 132 | €175,693 | €175,693 | = | 0.0% |
| Distributable reserves | 133 | €2,767 | €2,767 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,300 | €17,437 | +€138 | +0.8% |
| Amounts payable | 17/49 | €81,416 | €76,421 | -€4,995 | -6.1% |
| Amounts payable within one year | 42/48 | €81,416 | €76,421 | -€4,995 | -6.1% |
| Trade debts | 44 | €2,601 | €1,954 | -€647 | -24.9% |
| Suppliers | 440/4 | €2,601 | €1,954 | -€647 | -24.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,254 | €161 | -€2,093 | -92.9% |
| Taxes | 450/3 | €2,254 | €161 | -€2,093 | -92.9% |
| Other amounts payable | 47/48 | €76,560 | €74,306 | -€2,254 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,000 | €16,041 | +€42 | +0.3% |
| Other operating charges | 640/8 | €4,297 | €4,830 | +€533 | +12.4% |
| Gross operating margin | 9900 | €32,151 | €21,343 | -€10,808 | -33.6% |
| Operating profit (loss) | 9901 | €11,854 | €472 | -€11,382 | -96.0% |
| Financial income | 75/76B | €0 | €2 | +€2 | +1052.4% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +1052.4% |
| Financial charges | 65/66B | €45 | €42 | -€3 | -5.8% |
| Recurring financial charges | 65 | €45 | €42 | -€3 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €11,810 | €432 | -€11,378 | -96.3% |
| Income taxes | 67/77 | €3,134 | €294 | -€2,840 | -90.6% |
| Profit (loss) for the period | 9904 | €8,675 | €138 | -€8,538 | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,675 | €138 | -€8,538 | -98.4% |
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.