HORIZON: 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.
HORIZON
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+86.2%), from €1.4m to €2.6m
of which Other tangible fixed assets: +€1.2m
- Deferred charges and accrued income -€140,455
down €140,455 (-10.4%), from €1.4m to €1.2m
- Receivables within one year +€110,255
up €110,255 (+4.8%), from €2.3m to €2.4m
of which Trade receivables: +€1.9m
- Debts within one year +€871,224
up €871,224 (+56.5%), from €1.5m to €2.4m
of which Trade debts: +€928,120
- Accrued charges and deferred income +€199,760
up €199,760 (+23.7%), from €843,521 to €1.0m
- Profit (loss) carried forward +€176,676
up €176,676 (+9.4%), from €1.9m to €2.1m
- Debts after one year -€147,143
down €147,143 (-23.7%), from €620,421 to €473,278
- Financial charges -€313,372
down €313,372 (-86.4%), from €362,538 to €49,166
- Gross operating margin -€268,507
down €268,507 (-17.4%), from €1.5m to €1.3m
- Taxes -€93,473
down €93,473 (-80.6%), from €116,030 to €22,557
- Depreciation +€35,025
up €35,025 (+13.3%), from €263,328 to €298,353
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 | €5,151,127 | €6,236,280 | +€1.1m | +21.1% |
| Fixed assets | 21/28 | €1,421,687 | €2,588,429 | +€1.2m | +82.1% |
| Intangible fixed assets | 21 | €44,732 | €24,013 | -€20,719 | -46.3% |
| Tangible fixed assets | 22/27 | €1,376,955 | €2,564,415 | +€1.2m | +86.2% |
| Furniture and vehicles | 24 | €23,493 | €29,959 | +€6,466 | +27.5% |
| Other tangible fixed assets | 26 | €1,353,461 | €2,534,456 | +€1.2m | +87.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €3,729,441 | €3,647,852 | -€81,589 | -2.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,305,651 | €2,415,906 | +€110,255 | +4.8% |
| Trade receivables | 40 | €330,815 | €2,194,078 | +€1.9m | +563% |
| Other amounts receivable | 41 | €1,974,836 | €221,827 | -€1.8m | -88.8% |
| Cash at bank and in hand | 54/58 | €71,614 | €20,226 | -€51,389 | -71.8% |
| Deferred charges and accrued income | 490/1 | €1,352,176 | €1,211,720 | -€140,455 | -10.4% |
| Total equity and liabilities | 10/49 | €5,151,127 | €6,236,280 | +€1.1m | +21.1% |
| Equity | 10/15 | €2,144,048 | €2,305,361 | +€161,312 | +7.5% |
| Profit (loss) carried forward | 14 | €1,873,756 | €2,050,432 | +€176,676 | +9.4% |
| Investment grants | 15 | €270,293 | €254,929 | -€15,364 | -5.7% |
| Amounts payable | 17/49 | €3,007,079 | €3,930,920 | +€923,841 | +30.7% |
| Amounts payable after more than one year | 17 | €620,421 | €473,278 | -€147,143 | -23.7% |
| Financial debts | 170/4 | €620,421 | €473,278 | -€147,143 | -23.7% |
| Amounts payable within one year | 42/48 | €1,543,137 | €2,414,361 | +€871,224 | +56.5% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €218,768 | +€18,768 | +9.4% |
| Financial debts | 43 | - | €149,666 | +€149,666 | |
| Credit institutions | 430/8 | - | €149,666 | +€149,666 | |
| Trade debts | 44 | €954,855 | €1,882,974 | +€928,120 | +97.2% |
| Suppliers | 440/4 | €954,855 | €1,882,974 | +€928,120 | +97.2% |
| Taxes, remuneration and social security | 45 | €386,345 | €162,952 | -€223,393 | -57.8% |
| Taxes | 450/3 | €285,612 | €112,278 | -€173,334 | -60.7% |
| Remuneration and social security | 454/9 | €100,733 | €50,674 | -€50,059 | -49.7% |
| Accrued charges and deferred income | 492/3 | €843,521 | €1,043,281 | +€199,760 | +23.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €778,485 | €783,987 | +€5,501 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €263,328 | €298,353 | +€35,025 | +13.3% |
| Other operating charges | 640/8 | €10,250 | €8,253 | -€1,997 | -19.5% |
| Gross operating margin | 9900 | €1,539,868 | €1,271,361 | -€268,507 | -17.4% |
| Operating profit (loss) | 9901 | €487,805 | €180,768 | -€307,037 | -62.9% |
| Financial income | 75/76B | €76,486 | €67,631 | -€8,855 | -11.6% |
| Recurring financial income | 75 | €76,486 | €67,631 | -€8,855 | -11.6% |
| Financial charges | 65/66B | €362,538 | €49,166 | -€313,372 | -86.4% |
| Recurring financial charges | 65 | €362,538 | €49,166 | -€313,372 | -86.4% |
| Profit (loss) for the period before taxes | 9903 | €201,754 | €199,233 | -€2,520 | -1.2% |
| Income taxes | 67/77 | €116,030 | €22,557 | -€93,473 | -80.6% |
| Profit (loss) for the period | 9904 | €85,723 | €176,676 | +€90,953 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €85,723 | €176,676 | +€90,953 | +106% |
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 13 October 2026 via checked.be.