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
- Current investments -€1.5m
down €1.5m (-21.0%), from €7.1m to €5.6m
- Cash +€1.5m
up €1.5m (+113.5%), from €1.3m to €2.8m
mainly Current investments (+€1.5m) and Net result for the year (+€1.1m)
- Other debts -€1.1m
down €1.1m (-27.1%), from €3.9m to €2.9m
- Reserves +€1.1m
up €1.1m (+15.8%), from €6.6m to €7.7m
of which Distributable reserves: +€1.1m
- Financial income -€495,457
down €495,457 (-29.0%), from €1.7m to €1.2m
- Gross operating margin +€32,829
up €32,829 (+157.8%), from €20,806 to €53,635
- Financial charges +€27,852
up €27,852 (+209.6%), from €13,291 to €41,143
of which Non-recurring financial charges: +€26,770
- Taxes -€3,233
down €3,233 (-2.0%), from €158,023 to €154,789
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 | €11,034,944 | €10,996,753 | -€38,192 | -0.3% |
| Fixed assets | 21/28 | €2,648,629 | €2,639,000 | -€9,629 | -0.4% |
| Tangible fixed assets | 22/27 | €405,909 | €396,280 | -€9,629 | -2.4% |
| Land and buildings | 22 | €405,909 | €396,280 | -€9,629 | -2.4% |
| Financial fixed assets | 28 | €2,242,720 | €2,242,720 | = | 0.0% |
| Current assets | 29/58 | €8,386,316 | €8,357,753 | -€28,563 | -0.3% |
| Current investments | 50/53 | €7,097,053 | €5,604,627 | -€1.5m | -21.0% |
| Cash at bank and in hand | 54/58 | €1,289,263 | €2,753,126 | +€1.5m | +113.5% |
| Total equity and liabilities | 10/49 | €11,034,944 | €10,996,753 | -€38,192 | -0.3% |
| Equity | 10/15 | €6,973,464 | €8,025,202 | +€1.1m | +15.1% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €6,644,350 | €7,696,080 | +€1.1m | +15.8% |
| Non-distributable reserves | 130/1 | €171,000 | €171,000 | = | 0.0% |
| Legal reserve | 130 | €171,000 | €171,000 | = | 0.0% |
| Distributable reserves | 133 | €6,473,350 | €7,525,080 | +€1.1m | +16.2% |
| Profit (loss) carried forward | 14 | €104,114 | €104,122 | +€8 | 0.0% |
| Amounts payable | 17/49 | €4,061,480 | €2,971,550 | -€1.1m | -26.8% |
| Amounts payable within one year | 42/48 | €4,061,480 | €2,971,550 | -€1.1m | -26.8% |
| Trade debts | 44 | €2,723 | €2,723 | = | 0.0% |
| Suppliers | 440/4 | €2,723 | €2,723 | = | 0.0% |
| Advances received on contracts in progress | 46 | €5,163 | €6,464 | +€1,301 | +25.2% |
| Taxes, remuneration and social security | 45 | €132,672 | €104,699 | -€27,973 | -21.1% |
| Taxes | 450/3 | €132,672 | €104,699 | -€27,973 | -21.1% |
| Other amounts payable | 47/48 | €3,920,924 | €2,857,665 | -€1.1m | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,629 | €9,629 | = | 0.0% |
| Other operating charges | 640/8 | €8,910 | €9,279 | +€368 | +4.1% |
| Gross operating margin | 9900 | €20,806 | €53,635 | +€32,829 | +157.8% |
| Operating profit (loss) | 9901 | €2,266 | €34,727 | +€32,461 | +1432.3% |
| Financial income | 75/76B | €1,708,400 | €1,212,943 | -€495,457 | -29.0% |
| Recurring financial income | 75 | €1,708,400 | €1,212,943 | -€495,457 | -29.0% |
| Financial charges | 65/66B | €13,291 | €41,143 | +€27,852 | +209.6% |
| Recurring financial charges | 65 | €269 | €1,351 | +€1,082 | +401.7% |
| Non-recurring financial charges | 66B | €13,022 | €39,792 | +€26,770 | +205.6% |
| Profit (loss) for the period before taxes | 9903 | €1,697,376 | €1,206,527 | -€490,848 | -28.9% |
| Income taxes | 67/77 | €158,023 | €154,789 | -€3,233 | -2.0% |
| Profit (loss) for the period | 9904 | €1,539,353 | €1,051,738 | -€487,615 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,539,353 | €1,051,738 | -€487,615 | -31.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.