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 +€605,477
up €605,477 (+50.2%), from €1.2m to €1.8m
of which Land and buildings: +€496,210
- Receivables within one year -€70,556
down €70,556 (-7.2%), from €979,048 to €908,492
of which Trade receivables: -€159,365
- Cash +€53,794
up €53,794 (+37.1%), from €144,821 to €198,616
mainly Contributions, distributions and other (+€1.1m) and Depreciation (+€74,214)
- Contributions +€617,699
up €617,699 (+93.8%), from €658,630 to €1.3m
- Other debts -€515,561
down €515,561 (-69.4%), from €742,659 to €227,098
- Profit (loss) carried forward +€499,684
up €499,684, from €0 to €499,684
- Reserves +€61,173
up €61,173 (+11.5%), from €531,794 to €592,967
of which Distributable reserves: +€61,173
- Debts after one year -€43,750
down €43,750 (-100.0%), from €43,750 to €0
- Depreciation +€60,992
up €60,992 (+461.3%), from €13,222 to €74,214
- Gross operating margin -€53,554
down €53,554 (-24.4%), from €219,501 to €165,947
- Taxes -€33,180
down €33,180 (-72.7%), from €45,625 to €12,445
- Financial charges -€2,490
down €2,490 (-26.5%), from €9,380 to €6,890
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 | €2,594,433 | €3,178,680 | +€584,246 | +22.5% |
| Fixed assets | 21/28 | €1,206,867 | €1,812,344 | +€605,477 | +50.2% |
| Tangible fixed assets | 22/27 | €1,206,867 | €1,812,344 | +€605,477 | +50.2% |
| Land and buildings | 22 | €1,197,434 | €1,693,644 | +€496,210 | +41.4% |
| Plant, machinery and equipment | 23 | €8,218 | €96,256 | +€88,038 | +1071.3% |
| Furniture and vehicles | 24 | €1,208 | €22,444 | +€21,236 | +1758.1% |
| Other tangible fixed assets | 26 | €7 | €0 | -€7 | -100.0% |
| Current assets | 29/58 | €1,387,567 | €1,366,336 | -€21,231 | -1.5% |
| Amounts receivable after more than one year | 29 | €256,660 | €250,000 | -€6,660 | -2.6% |
| Other amounts receivable | 291 | €256,660 | €250,000 | -€6,660 | -2.6% |
| Amounts receivable within one year | 40/41 | €979,048 | €908,492 | -€70,556 | -7.2% |
| Trade receivables | 40 | €978,997 | €819,631 | -€159,365 | -16.3% |
| Other amounts receivable | 41 | €51 | €88,861 | +€88,810 | +174034.7% |
| Cash at bank and in hand | 54/58 | €144,821 | €198,616 | +€53,794 | +37.1% |
| Deferred charges and accrued income | 490/1 | €7,038 | €9,228 | +€2,190 | +31.1% |
| Total equity and liabilities | 10/49 | €2,594,433 | €3,178,680 | +€584,246 | +22.5% |
| Equity | 10/15 | €1,713,909 | €2,892,465 | +€1.2m | +68.8% |
| Contributions | 10/11 | €658,630 | €1,276,329 | +€617,699 | +93.8% |
| Revaluation surpluses | 12 | €523,486 | €523,486 | = | 0.0% |
| Reserves | 13 | €531,794 | €592,967 | +€61,173 | +11.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €531,794 | €592,967 | +€61,173 | +11.5% |
| Profit (loss) carried forward | 14 | €0 | €499,684 | +€499,684 | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €880,524 | €286,214 | -€594,310 | -67.5% |
| Amounts payable after more than one year | 17 | €43,750 | €0 | -€43,750 | -100.0% |
| Financial debts | 170/4 | €43,750 | €0 | -€43,750 | -100.0% |
| Amounts payable within one year | 42/48 | €836,774 | €286,214 | -€550,560 | -65.8% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €43,750 | -€31,250 | -41.7% |
| Trade debts | 44 | €18,086 | €12,290 | -€5,797 | -32.0% |
| Suppliers | 440/4 | €18,086 | €12,290 | -€5,797 | -32.0% |
| Taxes, remuneration and social security | 45 | €1,029 | €3,077 | +€2,048 | +198.9% |
| Taxes | 450/3 | €1,029 | €3,077 | +€2,048 | +198.9% |
| Other amounts payable | 47/48 | €742,659 | €227,098 | -€515,561 | -69.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,222 | €74,214 | +€60,992 | +461.3% |
| Other operating charges | 640/8 | €20,114 | €20,178 | +€63 | +0.3% |
| Gross operating margin | 9900 | €219,501 | €165,947 | -€53,554 | -24.4% |
| Operating profit (loss) | 9901 | €186,164 | €71,555 | -€114,609 | -61.6% |
| Financial income | 75/76B | €6,888 | €8,954 | +€2,065 | +30.0% |
| Recurring financial income | 75 | €6,888 | €8,954 | +€2,065 | +30.0% |
| Financial charges | 65/66B | €9,380 | €6,890 | -€2,490 | -26.5% |
| Recurring financial charges | 65 | €9,380 | €6,890 | -€2,490 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €183,673 | €73,619 | -€110,054 | -59.9% |
| Income taxes | 67/77 | €45,625 | €12,445 | -€33,180 | -72.7% |
| Profit (loss) for the period | 9904 | €138,048 | €61,173 | -€76,874 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €138,048 | €61,173 | -€76,874 | -55.7% |
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 11 October 2026 via checked.be.