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 +€339,886
up €339,886 (+43.7%), from €777,113 to €1.1m
- Cash -€96,137
down €96,137 (-40.1%), from €239,967 to €143,830
mainly Current investments (-€339,886) and Tax, wage and social debts (-€23,224)
- Deferred charges and accrued income -€29,329
down €29,329 (-90.2%), from €32,511 to €3,182
- Tangible fixed assets -€16,691
down €16,691 (-28.4%), from €58,713 to €42,022
of which Furniture and vehicles: -€15,785
- Reserves +€222,793
up €222,793 (+28.7%), from €777,307 to €1.0m
- Tax, wage and social debts -€23,224
down €23,224 (-58.5%), from €39,671 to €16,447
of which Taxes: -€23,116
- Current portion of long-term debt -€22,423
down €22,423 (-100.0%), from €22,423 to €0
- Accrued charges and deferred income +€19,577
up €19,577 (+3345.3%), from €585 to €20,162
- Gross operating margin -€141,593
down €141,593 (-24.3%), from €582,473 to €440,880
- Taxes -€49,814
down €49,814 (-32.0%), from €155,903 to €106,088
- Financial charges +€19,854
up €19,854 (+1002.1%), from €1,981 to €21,835
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 | €1,124,825 | €1,317,669 | +€192,844 | +17.1% |
| Fixed assets | 21/28 | €59,026 | €42,336 | -€16,691 | -28.3% |
| Tangible fixed assets | 22/27 | €58,713 | €42,022 | -€16,691 | -28.4% |
| Plant, machinery and equipment | 23 | €4,032 | €3,126 | -€906 | -22.5% |
| Furniture and vehicles | 24 | €52,681 | €36,896 | -€15,785 | -30.0% |
| Other tangible fixed assets | 26 | €2,000 | €2,000 | = | 0.0% |
| Financial fixed assets | 28 | €314 | €314 | = | 0.0% |
| Current assets | 29/58 | €1,065,799 | €1,275,333 | +€209,535 | +19.7% |
| Amounts receivable within one year | 40/41 | €16,207 | €11,322 | -€4,886 | -30.1% |
| Trade receivables | 40 | €16,207 | €0 | -€16,207 | -100.0% |
| Other amounts receivable | 41 | - | €11,322 | +€11,322 | |
| Current investments | 50/53 | €777,113 | €1,116,999 | +€339,886 | +43.7% |
| Cash at bank and in hand | 54/58 | €239,967 | €143,830 | -€96,137 | -40.1% |
| Deferred charges and accrued income | 490/1 | €32,511 | €3,182 | -€29,329 | -90.2% |
| Total equity and liabilities | 10/49 | €1,124,825 | €1,317,669 | +€192,844 | +17.1% |
| Equity | 10/15 | €795,907 | €1,018,700 | +€222,793 | +28.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €777,307 | €1,000,100 | +€222,793 | +28.7% |
| Distributable reserves | 133 | €777,307 | €1,000,100 | +€222,793 | +28.7% |
| Amounts payable | 17/49 | €328,918 | €298,969 | -€29,948 | -9.1% |
| Amounts payable within one year | 42/48 | €328,332 | €278,807 | -€49,525 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €22,423 | €0 | -€22,423 | -100.0% |
| Trade debts | 44 | €7,877 | €3,688 | -€4,189 | -53.2% |
| Suppliers | 440/4 | €7,877 | €3,688 | -€4,189 | -53.2% |
| Taxes, remuneration and social security | 45 | €39,671 | €16,447 | -€23,224 | -58.5% |
| Taxes | 450/3 | €25,701 | €2,585 | -€23,116 | -89.9% |
| Remuneration and social security | 454/9 | €13,970 | €13,862 | -€108 | -0.8% |
| Other amounts payable | 47/48 | €258,362 | €258,672 | +€310 | +0.1% |
| Accrued charges and deferred income | 492/3 | €585 | €20,162 | +€19,577 | +3345.3% |
| Remuneration, social security and pensions | 62 | €74,582 | €76,498 | +€1,916 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,596 | €16,691 | +€3,094 | +22.8% |
| Other operating charges | 640/8 | €4,768 | €7,024 | +€2,256 | +47.3% |
| Gross operating margin | 9900 | €582,473 | €440,880 | -€141,593 | -24.3% |
| Operating profit (loss) | 9901 | €489,526 | €340,667 | -€148,859 | -30.4% |
| Financial income | 75/76B | €5,901 | €10,049 | +€4,148 | +70.3% |
| Recurring financial income | 75 | €5,901 | €10,049 | +€4,148 | +70.3% |
| Financial charges | 65/66B | €1,981 | €21,835 | +€19,854 | +1002.1% |
| Recurring financial charges | 65 | €1,981 | €21,835 | +€19,854 | +1002.1% |
| Profit (loss) for the period before taxes | 9903 | €493,446 | €328,881 | -€164,565 | -33.4% |
| Income taxes | 67/77 | €155,903 | €106,088 | -€49,814 | -32.0% |
| Profit (loss) for the period | 9904 | €337,543 | €222,793 | -€114,751 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €337,543 | €222,793 | -€114,751 | -34.0% |
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 6 October 2026 via checked.be.