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
- Current investments +€150,000
new in 2025: €150,000
- Cash -€122,973
down €122,973 (-63.3%), from €194,146 to €71,173
mainly Current investments (-€150,000) and Contributions, distributions and other (-€104,317)
- Receivables within one year +€5,722
up €5,722 (+50.7%), from €11,289 to €17,011
of which Other amounts receivable: +€4,988
- Tangible fixed assets +€4,724
up €4,724 (+845%), from €559 to €5,283
- Other debts +€45,589
up €45,589 (+32.0%), from €142,343 to €187,932
- Tax, wage and social debts -€22,060
down €22,060 (-89.2%), from €24,735 to €2,675
- Reserves +€13,054
up €13,054 (+17.3%), from €75,317 to €88,371
- Gross operating margin +€6,116
up €6,116 (+4.0%), from €151,211 to €157,327
- Depreciation -€3,786
down €3,786 (-80.6%), from €4,698 to €912
- Financial charges +€3,645
up €3,645 (+8,059%), from €45 to €3,690
of which Financial charges: +€3,645
- Financial income -€2,140
down €2,140 (-65.3%), from €3,275 to €1,135
of which Financial income: -€2,140
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 | €261,255 | €297,889 | +€36,634 | +14.0% |
| Fixed assets | 21/28 | €54,981 | €59,706 | +€4,724 | +8.6% |
| Tangible fixed assets | 22/27 | €559 | €5,283 | +€4,724 | +845% |
| Furniture and vehicles | 24 | €559 | €5,283 | +€4,724 | +845% |
| Financial fixed assets | 28 | €54,422 | €54,422 | = | 0.0% |
| Current assets | 29/58 | €206,274 | €238,184 | +€31,910 | +15.5% |
| Amounts receivable within one year | 40/41 | €11,289 | €17,011 | +€5,722 | +50.7% |
| Trade receivables | 40 | €106 | €840 | +€734 | +693% |
| Other amounts receivable | 41 | €11,183 | €16,171 | +€4,988 | +44.6% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €194,146 | €71,173 | -€122,973 | -63.3% |
| Deferred charges and accrued income | 490/1 | €839 | €0 | -€839 | -100% |
| Total equity and liabilities | 10/49 | €261,255 | €297,889 | +€36,634 | +14.0% |
| Equity | 10/15 | €93,917 | €106,971 | +€13,054 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,317 | €88,371 | +€13,054 | +17.3% |
| Distributable reserves | 133 | €75,317 | €88,371 | +€13,054 | +17.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €167,339 | €190,918 | +€23,580 | +14.1% |
| Amounts payable within one year | 42/48 | €167,339 | €190,918 | +€23,580 | +14.1% |
| Trade debts | 44 | €260 | €311 | +€51 | +19.6% |
| Suppliers | 440/4 | €260 | €311 | +€51 | +19.6% |
| Taxes, remuneration and social security | 45 | €24,735 | €2,675 | -€22,060 | -89.2% |
| Taxes | 450/3 | €24,735 | €2,675 | -€22,060 | -89.2% |
| Other amounts payable | 47/48 | €142,343 | €187,932 | +€45,589 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,698 | €912 | -€3,786 | -80.6% |
| Other operating charges | 640/8 | €507 | €1,599 | +€1,092 | +215% |
| Gross operating margin | 9900 | €151,211 | €157,327 | +€6,116 | +4.0% |
| Operating profit (loss) | 9901 | €146,006 | €154,816 | +€8,811 | +6.0% |
| Financial income | 75/76B | €3,275 | €1,135 | -€2,140 | -65.3% |
| Recurring financial income | 75 | €3,275 | €1,135 | -€2,140 | -65.3% |
| Non-recurring financial income | 76B | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €45 | €3,690 | +€3,645 | +8,059% |
| Recurring financial charges | 65 | €45 | €3,690 | +€3,645 | +8,097% |
| Non-recurring financial charges | 66B | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period before taxes | 9903 | €149,236 | €152,261 | +€3,026 | +2.0% |
| Income taxes | 67/77 | €34,032 | €34,891 | +€859 | +2.5% |
| Profit (loss) for the period | 9904 | €115,204 | €117,371 | +€2,167 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €115,204 | €117,371 | +€2,167 | +1.9% |
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 24 October 2026 via checked.be.