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
- Receivables within one year +€60,949
up €60,949 (+41.1%), from €148,375 to €209,325
- Receivables after one year -€34,286
down €34,286 (-29.2%), from €117,286 to €83,000
- Reserves +€92,970
up €92,970 (+70.2%), from €132,462 to €225,432
of which Distributable reserves: +€92,970
- Profit (loss) carried forward -€90,304
no longer reported in 2025 (was €90,304)
- Debts after one year +€41,517
up €41,517 (+553.6%), from €7,500 to €49,017
- Tax, wage and social debts -€8,040
down €8,040 (-57.5%), from €13,987 to €5,947
- Short-term financial debts -€4,600
down €4,600 (-81.7%), from €5,631 to €1,031
- Gross operating margin +€4,480
up €4,480 (+93.1%), from €4,811 to €9,292
- Financial income -€2,925
down €2,925 (-57.5%), from €5,083 to €2,158
- Financial charges +€1,820
up €1,820 (+63.3%), from €2,874 to €4,694
- Taxes +€1,603
up €1,603 (+91.8%), from €1,746 to €3,349
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 | €275,934 | €300,838 | +€24,904 | +9.0% |
| Current assets | 29/58 | €275,934 | €300,838 | +€24,904 | +9.0% |
| Amounts receivable after more than one year | 29 | €117,286 | €83,000 | -€34,286 | -29.2% |
| Other amounts receivable | 291 | €117,286 | €83,000 | -€34,286 | -29.2% |
| Amounts receivable within one year | 40/41 | €148,375 | €209,325 | +€60,949 | +41.1% |
| Other amounts receivable | 41 | €148,375 | €209,325 | +€60,949 | +41.1% |
| Cash at bank and in hand | 54/58 | €113 | €21 | -€92 | -81.4% |
| Deferred charges and accrued income | 490/1 | €10,159 | €8,492 | -€1,667 | -16.4% |
| Total equity and liabilities | 10/49 | €275,934 | €300,838 | +€24,904 | +9.0% |
| Equity | 10/15 | €241,366 | €244,032 | +€2,666 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €132,462 | €225,432 | +€92,970 | +70.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €130,602 | €223,572 | +€92,970 | +71.2% |
| Profit (loss) carried forward | 14 | €90,304 | - | -€90,304 | |
| Amounts payable | 17/49 | €34,568 | €56,806 | +€22,238 | +64.3% |
| Amounts payable after more than one year | 17 | €7,500 | €49,017 | +€41,517 | +553.6% |
| Financial debts | 170/4 | €7,500 | €49,017 | +€41,517 | +553.6% |
| Amounts payable within one year | 42/48 | €26,576 | €7,119 | -€19,457 | -73.2% |
| Current portion of amounts payable after more than one year | 42 | €1,513 | - | -€1,513 | |
| Financial debts | 43 | €5,631 | €1,031 | -€4,600 | -81.7% |
| Other loans | 439 | €5,631 | €1,031 | -€4,600 | -81.7% |
| Trade debts | 44 | €4,044 | €140 | -€3,904 | -96.5% |
| Suppliers | 440/4 | €4,044 | €140 | -€3,904 | -96.5% |
| Taxes, remuneration and social security | 45 | €13,987 | €5,947 | -€8,040 | -57.5% |
| Taxes | 450/3 | €13,987 | €5,947 | -€8,040 | -57.5% |
| Other amounts payable | 47/48 | €1,400 | - | -€1,400 | |
| Accrued charges and deferred income | 492/3 | €492 | €670 | +€178 | +36.2% |
| Other operating charges | 640/8 | €681 | €741 | +€60 | +8.8% |
| Gross operating margin | 9900 | €4,811 | €9,292 | +€4,480 | +93.1% |
| Operating profit (loss) | 9901 | €4,131 | €8,551 | +€4,420 | +107.0% |
| Financial income | 75/76B | €5,083 | €2,158 | -€2,925 | -57.5% |
| Recurring financial income | 75 | €5,083 | €2,158 | -€2,925 | -57.5% |
| Financial charges | 65/66B | €2,874 | €4,694 | +€1,820 | +63.3% |
| Recurring financial charges | 65 | €2,874 | €4,694 | +€1,820 | +63.3% |
| Profit (loss) for the period before taxes | 9903 | €6,340 | €6,015 | -€325 | -5.1% |
| Income taxes | 67/77 | €1,746 | €3,349 | +€1,603 | +91.8% |
| Profit (loss) for the period | 9904 | €4,594 | €2,666 | -€1,928 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,594 | €2,666 | -€1,928 | -42.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.