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
- Receivables within one year +€263,934
up €263,934 (+36.3%), from €727,188 to €991,122
of which Trade receivables: +€225,170
- Cash -€168,588
down €168,588 (-45.4%), from €370,981 to €202,392
mainly Receivables within one year (-€263,934) and Net result for the year (-€262,273)
- Intangible fixed assets -€52,122
down €52,122 (-20.0%), from €260,992 to €208,871
- Tangible fixed assets -€29,944
down €29,944 (-23.7%), from €126,184 to €96,240
of which Plant, machinery and equipment: -€16,406
- Deferred charges and accrued income -€22,192
down €22,192 (-55.1%), from €40,270 to €18,078
- Profit (loss) carried forward -€262,273
down €262,273 (-53.3%), from -€491,730 to -€754,003
- Trade debts +€206,329
up €206,329 (+55.7%), from €370,744 to €577,073
- Short-term financial debts +€199,823
up €199,823 (+23.5%), from €850,000 to €1.0m
- Tax, wage and social debts -€117,345
down €117,345 (-54.3%), from €216,032 to €98,687
of which Remuneration and social security: -€87,148
- Debts after one year -€46,860
down €46,860 (-12.7%), from €369,005 to €322,145
- Staff costs -€906,767
down €906,767 (-43.4%), from €2.1m to €1.2m
- Gross operating margin -€678,967
down €678,967 (-38.6%), from €1.8m to €1.1m
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 | €1,549,425 | €1,529,753 | -€19,672 | -1.3% |
| Fixed assets | 21/28 | €410,986 | €318,161 | -€92,826 | -22.6% |
| Intangible fixed assets | 21 | €260,992 | €208,871 | -€52,122 | -20.0% |
| Tangible fixed assets | 22/27 | €126,184 | €96,240 | -€29,944 | -23.7% |
| Plant, machinery and equipment | 23 | €31,188 | €14,781 | -€16,406 | -52.6% |
| Furniture and vehicles | 24 | €30,454 | €23,373 | -€7,082 | -23.3% |
| Other tangible fixed assets | 26 | €64,542 | €58,086 | -€6,456 | -10.0% |
| Financial fixed assets | 28 | €23,810 | €13,050 | -€10,760 | -45.2% |
| Current assets | 29/58 | €1,138,439 | €1,211,592 | +€73,153 | +6.4% |
| Amounts receivable within one year | 40/41 | €727,188 | €991,122 | +€263,934 | +36.3% |
| Trade receivables | 40 | €688,356 | €913,526 | +€225,170 | +32.7% |
| Other amounts receivable | 41 | €38,832 | €77,596 | +€38,764 | +99.8% |
| Cash at bank and in hand | 54/58 | €370,981 | €202,392 | -€168,588 | -45.4% |
| Deferred charges and accrued income | 490/1 | €40,270 | €18,078 | -€22,192 | -55.1% |
| Total equity and liabilities | 10/49 | €1,549,425 | €1,529,753 | -€19,672 | -1.3% |
| Equity | 10/15 | -€316,604 | -€578,877 | -€262,273 | -82.8% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €167,627 | €167,627 | = | 0.0% |
| Distributable reserves | 133 | €167,627 | €167,627 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€491,730 | -€754,003 | -€262,273 | -53.3% |
| Amounts payable | 17/49 | €1,866,029 | €2,108,630 | +€242,601 | +13.0% |
| Amounts payable after more than one year | 17 | €369,005 | €322,145 | -€46,860 | -12.7% |
| Financial debts | 170/4 | €369,005 | €322,145 | -€46,860 | -12.7% |
| Amounts payable within one year | 42/48 | €1,496,775 | €1,786,485 | +€289,709 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Financial debts | 43 | €850,000 | €1,049,823 | +€199,823 | +23.5% |
| Credit institutions | 430/8 | €850,000 | €1,049,823 | +€199,823 | +23.5% |
| Trade debts | 44 | €370,744 | €577,073 | +€206,329 | +55.7% |
| Suppliers | 440/4 | €370,744 | €577,073 | +€206,329 | +55.7% |
| Taxes, remuneration and social security | 45 | €216,032 | €98,687 | -€117,345 | -54.3% |
| Taxes | 450/3 | €50,529 | €20,332 | -€30,197 | -59.8% |
| Remuneration and social security | 454/9 | €165,502 | €78,355 | -€87,148 | -52.7% |
| Other amounts payable | 47/48 | - | €902 | +€902 | |
| Accrued charges and deferred income | 492/3 | €249 | €0 | -€249 | -100% |
| Remuneration, social security and pensions | 62 | €2,091,442 | €1,184,675 | -€906,767 | -43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,139 | €82,074 | +€2,935 | +3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,060 | +€14,060 | |
| Other operating charges | 640/8 | €915 | €478 | -€438 | -47.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,759,504 | €1,080,537 | -€678,967 | -38.6% |
| Operating profit (loss) | 9901 | -€411,992 | -€200,749 | +€211,243 | +51.3% |
| Financial income | 75/76B | €2 | €2,108 | +€2,106 | +106,895% |
| Recurring financial income | 75 | €2 | €2,108 | +€2,106 | +106,895% |
| Financial charges | 65/66B | €74,740 | €57,539 | -€17,201 | -23.0% |
| Recurring financial charges | 65 | €74,740 | €57,539 | -€17,201 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | -€486,730 | -€256,180 | +€230,550 | +47.4% |
| Income taxes | 67/77 | €5,000 | €6,093 | +€1,093 | +21.9% |
| Profit (loss) for the period | 9904 | -€491,730 | -€262,273 | +€229,457 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€491,730 | -€262,273 | +€229,457 | +46.7% |
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 17 October 2026 via checked.be.