Horizon-1: 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-1
Largest movements
- Cash -€30,238
down €30,238 (-61.9%), from €48,876 to €18,638
mainly Other debts (-€25,693) and Tax, wage and social debts (-€11,623)
- Receivables within one year +€11,544
up €11,544 (+60.6%), from €19,058 to €30,601
of which Trade receivables: +€10,935
- Tangible fixed assets -€4,446
down €4,446 (-4.6%), from €96,571 to €92,125
of which Land and buildings: -€2,910
- Reserves +€28,420
up €28,420 (+504%), from €5,635 to €34,055
- Other debts -€25,693
down €25,693 (-83.0%), from €30,943 to €5,250
- Tax, wage and social debts -€11,623
down €11,623 (-35.3%), from €32,922 to €21,300
of which Taxes: -€11,620
- Debts after one year -€11,180
down €11,180 (-15.9%), from €70,153 to €58,973
- Trade debts -€3,668
down €3,668 (-31.8%), from €11,519 to €7,851
- Gross operating margin -€23,433
down €23,433 (-27.1%), from €86,616 to €63,183
- Depreciation +€4,733
up €4,733 (+139%), from €3,401 to €8,133
- Taxes -€3,875
down €3,875 (-21.5%), from €18,037 to €14,162
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 | €164,505 | €141,364 | -€23,141 | -14.1% |
| Fixed assets | 21/28 | €96,571 | €92,125 | -€4,446 | -4.6% |
| Tangible fixed assets | 22/27 | €96,571 | €92,125 | -€4,446 | -4.6% |
| Land and buildings | 22 | €88,045 | €85,135 | -€2,910 | -3.3% |
| Plant, machinery and equipment | 23 | €6,963 | €5,086 | -€1,878 | -27.0% |
| Furniture and vehicles | 24 | €1,563 | €1,905 | +€342 | +21.9% |
| Current assets | 29/58 | €67,934 | €49,239 | -€18,695 | -27.5% |
| Amounts receivable within one year | 40/41 | €19,058 | €30,601 | +€11,544 | +60.6% |
| Trade receivables | 40 | €19,058 | €29,993 | +€10,935 | +57.4% |
| Other amounts receivable | 41 | - | €609 | +€609 | |
| Cash at bank and in hand | 54/58 | €48,876 | €18,638 | -€30,238 | -61.9% |
| Total equity and liabilities | 10/49 | €164,505 | €141,364 | -€23,141 | -14.1% |
| Equity | 10/15 | €8,135 | €36,555 | +€28,420 | +349% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €5,635 | €34,055 | +€28,420 | +504% |
| Distributable reserves | 133 | €5,635 | €34,055 | +€28,420 | +504% |
| Amounts payable | 17/49 | €156,370 | €104,809 | -€51,560 | -33.0% |
| Amounts payable after more than one year | 17 | €70,153 | €58,973 | -€11,180 | -15.9% |
| Financial debts | 170/4 | €70,153 | €58,973 | -€11,180 | -15.9% |
| Amounts payable within one year | 42/48 | €86,216 | €45,581 | -€40,635 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €10,832 | €11,180 | +€349 | +3.2% |
| Trade debts | 44 | €11,519 | €7,851 | -€3,668 | -31.8% |
| Suppliers | 440/4 | €11,519 | €7,851 | -€3,668 | -31.8% |
| Taxes, remuneration and social security | 45 | €32,922 | €21,300 | -€11,623 | -35.3% |
| Taxes | 450/3 | €32,919 | €21,300 | -€11,620 | -35.3% |
| Remuneration and social security | 454/9 | €3 | - | -€3 | |
| Other amounts payable | 47/48 | €30,943 | €5,250 | -€25,693 | -83.0% |
| Accrued charges and deferred income | 492/3 | - | €255 | +€255 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,401 | €8,133 | +€4,733 | +139% |
| Other operating charges | 640/8 | €1,231 | €406 | -€825 | -67.0% |
| Gross operating margin | 9900 | €86,616 | €63,183 | -€23,433 | -27.1% |
| Operating profit (loss) | 9901 | €81,984 | €54,643 | -€27,341 | -33.3% |
| Financial income | 75/76B | €96 | €6 | -€89 | -93.4% |
| Recurring financial income | 75 | €96 | €6 | -€89 | -93.4% |
| Financial charges | 65/66B | €4,407 | €4,567 | +€160 | +3.6% |
| Recurring financial charges | 65 | €4,407 | €4,567 | +€160 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €77,673 | €50,082 | -€27,590 | -35.5% |
| Income taxes | 67/77 | €18,037 | €14,162 | -€3,875 | -21.5% |
| Profit (loss) for the period | 9904 | €59,635 | €35,920 | -€23,715 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,635 | €35,920 | -€23,715 | -39.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.