Horizon 1065: 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 1065
Largest movements
- Tangible fixed assets +€750,495
new in 2025: €750,495
of which Land and buildings: +€714,234
- Receivables within one year +€93,334
up €93,334 (+367%), from €25,435 to €118,769
of which Trade receivables: +€93,245
- Cash +€32,383
up €32,383 (+68.8%), from €47,070 to €79,453
mainly Debts after one year (+€488,553) and Other debts (+€138,770)
- Debts after one year +€488,553
new in 2025: €488,553
- Other debts +€138,770
up €138,770 (+5,737%), from €2,419 to €141,188
- Trade debts +€106,898
up €106,898 (+2,555%), from €4,184 to €111,082
- Profit (loss) carried forward +€83,154
up €83,154 (+270%), from €30,826 to €113,980
- Tax, wage and social debts +€36,416
up €36,416 (+225%), from €16,177 to €52,593
of which Taxes: +€34,496
- Gross operating margin +€160,504
up €160,504 (+417%), from €38,532 to €199,036
- Depreciation +€76,558
new in 2025: €76,558
- Taxes +€16,676
up €16,676 (+216%), from €7,706 to €24,383
- Financial charges +€13,426
new in 2025: €13,426
of which Financial charges: +€13,426
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 | €73,605 | €953,208 | +€879,603 | +1,195% |
| Fixed assets | 21/28 | - | €750,495 | +€750,495 | |
| Tangible fixed assets | 22/27 | - | €750,495 | +€750,495 | |
| Land and buildings | 22 | - | €714,234 | +€714,234 | |
| Plant, machinery and equipment | 23 | - | €11,565 | +€11,565 | |
| Furniture and vehicles | 24 | - | €24,696 | +€24,696 | |
| Current assets | 29/58 | €73,605 | €202,713 | +€129,109 | +175% |
| Amounts receivable within one year | 40/41 | €25,435 | €118,769 | +€93,334 | +367% |
| Trade receivables | 40 | €25,435 | €118,680 | +€93,245 | +367% |
| Other amounts receivable | 41 | - | €89 | +€89 | |
| Cash at bank and in hand | 54/58 | €47,070 | €79,453 | +€32,383 | +68.8% |
| Deferred charges and accrued income | 490/1 | €1,100 | €4,492 | +€3,392 | +308% |
| Total equity and liabilities | 10/49 | €73,605 | €953,208 | +€879,603 | +1,195% |
| Equity | 10/15 | €50,826 | €133,980 | +€83,154 | +164% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,826 | €113,980 | +€83,154 | +270% |
| Amounts payable | 17/49 | €22,779 | €819,229 | +€796,450 | +3,496% |
| Amounts payable after more than one year | 17 | - | €488,553 | +€488,553 | |
| Financial debts | 170/4 | - | €488,553 | +€488,553 | |
| Amounts payable within one year | 42/48 | €22,779 | €330,675 | +€307,896 | +1,352% |
| Current portion of amounts payable after more than one year | 42 | - | €25,812 | +€25,812 | |
| Trade debts | 44 | €4,184 | €111,082 | +€106,898 | +2,555% |
| Suppliers | 440/4 | €4,184 | €111,082 | +€106,898 | +2,555% |
| Taxes, remuneration and social security | 45 | €16,177 | €52,593 | +€36,416 | +225% |
| Taxes | 450/3 | €16,177 | €50,673 | +€34,496 | +213% |
| Remuneration and social security | 454/9 | - | €1,920 | +€1,920 | |
| Other amounts payable | 47/48 | €2,419 | €141,188 | +€138,770 | +5,737% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €76,558 | +€76,558 | |
| Other operating charges | 640/8 | - | €1,515 | +€1,515 | |
| Gross operating margin | 9900 | €38,532 | €199,036 | +€160,504 | +417% |
| Operating profit (loss) | 9901 | €38,532 | €120,963 | +€82,430 | +214% |
| Financial charges | 65/66B | - | €13,426 | +€13,426 | |
| Recurring financial charges | 65 | - | €13,426 | +€13,426 | |
| Non-recurring financial charges | 66B | - | -€0 | -€0 | |
| Profit (loss) for the period before taxes | 9903 | €38,532 | €107,536 | +€69,004 | +179% |
| Income taxes | 67/77 | €7,706 | €24,383 | +€16,676 | +216% |
| Profit (loss) for the period | 9904 | €30,826 | €83,154 | +€52,328 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €30,826 | €83,154 | +€52,328 | +170% |
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.