Horizon 113: 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 113
Largest movements
- Cash -€79,797
down €79,797 (-73.8%), from €108,132 to €28,336
mainly Tax, wage and social debts (-€57,529) and Other debts (-€33,862)
- Receivables within one year -€53,879
down €53,879 (-74.6%), from €72,183 to €18,304
of which Trade receivables: -€56,562
- Tangible fixed assets -€36,767
down €36,767 (-9.1%), from €404,490 to €367,723
of which Furniture and vehicles: -€22,831
- Stocks and contracts -€6,520
down €6,520 (-23.1%), from €28,186 to €21,666
- Tax, wage and social debts -€57,529
down €57,529 (-93.5%), from €61,536 to €4,007
of which Taxes: -€54,986
- Other debts -€33,862
down €33,862 (-28.6%), from €118,400 to €84,538
- Profit (loss) carried forward -€28,656
down €28,656 (-20.6%), from €138,851 to €110,195
- Trade debts -€23,826
down €23,826 (-82.3%), from €28,938 to €5,113
- Debts after one year -€23,434
down €23,434 (-9.8%), from €240,159 to €216,726
- Gross operating margin -€157,211
down €157,211 (-70.1%), from €224,124 to €66,913
- Staff costs -€54,127
down €54,127 (-49.3%), from €109,802 to €55,675
- Taxes -€24,076
down €24,076, from €24,008 to -€68
- Depreciation -€7,806
down €7,806 (-36.9%), from €21,148 to €13,342
- Financial charges +€4,797
up €4,797 (+77.0%), from €6,232 to €11,029
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 | €613,787 | €438,558 | -€175,229 | -28.5% |
| Fixed assets | 21/28 | €404,790 | €368,023 | -€36,767 | -9.1% |
| Tangible fixed assets | 22/27 | €404,490 | €367,723 | -€36,767 | -9.1% |
| Land and buildings | 22 | €369,224 | €359,353 | -€9,871 | -2.7% |
| Plant, machinery and equipment | 23 | €2,859 | €1,148 | -€1,711 | -59.8% |
| Furniture and vehicles | 24 | €22,831 | - | -€22,831 | |
| Other tangible fixed assets | 26 | €9,576 | €7,222 | -€2,354 | -24.6% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €208,997 | €70,535 | -€138,462 | -66.3% |
| Stocks and contracts in progress | 3 | €28,186 | €21,666 | -€6,520 | -23.1% |
| Stocks | 30/36 | €28,186 | €21,666 | -€6,520 | -23.1% |
| Amounts receivable within one year | 40/41 | €72,183 | €18,304 | -€53,879 | -74.6% |
| Trade receivables | 40 | €70,057 | €13,495 | -€56,562 | -80.7% |
| Other amounts receivable | 41 | €2,125 | €4,809 | +€2,683 | +126% |
| Cash at bank and in hand | 54/58 | €108,132 | €28,336 | -€79,797 | -73.8% |
| Deferred charges and accrued income | 490/1 | €496 | €2,229 | +€1,734 | +350% |
| Total equity and liabilities | 10/49 | €613,787 | €438,558 | -€175,229 | -28.5% |
| Equity | 10/15 | €141,851 | €113,195 | -€28,656 | -20.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,851 | €110,195 | -€28,656 | -20.6% |
| Amounts payable | 17/49 | €471,936 | €325,363 | -€146,572 | -31.1% |
| Amounts payable after more than one year | 17 | €240,159 | €216,726 | -€23,434 | -9.8% |
| Financial debts | 170/4 | €240,159 | €216,726 | -€23,434 | -9.8% |
| Amounts payable within one year | 42/48 | €230,372 | €106,850 | -€123,522 | -53.6% |
| Current portion of amounts payable after more than one year | 42 | €21,498 | €13,192 | -€8,306 | -38.6% |
| Trade debts | 44 | €28,938 | €5,113 | -€23,826 | -82.3% |
| Suppliers | 440/4 | €28,938 | €5,113 | -€23,826 | -82.3% |
| Taxes, remuneration and social security | 45 | €61,536 | €4,007 | -€57,529 | -93.5% |
| Taxes | 450/3 | €55,561 | €575 | -€54,986 | -99.0% |
| Remuneration and social security | 454/9 | €5,975 | €3,431 | -€2,543 | -42.6% |
| Other amounts payable | 47/48 | €118,400 | €84,538 | -€33,862 | -28.6% |
| Accrued charges and deferred income | 492/3 | €1,405 | €1,788 | +€383 | +27.3% |
| Non-recurring operating income | 76A | €744 | €9,477 | +€8,733 | +1,174% |
| Remuneration, social security and pensions | 62 | €109,802 | €55,675 | -€54,127 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,148 | €13,342 | -€7,806 | -36.9% |
| Other operating charges | 640/8 | - | €799 | +€799 | |
| Non-recurring operating charges | 66A | - | €15,420 | +€15,420 | |
| Gross operating margin | 9900 | €224,124 | €66,913 | -€157,211 | -70.1% |
| Operating profit (loss) | 9901 | €93,174 | -€18,322 | -€111,496 | |
| Financial income | 75/76B | €905 | €626 | -€279 | -30.8% |
| Recurring financial income | 75 | €905 | €626 | -€279 | -30.8% |
| Financial charges | 65/66B | €6,232 | €11,029 | +€4,797 | +77.0% |
| Recurring financial charges | 65 | €6,232 | €11,029 | +€4,797 | +77.0% |
| Profit (loss) for the period before taxes | 9903 | €87,847 | -€28,725 | -€116,571 | |
| Income taxes | 67/77 | €24,008 | -€68 | -€24,076 | |
| Profit (loss) for the period | 9904 | €63,839 | -€28,656 | -€92,495 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,839 | -€28,656 | -€92,495 |
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 26 October 2026 via checked.be.