HORIZON 42: 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 42
Largest movements
- Cash +€49,467
up €49,467 (+92.4%), from €53,546 to €103,014
mainly Net result for the year (+€38,019) and Depreciation (+€16,927)
- Tangible fixed assets -€14,909
down €14,909 (-4.9%), from €303,245 to €288,337
of which Land and buildings: -€8,888
- Receivables within one year -€10,554
down €10,554 (-26.4%), from €40,000 to €29,446
- Profit (loss) carried forward +€38,019
up €38,019 (+34.8%), from €109,301 to €147,320
- Debts after one year -€18,442
down €18,442 (-9.5%), from €194,061 to €175,618
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Other debts -€4,433
no longer reported in 2025 (was €4,433)
- Gross operating margin +€11,575
up €11,575 (+19.3%), from €60,045 to €71,621
- Taxes +€2,359
up €2,359 (+26.4%), from €8,941 to €11,300
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 | €398,501 | €420,889 | +€22,387 | +5.6% |
| Fixed assets | 21/28 | €303,338 | €288,429 | -€14,909 | -4.9% |
| Tangible fixed assets | 22/27 | €303,245 | €288,337 | -€14,909 | -4.9% |
| Land and buildings | 22 | €260,700 | €251,813 | -€8,888 | -3.4% |
| Plant, machinery and equipment | 23 | €42,545 | €34,955 | -€7,591 | -17.8% |
| Furniture and vehicles | 24 | - | €1,570 | +€1,570 | |
| Financial fixed assets | 28 | €93 | €93 | = | 0.0% |
| Current assets | 29/58 | €95,163 | €132,459 | +€37,296 | +39.2% |
| Amounts receivable within one year | 40/41 | €40,000 | €29,446 | -€10,554 | -26.4% |
| Other amounts receivable | 41 | €40,000 | €29,446 | -€10,554 | -26.4% |
| Cash at bank and in hand | 54/58 | €53,546 | €103,014 | +€49,467 | +92.4% |
| Deferred charges and accrued income | 490/1 | €1,617 | - | -€1,617 | |
| Total equity and liabilities | 10/49 | €398,501 | €420,889 | +€22,387 | +5.6% |
| Equity | 10/15 | €146,701 | €190,920 | +€44,219 | +30.1% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,000 | - | -€25,000 | |
| Distributable reserves | 133 | - | €25,000 | +€25,000 | |
| Profit (loss) carried forward | 14 | €109,301 | €147,320 | +€38,019 | +34.8% |
| Amounts payable | 17/49 | €251,801 | €229,969 | -€21,832 | -8.7% |
| Amounts payable after more than one year | 17 | €194,061 | €175,618 | -€18,442 | -9.5% |
| Financial debts | 170/4 | €194,061 | €175,618 | -€18,442 | -9.5% |
| Amounts payable within one year | 42/48 | €57,740 | €54,351 | -€3,389 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €18,091 | €18,442 | +€352 | +1.9% |
| Trade debts | 44 | €2,263 | €5,001 | +€2,737 | +121% |
| Suppliers | 440/4 | €2,263 | €5,001 | +€2,737 | +121% |
| Taxes, remuneration and social security | 45 | €32,953 | €30,907 | -€2,046 | -6.2% |
| Taxes | 450/3 | €27,225 | €28,343 | +€1,118 | +4.1% |
| Remuneration and social security | 454/9 | €5,728 | €2,564 | -€3,164 | -55.2% |
| Other amounts payable | 47/48 | €4,433 | - | -€4,433 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,978 | €16,927 | -€51 | -0.3% |
| Other operating charges | 640/8 | €247 | €787 | +€540 | +218% |
| Gross operating margin | 9900 | €60,045 | €71,621 | +€11,575 | +19.3% |
| Operating profit (loss) | 9901 | €42,820 | €53,907 | +€11,087 | +25.9% |
| Financial income | 75/76B | €2 | €2 | -€1 | -20.7% |
| Recurring financial income | 75 | €2 | €2 | -€1 | -20.7% |
| Financial charges | 65/66B | €5,234 | €4,590 | -€644 | -12.3% |
| Recurring financial charges | 65 | €5,234 | €4,590 | -€644 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €37,588 | €49,319 | +€11,731 | +31.2% |
| Income taxes | 67/77 | €8,941 | €11,300 | +€2,359 | +26.4% |
| Profit (loss) for the period | 9904 | €28,647 | €38,019 | +€9,372 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,647 | €38,019 | +€9,372 | +32.7% |
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 26 October 2026 via checked.be.