HORIZON 7: 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 7
Largest movements
- Tangible fixed assets -€14,276
down €14,276 (-7.6%), from €188,122 to €173,846
of which Furniture and vehicles: -€9,441
- Cash -€6,832
down €6,832 (-17.9%), from €38,183 to €31,351
mainly Other debts (-€13,253) and Tax, wage and social debts (-€11,093)
- Receivables within one year +€4,870
up €4,870 (+247%), from €1,970 to €6,841
- Trade debts +€13,305
up €13,305 (+153%), from €8,714 to €22,019
- Other debts -€13,253
down €13,253 (-17.7%), from €74,923 to €61,670
- Profit (loss) carried forward +€11,507
new in 2025: €11,507
- Tax, wage and social debts -€11,093
down €11,093 (-61.9%), from €17,911 to €6,818
- Debts after one year -€10,148
down €10,148 (-74.6%), from €13,610 to €3,462
- Gross operating margin -€26,596
down €26,596 (-39.7%), from €66,910 to €40,315
- Taxes -€8,929
down €8,929 (-57.8%), from €15,439 to €6,510
- Financial charges -€1,780
down €1,780 (-71.1%), from €2,503 to €722
- Depreciation -€1,160
down €1,160 (-5.9%), from €19,826 to €18,665
- Other operating charges +€949
up €949 (+44.8%), from €2,121 to €3,070
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 | €229,537 | €213,126 | -€16,411 | -7.1% |
| Fixed assets | 21/28 | €188,304 | €173,846 | -€14,458 | -7.7% |
| Intangible fixed assets | 21 | €182 | - | -€182 | |
| Tangible fixed assets | 22/27 | €188,122 | €173,846 | -€14,276 | -7.6% |
| Land and buildings | 22 | €157,502 | €152,667 | -€4,835 | -3.1% |
| Furniture and vehicles | 24 | €30,620 | €21,179 | -€9,441 | -30.8% |
| Current assets | 29/58 | €41,233 | €39,280 | -€1,953 | -4.7% |
| Amounts receivable within one year | 40/41 | €1,970 | €6,841 | +€4,870 | +247% |
| Trade receivables | 40 | €1,970 | €6,841 | +€4,870 | +247% |
| Cash at bank and in hand | 54/58 | €38,183 | €31,351 | -€6,832 | -17.9% |
| Deferred charges and accrued income | 490/1 | €1,079 | €1,088 | +€8 | +0.8% |
| Total equity and liabilities | 10/49 | €229,537 | €213,126 | -€16,411 | -7.1% |
| Equity | 10/15 | €97,501 | €109,008 | +€11,507 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,901 | €78,901 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €77,041 | €77,041 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €11,507 | +€11,507 | |
| Amounts payable | 17/49 | €132,035 | €104,117 | -€27,918 | -21.1% |
| Amounts payable after more than one year | 17 | €13,610 | €3,462 | -€10,148 | -74.6% |
| Financial debts | 170/4 | €13,610 | €3,462 | -€10,148 | -74.6% |
| Amounts payable within one year | 42/48 | €118,425 | €100,655 | -€17,770 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €11,681 | €10,148 | -€1,533 | -13.1% |
| Trade debts | 44 | €8,714 | €22,019 | +€13,305 | +153% |
| Suppliers | 440/4 | €8,714 | €22,019 | +€13,305 | +153% |
| Advances received on contracts in progress | 46 | €5,196 | - | -€5,196 | |
| Taxes, remuneration and social security | 45 | €17,911 | €6,818 | -€11,093 | -61.9% |
| Taxes | 450/3 | €17,911 | €6,818 | -€11,093 | -61.9% |
| Other amounts payable | 47/48 | €74,923 | €61,670 | -€13,253 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,826 | €18,665 | -€1,160 | -5.9% |
| Other operating charges | 640/8 | €2,121 | €3,070 | +€949 | +44.8% |
| Gross operating margin | 9900 | €66,910 | €40,315 | -€26,596 | -39.7% |
| Operating profit (loss) | 9901 | €44,964 | €18,579 | -€26,385 | -58.7% |
| Financial income | 75/76B | €21 | €160 | +€139 | +659% |
| Recurring financial income | 75 | €21 | €160 | +€139 | +659% |
| Financial charges | 65/66B | €2,503 | €722 | -€1,780 | -71.1% |
| Recurring financial charges | 65 | €2,503 | €722 | -€1,780 | -71.1% |
| Profit (loss) for the period before taxes | 9903 | €42,482 | €18,017 | -€24,465 | -57.6% |
| Income taxes | 67/77 | €15,439 | €6,510 | -€8,929 | -57.8% |
| Profit (loss) for the period | 9904 | €27,043 | €11,507 | -€15,537 | -57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,043 | €11,507 | -€15,537 | -57.5% |
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.