HORIZON 78: 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 78
Largest movements
- Cash -€105,198
down €105,198 (-83.8%), from €125,470 to €20,272
mainly Investment in fixed assets (net) (-€118,464) and Net result for the year (-€93,857)
- Tangible fixed assets +€68,185
up €68,185 (+5.1%), from €1.3m to €1.4m
of which Land and buildings: +€61,121
- Other debts +€105,132
up €105,132 (+26.7%), from €394,383 to €499,515
- Profit (loss) carried forward -€93,857
down €93,857 (-51.0%), from -€184,175 to -€278,032
- Debts after one year -€63,045
down €63,045 (-5.5%), from €1.1m to €1.1m
- Gross operating margin +€57,213
up €57,213, from -€57,030 to €183
- Depreciation +€31,264
up €31,264 (+164%), from €19,015 to €50,279
- Financial charges +€18,260
up €18,260 (+72.7%), from €25,101 to €43,361
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 | €1,464,428 | €1,428,564 | -€35,863 | -2.4% |
| Fixed assets | 21/28 | €1,330,480 | €1,398,665 | +€68,185 | +5.1% |
| Tangible fixed assets | 22/27 | €1,330,480 | €1,398,665 | +€68,185 | +5.1% |
| Land and buildings | 22 | €1,278,750 | €1,339,871 | +€61,121 | +4.8% |
| Plant, machinery and equipment | 23 | €51,730 | €58,794 | +€7,063 | +13.7% |
| Current assets | 29/58 | €133,947 | €29,899 | -€104,048 | -77.7% |
| Amounts receivable within one year | 40/41 | €7,394 | €9,313 | +€1,919 | +26.0% |
| Trade receivables | 40 | €2,887 | €3,911 | +€1,025 | +35.5% |
| Other amounts receivable | 41 | €4,508 | €5,402 | +€894 | +19.8% |
| Cash at bank and in hand | 54/58 | €125,470 | €20,272 | -€105,198 | -83.8% |
| Deferred charges and accrued income | 490/1 | €1,083 | €314 | -€769 | -71.0% |
| Total equity and liabilities | 10/49 | €1,464,428 | €1,428,564 | -€35,863 | -2.4% |
| Equity | 10/15 | -€134,175 | -€228,032 | -€93,857 | -70.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€184,175 | -€278,032 | -€93,857 | -51.0% |
| Amounts payable | 17/49 | €1,598,603 | €1,656,597 | +€57,994 | +3.6% |
| Amounts payable after more than one year | 17 | €1,144,225 | €1,081,180 | -€63,045 | -5.5% |
| Financial debts | 170/4 | €1,144,225 | €1,081,180 | -€63,045 | -5.5% |
| Amounts payable within one year | 42/48 | €454,378 | €575,417 | +€121,039 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €55,775 | €63,045 | +€7,270 | +13.0% |
| Trade debts | 44 | €4,220 | €12,857 | +€8,637 | +205% |
| Suppliers | 440/4 | €4,220 | €12,857 | +€8,637 | +205% |
| Other amounts payable | 47/48 | €394,383 | €499,515 | +€105,132 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,015 | €50,279 | +€31,264 | +164% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€57,030 | €183 | +€57,213 | |
| Operating profit (loss) | 9901 | -€76,432 | -€50,496 | +€25,936 | +33.9% |
| Financial charges | 65/66B | €25,101 | €43,361 | +€18,260 | +72.7% |
| Recurring financial charges | 65 | €25,101 | €43,361 | +€18,260 | +72.7% |
| Profit (loss) for the period before taxes | 9903 | -€101,533 | -€93,857 | +€7,676 | +7.6% |
| Profit (loss) for the period | 9904 | -€101,533 | -€93,857 | +€7,676 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€101,533 | -€93,857 | +€7,676 | +7.6% |
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 18 October 2026 via checked.be.