Horizon AM: 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 AM
Largest movements
- Tangible fixed assets -€55,562
down €55,562 (-4.2%), from €1.3m to €1.3m
of which Land and buildings: -€55,562
- Deferred charges and accrued income +€40,582
up €40,582 (+10.7%), from €378,195 to €418,777
- Other debts -€25,708
down €25,708 (-1.7%), from €1.5m to €1.5m
- Financial charges -€58,619
down €58,619 (-43.7%), from €133,996 to €75,377
- Gross operating margin +€31,192
up €31,192 (+27.5%), from €113,541 to €144,733
- Other operating charges -€4,480
down €4,480 (-41.9%), from €10,686 to €6,206
From the 2021 result to the 2022 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 2021 and 2022 balance sheets and the 2022 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,547,473 | €2,532,519 | -€14,954 | -0.6% |
| Fixed assets | 21/28 | €1,334,603 | €1,279,040 | -€55,562 | -4.2% |
| Tangible fixed assets | 22/27 | €1,334,603 | €1,279,040 | -€55,562 | -4.2% |
| Land and buildings | 22 | €1,334,224 | €1,278,662 | -€55,562 | -4.2% |
| Plant, machinery and equipment | 23 | €378 | €378 | = | 0.0% |
| Current assets | 29/58 | €1,212,871 | €1,253,479 | +€40,608 | +3.3% |
| Stocks and contracts in progress | 3 | €779,515 | €779,515 | = | 0.0% |
| Stocks | 30/36 | €779,515 | €779,515 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,569 | €34,596 | +€28 | +0.1% |
| Trade receivables | 40 | €600 | €600 | = | 0.0% |
| Other amounts receivable | 41 | €33,969 | €33,996 | +€28 | +0.1% |
| Cash at bank and in hand | 54/58 | €20,592 | €20,590 | -€2 | 0.0% |
| Deferred charges and accrued income | 490/1 | €378,195 | €418,777 | +€40,582 | +10.7% |
| Total equity and liabilities | 10/49 | €2,547,473 | €2,532,519 | -€14,954 | -0.6% |
| Equity | 10/15 | -€917,987 | -€915,264 | +€2,724 | +0.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€936,537 | -€933,814 | +€2,724 | +0.3% |
| Amounts payable | 17/49 | €3,465,461 | €3,447,783 | -€17,678 | -0.5% |
| Amounts payable after more than one year | 17 | €751,856 | €751,856 | = | 0.0% |
| Financial debts | 170/4 | €751,856 | €751,856 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,713,605 | €2,695,927 | -€17,678 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €1,035,417 | €1,035,417 | = | 0.0% |
| Financial debts | 43 | €139,323 | €139,323 | = | 0.0% |
| Credit institutions | 430/8 | €115,323 | €115,323 | = | 0.0% |
| Other loans | 439 | €24,000 | €24,000 | = | 0.0% |
| Trade debts | 44 | €9,036 | €17,039 | +€8,003 | +88.6% |
| Suppliers | 440/4 | €9,036 | €17,039 | +€8,003 | +88.6% |
| Taxes, remuneration and social security | 45 | €46 | €74 | +€28 | +60.0% |
| Taxes | 450/3 | €46 | €74 | +€28 | +60.0% |
| Other amounts payable | 47/48 | €1,529,782 | €1,504,074 | -€25,708 | -1.7% |
| Non-recurring operating income | 76A | €72 | - | -€72 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,736 | €60,426 | +€690 | +1.2% |
| Other operating charges | 640/8 | €10,686 | €6,206 | -€4,480 | -41.9% |
| Gross operating margin | 9900 | €113,541 | €144,733 | +€31,192 | +27.5% |
| Operating profit (loss) | 9901 | €43,119 | €78,101 | +€34,982 | +81.1% |
| Financial charges | 65/66B | €133,996 | €75,377 | -€58,619 | -43.7% |
| Recurring financial charges | 65 | €133,996 | €75,377 | -€58,619 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | -€90,877 | €2,724 | +€93,601 | |
| Profit (loss) for the period | 9904 | -€90,877 | €2,724 | +€93,601 | |
| Profit (loss) for the period to be appropriated | 9905 | -€90,877 | €2,724 | +€93,601 |
Source: filed annual accounts (NBB), financial years ended 31 December 2021 and 31 December 2022. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.