HORIZON AZ: 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 AZ
Largest movements
- Stocks and contracts +€53,210
up €53,210 (+83.6%), from €63,621 to €116,831
- Tangible fixed assets +€30,031
up €30,031 (+1,944%), from €1,545 to €31,576
- Cash +€20,486
up €20,486 (+14.8%), from €138,233 to €158,719
mainly Trade debts (+€56,817) and Net result for the year (+€45,171)
- Receivables within one year +€16,741
up €16,741 (+137%), from €12,190 to €28,931
of which Trade receivables: +€19,041
- Trade debts +€56,817
up €56,817 (+387%), from €14,677 to €71,494
- Tax, wage and social debts +€38,234
new in 2025: €38,234
of which Taxes: +€21,584
- Profit (loss) carried forward +€15,171
up €15,171 (+9.6%), from €157,332 to €172,502
- Other debts +€10,246
up €10,246 (+41.0%), from €25,000 to €35,246
- Staff costs +€66,736
up €66,736 (+865%), from €7,719 to €74,455
- Gross operating margin +€49,686
up €49,686 (+40.5%), from €122,772 to €172,458
- Taxes +€32,112
up €32,112 (+1,279%), from €2,510 to €34,622
- Depreciation +€3,413
up €3,413 (+59.1%), from €5,776 to €9,189
- Financial income -€2,765
no longer reported in 2025 (was €2,765)
of which Non-recurring financial income: -€2,765
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 | €217,469 | €337,937 | +€120,468 | +55.4% |
| Fixed assets | 21/28 | €3,425 | €33,456 | +€30,031 | +877% |
| Tangible fixed assets | 22/27 | €1,545 | €31,576 | +€30,031 | +1,944% |
| Plant, machinery and equipment | 23 | €1,545 | €31,576 | +€30,031 | +1,944% |
| Financial fixed assets | 28 | €1,880 | €1,880 | = | 0.0% |
| Current assets | 29/58 | €214,045 | €304,481 | +€90,436 | +42.3% |
| Stocks and contracts in progress | 3 | €63,621 | €116,831 | +€53,210 | +83.6% |
| Stocks | 30/36 | €63,621 | €116,831 | +€53,210 | +83.6% |
| Amounts receivable within one year | 40/41 | €12,190 | €28,931 | +€16,741 | +137% |
| Trade receivables | 40 | €6,090 | €25,131 | +€19,041 | +313% |
| Other amounts receivable | 41 | €6,100 | €3,800 | -€2,300 | -37.7% |
| Cash at bank and in hand | 54/58 | €138,233 | €158,719 | +€20,486 | +14.8% |
| Total equity and liabilities | 10/49 | €217,469 | €337,937 | +€120,468 | +55.4% |
| Equity | 10/15 | €177,792 | €192,962 | +€15,171 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €157,332 | €172,502 | +€15,171 | +9.6% |
| Amounts payable | 17/49 | €39,677 | €144,974 | +€105,297 | +265% |
| Amounts payable within one year | 42/48 | €39,677 | €144,974 | +€105,297 | +265% |
| Trade debts | 44 | €14,677 | €71,494 | +€56,817 | +387% |
| Suppliers | 440/4 | €14,677 | €71,494 | +€56,817 | +387% |
| Taxes, remuneration and social security | 45 | - | €38,234 | +€38,234 | |
| Taxes | 450/3 | - | €21,584 | +€21,584 | |
| Remuneration and social security | 454/9 | - | €16,650 | +€16,650 | |
| Other amounts payable | 47/48 | €25,000 | €35,246 | +€10,246 | +41.0% |
| Remuneration, social security and pensions | 62 | €7,719 | €74,455 | +€66,736 | +865% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,776 | €9,189 | +€3,413 | +59.1% |
| Other operating charges | 640/8 | - | €186 | +€186 | |
| Gross operating margin | 9900 | €122,772 | €172,458 | +€49,686 | +40.5% |
| Operating profit (loss) | 9901 | €109,277 | €88,629 | -€20,648 | -18.9% |
| Financial income | 75/76B | €2,765 | - | -€2,765 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Non-recurring financial income | 76B | €2,765 | - | -€2,765 | |
| Financial charges | 65/66B | €8,870 | €8,837 | -€34 | -0.4% |
| Recurring financial charges | 65 | €432 | €207 | -€225 | -52.2% |
| Non-recurring financial charges | 66B | €8,439 | €8,630 | +€191 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €103,172 | €79,792 | -€23,379 | -22.7% |
| Income taxes | 67/77 | €2,510 | €34,622 | +€32,112 | +1,279% |
| Profit (loss) for the period | 9904 | €100,662 | €45,171 | -€55,491 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €100,662 | €45,171 | -€55,491 | -55.1% |
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 28 October 2026 via checked.be.