HORIZON BLEU: 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 BLEU
Largest movements
- Stocks and contracts +€3.7m
up €3.7m (+297%), from €1.2m to €4.9m
- Receivables within one year +€425,945
new in 2025: €425,945
of which Other amounts receivable: +€271,886
- Cash +€57,112
up €57,112 (+27,538%), from €207 to €57,319
mainly Debts after one year (+€4.5m) and Other debts (+€345,991)
- Debts after one year +€4.5m
up €4.5m (+1,035%), from €433,856 to €4.9m
of which Financial debts: +€4.9m
- Current portion of long-term debt -€700,000
no longer reported in 2025 (was €700,000)
- Other debts +€345,991
new in 2025: €345,991
- Gross operating margin +€176,100
up €176,100, from -€5,492 to €170,608
- Turnover +€154,059
new in 2025: €154,059
- Other operating charges +€112,579
up €112,579 (+19,396%), from €580 to €113,159
- Purchases and services +€25,805
new in 2025: €25,805
- Taxes +€10,213
new in 2025: €10,213
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 | €1,242,174 | €5,412,793 | +€4.2m | +336% |
| Fixed assets | 21/28 | €662 | €560 | -€102 | -15.4% |
| Tangible fixed assets | 22/27 | €662 | €560 | -€102 | -15.4% |
| Furniture and vehicles | 24 | €662 | €560 | -€102 | -15.4% |
| Current assets | 29/58 | €1,241,512 | €5,412,233 | +€4.2m | +336% |
| Stocks and contracts in progress | 3 | €1,241,305 | €4,928,969 | +€3.7m | +297% |
| Stocks | 30/36 | €1,241,305 | €4,928,969 | +€3.7m | +297% |
| Amounts receivable within one year | 40/41 | - | €425,945 | +€425,945 | |
| Trade receivables | 40 | - | €154,059 | +€154,059 | |
| Other amounts receivable | 41 | - | €271,886 | +€271,886 | |
| Cash at bank and in hand | 54/58 | €207 | €57,319 | +€57,112 | +27,538% |
| Total equity and liabilities | 10/49 | €1,242,174 | €5,412,793 | +€4.2m | +336% |
| Equity | 10/15 | €281 | - | -€281 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,319 | €28,055 | +€46,374 | |
| Amounts payable | 17/49 | €1,241,893 | €5,366,138 | +€4.1m | +332% |
| Amounts payable after more than one year | 17 | €433,856 | €4,925,171 | +€4.5m | +1,035% |
| Financial debts | 170/4 | €0 | €4,925,171 | +€4.9m | |
| Other amounts payable | 178/9 | €433,856 | - | -€433,856 | |
| Amounts payable within one year | 42/48 | €808,013 | €423,343 | -€384,670 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €700,000 | - | -€700,000 | |
| Financial debts | 43 | €2,126 | - | -€2,126 | |
| Credit institutions | 430/8 | €2,126 | - | -€2,126 | |
| Trade debts | 44 | €105,887 | €67,139 | -€38,748 | -36.6% |
| Suppliers | 440/4 | €105,887 | €67,139 | -€38,748 | -36.6% |
| Taxes, remuneration and social security | 45 | - | €10,213 | +€10,213 | |
| Taxes | 450/3 | - | €10,213 | +€10,213 | |
| Other amounts payable | 47/48 | - | €345,991 | +€345,991 | |
| Accrued charges and deferred income | 492/3 | €24 | €17,624 | +€17,600 | +72,666% |
| Turnover | 70 | - | €154,059 | +€154,059 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €25,805 | +€25,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €409 | €103 | -€306 | -74.8% |
| Other operating charges | 640/8 | €580 | €113,159 | +€112,579 | +19,396% |
| Gross operating margin | 9900 | -€5,492 | €170,608 | +€176,100 | |
| Operating profit (loss) | 9901 | -€6,482 | €57,346 | +€63,828 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €451 | €759 | +€308 | +68.4% |
| Recurring financial charges | 65 | €451 | €759 | +€308 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,933 | €56,587 | +€63,520 | |
| Income taxes | 67/77 | - | €10,213 | +€10,213 | |
| Profit (loss) for the period | 9904 | -€6,933 | €46,374 | +€53,307 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,933 | €46,374 | +€53,307 |
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 24 October 2026 via checked.be.