HORIZON CAPITAL: 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 CAPITAL
Largest movements
- Tangible fixed assets -€7,845
down €7,845 (-3.4%), from €230,259 to €222,415
- Cash +€4,137
up €4,137 (+3.7%), from €111,546 to €115,683
mainly Depreciation (+€6,086) and Investment in fixed assets (net) (+€1,759)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€1,591
down €1,591 (-12.4%), from €12,805 to €11,215
- Financial income -€1,145
down €1,145 (-45.9%), from €2,493 to €1,348
- Depreciation -€467
down €467 (-7.1%), from €6,554 to €6,086
- Taxes -€410
down €410 (-47.8%), from €858 to €448
- Other operating charges +€275
up €275 (+29.6%), from €928 to €1,203
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 | €341,818 | €340,832 | -€985 | -0.3% |
| Fixed assets | 21/28 | €230,259 | €222,415 | -€7,845 | -3.4% |
| Tangible fixed assets | 22/27 | €230,259 | €222,415 | -€7,845 | -3.4% |
| Land and buildings | 22 | €230,259 | €222,415 | -€7,845 | -3.4% |
| Current assets | 29/58 | €111,558 | €118,418 | +€6,860 | +6.1% |
| Amounts receivable within one year | 40/41 | €12 | €2,735 | +€2,723 | +22,224% |
| Trade receivables | 40 | - | €2,723 | +€2,723 | |
| Other amounts receivable | 41 | €12 | €12 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €111,546 | €115,683 | +€4,137 | +3.7% |
| Total equity and liabilities | 10/49 | €341,818 | €340,832 | -€985 | -0.3% |
| Equity | 10/15 | €16,510 | €17,843 | +€1,334 | +8.1% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Capital | 10 | €12,000 | €12,000 | = | 0.0% |
| Issued capital | 100 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,510 | €5,843 | +€1,334 | +29.6% |
| Amounts payable | 17/49 | €325,308 | €322,989 | -€2,319 | -0.7% |
| Amounts payable after more than one year | 17 | €197,000 | €197,000 | = | 0.0% |
| Financial debts | 170/4 | €197,000 | €197,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €127,533 | €125,989 | -€1,544 | -1.2% |
| Trade debts | 44 | €4 | - | -€4 | |
| Suppliers | 440/4 | €4 | - | -€4 | |
| Taxes, remuneration and social security | 45 | €1,029 | €989 | -€40 | -3.9% |
| Taxes | 450/3 | €1,029 | €989 | -€40 | -3.9% |
| Other amounts payable | 47/48 | €126,500 | €125,000 | -€1,500 | -1.2% |
| Accrued charges and deferred income | 492/3 | €775 | - | -€775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,554 | €6,086 | -€467 | -7.1% |
| Other operating charges | 640/8 | €928 | €1,203 | +€275 | +29.6% |
| Gross operating margin | 9900 | €12,805 | €11,215 | -€1,591 | -12.4% |
| Operating profit (loss) | 9901 | €5,324 | €3,925 | -€1,399 | -26.3% |
| Financial income | 75/76B | €2,493 | €1,348 | -€1,145 | -45.9% |
| Recurring financial income | 75 | €2,493 | €1,348 | -€1,145 | -45.9% |
| Financial charges | 65/66B | €3,525 | €3,491 | -€35 | -1.0% |
| Recurring financial charges | 65 | €3,525 | €3,491 | -€35 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €4,291 | €1,782 | -€2,508 | -58.5% |
| Income taxes | 67/77 | €858 | €448 | -€410 | -47.8% |
| Profit (loss) for the period | 9904 | €3,433 | €1,334 | -€2,099 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,433 | €1,334 | -€2,099 | -61.1% |
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 30 October 2026 via checked.be.