Horizon Development: what changed
Two fiscal 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 Development
Largest movements
- Cash -€57,037
down €57,037 (-26.1%), from €218,624 to €161,587
mainly Contributions, distributions and other (-€220,000) and Tax, wage and social debts (-€30,312)
- Receivables after one year -€24,601
down €24,601 (-94.7%), from €25,975 to €1,374
- Receivables within one year +€8,466
up €8,466 (+35.1%), from €24,124 to €32,590
- Deferred charges and accrued income -€6,872
down €6,872 (-99.0%), from €6,939 to €67
- Tangible fixed assets -€3,508
down €3,508 (-20.6%), from €17,014 to €13,506
- Profit (loss) carried forward -€105,948
down €105,948 (-48.2%), from €219,834 to €113,886
- Provisions +€59,013
new in 2025: €59,013
- Tax, wage and social debts -€30,312
down €30,312 (-48.8%), from €62,167 to €31,855
- Trade debts -€6,095
down €6,095 (-90.2%), from €6,756 to €661
- Gross operating margin +€91,301
up €91,301 (+76.3%), from €119,736 to €211,037
- Provisions +€59,013
new in 2025: €59,013
- Taxes +€8,492
up €8,492 (+32.8%), from €25,883 to €34,375
- Financial income +€2,305
up €2,305 (+38868.3%), from €6 to €2,311
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.
Cash bridge derived
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 | €292,677 | €209,125 | -€83,552 | -28.5% |
| Fixed assets | 21/28 | €17,014 | €13,506 | -€3,508 | -20.6% |
| Tangible fixed assets | 22/27 | €17,014 | €13,506 | -€3,508 | -20.6% |
| Plant, machinery and equipment | 23 | €922 | €583 | -€339 | -36.8% |
| Furniture and vehicles | 24 | €1,678 | €134 | -€1,544 | -92.0% |
| Other tangible fixed assets | 26 | €14,414 | €12,789 | -€1,625 | -11.3% |
| Current assets | 29/58 | €275,663 | €195,619 | -€80,044 | -29.0% |
| Amounts receivable after more than one year | 29 | €25,975 | €1,374 | -€24,601 | -94.7% |
| Other amounts receivable | 291 | €25,975 | €1,374 | -€24,601 | -94.7% |
| Amounts receivable within one year | 40/41 | €24,124 | €32,590 | +€8,466 | +35.1% |
| Trade receivables | 40 | €24,124 | €32,590 | +€8,466 | +35.1% |
| Cash at bank and in hand | 54/58 | €218,624 | €161,587 | -€57,037 | -26.1% |
| Deferred charges and accrued income | 490/1 | €6,939 | €67 | -€6,872 | -99.0% |
| Total equity and liabilities | 10/49 | €292,677 | €209,125 | -€83,552 | -28.5% |
| Equity | 10/15 | €222,334 | €116,386 | -€105,948 | -47.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €219,834 | €113,886 | -€105,948 | -48.2% |
| Provisions and deferred taxes | 16 | - | €59,013 | +€59,013 | |
| Provisions for liabilities and charges | 160/5 | - | €59,013 | +€59,013 | |
| Other liabilities and charges | 164/5 | - | €59,013 | +€59,013 | |
| Amounts payable | 17/49 | €70,342 | €33,725 | -€36,617 | -52.1% |
| Amounts payable within one year | 42/48 | €70,342 | €33,725 | -€36,617 | -52.1% |
| Trade debts | 44 | €6,756 | €661 | -€6,095 | -90.2% |
| Suppliers | 440/4 | €6,756 | €661 | -€6,095 | -90.2% |
| Taxes, remuneration and social security | 45 | €62,167 | €31,855 | -€30,312 | -48.8% |
| Taxes | 450/3 | €62,167 | €31,855 | -€30,312 | -48.8% |
| Other amounts payable | 47/48 | €1,419 | €1,209 | -€210 | -14.8% |
| Non-recurring operating income | 76A | €87 | €0 | -€87 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,729 | €3,508 | -€221 | -5.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €59,013 | +€59,013 | |
| Other operating charges | 640/8 | €1,908 | €1,222 | -€686 | -35.9% |
| Gross operating margin | 9900 | €119,736 | €211,037 | +€91,301 | +76.3% |
| Operating profit (loss) | 9901 | €114,099 | €147,293 | +€33,195 | +29.1% |
| Financial income | 75/76B | €6 | €2,311 | +€2,305 | +38868.3% |
| Recurring financial income | 75 | €6 | €2,311 | +€2,305 | +38868.3% |
| Financial charges | 65/66B | €1,276 | €1,177 | -€99 | -7.7% |
| Recurring financial charges | 65 | €1,276 | €1,177 | -€99 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €112,829 | €148,427 | +€35,598 | +31.6% |
| Income taxes | 67/77 | €25,883 | €34,375 | +€8,492 | +32.8% |
| Profit (loss) for the period | 9904 | €86,946 | €114,052 | +€27,106 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,946 | €114,052 | +€27,106 | +31.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.