HORIZON GF: 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 GF
Largest movements
- Cash +€15,550
up €15,550 (+64.3%), from €24,180 to €39,730
mainly Net result for the year (+€12,386) and Receivables within one year (+€11,345)
- Receivables within one year -€11,345
down €11,345 (-43.7%), from €25,986 to €14,640
- Advances received -€14,474
down €14,474 (-95.9%), from €15,086 to €612
- Profit (loss) carried forward +€9,490
no longer reported in 2025 (was -€9,490)
- Other debts +€7,652
up €7,652 (+26.0%), from €29,486 to €37,138
- Tax, wage and social debts +€6,120
up €6,120 (+307%), from €1,994 to €8,114
- Trade debts -€4,398
down €4,398 (-55.7%), from €7,897 to €3,499
- Turnover +€36,075
up €36,075 (+108%), from €33,332 to €69,407
- Gross operating margin +€20,631
up €20,631, from -€5,313 to €15,318
- Purchases and services +€15,444
up €15,444 (+40.0%), from €38,645 to €54,089
- Taxes +€2,670
new in 2025: €2,670
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 | €51,173 | €55,563 | +€4,390 | +8.6% |
| Fixed assets | 21/28 | €544 | €812 | +€268 | +49.3% |
| Tangible fixed assets | 22/27 | €544 | €812 | +€268 | +49.3% |
| Furniture and vehicles | 24 | - | €346 | +€346 | |
| Other tangible fixed assets | 26 | €544 | €466 | -€78 | -14.3% |
| Current assets | 29/58 | €50,629 | €54,751 | +€4,122 | +8.1% |
| Stocks and contracts in progress | 3 | €463 | €380 | -€82 | -17.8% |
| Stocks | 30/36 | €463 | €380 | -€82 | -17.8% |
| Amounts receivable within one year | 40/41 | €25,986 | €14,640 | -€11,345 | -43.7% |
| Trade receivables | 40 | €25,986 | €14,640 | -€11,345 | -43.7% |
| Cash at bank and in hand | 54/58 | €24,180 | €39,730 | +€15,550 | +64.3% |
| Total equity and liabilities | 10/49 | €51,173 | €55,563 | +€4,390 | +8.6% |
| Equity | 10/15 | -€3,290 | €6,200 | +€9,490 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,490 | - | +€9,490 | |
| Amounts payable | 17/49 | €54,463 | €49,363 | -€5,100 | -9.4% |
| Amounts payable within one year | 42/48 | €54,463 | €49,363 | -€5,100 | -9.4% |
| Trade debts | 44 | €7,897 | €3,499 | -€4,398 | -55.7% |
| Suppliers | 440/4 | €7,897 | €3,499 | -€4,398 | -55.7% |
| Advances received on contracts in progress | 46 | €15,086 | €612 | -€14,474 | -95.9% |
| Taxes, remuneration and social security | 45 | €1,994 | €8,114 | +€6,120 | +307% |
| Taxes | 450/3 | €1,994 | €8,114 | +€6,120 | +307% |
| Other amounts payable | 47/48 | €29,486 | €37,138 | +€7,652 | +26.0% |
| Turnover | 70 | €33,332 | €69,407 | +€36,075 | +108% |
| Goods, raw materials, services and sundry goods | 60/61 | €38,645 | €54,089 | +€15,444 | +40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €474 | €132 | -€342 | -72.2% |
| Gross operating margin | 9900 | -€5,313 | €15,318 | +€20,631 | |
| Operating profit (loss) | 9901 | -€5,786 | €15,186 | +€20,973 | |
| Financial charges | 65/66B | €122 | €131 | +€8 | +6.8% |
| Recurring financial charges | 65 | €122 | €131 | +€8 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,909 | €15,056 | +€20,964 | |
| Income taxes | 67/77 | - | €2,670 | +€2,670 | |
| Profit (loss) for the period | 9904 | -€5,909 | €12,386 | +€18,295 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,909 | €12,386 | +€18,295 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.