HORIZON -HD: 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 -HD
Largest movements
- Tangible fixed assets +€38,800
up €38,800 (+338%), from €11,474 to €50,275
of which Furniture and vehicles: +€37,887
- Cash +€15,211
up €15,211 (+4.1%), from €374,535 to €389,746
mainly Other debts (+€80,465) and Debts after one year (+€34,601)
- Receivables within one year -€4,957
down €4,957 (-53.9%), from €9,202 to €4,245
of which Trade receivables: -€4,903
- Other debts +€80,465
up €80,465 (+207%), from €38,945 to €119,410
- Reserves -€56,370
down €56,370 (-19.2%), from €292,940 to €236,570
of which Distributable reserves: -€56,370
- Debts after one year +€34,601
new in 2025: €34,601
- Tax, wage and social debts -€15,275
down €15,275 (-38.7%), from €39,490 to €24,216
of which Taxes: -€14,239
- Current portion of long-term debt +€8,259
new in 2025: €8,259
- Turnover -€9,893
down €9,893 (-5.0%), from €196,187 to €186,294
- Gross operating margin -€7,966
down €7,966 (-9.0%), from €88,771 to €80,806
- Depreciation +€6,160
up €6,160 (+145%), from €4,258 to €10,418
- Financial income +€4,472
up €4,472 (+451,752%), from €1 to €4,473
- Taxes -€3,977
down €3,977 (-23.9%), from €16,661 to €12,684
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 | €395,212 | €444,846 | +€49,634 | +12.6% |
| Fixed assets | 21/28 | €11,474 | €50,275 | +€38,800 | +338% |
| Tangible fixed assets | 22/27 | €11,474 | €50,275 | +€38,800 | +338% |
| Plant, machinery and equipment | 23 | €9,506 | €10,419 | +€913 | +9.6% |
| Furniture and vehicles | 24 | €1,968 | €39,855 | +€37,887 | +1,925% |
| Current assets | 29/58 | €383,737 | €394,571 | +€10,834 | +2.8% |
| Amounts receivable within one year | 40/41 | €9,202 | €4,245 | -€4,957 | -53.9% |
| Trade receivables | 40 | €9,147 | €4,245 | -€4,903 | -53.6% |
| Other amounts receivable | 41 | €55 | - | -€55 | |
| Cash at bank and in hand | 54/58 | €374,535 | €389,746 | +€15,211 | +4.1% |
| Deferred charges and accrued income | 490/1 | - | €580 | +€580 | |
| Total equity and liabilities | 10/49 | €395,212 | €444,846 | +€49,634 | +12.6% |
| Equity | 10/15 | €311,490 | €255,120 | -€56,370 | -18.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €292,940 | €236,570 | -€56,370 | -19.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,246 | €54,246 | = | 0.0% |
| Distributable reserves | 133 | €236,839 | €180,468 | -€56,370 | -23.8% |
| Amounts payable | 17/49 | €83,722 | €189,726 | +€106,004 | +127% |
| Amounts payable after more than one year | 17 | - | €34,601 | +€34,601 | |
| Financial debts | 170/4 | - | €34,601 | +€34,601 | |
| Amounts payable within one year | 42/48 | €83,722 | €155,126 | +€71,403 | +85.3% |
| Current portion of amounts payable after more than one year | 42 | - | €8,259 | +€8,259 | |
| Trade debts | 44 | €5,287 | €3,241 | -€2,046 | -38.7% |
| Suppliers | 440/4 | €5,287 | €3,241 | -€2,046 | -38.7% |
| Taxes, remuneration and social security | 45 | €39,490 | €24,216 | -€15,275 | -38.7% |
| Taxes | 450/3 | €31,573 | €17,334 | -€14,239 | -45.1% |
| Remuneration and social security | 454/9 | €7,918 | €6,882 | -€1,036 | -13.1% |
| Other amounts payable | 47/48 | €38,945 | €119,410 | +€80,465 | +207% |
| Turnover | 70 | €196,187 | €186,294 | -€9,893 | -5.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €107,415 | €105,488 | -€1,927 | -1.8% |
| Remuneration, social security and pensions | 62 | €37,181 | €33,915 | -€3,266 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,258 | €10,418 | +€6,160 | +145% |
| Other operating charges | 640/8 | €3,904 | €858 | -€3,045 | -78.0% |
| Gross operating margin | 9900 | €88,771 | €80,806 | -€7,966 | -9.0% |
| Operating profit (loss) | 9901 | €43,428 | €35,613 | -€7,815 | -18.0% |
| Financial income | 75/76B | €1 | €4,473 | +€4,472 | +451,752% |
| Recurring financial income | 75 | €1 | €4,473 | +€4,472 | +451,752% |
| Financial charges | 65/66B | €341 | €1,116 | +€775 | +227% |
| Recurring financial charges | 65 | €341 | €1,116 | +€775 | +227% |
| Profit (loss) for the period before taxes | 9903 | €43,087 | €38,970 | -€4,117 | -9.6% |
| Income taxes | 67/77 | €16,661 | €12,684 | -€3,977 | -23.9% |
| Profit (loss) for the period | 9904 | €26,426 | €26,286 | -€140 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,426 | €26,286 | -€140 | -0.5% |
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 22 October 2026 via checked.be.