Horizon Holding: 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.
What changed
Horizon Holding
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · €4.7m-€2.0m
Equity
€20.3m
2024 · €17.7m+€2.7m
Cash
€2.5m
2024 · €2.1m+€390,184
Balance sheet total
€20.7m
2024 · €19.3m+€1.5m
Largest movements
Assets
- Financial fixed assets +€784,011
up €784,011 (+7.1%), from €11.1m to €11.8m
of which Companies linked by participating interests: +€574,011
- Cash +€390,184
up €390,184 (+18.4%), from €2.1m to €2.5m
mainly Net result for the year (+€2.7m) and Trade debts (+€77,161)
- Current investments +€300,000
up €300,000 (+5.2%), from €5.8m to €6.1m
Equity and liabilities
- Profit (loss) carried forward +€2.7m
up €2.7m (+36.4%), from €7.3m to €10.0m
- Other debts -€715,080
no longer reported in 2025 (was €715,080)
- Tax, wage and social debts -€538,103
down €538,103 (-64.4%), from €834,935 to €296,831
of which Taxes: -€540,015
Income statement
- Financial income -€1.7m
down €1.7m (-42.9%), from €3.9m to €2.3m
- Services and other goods +€303,977
up €303,977 (+42.5%), from €715,805 to €1.0m
- Turnover +€266,910
up €266,910 (+15.0%), from €1.8m to €2.0m
- Write-downs +€231,198
new in 2025: €231,198
- Staff costs +€39,079
up €39,079 (+482%), from €8,107 to €47,186
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.
Result 2024
€4.7m
Turnover
+€266,910
Other operating income
+€934
Services and other goods
-€303,977
Staff costs
-€39,079
Depreciation
+€2,781
Write-downs
-€231,198
Other operating charges
-€4,520
Financial income
-€1.7m
Financial charges
+€1,081
Taxes
-€31,454
Result 2025
€2.7m
raises the resultlowers the result
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.
From operations
+€1.5m
Investment
-€1.1m
Financing
-€6,212
Cash 2024
€2.1m
From operations (derived)
+€1.5m
Net result for the year
+€2.7m
Depreciation
+€5,688
Receivables within one year
-€12,066
Deferred charges and accrued income
-€2,832
Trade debts
+€77,161
Tax, wage and social debts
-€538,103
Other debts
-€715,080
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€784,011
Current investments
-€300,000
Financing
-€6,212
Current portion of long-term debt
-€6,212
Cash 2025
€2.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,263,689 | €20,747,093 | +€1.5m | +7.7% |
| Fixed assets | 21/28 | €11,063,143 | €11,841,465 | +€778,322 | +7.0% |
| Tangible fixed assets | 22/27 | €6,877 | €1,189 | -€5,688 | -82.7% |
| Plant, machinery and equipment | 23 | €2,130 | €1,189 | -€941 | -44.2% |
| Leasing and similar rights | 25 | €4,747 | - | -€4,747 | |
| Financial fixed assets | 28 | €11,056,266 | €11,840,276 | +€784,011 | +7.1% |
| Affiliated companies | 280/1 | €10,577,240 | €10,787,240 | +€210,000 | +2.0% |
| Participating interests | 280 | €10,577,240 | €10,577,240 | = | 0.0% |
| Amounts receivable | 281 | - | €210,000 | +€210,000 | |
| Companies linked by participating interests | 282/3 | €479,026 | €1,053,036 | +€574,011 | +120% |
| Participating interests | 282 | €479,026 | €291,786 | -€187,239 | -39.1% |
| Amounts receivable | 283 | - | €761,250 | +€761,250 | |
| Other financial fixed assets | 284/8 | €0 | - | = | |
| Current assets | 29/58 | €8,200,547 | €8,905,628 | +€705,082 | +8.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €303,460 | €315,526 | +€12,066 | +4.0% |
| Trade receivables | 40 | €303,460 | €77,653 | -€225,807 | -74.4% |
| Other amounts receivable | 41 | - | €237,873 | +€237,873 | |
| Current investments | 50/53 | €5,777,700 | €6,077,700 | +€300,000 | +5.2% |
| Other investments | 51/53 | €5,777,700 | €6,077,700 | +€300,000 | +5.2% |
| Cash at bank and in hand | 54/58 | €2,118,943 | €2,509,127 | +€390,184 | +18.4% |
| Deferred charges and accrued income | 490/1 | €444 | €3,276 | +€2,832 | +638% |
| Total equity and liabilities | 10/49 | €19,263,689 | €20,747,093 | +€1.5m | +7.7% |
| Equity | 10/15 | €17,678,701 | €20,344,338 | +€2.7m | +15.1% |
| Contributions | 10/11 | €10,070,300 | €10,070,300 | = | 0.0% |
| Reserves | 13 | €289,083 | €289,083 | = | 0.0% |
| Distributable reserves | 133 | €289,083 | €289,083 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,319,318 | €9,984,955 | +€2.7m | +36.4% |
| Amounts payable | 17/49 | €1,584,989 | €402,755 | -€1.2m | -74.6% |
| Amounts payable within one year | 42/48 | €1,584,989 | €402,755 | -€1.2m | -74.6% |
| Current portion of amounts payable after more than one year | 42 | €6,212 | - | -€6,212 | |
| Trade debts | 44 | €28,763 | €105,924 | +€77,161 | +268% |
| Suppliers | 440/4 | €28,763 | €105,924 | +€77,161 | +268% |
| Taxes, remuneration and social security | 45 | €834,935 | €296,831 | -€538,103 | -64.4% |
| Taxes | 450/3 | €831,544 | €291,528 | -€540,015 | -64.9% |
| Remuneration and social security | 454/9 | €3,391 | €5,303 | +€1,912 | +56.4% |
| Other amounts payable | 47/48 | €715,080 | - | -€715,080 | |
| Operating income | 70/76A | €1,778,339 | €2,046,184 | +€267,845 | +15.1% |
| Turnover | 70 | €1,774,002 | €2,040,912 | +€266,910 | +15.0% |
| Other operating income | 74 | €4,338 | €5,272 | +€934 | +21.5% |
| Operating charges | 60/66A | €759,851 | €1,335,845 | +€575,993 | +75.8% |
| Services and other goods | 61 | €715,805 | €1,019,782 | +€303,977 | +42.5% |
| Remuneration, social security and pensions | 62 | €8,107 | €47,186 | +€39,079 | +482% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,469 | €5,688 | -€2,781 | -32.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €231,198 | +€231,198 | |
| Other operating charges | 640/8 | €27,470 | €31,991 | +€4,520 | +16.5% |
| Operating profit (loss) | 9901 | €1,018,488 | €710,339 | -€308,149 | -30.3% |
| Financial income | 75/76B | €3,945,173 | €2,253,209 | -€1.7m | -42.9% |
| Recurring financial income | 75 | €3,945,173 | €2,253,209 | -€1.7m | -42.9% |
| Income from financial fixed assets | 750 | €3,857,441 | €2,153,556 | -€1.7m | -44.2% |
| Income from current assets | 751 | €87,732 | €99,580 | +€11,847 | +13.5% |
| Other financial income | 752/9 | - | €74 | +€74 | |
| Financial charges | 65/66B | €2,722 | €1,641 | -€1,081 | -39.7% |
| Recurring financial charges | 65 | €2,722 | €1,641 | -€1,081 | -39.7% |
| Debt charges | 650 | €706 | €1,242 | +€535 | +75.8% |
| Other financial charges | 652/9 | €2,016 | €399 | -€1,616 | -80.2% |
| Profit (loss) for the period before taxes | 9903 | €4,960,939 | €2,961,908 | -€2.0m | -40.3% |
| Income taxes | 67/77 | €264,816 | €296,270 | +€31,454 | +11.9% |
| Taxes | 670/3 | €264,816 | €296,270 | +€31,454 | +11.9% |
| Profit (loss) for the period | 9904 | €4,696,123 | €2,665,637 | -€2.0m | -43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,696,123 | €2,665,637 | -€2.0m | -43.2% |
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 28 October 2026 via checked.be.