HORIZON INTELLIGENCE: 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 INTELLIGENCE
Largest movements
- Cash +€40,352
up €40,352 (+79.6%), from €50,711 to €91,063
mainly Depreciation (+€140,058) and Net result for the year (+€35,625)
- Receivables within one year +€37,805
up €37,805 (+70.7%), from €53,500 to €91,305
of which Trade receivables: +€34,441
- Intangible fixed assets -€21,477
down €21,477 (-8.6%), from €250,030 to €228,553
- Reserves +€35,625
up €35,625 (+30.5%), from €116,631 to €152,257
of which Distributable reserves: +€37,485
- Accrued charges and deferred income +€30,267
up €30,267 (+31.7%), from €95,501 to €125,768
- Trade debts +€22,029
up €22,029 (+26.6%), from €82,957 to €104,986
- Tax, wage and social debts -€12,299
down €12,299 (-100.0%), from €12,299 to €0
of which Taxes: -€8,131
- Short-term financial debts -€9,470
down €9,470 (-95.4%), from €9,925 to €455
of which Credit institutions: -€6,076
- Gross operating margin +€77,422
up €77,422 (+74.6%), from €103,784 to €181,205
- Depreciation +€52,928
up €52,928 (+60.7%), from €87,129 to €140,058
- Taxes +€4,622
up €4,622, from €0 to €4,622
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 | €356,066 | €413,076 | +€57,010 | +16.0% |
| Fixed assets | 21/28 | €251,436 | €229,712 | -€21,724 | -8.6% |
| Intangible fixed assets | 21 | €250,030 | €228,553 | -€21,477 | -8.6% |
| Tangible fixed assets | 22/27 | €1,406 | €1,160 | -€246 | -17.5% |
| Furniture and vehicles | 24 | €1,406 | €1,160 | -€246 | -17.5% |
| Current assets | 29/58 | €104,630 | €183,363 | +€78,734 | +75.3% |
| Amounts receivable within one year | 40/41 | €53,500 | €91,305 | +€37,805 | +70.7% |
| Trade receivables | 40 | €35,500 | €69,940 | +€34,441 | +97.0% |
| Other amounts receivable | 41 | €18,000 | €21,365 | +€3,365 | +18.7% |
| Cash at bank and in hand | 54/58 | €50,711 | €91,063 | +€40,352 | +79.6% |
| Deferred charges and accrued income | 490/1 | €418 | €995 | +€577 | +137.9% |
| Total equity and liabilities | 10/49 | €356,066 | €413,076 | +€57,010 | +16.0% |
| Equity | 10/15 | €129,651 | €165,277 | +€35,625 | +27.5% |
| Contributions | 10/11 | €13,020 | €13,020 | = | 0.0% |
| Reserves | 13 | €116,631 | €152,257 | +€35,625 | +30.5% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €114,771 | €152,257 | +€37,485 | +32.7% |
| Amounts payable | 17/49 | €226,414 | €247,799 | +€21,385 | +9.4% |
| Amounts payable within one year | 42/48 | €130,913 | €122,031 | -€8,882 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €9,925 | €455 | -€9,470 | -95.4% |
| Credit institutions | 430/8 | €6,076 | €0 | -€6,076 | -100.0% |
| Other loans | 439 | €3,849 | €455 | -€3,394 | -88.2% |
| Trade debts | 44 | €82,957 | €104,986 | +€22,029 | +26.6% |
| Suppliers | 440/4 | €82,957 | €104,986 | +€22,029 | +26.6% |
| Taxes, remuneration and social security | 45 | €12,299 | €0 | -€12,299 | -100.0% |
| Taxes | 450/3 | €8,131 | €0 | -€8,131 | -100.0% |
| Remuneration and social security | 454/9 | €4,168 | €0 | -€4,168 | -100.0% |
| Other amounts payable | 47/48 | €25,732 | €16,591 | -€9,142 | -35.5% |
| Accrued charges and deferred income | 492/3 | €95,501 | €125,768 | +€30,267 | +31.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,129 | €140,058 | +€52,928 | +60.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €103,784 | €181,205 | +€77,422 | +74.6% |
| Operating profit (loss) | 9901 | €16,267 | €40,748 | +€24,481 | +150.5% |
| Financial income | 75/76B | €570 | €818 | +€248 | +43.6% |
| Recurring financial income | 75 | €570 | €818 | +€248 | +43.6% |
| Financial charges | 65/66B | €1,969 | €1,318 | -€651 | -33.1% |
| Recurring financial charges | 65 | €1,969 | €1,318 | -€651 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €14,867 | €40,248 | +€25,380 | +170.7% |
| Income taxes | 67/77 | €0 | €4,622 | +€4,622 | |
| Profit (loss) for the period | 9904 | €14,867 | €35,625 | +€20,758 | +139.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,867 | €35,625 | +€20,758 | +139.6% |
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 12 October 2026 via checked.be.