HORIZON MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€6,000
down €6,000 (-4.9%), from €122,500 to €116,500
- Debts after one year -€11,023
down €11,023 (-11.0%), from €99,930 to €88,907
- Other debts +€8,000
up €8,000 (+7.4%), from €108,137 to €116,137
- Profit (loss) carried forward -€4,452
down €4,452 (-4.5%), from -€99,513 to -€103,965
- Financial charges -€545
down €545 (-8.7%), from €6,258 to €5,712
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 | €125,300 | €118,488 | -€6,812 | -5.4% |
| Fixed assets | 21/28 | €122,500 | €116,500 | -€6,000 | -4.9% |
| Tangible fixed assets | 22/27 | €122,500 | €116,500 | -€6,000 | -4.9% |
| Land and buildings | 22 | €122,500 | €116,500 | -€6,000 | -4.9% |
| Current assets | 29/58 | €2,800 | €1,988 | -€812 | -29.0% |
| Cash at bank and in hand | 54/58 | €2,800 | €1,988 | -€812 | -29.0% |
| Total equity and liabilities | 10/49 | €125,300 | €118,488 | -€6,812 | -5.4% |
| Equity | 10/15 | -€93,313 | -€97,765 | -€4,452 | -4.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€99,513 | -€103,965 | -€4,452 | -4.5% |
| Amounts payable | 17/49 | €218,614 | €216,254 | -€2,360 | -1.1% |
| Amounts payable after more than one year | 17 | €99,930 | €88,907 | -€11,023 | -11.0% |
| Financial debts | 170/4 | €99,930 | €88,907 | -€11,023 | -11.0% |
| Amounts payable within one year | 42/48 | €118,683 | €127,347 | +€8,663 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €10,462 | €11,023 | +€562 | +5.4% |
| Trade debts | 44 | €85 | €186 | +€102 | +120% |
| Suppliers | 440/4 | €85 | €186 | +€102 | +120% |
| Other amounts payable | 47/48 | €108,137 | €116,137 | +€8,000 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,000 | €6,000 | = | 0.0% |
| Other operating charges | 640/8 | €125 | €125 | = | 0.0% |
| Gross operating margin | 9900 | €8,317 | €8,285 | -€32 | -0.4% |
| Operating profit (loss) | 9901 | €2,192 | €2,160 | -€32 | -1.5% |
| Financial charges | 65/66B | €6,258 | €5,712 | -€545 | -8.7% |
| Recurring financial charges | 65 | €6,258 | €5,712 | -€545 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,065 | -€3,552 | +€513 | +12.6% |
| Profit (loss) for the period | 9904 | -€4,065 | -€3,552 | +€513 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,065 | -€3,552 | +€513 | +12.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.