HORIZON PARTNERS: what changed
HORIZON PARTNERS
Largest movements
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Cash +€65,615
up €65,615 (+710%), from €9,246 to €74,860
mainly Current investments (+€75,000) and Net result for the year (+€13,090)
- Tangible fixed assets -€5,257
down €5,257 (-28.1%), from €18,707 to €13,450
of which Furniture and vehicles: -€3,361
- Receivables within one year -€2,594
down €2,594 (-18.0%), from €14,433 to €11,839
of which Trade receivables: -€3,928
- Trade debts -€23,490
no longer reported in 2025 (was €23,490)
- Profit (loss) carried forward +€13,090
up €13,090 (+18.9%), from €69,399 to €82,488
- Tax, wage and social debts -€4,638
down €4,638 (-37.9%), from €12,252 to €7,614
of which Taxes: -€4,638
- Other debts -€2,316
down €2,316 (-25.7%), from €9,026 to €6,710
- Gross operating margin -€10,022
down €10,022 (-28.2%), from €35,547 to €25,526
- Taxes -€1,969
down €1,969 (-24.9%), from €7,898 to €5,929
- Financial charges +€1,797
up €1,797 (+1,437%), from €125 to €1,922
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,280 | €104,043 | -€17,237 | -14.2% |
| Fixed assets | 21/28 | €18,707 | €13,450 | -€5,257 | -28.1% |
| Tangible fixed assets | 22/27 | €18,707 | €13,450 | -€5,257 | -28.1% |
| Plant, machinery and equipment | 23 | €266 | €196 | -€70 | -26.4% |
| Furniture and vehicles | 24 | €7,403 | €4,043 | -€3,361 | -45.4% |
| Leasing and similar rights | 25 | €11,037 | €9,211 | -€1,826 | -16.5% |
| Current assets | 29/58 | €102,574 | €90,594 | -€11,980 | -11.7% |
| Amounts receivable within one year | 40/41 | €14,433 | €11,839 | -€2,594 | -18.0% |
| Trade receivables | 40 | €14,433 | €10,505 | -€3,928 | -27.2% |
| Other amounts receivable | 41 | - | €1,334 | +€1,334 | |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €9,246 | €74,860 | +€65,615 | +710% |
| Deferred charges and accrued income | 490/1 | €3,895 | €3,895 | = | 0.0% |
| Total equity and liabilities | 10/49 | €121,280 | €104,043 | -€17,237 | -14.2% |
| Equity | 10/15 | €74,399 | €87,488 | +€13,090 | +17.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,399 | €82,488 | +€13,090 | +18.9% |
| Amounts payable | 17/49 | €46,881 | €16,555 | -€30,326 | -64.7% |
| Amounts payable within one year | 42/48 | €44,768 | €14,324 | -€30,443 | -68.0% |
| Trade debts | 44 | €23,490 | - | -€23,490 | |
| Suppliers | 440/4 | €23,490 | - | -€23,490 | |
| Taxes, remuneration and social security | 45 | €12,252 | €7,614 | -€4,638 | -37.9% |
| Taxes | 450/3 | €11,252 | €6,614 | -€4,638 | -41.2% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €9,026 | €6,710 | -€2,316 | -25.7% |
| Accrued charges and deferred income | 492/3 | €2,114 | €2,231 | +€117 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,377 | €5,257 | -€120 | -2.2% |
| Other operating charges | 640/8 | €387 | €238 | -€149 | -38.6% |
| Gross operating margin | 9900 | €35,547 | €25,526 | -€10,022 | -28.2% |
| Operating profit (loss) | 9901 | €29,783 | €20,031 | -€9,752 | -32.7% |
| Financial income | 75/76B | €1,085 | €910 | -€175 | -16.1% |
| Recurring financial income | 75 | €1,085 | €910 | -€175 | -16.1% |
| Financial charges | 65/66B | €125 | €1,922 | +€1,797 | +1,437% |
| Recurring financial charges | 65 | €125 | €1,922 | +€1,797 | +1,437% |
| Profit (loss) for the period before taxes | 9903 | €30,743 | €19,019 | -€11,724 | -38.1% |
| Income taxes | 67/77 | €7,898 | €5,929 | -€1,969 | -24.9% |
| Profit (loss) for the period | 9904 | €22,845 | €13,090 | -€9,756 | -42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,845 | €13,090 | -€9,756 | -42.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.