Horizon Shift: what changed
Two fiscal 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 Shift
Largest movements
- Cash +€74,284
up €74,284 (+215.1%), from €34,537 to €108,821
mainly Current investments (+€30,000) and Net result for the year (+€26,624)
- Current investments -€30,000
down €30,000 (-100.0%), from €30,000 to €0
- Receivables within one year -€14,734
down €14,734 (-100.0%), from €14,734 to €0
of which Trade receivables: -€14,734
- Tangible fixed assets +€1,975
new in 2025: €1,975
- Reserves +€25,760
new in 2025: €25,760
- Other debts +€3,463
up €3,463 (+365.1%), from €948 to €4,411
- Tax, wage and social debts +€1,970
up €1,970 (+8.4%), from €23,575 to €25,544
of which Taxes: +€1,970
- Gross operating margin -€24,868
down €24,868 (-38.9%), from €63,970 to €39,103
- Taxes -€2,333
down €2,333 (-17.9%), from €13,009 to €10,675
- Financial charges +€1,990
up €1,990 (+7213.3%), from €28 to €2,018
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 | €79,598 | €110,796 | +€31,198 | +39.2% |
| Fixed assets | 21/28 | - | €1,975 | +€1,975 | |
| Tangible fixed assets | 22/27 | - | €1,975 | +€1,975 | |
| Plant, machinery and equipment | 23 | - | €1,975 | +€1,975 | |
| Current assets | 29/58 | €79,598 | €108,821 | +€29,223 | +36.7% |
| Amounts receivable within one year | 40/41 | €14,734 | €0 | -€14,734 | -100.0% |
| Trade receivables | 40 | €14,734 | €0 | -€14,734 | -100.0% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Current investments | 50/53 | €30,000 | €0 | -€30,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €34,537 | €108,821 | +€74,284 | +215.1% |
| Deferred charges and accrued income | 490/1 | €327 | €0 | -€327 | -100.0% |
| Total equity and liabilities | 10/49 | €79,598 | €110,796 | +€31,198 | +39.2% |
| Equity | 10/15 | €55,075 | €80,840 | +€25,765 | +46.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €25,760 | +€25,760 | |
| Distributable reserves | 133 | - | €25,760 | +€25,760 | |
| Profit (loss) carried forward | 14 | €50,075 | €50,080 | +€5 | 0.0% |
| Amounts payable | 17/49 | €24,523 | €29,956 | +€5,433 | +22.2% |
| Amounts payable within one year | 42/48 | €24,523 | €29,956 | +€5,433 | +22.2% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €23,575 | €25,544 | +€1,970 | +8.4% |
| Taxes | 450/3 | €23,575 | €25,544 | +€1,970 | +8.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €948 | €4,411 | +€3,463 | +365.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €368 | +€368 | |
| Gross operating margin | 9900 | €63,970 | €39,103 | -€24,868 | -38.9% |
| Operating profit (loss) | 9901 | €63,970 | €38,735 | -€25,236 | -39.4% |
| Financial income | 75/76B | - | €583 | +€583 | |
| Recurring financial income | 75 | - | €583 | +€583 | |
| Financial charges | 65/66B | €28 | €2,018 | +€1,990 | +7213.3% |
| Recurring financial charges | 65 | €28 | €2,018 | +€1,990 | +7213.3% |
| Profit (loss) for the period before taxes | 9903 | €63,943 | €37,300 | -€26,643 | -41.7% |
| Income taxes | 67/77 | €13,009 | €10,675 | -€2,333 | -17.9% |
| Profit (loss) for the period | 9904 | €50,934 | €26,624 | -€24,310 | -47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,934 | €26,624 | -€24,310 | -47.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.