Horizon Trading: 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 Trading
Largest movements
- Current investments -€313,800
down €313,800 (-91.1%), from €344,296 to €30,495
- Other debts -€208,680
down €208,680 (-60.0%), from €347,616 to €138,936
- Profit (loss) carried forward -€100,637
down €100,637 (-1,143%), from -€8,803 to -€109,440
- Accrued charges and deferred income -€5,536
no longer reported in 2025 (was €5,536)
- Trade debts +€3,903
up €3,903 (+792%), from €493 to €4,395
- Financial charges +€96,412
up €96,412 (+2,972%), from €3,245 to €99,657
- Financial income +€9,050
new in 2025: €9,050
- Gross operating margin -€3,263
down €3,263 (-63.1%), from -€5,172 to -€8,435
- Depreciation +€1,076
new in 2025: €1,076
- Other operating charges +€132
up €132 (+34.2%), from €387 to €520
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 | €344,942 | €33,991 | -€310,951 | -90.1% |
| Fixed assets | 21/28 | - | €3,128 | +€3,128 | |
| Tangible fixed assets | 22/27 | - | €3,128 | +€3,128 | |
| Plant, machinery and equipment | 23 | - | €3,128 | +€3,128 | |
| Current assets | 29/58 | €344,942 | €30,863 | -€314,079 | -91.1% |
| Current investments | 50/53 | €344,296 | €30,495 | -€313,800 | -91.1% |
| Cash at bank and in hand | 54/58 | €646 | €368 | -€278 | -43.1% |
| Total equity and liabilities | 10/49 | €344,942 | €33,991 | -€310,951 | -90.1% |
| Equity | 10/15 | -€8,703 | -€109,340 | -€100,637 | -1,156% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,803 | -€109,440 | -€100,637 | -1,143% |
| Amounts payable | 17/49 | €353,645 | €143,331 | -€210,314 | -59.5% |
| Amounts payable within one year | 42/48 | €348,109 | €143,331 | -€204,778 | -58.8% |
| Trade debts | 44 | €493 | €4,395 | +€3,903 | +792% |
| Suppliers | 440/4 | €493 | €4,395 | +€3,903 | +792% |
| Other amounts payable | 47/48 | €347,616 | €138,936 | -€208,680 | -60.0% |
| Accrued charges and deferred income | 492/3 | €5,536 | - | -€5,536 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,076 | +€1,076 | |
| Other operating charges | 640/8 | €387 | €520 | +€132 | +34.2% |
| Gross operating margin | 9900 | -€5,172 | -€8,435 | -€3,263 | -63.1% |
| Operating profit (loss) | 9901 | -€5,559 | -€10,031 | -€4,472 | -80.4% |
| Financial income | 75/76B | - | €9,050 | +€9,050 | |
| Recurring financial income | 75 | - | €9,050 | +€9,050 | |
| Financial charges | 65/66B | €3,245 | €99,657 | +€96,412 | +2,972% |
| Recurring financial charges | 65 | €3,245 | €99,657 | +€96,412 | +2,972% |
| Profit (loss) for the period before taxes | 9903 | -€8,803 | -€100,637 | -€91,833 | -1,043% |
| Profit (loss) for the period | 9904 | -€8,803 | -€100,637 | -€91,833 | -1,043% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,803 | -€100,637 | -€91,833 | -1,043% |
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 30 October 2026 via checked.be.