HORIZON-TT: 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-TT
Largest movements
- Receivables within one year -€36,443
down €36,443 (-95.5%), from €38,143 to €1,700
of which Trade receivables: -€34,750
- Cash -€1,750
down €1,750 (-59.7%), from €2,931 to €1,181
mainly Net result for the year (-€40,406) and Trade debts (-€29,021)
- Stocks and contracts +€957
new in 2025: €957
- Tangible fixed assets -€693
down €693 (-48.0%), from €1,442 to €749
- Profit (loss) carried forward -€40,406
new in 2025: -€40,406
- Trade debts -€29,021
down €29,021 (-95.2%), from €30,492 to €1,471
- Tax, wage and social debts +€25,519
up €25,519 (+223%), from €11,448 to €36,967
of which Remuneration and social security: +€21,155
- Other debts +€5,927
new in 2025: €5,927
- Gross operating margin -€47,132
down €47,132, from €30,843 to -€16,288
- Staff costs -€8,547
down €8,547 (-35.1%), from €24,321 to €15,774
- Other operating charges +€4,278
up €4,278 (+138%), from €3,093 to €7,371
- Depreciation -€1,318
down €1,318 (-65.5%), from €2,011 to €693
- Financial charges -€647
down €647 (-69.8%), from €928 to €280
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 | €42,569 | €4,588 | -€37,982 | -89.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,442 | €749 | -€693 | -48.0% |
| Tangible fixed assets | 22/27 | €1,442 | €749 | -€693 | -48.0% |
| Furniture and vehicles | 24 | €1,442 | €749 | -€693 | -48.0% |
| Current assets | 29/58 | €41,127 | €3,838 | -€37,289 | -90.7% |
| Stocks and contracts in progress | 3 | - | €957 | +€957 | |
| Stocks | 30/36 | - | €957 | +€957 | |
| Amounts receivable within one year | 40/41 | €38,143 | €1,700 | -€36,443 | -95.5% |
| Trade receivables | 40 | €36,200 | €1,450 | -€34,750 | -96.0% |
| Other amounts receivable | 41 | €1,943 | €250 | -€1,693 | -87.1% |
| Cash at bank and in hand | 54/58 | €2,931 | €1,181 | -€1,750 | -59.7% |
| Deferred charges and accrued income | 490/1 | €53 | €0 | -€53 | -100% |
| Total equity and liabilities | 10/49 | €42,569 | €4,588 | -€37,982 | -89.2% |
| Equity | 10/15 | €629 | -€39,777 | -€40,406 | |
| Contributions | 10/11 | €250 | €250 | = | 0.0% |
| Reserves | 13 | €379 | €379 | = | 0.0% |
| Distributable reserves | 133 | €379 | €379 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€40,406 | -€40,406 | |
| Amounts payable | 17/49 | €41,940 | €44,364 | +€2,424 | +5.8% |
| Amounts payable within one year | 42/48 | €41,940 | €44,364 | +€2,424 | +5.8% |
| Trade debts | 44 | €30,492 | €1,471 | -€29,021 | -95.2% |
| Suppliers | 440/4 | €30,492 | €1,471 | -€29,021 | -95.2% |
| Taxes, remuneration and social security | 45 | €11,448 | €36,967 | +€25,519 | +223% |
| Taxes | 450/3 | €9,366 | €13,730 | +€4,363 | +46.6% |
| Remuneration and social security | 454/9 | €2,082 | €23,237 | +€21,155 | +1,016% |
| Other amounts payable | 47/48 | - | €5,927 | +€5,927 | |
| Remuneration, social security and pensions | 62 | €24,321 | €15,774 | -€8,547 | -35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,011 | €693 | -€1,318 | -65.5% |
| Other operating charges | 640/8 | €3,093 | €7,371 | +€4,278 | +138% |
| Gross operating margin | 9900 | €30,843 | -€16,288 | -€47,132 | |
| Operating profit (loss) | 9901 | €1,419 | -€40,126 | -€41,545 | |
| Financial income | 75/76B | €54 | - | -€54 | |
| Recurring financial income | 75 | €54 | - | -€54 | |
| Financial charges | 65/66B | €928 | €280 | -€647 | -69.8% |
| Recurring financial charges | 65 | €928 | €280 | -€647 | -69.8% |
| Profit (loss) for the period before taxes | 9903 | €545 | -€40,406 | -€40,951 | |
| Income taxes | 67/77 | €166 | - | -€166 | |
| Profit (loss) for the period | 9904 | €379 | -€40,406 | -€40,785 | |
| Profit (loss) for the period to be appropriated | 9905 | €379 | -€40,406 | -€40,785 |
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 20 October 2026 via checked.be.