HORIZON VERT: 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 VERT
Largest movements
- Receivables within one year -€21,532
down €21,532 (-57.1%), from €37,708 to €16,176
of which Trade receivables: -€18,729
- Tangible fixed assets -€6,119
down €6,119 (-49.5%), from €12,352 to €6,233
of which Furniture and vehicles: -€5,816
- Cash +€3,052
up €3,052 (+60.8%), from €5,017 to €8,068
mainly Receivables within one year (+€21,532) and Depreciation (+€6,119)
- Profit (loss) carried forward -€15,197
down €15,197 (-66.9%), from €22,724 to €7,527
- Trade debts -€5,574
down €5,574 (-41.9%), from €13,301 to €7,728
- Debts after one year -€4,131
down €4,131 (-100%), from €4,131 to €0
- Turnover -€51,411
down €51,411 (-100%), from €51,411 to €0
- Purchases and services -€44,774
down €44,774 (-100%), from €44,774 to €0
- Gross operating margin -€14,117
down €14,117, from €6,745 to -€7,372
- Staff costs +€917
up €917 (+1,407%), from €65 to €982
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 | €61,595 | €36,713 | -€24,883 | -40.4% |
| Fixed assets | 21/28 | €12,352 | €6,233 | -€6,119 | -49.5% |
| Tangible fixed assets | 22/27 | €12,352 | €6,233 | -€6,119 | -49.5% |
| Plant, machinery and equipment | 23 | €1,179 | €876 | -€303 | -25.7% |
| Furniture and vehicles | 24 | €11,173 | €5,357 | -€5,816 | -52.1% |
| Current assets | 29/58 | €49,244 | €30,479 | -€18,764 | -38.1% |
| Stocks and contracts in progress | 3 | €5,027 | €4,949 | -€78 | -1.5% |
| Stocks | 30/36 | €5,027 | €4,949 | -€78 | -1.5% |
| Amounts receivable within one year | 40/41 | €37,708 | €16,176 | -€21,532 | -57.1% |
| Trade receivables | 40 | €34,542 | €15,813 | -€18,729 | -54.2% |
| Other amounts receivable | 41 | €3,166 | €363 | -€2,803 | -88.5% |
| Cash at bank and in hand | 54/58 | €5,017 | €8,068 | +€3,052 | +60.8% |
| Deferred charges and accrued income | 490/1 | €1,492 | €1,286 | -€206 | -13.8% |
| Total equity and liabilities | 10/49 | €61,595 | €36,713 | -€24,883 | -40.4% |
| Equity | 10/15 | €23,724 | €8,527 | -€15,197 | -64.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,724 | €7,527 | -€15,197 | -66.9% |
| Amounts payable | 17/49 | €37,871 | €28,185 | -€9,686 | -25.6% |
| Amounts payable after more than one year | 17 | €4,131 | €0 | -€4,131 | -100% |
| Financial debts | 170/4 | €4,131 | €0 | -€4,131 | -100% |
| Amounts payable within one year | 42/48 | €33,727 | €28,185 | -€5,542 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €4,065 | €4,131 | +€67 | +1.6% |
| Financial debts | 43 | €158 | €158 | = | 0.0% |
| Credit institutions | 430/8 | €158 | €158 | = | 0.0% |
| Trade debts | 44 | €13,301 | €7,728 | -€5,574 | -41.9% |
| Suppliers | 440/4 | €13,301 | €7,728 | -€5,574 | -41.9% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €16,204 | €16,168 | -€35 | -0.2% |
| Accrued charges and deferred income | 492/3 | €13 | €0 | -€13 | -100% |
| Turnover | 70 | €51,411 | €0 | -€51,411 | -100% |
| Goods, raw materials, services and sundry goods | 60/61 | €44,774 | €0 | -€44,774 | -100% |
| Remuneration, social security and pensions | 62 | €65 | €982 | +€917 | +1,407% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,119 | €6,119 | = | 0.0% |
| Other operating charges | 640/8 | €549 | €536 | -€13 | -2.3% |
| Gross operating margin | 9900 | €6,745 | -€7,372 | -€14,117 | |
| Operating profit (loss) | 9901 | €12 | -€15,008 | -€15,021 | |
| Financial income | 75/76B | €110 | €6 | -€104 | -94.4% |
| Recurring financial income | 75 | €110 | €6 | -€104 | -94.4% |
| Financial charges | 65/66B | €291 | €194 | -€97 | -33.3% |
| Recurring financial charges | 65 | €291 | €194 | -€97 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | -€169 | -€15,197 | -€15,028 | -8,905% |
| Profit (loss) for the period | 9904 | -€169 | -€15,197 | -€15,028 | -8,905% |
| Profit (loss) for the period to be appropriated | 9905 | -€169 | -€15,197 | -€15,028 | -8,905% |
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 22 October 2026 via checked.be.