Horizon X Engineering: 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 X Engineering
Largest movements
- Tangible fixed assets +€37,545
up €37,545 (+6,961%), from €539 to €38,084
of which Leasing and similar rights: +€32,869
- Receivables after one year +€25,000
new in 2025: €25,000
- Current investments +€9,709
new in 2025: €9,709
- Cash -€7,757
down €7,757 (-14.4%), from €53,957 to €46,199
mainly Investment in fixed assets (net) (-€44,170) and Receivables after one year (-€25,000)
- Receivables within one year -€1,480
down €1,480 (-13.8%), from €10,710 to €9,230
of which Trade receivables: -€1,460
- Profit (loss) carried forward +€34,430
up €34,430 (+79.6%), from €43,240 to €77,670
- Debts after one year +€24,263
new in 2025: €24,263
- Current portion of long-term debt +€6,979
new in 2025: €6,979
- Tax, wage and social debts -€1,905
down €1,905 (-11.0%), from €17,254 to €15,349
- Depreciation +€6,508
up €6,508 (+5,537%), from €118 to €6,625
- Gross operating margin -€2,021
down €2,021 (-3.6%), from €56,421 to €54,401
- Taxes -€1,656
down €1,656 (-14.1%), from €11,707 to €10,051
- Financial charges +€1,554
up €1,554 (+2,895%), from €54 to €1,607
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 | €65,586 | €129,228 | +€63,643 | +97.0% |
| Fixed assets | 21/28 | €919 | €38,464 | +€37,545 | +4,084% |
| Tangible fixed assets | 22/27 | €539 | €38,084 | +€37,545 | +6,961% |
| Furniture and vehicles | 24 | €539 | €5,215 | +€4,676 | +867% |
| Leasing and similar rights | 25 | - | €32,869 | +€32,869 | |
| Financial fixed assets | 28 | €380 | €380 | = | 0.0% |
| Current assets | 29/58 | €64,666 | €90,764 | +€26,097 | +40.4% |
| Amounts receivable after more than one year | 29 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 291 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €10,710 | €9,230 | -€1,480 | -13.8% |
| Trade receivables | 40 | €10,690 | €9,230 | -€1,460 | -13.7% |
| Other amounts receivable | 41 | €19 | €0 | -€19 | -100% |
| Current investments | 50/53 | - | €9,709 | +€9,709 | |
| Cash at bank and in hand | 54/58 | €53,957 | €46,199 | -€7,757 | -14.4% |
| Deferred charges and accrued income | 490/1 | - | €626 | +€626 | |
| Total equity and liabilities | 10/49 | €65,586 | €129,228 | +€63,643 | +97.0% |
| Equity | 10/15 | €45,740 | €80,170 | +€34,430 | +75.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,240 | €77,670 | +€34,430 | +79.6% |
| Amounts payable | 17/49 | €19,846 | €49,059 | +€29,213 | +147% |
| Amounts payable after more than one year | 17 | - | €24,263 | +€24,263 | |
| Financial debts | 170/4 | - | €24,263 | +€24,263 | |
| Amounts payable within one year | 42/48 | €19,846 | €24,796 | +€4,949 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | - | €6,979 | +€6,979 | |
| Trade debts | 44 | €268 | €96 | -€172 | -64.3% |
| Suppliers | 440/4 | €268 | €96 | -€172 | -64.3% |
| Taxes, remuneration and social security | 45 | €17,254 | €15,349 | -€1,905 | -11.0% |
| Taxes | 450/3 | €17,254 | €15,349 | -€1,905 | -11.0% |
| Other amounts payable | 47/48 | €2,324 | €2,372 | +€48 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118 | €6,625 | +€6,508 | +5,537% |
| Other operating charges | 640/8 | €444 | €1,000 | +€555 | +125% |
| Gross operating margin | 9900 | €56,421 | €54,401 | -€2,021 | -3.6% |
| Operating profit (loss) | 9901 | €55,859 | €46,776 | -€9,084 | -16.3% |
| Financial income | 75/76B | €0 | €146 | +€146 | +730,400% |
| Recurring financial income | 75 | €0 | €146 | +€146 | +730,400% |
| Financial charges | 65/66B | €54 | €1,607 | +€1,554 | +2,895% |
| Recurring financial charges | 65 | €54 | €1,607 | +€1,554 | +2,895% |
| Profit (loss) for the period before taxes | 9903 | €55,806 | €45,314 | -€10,491 | -18.8% |
| Income taxes | 67/77 | €11,707 | €10,051 | -€1,656 | -14.1% |
| Profit (loss) for the period | 9904 | €44,099 | €35,263 | -€8,836 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,099 | €35,263 | -€8,836 | -20.0% |
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 18 October 2026 via checked.be.