HORIZONS: 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.
HORIZONS
Largest movements
- Cash +€9,937
up €9,937 (+25.8%), from €38,491 to €48,429
mainly Net result for the year (+€43,101) and Receivables within one year (+€2,004)
- Receivables within one year -€2,004
down €2,004 (-58.1%), from €3,450 to €1,446
of which Trade receivables: -€1,189
- Tangible fixed assets -€1,251
down €1,251 (-57.1%), from €2,189 to €938
- Profit (loss) carried forward +€43,101
up €43,101 (+44.7%), from -€96,490 to -€53,389
- Other debts -€35,538
down €35,538 (-49.4%), from €71,944 to €36,406
- Trade debts -€1,068
down €1,068 (-97.7%), from €1,093 to €26
- Gross operating margin +€39,714
up €39,714 (+402.2%), from €9,874 to €49,588
- Financial charges +€512
up €512 (+14.5%), from €3,537 to €4,049
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 | €45,843 | €52,602 | +€6,759 | +14.7% |
| Fixed assets | 21/28 | €2,189 | €938 | -€1,251 | -57.1% |
| Tangible fixed assets | 22/27 | €2,189 | €938 | -€1,251 | -57.1% |
| Furniture and vehicles | 24 | €2,189 | €938 | -€1,251 | -57.1% |
| Current assets | 29/58 | €43,654 | €51,664 | +€8,010 | +18.3% |
| Amounts receivable within one year | 40/41 | €3,450 | €1,446 | -€2,004 | -58.1% |
| Trade receivables | 40 | €2,399 | €1,210 | -€1,189 | -49.6% |
| Other amounts receivable | 41 | €1,051 | €236 | -€815 | -77.6% |
| Cash at bank and in hand | 54/58 | €38,491 | €48,429 | +€9,937 | +25.8% |
| Deferred charges and accrued income | 490/1 | €1,713 | €1,790 | +€77 | +4.5% |
| Total equity and liabilities | 10/49 | €45,843 | €52,602 | +€6,759 | +14.7% |
| Equity | 10/15 | -€27,208 | €15,893 | +€43,101 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €56,882 | €56,882 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €55,022 | €55,022 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,490 | -€53,389 | +€43,101 | +44.7% |
| Amounts payable | 17/49 | €73,051 | €36,709 | -€36,342 | -49.7% |
| Amounts payable within one year | 42/48 | €73,038 | €36,709 | -€36,329 | -49.7% |
| Financial debts | 43 | - | €278 | +€278 | |
| Credit institutions | 430/8 | - | €278 | +€278 | |
| Trade debts | 44 | €1,093 | €26 | -€1,068 | -97.7% |
| Suppliers | 440/4 | €1,093 | €26 | -€1,068 | -97.7% |
| Other amounts payable | 47/48 | €71,944 | €36,406 | -€35,538 | -49.4% |
| Accrued charges and deferred income | 492/3 | €13 | €0 | -€13 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,251 | €1,251 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,435 | €1,194 | -€241 | -16.8% |
| Gross operating margin | 9900 | €9,874 | €49,588 | +€39,714 | +402.2% |
| Operating profit (loss) | 9901 | €7,187 | €47,143 | +€39,956 | +555.9% |
| Financial income | 75/76B | €95 | €7 | -€89 | -92.8% |
| Recurring financial income | 75 | €95 | €7 | -€89 | -92.8% |
| Financial charges | 65/66B | €3,537 | €4,049 | +€512 | +14.5% |
| Recurring financial charges | 65 | €3,537 | €4,049 | +€512 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €3,746 | €43,101 | +€39,355 | +1050.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €3,746 | €43,101 | +€39,355 | +1050.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,746 | €43,101 | +€39,355 | +1050.7% |
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 2 October 2026 via checked.be.