HORIZONS 347: 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.
HORIZONS 347
Largest movements
- Cash +€10,898
up €10,898 (+160%), from €6,813 to €17,711
mainly Net result for the year (+€15,394) and Depreciation (+€8,789)
- Tangible fixed assets -€4,841
down €4,841 (-1.9%), from €256,205 to €251,364
of which Land and buildings: -€4,415
- Reserves +€15,000
new in 2025: €15,000
- Debts after one year -€7,578
down €7,578 (-5.5%), from €137,040 to €129,462
- Tax, wage and social debts -€5,931
down €5,931 (-78.2%), from €7,588 to €1,657
- Trade debts +€4,002
up €4,002 (+99.0%), from €4,042 to €8,044
- Depreciation -€10,256
down €10,256 (-53.9%), from €19,045 to €8,789
- Gross operating margin +€4,265
up €4,265 (+12.7%), from €33,621 to €37,886
- Taxes +€4,100
new in 2025: €4,100
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 | €291,692 | €297,356 | +€5,664 | +1.9% |
| Formation expenses | 20 | €7,882 | €5,503 | -€2,379 | -30.2% |
| Fixed assets | 21/28 | €256,205 | €251,364 | -€4,841 | -1.9% |
| Tangible fixed assets | 22/27 | €256,205 | €251,364 | -€4,841 | -1.9% |
| Land and buildings | 22 | €255,696 | €251,281 | -€4,415 | -1.7% |
| Furniture and vehicles | 24 | €509 | €83 | -€426 | -83.7% |
| Current assets | 29/58 | €27,605 | €40,489 | +€12,884 | +46.7% |
| Amounts receivable within one year | 40/41 | €20,708 | €22,305 | +€1,597 | +7.7% |
| Trade receivables | 40 | €16,115 | €10,624 | -€5,491 | -34.1% |
| Other amounts receivable | 41 | €4,593 | €11,681 | +€7,088 | +154% |
| Cash at bank and in hand | 54/58 | €6,813 | €17,711 | +€10,898 | +160% |
| Deferred charges and accrued income | 490/1 | €84 | €473 | +€389 | +463% |
| Total equity and liabilities | 10/49 | €291,692 | €297,356 | +€5,664 | +1.9% |
| Equity | 10/15 | €32,020 | €47,414 | +€15,394 | +48.1% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | - | €15,000 | +€15,000 | |
| Distributable reserves | 133 | - | €15,000 | +€15,000 | |
| Profit (loss) carried forward | 14 | €11,569 | €11,963 | +€394 | +3.4% |
| Amounts payable | 17/49 | €259,672 | €249,942 | -€9,730 | -3.7% |
| Amounts payable after more than one year | 17 | €137,040 | €129,462 | -€7,578 | -5.5% |
| Financial debts | 170/4 | €137,040 | €129,462 | -€7,578 | -5.5% |
| Amounts payable within one year | 42/48 | €120,950 | €118,798 | -€2,152 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €7,214 | €7,578 | +€364 | +5.0% |
| Trade debts | 44 | €4,042 | €8,044 | +€4,002 | +99.0% |
| Suppliers | 440/4 | €4,042 | €8,044 | +€4,002 | +99.0% |
| Taxes, remuneration and social security | 45 | €7,588 | €1,657 | -€5,931 | -78.2% |
| Taxes | 450/3 | €7,588 | €1,657 | -€5,931 | -78.2% |
| Other amounts payable | 47/48 | €102,106 | €101,519 | -€587 | -0.6% |
| Accrued charges and deferred income | 492/3 | €1,682 | €1,682 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,045 | €8,789 | -€10,256 | -53.9% |
| Other operating charges | 640/8 | €2,148 | €2,278 | +€130 | +6.1% |
| Gross operating margin | 9900 | €33,621 | €37,886 | +€4,265 | +12.7% |
| Operating profit (loss) | 9901 | €12,428 | €26,819 | +€14,391 | +116% |
| Financial income | 75/76B | €5 | €12 | +€7 | +140% |
| Recurring financial income | 75 | €5 | €12 | +€7 | +140% |
| Financial charges | 65/66B | €7,555 | €7,337 | -€218 | -2.9% |
| Recurring financial charges | 65 | €7,555 | €7,337 | -€218 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €4,878 | €19,494 | +€14,616 | +300% |
| Income taxes | 67/77 | - | €4,100 | +€4,100 | |
| Profit (loss) for the period | 9904 | €4,878 | €15,394 | +€10,516 | +216% |
| Profit (loss) for the period to be appropriated | 9905 | €4,878 | €15,394 | +€10,516 | +216% |
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 14 October 2026 via checked.be.