HORLIM: 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.
HORLIM
Largest movements
- Tangible fixed assets -€62,722
down €62,722 (-15.5%), from €404,500 to €341,777
of which Other tangible fixed assets: -€36,831
- Cash -€31,717
down €31,717 (-66.7%), from €47,573 to €15,856
mainly Other debts (-€99,347) and Receivables after one year (-€19,802)
- Receivables after one year +€19,802
up €19,802 (+80.3%), from €24,646 to €44,448
- Other debts -€99,347
down €99,347 (-15.5%), from €639,800 to €540,453
- Profit (loss) carried forward +€47,573
up €47,573 (+2,044%), from €2,327 to €49,900
- Gross operating margin +€36,595
up €36,595 (+21.6%), from €169,225 to €205,819
- Staff costs -€9,669
down €9,669 (-11.3%), from €85,393 to €75,724
- Taxes +€7,221
up €7,221 (+2,516%), from €287 to €7,508
- Financial charges -€4,126
down €4,126 (-39.5%), from €10,441 to €6,315
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 | €1,848,664 | €1,781,786 | -€66,879 | -3.6% |
| Formation expenses | 20 | €4,274 | €2,725 | -€1,548 | -36.2% |
| Fixed assets | 21/28 | €1,428,500 | €1,365,777 | -€62,722 | -4.4% |
| Tangible fixed assets | 22/27 | €404,500 | €341,777 | -€62,722 | -15.5% |
| Plant, machinery and equipment | 23 | €94,590 | €78,267 | -€16,322 | -17.3% |
| Furniture and vehicles | 24 | €30,214 | €20,644 | -€9,570 | -31.7% |
| Other tangible fixed assets | 26 | €279,696 | €242,866 | -€36,831 | -13.2% |
| Financial fixed assets | 28 | €1,024,000 | €1,024,000 | = | 0.0% |
| Current assets | 29/58 | €415,891 | €413,283 | -€2,608 | -0.6% |
| Amounts receivable after more than one year | 29 | €24,646 | €44,448 | +€19,802 | +80.3% |
| Other amounts receivable | 291 | €24,646 | €44,448 | +€19,802 | +80.3% |
| Amounts receivable within one year | 40/41 | €338,489 | €347,680 | +€9,191 | +2.7% |
| Trade receivables | 40 | €337,489 | €268,834 | -€68,655 | -20.3% |
| Other amounts receivable | 41 | €1,000 | €78,846 | +€77,846 | +7,785% |
| Cash at bank and in hand | 54/58 | €47,573 | €15,856 | -€31,717 | -66.7% |
| Deferred charges and accrued income | 490/1 | €5,184 | €5,300 | +€117 | +2.2% |
| Total equity and liabilities | 10/49 | €1,848,664 | €1,781,786 | -€66,879 | -3.6% |
| Equity | 10/15 | €1,018,327 | €1,065,900 | +€47,573 | +4.7% |
| Contributions | 10/11 | €1,016,000 | €1,016,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,327 | €49,900 | +€47,573 | +2,044% |
| Amounts payable | 17/49 | €830,337 | €715,886 | -€114,452 | -13.8% |
| Amounts payable after more than one year | 17 | €24,725 | €6,319 | -€18,406 | -74.4% |
| Financial debts | 170/4 | €24,725 | €6,319 | -€18,406 | -74.4% |
| Amounts payable within one year | 42/48 | €805,612 | €709,567 | -€96,045 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €17,608 | €18,406 | +€798 | +4.5% |
| Trade debts | 44 | €88,323 | €76,542 | -€11,780 | -13.3% |
| Suppliers | 440/4 | €88,323 | €76,542 | -€11,780 | -13.3% |
| Taxes, remuneration and social security | 45 | €59,882 | €74,166 | +€14,284 | +23.9% |
| Taxes | 450/3 | €43,326 | €54,334 | +€11,008 | +25.4% |
| Remuneration and social security | 454/9 | €16,556 | €19,832 | +€3,276 | +19.8% |
| Other amounts payable | 47/48 | €639,800 | €540,453 | -€99,347 | -15.5% |
| Remuneration, social security and pensions | 62 | €85,393 | €75,724 | -€9,669 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,940 | €65,746 | +€806 | +1.2% |
| Other operating charges | 640/8 | €2,092 | €3,394 | +€1,302 | +62.2% |
| Gross operating margin | 9900 | €169,225 | €205,819 | +€36,595 | +21.6% |
| Operating profit (loss) | 9901 | €16,799 | €60,955 | +€44,156 | +263% |
| Financial income | 75/76B | €0 | €440 | +€440 | +1,467,033% |
| Recurring financial income | 75 | €0 | €440 | +€440 | +1,467,033% |
| Financial charges | 65/66B | €10,441 | €6,315 | -€4,126 | -39.5% |
| Recurring financial charges | 65 | €10,441 | €6,315 | -€4,126 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | €6,358 | €55,080 | +€48,722 | +766% |
| Income taxes | 67/77 | €287 | €7,508 | +€7,221 | +2,516% |
| Profit (loss) for the period | 9904 | €6,071 | €47,573 | +€41,502 | +684% |
| Profit (loss) for the period to be appropriated | 9905 | €6,071 | €47,573 | +€41,502 | +684% |
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 29 October 2026 via checked.be.