HORLOGE: 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.
HORLOGE
Largest movements
- Tangible fixed assets +€4,094
up €4,094 (+171%), from €2,394 to €6,488
- Receivables within one year -€3,967
down €3,967 (-65.6%), from €6,045 to €2,078
of which Trade receivables: -€3,191
- Cash +€1,759
up €1,759 (+84.2%), from €2,089 to €3,848
mainly Trade debts (+€13,651) and Receivables within one year (+€3,967)
- Stocks and contracts -€1,024
down €1,024 (-1.8%), from €56,275 to €55,251
- Trade debts +€13,651
up €13,651 (+284%), from €4,814 to €18,465
- Profit (loss) carried forward -€12,680
down €12,680 (-12.9%), from -€98,105 to -€110,785
- Other debts -€4,380
down €4,380 (-14.8%), from €29,517 to €25,137
- Tax, wage and social debts +€2,180
up €2,180 (+242%), from €900 to €3,080
of which Taxes: +€1,180
- Short-term financial debts +€2,130
up €2,130 (+85.2%), from €2,500 to €4,629
- Gross operating margin -€3,489
down €3,489 (-70.3%), from -€4,965 to -€8,453
- Depreciation +€572
up €572 (+31.2%), from €1,834 to €2,406
- Financial income -€551
no longer reported in 2025 (was €551)
- Financial charges -€207
down €207 (-17.7%), from €1,173 to €966
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 | €70,800 | €71,701 | +€901 | +1.3% |
| Fixed assets | 21/28 | €6,097 | €10,191 | +€4,094 | +67.1% |
| Tangible fixed assets | 22/27 | €2,394 | €6,488 | +€4,094 | +171% |
| Plant, machinery and equipment | 23 | €2,394 | €6,488 | +€4,094 | +171% |
| Financial fixed assets | 28 | €3,703 | €3,703 | = | 0.0% |
| Current assets | 29/58 | €64,703 | €61,510 | -€3,192 | -4.9% |
| Stocks and contracts in progress | 3 | €56,275 | €55,251 | -€1,024 | -1.8% |
| Stocks | 30/36 | €56,275 | €55,251 | -€1,024 | -1.8% |
| Amounts receivable within one year | 40/41 | €6,045 | €2,078 | -€3,967 | -65.6% |
| Trade receivables | 40 | €3,191 | - | -€3,191 | |
| Other amounts receivable | 41 | €2,854 | €2,078 | -€776 | -27.2% |
| Cash at bank and in hand | 54/58 | €2,089 | €3,848 | +€1,759 | +84.2% |
| Deferred charges and accrued income | 490/1 | €293 | €333 | +€40 | +13.7% |
| Total equity and liabilities | 10/49 | €70,800 | €71,701 | +€901 | +1.3% |
| Equity | 10/15 | €33,070 | €20,390 | -€12,680 | -38.3% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Revaluation surpluses | 12 | €60,726 | €60,726 | = | 0.0% |
| Reserves | 13 | €1,849 | €1,849 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,849 | €1,849 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,105 | -€110,785 | -€12,680 | -12.9% |
| Amounts payable | 17/49 | €37,730 | €51,311 | +€13,581 | +36.0% |
| Amounts payable within one year | 42/48 | €37,730 | €51,311 | +€13,581 | +36.0% |
| Financial debts | 43 | €2,500 | €4,629 | +€2,130 | +85.2% |
| Credit institutions | 430/8 | €2,500 | €4,629 | +€2,130 | +85.2% |
| Trade debts | 44 | €4,814 | €18,465 | +€13,651 | +284% |
| Suppliers | 440/4 | €4,814 | €18,465 | +€13,651 | +284% |
| Taxes, remuneration and social security | 45 | €900 | €3,080 | +€2,180 | +242% |
| Taxes | 450/3 | €900 | €2,080 | +€1,180 | +131% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €29,517 | €25,137 | -€4,380 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,834 | €2,406 | +€572 | +31.2% |
| Other operating charges | 640/8 | €753 | €724 | -€28 | -3.8% |
| Gross operating margin | 9900 | -€4,965 | -€8,453 | -€3,489 | -70.3% |
| Operating profit (loss) | 9901 | -€7,551 | -€11,584 | -€4,033 | -53.4% |
| Financial income | 75/76B | €551 | - | -€551 | |
| Recurring financial income | 75 | €551 | - | -€551 | |
| Financial charges | 65/66B | €1,173 | €966 | -€207 | -17.7% |
| Recurring financial charges | 65 | €1,173 | €966 | -€207 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,174 | -€12,550 | -€4,376 | -53.5% |
| Income taxes | 67/77 | €171 | €130 | -€41 | -24.1% |
| Profit (loss) for the period | 9904 | -€8,345 | -€12,680 | -€4,335 | -51.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,345 | -€12,680 | -€4,335 | -51.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.