Horlogemarkt: 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.
Horlogemarkt
Largest movements
- Cash +€6,562
up €6,562 (+253%), from €2,594 to €9,157
mainly Net result for the year (+€12,120) and Current portion of long-term debt (+€4,176)
- Stocks and contracts +€1,093
up €1,093 (+12.9%), from €8,499 to €9,592
- Intangible fixed assets -€766
down €766 (-83.1%), from €922 to €155
- Tangible fixed assets -€721
down €721 (-5.1%), from €14,019 to €13,298
- Deferred charges and accrued income -€381
down €381 (-21.6%), from €1,767 to €1,386
- Profit (loss) carried forward +€6,120
new in 2025: €6,120
- Current portion of long-term debt +€4,176
up €4,176 (+126%), from €3,319 to €7,494
- Debts after one year -€3,494
down €3,494 (-38.5%), from €9,086 to €5,591
- Reserves -€1,000
down €1,000 (-22.4%), from €4,469 to €3,469
- Tax, wage and social debts -€579
down €579 (-11.7%), from €4,947 to €4,368
of which Remuneration and social security: -€800
- Gross operating margin +€15,016
up €15,016 (+235%), from €6,397 to €21,412
- Taxes +€3,784
up €3,784 (+382%), from €990 to €4,775
- Depreciation +€325
up €325 (+28.0%), from €1,162 to €1,487
- Financial charges -€307
down €307 (-10.8%), from €2,831 to €2,524
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 | €28,102 | €33,824 | +€5,722 | +20.4% |
| Fixed assets | 21/28 | €14,940 | €13,453 | -€1,487 | -10.0% |
| Intangible fixed assets | 21 | €922 | €155 | -€766 | -83.1% |
| Tangible fixed assets | 22/27 | €14,019 | €13,298 | -€721 | -5.1% |
| Plant, machinery and equipment | 23 | €14,019 | €13,298 | -€721 | -5.1% |
| Current assets | 29/58 | €13,162 | €20,371 | +€7,209 | +54.8% |
| Stocks and contracts in progress | 3 | €8,499 | €9,592 | +€1,093 | +12.9% |
| Stocks | 30/36 | €8,499 | €9,592 | +€1,093 | +12.9% |
| Amounts receivable within one year | 40/41 | €301 | €237 | -€65 | -21.5% |
| Trade receivables | 40 | €292 | €237 | -€55 | -18.9% |
| Other amounts receivable | 41 | €10 | - | -€10 | |
| Cash at bank and in hand | 54/58 | €2,594 | €9,157 | +€6,562 | +253% |
| Deferred charges and accrued income | 490/1 | €1,767 | €1,386 | -€381 | -21.6% |
| Total equity and liabilities | 10/49 | €28,102 | €33,824 | +€5,722 | +20.4% |
| Equity | 10/15 | €9,469 | €14,589 | +€5,120 | +54.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €4,469 | €3,469 | -€1,000 | -22.4% |
| Distributable reserves | 133 | €4,469 | €3,469 | -€1,000 | -22.4% |
| Profit (loss) carried forward | 14 | - | €6,120 | +€6,120 | |
| Amounts payable | 17/49 | €18,633 | €19,235 | +€602 | +3.2% |
| Amounts payable after more than one year | 17 | €9,086 | €5,591 | -€3,494 | -38.5% |
| Financial debts | 170/4 | €9,086 | €5,591 | -€3,494 | -38.5% |
| Amounts payable within one year | 42/48 | €9,298 | €13,027 | +€3,728 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €3,319 | €7,494 | +€4,176 | +126% |
| Trade debts | 44 | €920 | €1,105 | +€186 | +20.2% |
| Suppliers | 440/4 | €920 | €1,105 | +€186 | +20.2% |
| Taxes, remuneration and social security | 45 | €4,947 | €4,368 | -€579 | -11.7% |
| Taxes | 450/3 | €4,147 | €4,368 | +€221 | +5.3% |
| Remuneration and social security | 454/9 | €800 | - | -€800 | |
| Other amounts payable | 47/48 | €113 | €59 | -€54 | -47.7% |
| Accrued charges and deferred income | 492/3 | €249 | €617 | +€368 | +148% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,162 | €1,487 | +€325 | +28.0% |
| Other operating charges | 640/8 | €611 | €506 | -€105 | -17.2% |
| Gross operating margin | 9900 | €6,397 | €21,412 | +€15,016 | +235% |
| Operating profit (loss) | 9901 | €4,623 | €19,419 | +€14,796 | +320% |
| Financial income | 75/76B | €8 | €0 | -€8 | -99.5% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -99.5% |
| Financial charges | 65/66B | €2,831 | €2,524 | -€307 | -10.8% |
| Recurring financial charges | 65 | €2,831 | €2,524 | -€307 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €1,800 | €16,895 | +€15,095 | +839% |
| Income taxes | 67/77 | €990 | €4,775 | +€3,784 | +382% |
| Profit (loss) for the period | 9904 | €809 | €12,120 | +€11,311 | +1,397% |
| Profit (loss) for the period to be appropriated | 9905 | €809 | €12,120 | +€11,311 | +1,397% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.