HORLOTEC: 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.
HORLOTEC
Largest movements
- Receivables within one year -€2,090
down €2,090 (-95.4%), from €2,190 to €100
- Cash -€1,055
down €1,055 (-7.8%), from €13,475 to €12,420
mainly Net result for the year (-€8,714) and Trade debts (-€22)
- Stocks and contracts -€250
down €250 (-7.8%), from €3,220 to €2,970
- Profit (loss) carried forward -€8,714
down €8,714 (-49.7%), from -€17,517 to -€26,231
- Other debts +€5,341
up €5,341 (+37.5%), from €14,242 to €19,583
- Gross operating margin +€1,734
up €1,734 (+17.2%), from -€10,078 to -€8,344
- Financial charges -€771
down €771 (-67.6%), from €1,141 to €370
- Other operating charges -€429
no longer reported in 2025 (was €429)
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 | €18,928 | €15,533 | -€3,395 | -17.9% |
| Fixed assets | 21/28 | €43 | €43 | = | 0.0% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €18,885 | €15,490 | -€3,395 | -18.0% |
| Stocks and contracts in progress | 3 | €3,220 | €2,970 | -€250 | -7.8% |
| Stocks | 30/36 | €3,220 | €2,970 | -€250 | -7.8% |
| Amounts receivable within one year | 40/41 | €2,190 | €100 | -€2,090 | -95.4% |
| Other amounts receivable | 41 | €2,190 | €100 | -€2,090 | -95.4% |
| Cash at bank and in hand | 54/58 | €13,475 | €12,420 | -€1,055 | -7.8% |
| Total equity and liabilities | 10/49 | €18,928 | €15,533 | -€3,395 | -17.9% |
| Equity | 10/15 | €4,461 | -€4,253 | -€8,714 | |
| Contributions | 10/11 | €19,980 | €19,980 | = | 0.0% |
| Reserves | 13 | €1,998 | €1,998 | = | 0.0% |
| Distributable reserves | 133 | €1,998 | €1,998 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,517 | -€26,231 | -€8,714 | -49.7% |
| Amounts payable | 17/49 | €14,467 | €19,786 | +€5,319 | +36.8% |
| Amounts payable within one year | 42/48 | €14,467 | €19,786 | +€5,319 | +36.8% |
| Trade debts | 44 | €225 | €203 | -€22 | -9.8% |
| Suppliers | 440/4 | €225 | €203 | -€22 | -9.8% |
| Other amounts payable | 47/48 | €14,242 | €19,583 | +€5,341 | +37.5% |
| Other operating charges | 640/8 | €429 | - | -€429 | |
| Gross operating margin | 9900 | -€10,078 | -€8,344 | +€1,734 | +17.2% |
| Operating profit (loss) | 9901 | -€10,507 | -€8,344 | +€2,163 | +20.6% |
| Financial charges | 65/66B | €1,141 | €370 | -€771 | -67.6% |
| Recurring financial charges | 65 | €1,141 | €370 | -€771 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,648 | -€8,714 | +€2,934 | +25.2% |
| Profit (loss) for the period | 9904 | -€11,648 | -€8,714 | +€2,934 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,648 | -€8,714 | +€2,934 | +25.2% |
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 19 October 2026 via checked.be.