Hormao: 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.
Hormao
Largest movements
- Receivables within one year -€2,140
down €2,140 (-59.8%), from €3,581 to €1,441
- Tangible fixed assets -€1,977
down €1,977 (-30.6%), from €6,462 to €4,485
- Cash +€1,692
up €1,692 (+74.2%), from €2,280 to €3,973
mainly Other debts (+€7,949) and Receivables within one year (+€2,140)
- Deferred charges and accrued income +€523
up €523 (+246%), from €213 to €735
- Profit (loss) carried forward -€7,986
down €7,986 (-55,649%), from -€14 to -€8,000
- Other debts +€7,949
up €7,949 (+405%), from €1,965 to €9,914
- Debts after one year -€1,696
no longer reported in 2025 (was €1,696)
- Tax, wage and social debts -€1,039
down €1,039 (-78.3%), from €1,326 to €287
- Trade debts +€816
up €816 (+132%), from €618 to €1,434
- Gross operating margin +€2,644
up €2,644 (+36.6%), from -€7,221 to -€4,578
- Other operating charges -€708
down €708 (-52.6%), from €1,346 to €638
- Financial charges -€262
down €262 (-26.7%), from €980 to €718
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 | €15,338 | €13,331 | -€2,006 | -13.1% |
| Fixed assets | 21/28 | €7,114 | €5,037 | -€2,077 | -29.2% |
| Intangible fixed assets | 21 | €652 | €552 | -€100 | -15.3% |
| Tangible fixed assets | 22/27 | €6,462 | €4,485 | -€1,977 | -30.6% |
| Plant, machinery and equipment | 23 | €6,462 | €4,485 | -€1,977 | -30.6% |
| Current assets | 29/58 | €8,223 | €8,294 | +€70 | +0.9% |
| Stocks and contracts in progress | 3 | €2,150 | €2,145 | -€5 | -0.2% |
| Stocks | 30/36 | €2,150 | €2,145 | -€5 | -0.2% |
| Amounts receivable within one year | 40/41 | €3,581 | €1,441 | -€2,140 | -59.8% |
| Trade receivables | 40 | €3,581 | €1,441 | -€2,140 | -59.8% |
| Cash at bank and in hand | 54/58 | €2,280 | €3,973 | +€1,692 | +74.2% |
| Deferred charges and accrued income | 490/1 | €213 | €735 | +€523 | +246% |
| Total equity and liabilities | 10/49 | €15,338 | €13,331 | -€2,006 | -13.1% |
| Equity | 10/15 | €7,986 | €0 | -€7,986 | -100.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14 | -€8,000 | -€7,986 | -55,649% |
| Amounts payable | 17/49 | €7,352 | €13,331 | +€5,979 | +81.3% |
| Amounts payable after more than one year | 17 | €1,696 | - | -€1,696 | |
| Financial debts | 170/4 | €1,696 | - | -€1,696 | |
| Amounts payable within one year | 42/48 | €5,656 | €13,331 | +€7,675 | +136% |
| Current portion of amounts payable after more than one year | 42 | €1,747 | €1,696 | -€51 | -2.9% |
| Trade debts | 44 | €618 | €1,434 | +€816 | +132% |
| Suppliers | 440/4 | €618 | €1,434 | +€816 | +132% |
| Taxes, remuneration and social security | 45 | €1,326 | €287 | -€1,039 | -78.3% |
| Taxes | 450/3 | €1,326 | €287 | -€1,039 | -78.3% |
| Other amounts payable | 47/48 | €1,965 | €9,914 | +€7,949 | +405% |
| Non-recurring operating income | 76A | €1,564 | - | -€1,564 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,077 | €2,077 | = | 0.0% |
| Other operating charges | 640/8 | €1,346 | €638 | -€708 | -52.6% |
| Gross operating margin | 9900 | -€7,221 | -€4,578 | +€2,644 | +36.6% |
| Operating profit (loss) | 9901 | -€10,644 | -€7,292 | +€3,352 | +31.5% |
| Financial income | 75/76B | €0 | €25 | +€25 | +6,135% |
| Recurring financial income | 75 | €0 | €25 | +€25 | +6,135% |
| Financial charges | 65/66B | €980 | €718 | -€262 | -26.7% |
| Recurring financial charges | 65 | €980 | €718 | -€262 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,624 | -€7,986 | +€3,638 | +31.3% |
| Profit (loss) for the period | 9904 | -€11,624 | -€7,986 | +€3,638 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,624 | -€7,986 | +€3,638 | +31.3% |
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 15 October 2026 via checked.be.