HORMESE: 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.
HORMESE
Largest movements
- Receivables after one year +€30,000
up €30,000 (+42.9%), from €70,000 to €100,000
- Receivables within one year -€26,308
down €26,308 (-57.5%), from €45,741 to €19,434
of which Other amounts receivable: -€25,832
- Cash -€17,865
down €17,865 (-69.2%), from €25,830 to €7,965
mainly Receivables after one year (-€30,000) and Other debts (-€25,521)
- Tangible fixed assets -€10,661
down €10,661 (-2.7%), from €388,265 to €377,604
of which Land and buildings: -€9,806
- Profit (loss) carried forward +€33,435
up €33,435 (+19.5%), from €171,151 to €204,586
- Other debts -€25,521
no longer reported in 2025 (was €25,521)
- Debts after one year -€16,289
down €16,289 (-6.0%), from €271,288 to €254,999
- Tax, wage and social debts -€12,699
down €12,699 (-33.8%), from €37,551 to €24,852
- Gross operating margin +€9,987
up €9,987 (+20.3%), from €49,294 to €59,281
- Taxes +€3,260
up €3,260 (+52.8%), from €6,171 to €9,431
- Depreciation -€2,147
down €2,147 (-16.8%), from €12,808 to €10,661
- Financial charges -€1,216
down €1,216 (-9.8%), from €12,373 to €11,157
- Financial income +€699
up €699 (+14.4%), from €4,871 to €5,570
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 | €530,835 | €506,246 | -€24,589 | -4.6% |
| Fixed assets | 21/28 | €388,265 | €377,604 | -€10,661 | -2.7% |
| Tangible fixed assets | 22/27 | €388,265 | €377,604 | -€10,661 | -2.7% |
| Land and buildings | 22 | €387,219 | €377,413 | -€9,806 | -2.5% |
| Plant, machinery and equipment | 23 | €401 | €191 | -€210 | -52.3% |
| Furniture and vehicles | 24 | €645 | - | -€645 | |
| Current assets | 29/58 | €142,570 | €128,643 | -€13,927 | -9.8% |
| Amounts receivable after more than one year | 29 | €70,000 | €100,000 | +€30,000 | +42.9% |
| Other amounts receivable | 291 | €70,000 | €100,000 | +€30,000 | +42.9% |
| Amounts receivable within one year | 40/41 | €45,741 | €19,434 | -€26,308 | -57.5% |
| Trade receivables | 40 | €15,741 | €15,265 | -€476 | -3.0% |
| Other amounts receivable | 41 | €30,000 | €4,168 | -€25,832 | -86.1% |
| Cash at bank and in hand | 54/58 | €25,830 | €7,965 | -€17,865 | -69.2% |
| Deferred charges and accrued income | 490/1 | €999 | €1,244 | +€245 | +24.5% |
| Total equity and liabilities | 10/49 | €530,835 | €506,246 | -€24,589 | -4.6% |
| Equity | 10/15 | €174,451 | €207,886 | +€33,435 | +19.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €300 | €300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Legal reserve | 130 | €300 | €300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,151 | €204,586 | +€33,435 | +19.5% |
| Amounts payable | 17/49 | €356,384 | €298,360 | -€58,024 | -16.3% |
| Amounts payable after more than one year | 17 | €271,288 | €254,999 | -€16,289 | -6.0% |
| Financial debts | 170/4 | €271,288 | €254,999 | -€16,289 | -6.0% |
| Amounts payable within one year | 42/48 | €85,096 | €43,361 | -€41,735 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €15,659 | €16,289 | +€630 | +4.0% |
| Trade debts | 44 | €6,366 | €2,220 | -€4,146 | -65.1% |
| Suppliers | 440/4 | €6,366 | €2,220 | -€4,146 | -65.1% |
| Taxes, remuneration and social security | 45 | €37,551 | €24,852 | -€12,699 | -33.8% |
| Taxes | 450/3 | €37,551 | €24,852 | -€12,699 | -33.8% |
| Other amounts payable | 47/48 | €25,521 | - | -€25,521 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,808 | €10,661 | -€2,147 | -16.8% |
| Other operating charges | 640/8 | €118 | €166 | +€48 | +40.7% |
| Gross operating margin | 9900 | €49,294 | €59,281 | +€9,987 | +20.3% |
| Operating profit (loss) | 9901 | €36,368 | €48,453 | +€12,086 | +33.2% |
| Financial income | 75/76B | €4,871 | €5,570 | +€699 | +14.4% |
| Recurring financial income | 75 | €4,871 | €5,570 | +€699 | +14.4% |
| Financial charges | 65/66B | €12,373 | €11,157 | -€1,216 | -9.8% |
| Recurring financial charges | 65 | €12,373 | €11,157 | -€1,216 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €28,865 | €42,866 | +€14,001 | +48.5% |
| Income taxes | 67/77 | €6,171 | €9,431 | +€3,260 | +52.8% |
| Profit (loss) for the period | 9904 | €22,694 | €33,435 | +€10,741 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,694 | €33,435 | +€10,741 | +47.3% |
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 16 October 2026 via checked.be.