Hornes 4: 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.
Hornes 4
Largest movements
- Stocks and contracts +€4.1m
up €4.1m (+50.5%), from €8.2m to €12.3m
- Debts after one year +€4.1m
up €4.1m (+48.3%), from €8.5m to €12.6m
of which Other amounts payable: +€4.0m
- Trade debts +€175,815
up €175,815 (+2,871%), from €6,124 to €181,938
- Other operating charges +€4,064
up €4,064 (+5.7%), from €70,954 to €75,018
- Gross operating margin +€241
up €241 (+1.1%), from -€21,793 to -€21,552
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 | €8,173,643 | €12,328,679 | +€4.2m | +50.8% |
| Current assets | 29/58 | €8,173,643 | €12,328,679 | +€4.2m | +50.8% |
| Stocks and contracts in progress | 3 | €8,163,282 | €12,288,827 | +€4.1m | +50.5% |
| Stocks | 30/36 | €8,163,282 | €12,288,827 | +€4.1m | +50.5% |
| Amounts receivable within one year | 40/41 | €5,530 | €37,033 | +€31,503 | +570% |
| Trade receivables | 40 | - | €102 | +€102 | |
| Other amounts receivable | 41 | €5,530 | €36,930 | +€31,400 | +568% |
| Cash at bank and in hand | 54/58 | €2,568 | €410 | -€2,157 | -84.0% |
| Deferred charges and accrued income | 490/1 | €2,264 | €2,409 | +€146 | +6.4% |
| Total equity and liabilities | 10/49 | €8,173,643 | €12,328,679 | +€4.2m | +50.8% |
| Equity | 10/15 | -€364,190 | -€461,777 | -€97,587 | -26.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€369,190 | -€466,777 | -€97,587 | -26.4% |
| Amounts payable | 17/49 | €8,537,833 | €12,790,456 | +€4.3m | +49.8% |
| Amounts payable after more than one year | 17 | €8,470,080 | €12,558,874 | +€4.1m | +48.3% |
| Financial debts | 170/4 | €6,200,249 | €6,300,000 | +€99,751 | +1.6% |
| Other amounts payable | 178/9 | €2,269,831 | €6,258,874 | +€4.0m | +176% |
| Amounts payable within one year | 42/48 | €51,352 | €217,828 | +€166,476 | +324% |
| Financial debts | 43 | €45,228 | €35,890 | -€9,338 | -20.6% |
| Credit institutions | 430/8 | €45,228 | €35,890 | -€9,338 | -20.6% |
| Trade debts | 44 | €6,124 | €181,938 | +€175,815 | +2,871% |
| Suppliers | 440/4 | €6,124 | €181,938 | +€175,815 | +2,871% |
| Accrued charges and deferred income | 492/3 | €16,400 | €13,754 | -€2,647 | -16.1% |
| Other operating charges | 640/8 | €70,954 | €75,018 | +€4,064 | +5.7% |
| Gross operating margin | 9900 | -€21,793 | -€21,552 | +€241 | +1.1% |
| Operating profit (loss) | 9901 | -€92,747 | -€96,571 | -€3,823 | -4.1% |
| Financial charges | 65/66B | €801 | €1,016 | +€215 | +26.8% |
| Recurring financial charges | 65 | €801 | €1,016 | +€215 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | -€93,549 | -€97,587 | -€4,038 | -4.3% |
| Profit (loss) for the period | 9904 | -€93,549 | -€97,587 | -€4,038 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,549 | -€97,587 | -€4,038 | -4.3% |
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 21 October 2026 via checked.be.