HORNIG: 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.
HORNIG
Largest movements
- Receivables within one year -€25,617
down €25,617 (-58.2%), from €44,031 to €18,414
of which Trade receivables: -€23,355
- Tangible fixed assets -€13,668
down €13,668 (-9.5%), from €144,420 to €130,753
of which Land and buildings: -€13,185
- Cash -€12,483
down €12,483 (-12.7%), from €98,150 to €85,667
mainly Net result for the year (-€23,704) and Debts after one year (-€19,212)
- Profit (loss) carried forward -€23,704
down €23,704 (-22.1%), from €107,083 to €83,379
- Debts after one year -€19,212
down €19,212 (-18.3%), from €104,862 to €85,651
- Advances received -€9,100
no longer reported in 2025 (was €9,100)
- Other debts +€3,549
up €3,549 (+10.9%), from €32,485 to €36,035
- Trade debts -€3,238
down €3,238 (-64.2%), from €5,042 to €1,804
- Other operating charges +€13,450
up €13,450 (+524%), from €2,568 to €16,018
- Gross operating margin -€13,391
down €13,391 (-60.9%), from €21,984 to €8,593
- Depreciation -€433
down €433 (-3.1%), from €14,101 to €13,668
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 | €286,657 | €234,890 | -€51,768 | -18.1% |
| Fixed assets | 21/28 | €144,476 | €130,809 | -€13,668 | -9.5% |
| Tangible fixed assets | 22/27 | €144,420 | €130,753 | -€13,668 | -9.5% |
| Land and buildings | 22 | €143,938 | €130,753 | -€13,185 | -9.2% |
| Furniture and vehicles | 24 | €482 | - | -€482 | |
| Financial fixed assets | 28 | €56 | €56 | = | 0.0% |
| Current assets | 29/58 | €142,181 | €104,081 | -€38,100 | -26.8% |
| Amounts receivable within one year | 40/41 | €44,031 | €18,414 | -€25,617 | -58.2% |
| Trade receivables | 40 | €23,415 | €60 | -€23,355 | -99.7% |
| Other amounts receivable | 41 | €20,616 | €18,354 | -€2,262 | -11.0% |
| Cash at bank and in hand | 54/58 | €98,150 | €85,667 | -€12,483 | -12.7% |
| Total equity and liabilities | 10/49 | €286,657 | €234,890 | -€51,768 | -18.1% |
| Equity | 10/15 | €115,143 | €91,439 | -€23,704 | -20.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,083 | €83,379 | -€23,704 | -22.1% |
| Amounts payable | 17/49 | €171,515 | €143,451 | -€28,063 | -16.4% |
| Amounts payable after more than one year | 17 | €104,862 | €85,651 | -€19,212 | -18.3% |
| Financial debts | 170/4 | €104,862 | €85,651 | -€19,212 | -18.3% |
| Amounts payable within one year | 42/48 | €65,952 | €57,051 | -€8,902 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €18,867 | €19,212 | +€345 | +1.8% |
| Trade debts | 44 | €5,042 | €1,804 | -€3,238 | -64.2% |
| Suppliers | 440/4 | €5,042 | €1,804 | -€3,238 | -64.2% |
| Advances received on contracts in progress | 46 | €9,100 | - | -€9,100 | |
| Taxes, remuneration and social security | 45 | €459 | - | -€459 | |
| Taxes | 450/3 | €459 | - | -€459 | |
| Other amounts payable | 47/48 | €32,485 | €36,035 | +€3,549 | +10.9% |
| Accrued charges and deferred income | 492/3 | €700 | €750 | +€50 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,101 | €13,668 | -€433 | -3.1% |
| Other operating charges | 640/8 | €2,568 | €16,018 | +€13,450 | +524% |
| Gross operating margin | 9900 | €21,984 | €8,593 | -€13,391 | -60.9% |
| Operating profit (loss) | 9901 | €5,315 | -€21,092 | -€26,407 | |
| Financial charges | 65/66B | €2,741 | €2,612 | -€129 | -4.7% |
| Recurring financial charges | 65 | €2,741 | €2,612 | -€129 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €2,574 | -€23,704 | -€26,278 | |
| Profit (loss) for the period | 9904 | €2,574 | -€23,704 | -€26,278 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,574 | -€23,704 | -€26,278 |
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 18 October 2026 via checked.be.