HORNU 2: 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.
HORNU 2
Largest movements
- Cash -€464,665
down €464,665 (-66.7%), from €697,077 to €232,412
mainly Other debts (-€244,520) and Net result for the year (-€154,660)
- Tangible fixed assets +€56,964
up €56,964 (+27.0%), from €211,049 to €268,012
of which Furniture and vehicles: +€93,472
- Other debts -€244,520
down €244,520 (-80.9%), from €302,078 to €57,559
- Profit (loss) carried forward -€154,660
down €154,660 (-28.0%), from €551,548 to €396,888
- Depreciation +€29,939
up €29,939 (+62.2%), from €48,098 to €78,036
- Other operating charges +€16,365
up €16,365 (+5.3%), from €310,009 to €326,374
- Gross operating margin -€12,255
down €12,255 (-4.6%), from €265,964 to €253,710
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 | €959,363 | €555,219 | -€404,143 | -42.1% |
| Fixed assets | 21/28 | €211,049 | €268,012 | +€56,964 | +27.0% |
| Tangible fixed assets | 22/27 | €211,049 | €268,012 | +€56,964 | +27.0% |
| Land and buildings | 22 | €173,304 | €136,796 | -€36,508 | -21.1% |
| Furniture and vehicles | 24 | €37,745 | €131,216 | +€93,472 | +248% |
| Current assets | 29/58 | €748,314 | €287,207 | -€461,107 | -61.6% |
| Amounts receivable within one year | 40/41 | €1,733 | €1,733 | = | 0.0% |
| Trade receivables | 40 | €1,733 | €1,733 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €697,077 | €232,412 | -€464,665 | -66.7% |
| Deferred charges and accrued income | 490/1 | €49,504 | €53,063 | +€3,558 | +7.2% |
| Total equity and liabilities | 10/49 | €959,363 | €555,219 | -€404,143 | -42.1% |
| Equity | 10/15 | €619,748 | €465,088 | -€154,660 | -25.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €551,548 | €396,888 | -€154,660 | -28.0% |
| Amounts payable | 17/49 | €339,615 | €90,131 | -€249,484 | -73.5% |
| Amounts payable after more than one year | 17 | €27,500 | €27,500 | = | 0.0% |
| Other amounts payable | 178/9 | €27,500 | €27,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €312,115 | €62,631 | -€249,484 | -79.9% |
| Trade debts | 44 | €8,818 | €3,630 | -€5,188 | -58.8% |
| Suppliers | 440/4 | €8,818 | €3,630 | -€5,188 | -58.8% |
| Taxes, remuneration and social security | 45 | €1,219 | €1,443 | +€224 | +18.3% |
| Taxes | 450/3 | €1,219 | €1,443 | +€224 | +18.3% |
| Other amounts payable | 47/48 | €302,078 | €57,559 | -€244,520 | -80.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,098 | €78,036 | +€29,939 | +62.2% |
| Other operating charges | 640/8 | €310,009 | €326,374 | +€16,365 | +5.3% |
| Non-recurring operating charges | 66A | - | €2,259 | +€2,259 | |
| Gross operating margin | 9900 | €265,964 | €253,710 | -€12,255 | -4.6% |
| Operating profit (loss) | 9901 | -€92,143 | -€152,959 | -€60,816 | -66.0% |
| Financial charges | 65/66B | €281 | €258 | -€23 | -8.2% |
| Recurring financial charges | 65 | €281 | €258 | -€23 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€92,424 | -€153,217 | -€60,793 | -65.8% |
| Income taxes | 67/77 | €1,219 | €1,443 | +€224 | +18.3% |
| Profit (loss) for the period | 9904 | -€93,643 | -€154,660 | -€61,017 | -65.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,643 | -€154,660 | -€61,017 | -65.2% |
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 23 October 2026 via checked.be.