HOROWITZ: what changed
Two fiscal 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.
HOROWITZ
Largest movements
- Cash +€18,522
up €18,522 (+184.1%), from €10,061 to €28,583
mainly Net result for the year (+€20,884) and Other debts (+€2,640)
- Receivables within one year +€2,098
up €2,098 (+815.0%), from €257 to €2,356
of which Other amounts receivable: +€1,247
- Tangible fixed assets +€687
up €687 (+160.6%), from €428 to €1,114
of which Furniture and vehicles: +€437
- Reserves +€17,884
up €17,884 (+418.1%), from €4,278 to €22,162
- Other debts +€2,640
up €2,640 (+128.4%), from €2,057 to €4,697
- Trade debts +€1,052
new in 2025: €1,052
- Gross operating margin +€22,840
up €22,840 (+335.8%), from €6,802 to €29,643
- Taxes +€4,549
up €4,549 (+248.7%), from €1,829 to €6,378
- Staff costs +€1,288
up €1,288 (+194.0%), from €664 to €1,952
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.
Cash bridge derived
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 | €10,746 | €32,053 | +€21,307 | +198.3% |
| Fixed assets | 21/28 | €428 | €1,114 | +€687 | +160.6% |
| Tangible fixed assets | 22/27 | €428 | €1,114 | +€687 | +160.6% |
| Plant, machinery and equipment | 23 | €428 | €677 | +€250 | +58.4% |
| Furniture and vehicles | 24 | - | €437 | +€437 | |
| Current assets | 29/58 | €10,319 | €30,939 | +€20,620 | +199.8% |
| Amounts receivable within one year | 40/41 | €257 | €2,356 | +€2,098 | +815.0% |
| Trade receivables | 40 | €257 | €1,109 | +€851 | +330.6% |
| Other amounts receivable | 41 | - | €1,247 | +€1,247 | |
| Cash at bank and in hand | 54/58 | €10,061 | €28,583 | +€18,522 | +184.1% |
| Total equity and liabilities | 10/49 | €10,746 | €32,053 | +€21,307 | +198.3% |
| Equity | 10/15 | €4,378 | €22,262 | +€17,884 | +408.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €4,278 | €22,162 | +€17,884 | +418.1% |
| Distributable reserves | 133 | €4,278 | €22,162 | +€17,884 | +418.1% |
| Amounts payable | 17/49 | €6,368 | €9,791 | +€3,423 | +53.7% |
| Amounts payable within one year | 42/48 | €6,368 | €9,791 | +€3,423 | +53.7% |
| Trade debts | 44 | - | €1,052 | +€1,052 | |
| Suppliers | 440/4 | - | €1,052 | +€1,052 | |
| Taxes, remuneration and social security | 45 | €4,312 | €4,042 | -€270 | -6.3% |
| Taxes | 450/3 | €4,312 | €4,042 | -€270 | -6.3% |
| Other amounts payable | 47/48 | €2,057 | €4,697 | +€2,640 | +128.4% |
| Remuneration, social security and pensions | 62 | €664 | €1,952 | +€1,288 | +194.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21 | €267 | +€246 | +1152.2% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €6,802 | €29,643 | +€22,840 | +335.8% |
| Operating profit (loss) | 9901 | €6,117 | €27,304 | +€21,187 | +346.4% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €10 | €53 | +€43 | +424.2% |
| Recurring financial charges | 65 | €10 | €53 | +€43 | +424.2% |
| Profit (loss) for the period before taxes | 9903 | €6,107 | €27,263 | +€21,156 | +346.4% |
| Income taxes | 67/77 | €1,829 | €6,378 | +€4,549 | +248.7% |
| Profit (loss) for the period | 9904 | €4,278 | €20,884 | +€16,607 | +388.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,278 | €20,884 | +€16,607 | +388.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.