HORPA: 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.
HORPA
Largest movements
- Receivables within one year +€31,525
up €31,525 (+707%), from €4,460 to €35,985
of which Other amounts receivable: +€19,382
- Deferred charges and accrued income -€3,126
down €3,126 (-78.9%), from €3,963 to €837
- Tangible fixed assets -€1,083
down €1,083 (-62.0%), from €1,748 to €664
of which Furniture and vehicles: -€736
- Profit (loss) carried forward +€59,906
up €59,906 (+31.2%), from -€191,998 to -€132,091
- Tax, wage and social debts -€27,803
down €27,803 (-41.4%), from €67,188 to €39,385
of which Taxes: -€27,041
- Trade debts -€4,457
down €4,457 (-5.0%), from €88,472 to €84,015
- Write-downs -€195,608
no longer reported in 2025 (was €195,608)
- Gross operating margin +€59,308
up €59,308 (+595%), from €9,970 to €69,278
- Other operating charges +€2,523
up €2,523 (+223%), from €1,129 to €3,652
- Financial income +€2,017
up €2,017 (+48,128%), from €4 to €2,021
- Financial charges +€1,601
up €1,601 (+48.8%), from €3,284 to €4,884
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 | €22,325 | €49,972 | +€27,647 | +124% |
| Fixed assets | 21/28 | €13,899 | €13,113 | -€785 | -5.7% |
| Tangible fixed assets | 22/27 | €1,748 | €664 | -€1,083 | -62.0% |
| Plant, machinery and equipment | 23 | €842 | €495 | -€347 | -41.3% |
| Furniture and vehicles | 24 | €905 | €169 | -€736 | -81.3% |
| Financial fixed assets | 28 | €12,151 | €12,449 | +€298 | +2.5% |
| Current assets | 29/58 | €8,427 | €36,858 | +€28,432 | +337% |
| Amounts receivable within one year | 40/41 | €4,460 | €35,985 | +€31,525 | +707% |
| Trade receivables | 40 | €4,460 | €16,603 | +€12,143 | +272% |
| Other amounts receivable | 41 | €0 | €19,382 | +€19,382 | |
| Cash at bank and in hand | 54/58 | €3 | €36 | +€33 | +1,071% |
| Deferred charges and accrued income | 490/1 | €3,963 | €837 | -€3,126 | -78.9% |
| Total equity and liabilities | 10/49 | €22,325 | €49,972 | +€27,647 | +124% |
| Equity | 10/15 | -€133,335 | -€73,428 | +€59,906 | +44.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €40,071 | €40,071 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €38,212 | €38,212 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€191,998 | -€132,091 | +€59,906 | +31.2% |
| Amounts payable | 17/49 | €155,660 | €123,400 | -€32,259 | -20.7% |
| Amounts payable within one year | 42/48 | €155,660 | €123,400 | -€32,259 | -20.7% |
| Trade debts | 44 | €88,472 | €84,015 | -€4,457 | -5.0% |
| Suppliers | 440/4 | €88,472 | €84,015 | -€4,457 | -5.0% |
| Taxes, remuneration and social security | 45 | €67,188 | €39,385 | -€27,803 | -41.4% |
| Taxes | 450/3 | €65,748 | €38,707 | -€27,041 | -41.1% |
| Remuneration and social security | 454/9 | €1,440 | €678 | -€762 | -52.9% |
| Non-recurring operating income | 76A | €2,400 | - | -€2,400 | |
| Remuneration, social security and pensions | 62 | €711 | €750 | +€39 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,240 | €1,083 | -€157 | -12.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €195,608 | - | -€195,608 | |
| Other operating charges | 640/8 | €1,129 | €3,652 | +€2,523 | +223% |
| Gross operating margin | 9900 | €9,970 | €69,278 | +€59,308 | +595% |
| Operating profit (loss) | 9901 | -€188,718 | €63,792 | +€252,511 | |
| Financial income | 75/76B | €4 | €2,021 | +€2,017 | +48,128% |
| Recurring financial income | 75 | €4 | €2,021 | +€2,017 | +48,128% |
| Financial charges | 65/66B | €3,284 | €4,884 | +€1,601 | +48.8% |
| Recurring financial charges | 65 | €3,284 | €4,884 | +€1,601 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | -€191,998 | €60,929 | +€252,926 | |
| Income taxes | 67/77 | - | €1,023 | +€1,023 | |
| Profit (loss) for the period | 9904 | -€191,998 | €59,906 | +€251,904 | |
| Profit (loss) for the period to be appropriated | 9905 | -€191,998 | €59,906 | +€251,904 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.