HORPI Systems: 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.
What changed
HORPI Systems
NACE 72.109, Other research and development on natural sciences
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4,390
2024 · €1,123+€3,267
Equity
€534,034
2024 · €529,644+€4,390
Cash
€955
2024 · €628+€326
Balance sheet total
€572,679
2024 · €601,144-€28,466
Largest movements
Assets
- Intangible fixed assets -€19,386
down €19,386 (-32.2%), from €60,238 to €40,852
- Receivables within one year -€8,936
down €8,936 (-79.2%), from €11,283 to €2,347
of which Trade receivables: -€8,857
Equity and liabilities
- Current portion of long-term debt -€20,466
down €20,466 (-100.0%), from €20,466 to €0
- Other debts -€11,265
down €11,265 (-30.2%), from €37,353 to €26,088
Income statement
- Gross operating margin +€4,087
up €4,087 (+6.7%), from €60,641 to €64,728
- Staff costs +€1,341
up €1,341 (+3.6%), from €37,684 to €39,025
- Financial charges -€828
down €828 (-39.5%), from €2,095 to €1,267
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.
Result 2024
€1,123
Gross operating margin
+€4,087
Staff costs
-€1,341
Depreciation
-€145
Other operating charges
-€162
Financial income
+€0
Financial charges
+€828
Result 2025
€4,390
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.
From operations
+€20,792
Investment
€0
Financing
-€20,466
Cash 2024
€628
From operations (derived)
+€20,792
Net result for the year
+€4,390
Depreciation
+€19,864
Receivables within one year
+€8,936
Deferred charges and accrued income
-€9
Trade debts
+€2,436
Tax, wage and social debts
-€3,561
Other debts
-€11,265
Financing
-€20,466
Current portion of long-term debt
-€20,466
Cash 2025
€955
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €601,144 | €572,679 | -€28,466 | -4.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €586,140 | €566,275 | -€19,864 | -3.4% |
| Intangible fixed assets | 21 | €60,238 | €40,852 | -€19,386 | -32.2% |
| Tangible fixed assets | 22/27 | €1,102 | €624 | -€478 | -43.4% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,102 | €624 | -€478 | -43.4% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €524,800 | €524,800 | = | 0.0% |
| Current assets | 29/58 | €15,004 | €6,403 | -€8,601 | -57.3% |
| Stocks and contracts in progress | 3 | €2,926 | €2,926 | = | 0.0% |
| Stocks | 30/36 | €2,926 | €2,926 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,283 | €2,347 | -€8,936 | -79.2% |
| Trade receivables | 40 | €10,852 | €1,994 | -€8,857 | -81.6% |
| Other amounts receivable | 41 | €432 | €353 | -€79 | -18.3% |
| Cash at bank and in hand | 54/58 | €628 | €955 | +€326 | +51.9% |
| Deferred charges and accrued income | 490/1 | €167 | €176 | +€9 | +5.4% |
| Total equity and liabilities | 10/49 | €601,144 | €572,679 | -€28,466 | -4.7% |
| Equity | 10/15 | €529,644 | €534,034 | +€4,390 | +0.8% |
| Contributions | 10/11 | €685,000 | €685,000 | = | 0.0% |
| Capital | 10 | €685,000 | €685,000 | = | 0.0% |
| Issued capital | 100 | €685,000 | €685,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,356 | -€150,966 | +€4,390 | +2.8% |
| Investment grants | 15 | €0 | €0 | = | |
| Amounts payable | 17/49 | €71,500 | €38,644 | -€32,856 | -46.0% |
| Amounts payable after more than one year | 17 | €0 | €0 | = | |
| Financial debts | 170/4 | €0 | €0 | = | |
| Amounts payable within one year | 42/48 | €71,500 | €38,644 | -€32,856 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €20,466 | €0 | -€20,466 | -100.0% |
| Trade debts | 44 | €308 | €2,744 | +€2,436 | +791.1% |
| Suppliers | 440/4 | €308 | €2,744 | +€2,436 | +791.1% |
| Taxes, remuneration and social security | 45 | €13,373 | €9,812 | -€3,561 | -26.6% |
| Taxes | 450/3 | €6,054 | €5,053 | -€1,001 | -16.5% |
| Remuneration and social security | 454/9 | €7,319 | €4,759 | -€2,560 | -35.0% |
| Other amounts payable | 47/48 | €37,353 | €26,088 | -€11,265 | -30.2% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €37,684 | €39,025 | +€1,341 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,719 | €19,864 | +€145 | +0.7% |
| Other operating charges | 640/8 | €19 | €181 | +€162 | +841.3% |
| Gross operating margin | 9900 | €60,641 | €64,728 | +€4,087 | +6.7% |
| Operating profit (loss) | 9901 | €3,218 | €5,657 | +€2,439 | +75.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,095 | €1,267 | -€828 | -39.5% |
| Recurring financial charges | 65 | €2,095 | €1,267 | -€828 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | €1,123 | €4,390 | +€3,267 | +290.9% |
| Profit (loss) for the period | 9904 | €1,123 | €4,390 | +€3,267 | +290.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,123 | €4,390 | +€3,267 | +290.9% |
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.