Horplus: 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.
Horplus
Largest movements
- Tangible fixed assets -€228,857
down €228,857 (-13.5%), from €1.7m to €1.5m
of which Furniture and vehicles: -€144,068
- Receivables within one year +€203,173
up €203,173 (+267%), from €76,119 to €279,292
of which Other amounts receivable: +€107,326
- Cash -€85,563
down €85,563 (-43.6%), from €196,332 to €110,769
mainly Debts after one year (-€333,625) and Receivables within one year (-€203,173)
- Intangible fixed assets -€81,185
down €81,185 (-10.6%), from €762,494 to €681,309
- Debts after one year -€333,625
down €333,625 (-21.8%), from €1.5m to €1.2m
- Reserves +€153,350
up €153,350 (+22.5%), from €682,450 to €835,800
- Current portion of long-term debt +€38,431
up €38,431 (+13.2%), from €292,194 to €330,625
- Tax, wage and social debts -€35,325
down €35,325 (-35.3%), from €100,120 to €64,795
of which Taxes: -€48,025
- Financial income -€193,363
down €193,363 (-88.2%), from €219,170 to €25,807
- Gross operating margin +€89,902
up €89,902 (+9.6%), from €935,305 to €1.0m
- Staff costs -€32,606
down €32,606 (-9.5%), from €343,601 to €310,995
- Other operating charges +€19,540
up €19,540 (+130%), from €14,983 to €34,523
- Taxes -€18,917
down €18,917 (-15.4%), from €123,184 to €104,267
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.
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 | €2,784,791 | €2,606,609 | -€178,183 | -6.4% |
| Fixed assets | 21/28 | €2,456,063 | €2,171,022 | -€285,042 | -11.6% |
| Intangible fixed assets | 21 | €762,494 | €681,309 | -€81,185 | -10.6% |
| Tangible fixed assets | 22/27 | €1,693,119 | €1,464,262 | -€228,857 | -13.5% |
| Land and buildings | 22 | €1,121,472 | €1,067,650 | -€53,822 | -4.8% |
| Plant, machinery and equipment | 23 | €102,182 | €71,216 | -€30,966 | -30.3% |
| Furniture and vehicles | 24 | €469,465 | €325,396 | -€144,068 | -30.7% |
| Financial fixed assets | 28 | €450 | €25,450 | +€25,000 | +5,556% |
| Current assets | 29/58 | €328,728 | €435,587 | +€106,859 | +32.5% |
| Stocks and contracts in progress | 3 | €54,345 | €43,027 | -€11,318 | -20.8% |
| Stocks | 30/36 | €54,345 | €43,027 | -€11,318 | -20.8% |
| Amounts receivable within one year | 40/41 | €76,119 | €279,292 | +€203,173 | +267% |
| Trade receivables | 40 | €76,039 | €171,886 | +€95,847 | +126% |
| Other amounts receivable | 41 | €80 | €107,406 | +€107,326 | +133,773% |
| Cash at bank and in hand | 54/58 | €196,332 | €110,769 | -€85,563 | -43.6% |
| Deferred charges and accrued income | 490/1 | €1,931 | €2,498 | +€567 | +29.3% |
| Total equity and liabilities | 10/49 | €2,784,791 | €2,606,609 | -€178,183 | -6.4% |
| Equity | 10/15 | €718,064 | €871,444 | +€153,380 | +21.4% |
| Contributions | 10/11 | €27,000 | €27,000 | = | 0.0% |
| Reserves | 13 | €682,450 | €835,800 | +€153,350 | +22.5% |
| Distributable reserves | 133 | €682,450 | €835,800 | +€153,350 | +22.5% |
| Profit (loss) carried forward | 14 | €8,614 | €8,644 | +€30 | +0.4% |
| Amounts payable | 17/49 | €2,066,728 | €1,735,165 | -€331,563 | -16.0% |
| Amounts payable after more than one year | 17 | €1,533,103 | €1,199,478 | -€333,625 | -21.8% |
| Financial debts | 170/4 | €1,533,103 | €1,199,478 | -€333,625 | -21.8% |
| Amounts payable within one year | 42/48 | €533,625 | €535,673 | +€2,048 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €292,194 | €330,625 | +€38,431 | +13.2% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €64,685 | €65,253 | +€567 | +0.9% |
| Suppliers | 440/4 | €64,685 | €65,253 | +€567 | +0.9% |
| Advances received on contracts in progress | 46 | €1,625 | - | -€1,625 | |
| Taxes, remuneration and social security | 45 | €100,120 | €64,795 | -€35,325 | -35.3% |
| Taxes | 450/3 | €71,688 | €23,662 | -€48,025 | -67.0% |
| Remuneration and social security | 454/9 | €28,433 | €41,132 | +€12,700 | +44.7% |
| Accrued charges and deferred income | 492/3 | - | €14 | +€14 | |
| Non-recurring operating income | 76A | €25,847 | €43,817 | +€17,970 | +69.5% |
| Remuneration, social security and pensions | 62 | €343,601 | €310,995 | -€32,606 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311,779 | €308,804 | -€2,975 | -1.0% |
| Other operating charges | 640/8 | €14,983 | €34,523 | +€19,540 | +130% |
| Non-recurring operating charges | 66A | €15,240 | €1,073 | -€14,167 | -93.0% |
| Gross operating margin | 9900 | €935,305 | €1,025,207 | +€89,902 | +9.6% |
| Operating profit (loss) | 9901 | €249,702 | €369,812 | +€120,110 | +48.1% |
| Financial income | 75/76B | €219,170 | €25,807 | -€193,363 | -88.2% |
| Recurring financial income | 75 | €219,170 | €25,807 | -€193,363 | -88.2% |
| Financial charges | 65/66B | €76,540 | €71,472 | -€5,068 | -6.6% |
| Recurring financial charges | 65 | €76,540 | €71,472 | -€5,068 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €392,332 | €324,147 | -€68,185 | -17.4% |
| Income taxes | 67/77 | €123,184 | €104,267 | -€18,917 | -15.4% |
| Profit (loss) for the period | 9904 | €269,148 | €219,880 | -€49,268 | -18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €269,148 | €219,880 | -€49,268 | -18.3% |
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 25 October 2026 via checked.be.