HORS CHAMPS: 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.
HORS CHAMPS
Largest movements
- Cash -€80,209
down €80,209 (-50.7%), from €158,202 to €77,993
mainly Net result for the year (-€49,110) and Receivables within one year (-€27,282)
- Receivables within one year +€27,282
up €27,282 (+72.1%), from €37,853 to €65,135
- Tangible fixed assets -€23,741
down €23,741 (-21.0%), from €112,974 to €89,233
of which Plant, machinery and equipment: -€15,990
- Deferred charges and accrued income +€7,724
up €7,724 (+466.9%), from €1,654 to €9,378
- Stocks and contracts -€4,630
down €4,630 (-11.0%), from €42,026 to €37,396
- Profit (loss) carried forward -€49,110
down €49,110, from €21,243 to -€27,867
- Trade debts +€26,120
up €26,120 (+22.5%), from €116,161 to €142,281
- Tax, wage and social debts -€24,333
down €24,333 (-30.9%), from €78,749 to €54,416
of which Taxes: -€13,219
- Debts after one year -€22,525
down €22,525 (-62.3%), from €36,181 to €13,656
- Accrued charges and deferred income -€4,863
no longer reported in 2025 (was €4,863)
- Gross operating margin -€33,157
down €33,157 (-6.8%), from €489,659 to €456,502
- Staff costs +€24,961
up €24,961 (+5.8%), from €429,828 to €454,789
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 | €352,809 | €279,235 | -€73,574 | -20.9% |
| Fixed assets | 21/28 | €113,074 | €89,333 | -€23,741 | -21.0% |
| Tangible fixed assets | 22/27 | €112,974 | €89,233 | -€23,741 | -21.0% |
| Plant, machinery and equipment | 23 | €61,074 | €45,084 | -€15,990 | -26.2% |
| Furniture and vehicles | 24 | €51,900 | €44,149 | -€7,751 | -14.9% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €239,735 | €189,902 | -€49,833 | -20.8% |
| Stocks and contracts in progress | 3 | €42,026 | €37,396 | -€4,630 | -11.0% |
| Stocks | 30/36 | €42,026 | €37,396 | -€4,630 | -11.0% |
| Amounts receivable within one year | 40/41 | €37,853 | €65,135 | +€27,282 | +72.1% |
| Trade receivables | 40 | €37,853 | €65,135 | +€27,282 | +72.1% |
| Cash at bank and in hand | 54/58 | €158,202 | €77,993 | -€80,209 | -50.7% |
| Deferred charges and accrued income | 490/1 | €1,654 | €9,378 | +€7,724 | +466.9% |
| Total equity and liabilities | 10/49 | €352,809 | €279,235 | -€73,574 | -20.9% |
| Equity | 10/15 | €65,243 | €16,133 | -€49,110 | -75.3% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €4,000 | €4,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Other | 1319 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,243 | -€27,867 | -€49,110 | |
| Amounts payable | 17/49 | €287,566 | €263,102 | -€24,464 | -8.5% |
| Amounts payable after more than one year | 17 | €36,181 | €13,656 | -€22,525 | -62.3% |
| Financial debts | 170/4 | €36,181 | €13,656 | -€22,525 | -62.3% |
| Amounts payable within one year | 42/48 | €246,521 | €249,446 | +€2,924 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €22,149 | €22,525 | +€376 | +1.7% |
| Financial debts | 43 | €8,579 | €8,675 | +€96 | +1.1% |
| Credit institutions | 430/8 | €8,579 | €8,675 | +€96 | +1.1% |
| Trade debts | 44 | €116,161 | €142,281 | +€26,120 | +22.5% |
| Suppliers | 440/4 | €116,161 | €142,281 | +€26,120 | +22.5% |
| Taxes, remuneration and social security | 45 | €78,749 | €54,416 | -€24,333 | -30.9% |
| Taxes | 450/3 | €34,372 | €21,154 | -€13,219 | -38.5% |
| Remuneration and social security | 454/9 | €44,377 | €33,262 | -€11,115 | -25.0% |
| Other amounts payable | 47/48 | €20,883 | €21,550 | +€666 | +3.2% |
| Accrued charges and deferred income | 492/3 | €4,863 | - | -€4,863 | |
| Remuneration, social security and pensions | 62 | €429,828 | €454,789 | +€24,961 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,043 | €43,360 | -€1,683 | -3.7% |
| Other operating charges | 640/8 | €237 | €1,143 | +€906 | +382.3% |
| Gross operating margin | 9900 | €489,659 | €456,502 | -€33,157 | -6.8% |
| Operating profit (loss) | 9901 | €14,551 | -€42,790 | -€57,341 | |
| Financial income | 75/76B | €22 | €89 | +€67 | +306.2% |
| Recurring financial income | 75 | €22 | €89 | +€67 | +306.2% |
| Financial charges | 65/66B | €11,152 | €6,410 | -€4,743 | -42.5% |
| Recurring financial charges | 65 | €11,152 | €6,410 | -€4,743 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €3,421 | -€49,110 | -€52,531 | |
| Profit (loss) for the period | 9904 | €3,421 | -€49,110 | -€52,531 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,421 | -€49,110 | -€52,531 |
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 12 October 2026 via checked.be.