HORS Holding: 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 Holding
Largest movements
- Receivables after one year -€2.9m
down €2.9m (-77.6%), from €3.7m to €830,947
- Receivables within one year -€701,235
down €701,235 (-40.3%), from €1.7m to €1.0m
of which Other amounts receivable: -€631,875
- Cash +€158,310
up €158,310 (+12.7%), from €1.3m to €1.4m
mainly Receivables after one year (+€2.9m) and Net result for the year (+€881,903)
- Tangible fixed assets +€100,043
up €100,043 (+13.2%), from €759,673 to €859,715
of which Furniture and vehicles: +€132,796
- Reserves -€3.6m
down €3.6m (-47.2%), from €7.6m to €4.0m
of which Distributable reserves: -€3.6m
- Debts after one year +€99,099
new in 2025: €99,099
- Tax, wage and social debts +€87,754
up €87,754 (+74.2%), from €118,346 to €206,100
- Financial income -€358,122
down €358,122 (-24.9%), from €1.4m to €1.1m
- Gross operating margin -€54,590
down €54,590, from €24,000 to -€30,590
- Taxes -€40,163
down €40,163 (-31.2%), from €128,703 to €88,540
- Depreciation +€28,686
up €28,686 (+65.6%), from €43,715 to €72,401
- Financial charges +€2,541
up €2,541 (+381%), from €666 to €3,207
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 | €7,789,786 | €4,403,744 | -€3.4m | -43.5% |
| Fixed assets | 21/28 | €949,425 | €1,049,468 | +€100,043 | +10.5% |
| Tangible fixed assets | 22/27 | €759,673 | €859,715 | +€100,043 | +13.2% |
| Land and buildings | 22 | €730,583 | €696,815 | -€33,767 | -4.6% |
| Plant, machinery and equipment | 23 | - | €1,014 | +€1,014 | |
| Furniture and vehicles | 24 | €29,090 | €161,886 | +€132,796 | +457% |
| Financial fixed assets | 28 | €189,753 | €189,753 | = | 0.0% |
| Current assets | 29/58 | €6,840,361 | €3,354,276 | -€3.5m | -51.0% |
| Amounts receivable after more than one year | 29 | €3,703,626 | €830,947 | -€2.9m | -77.6% |
| Other amounts receivable | 291 | €3,703,626 | €830,947 | -€2.9m | -77.6% |
| Amounts receivable within one year | 40/41 | €1,738,001 | €1,036,767 | -€701,235 | -40.3% |
| Trade receivables | 40 | €72,481 | €3,121 | -€69,360 | -95.7% |
| Other amounts receivable | 41 | €1,665,520 | €1,033,646 | -€631,875 | -37.9% |
| Cash at bank and in hand | 54/58 | €1,250,068 | €1,408,378 | +€158,310 | +12.7% |
| Deferred charges and accrued income | 490/1 | €148,666 | €78,185 | -€70,481 | -47.4% |
| Total equity and liabilities | 10/49 | €7,789,786 | €4,403,744 | -€3.4m | -43.5% |
| Equity | 10/15 | €7,643,530 | €4,044,007 | -€3.6m | -47.1% |
| Contributions | 10/11 | €20,172 | €20,172 | = | 0.0% |
| Reserves | 13 | €7,623,358 | €4,023,835 | -€3.6m | -47.2% |
| Non-distributable reserves | 130/1 | €2,017 | €2,017 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,017 | €2,017 | = | 0.0% |
| Distributable reserves | 133 | €7,621,341 | €4,021,818 | -€3.6m | -47.2% |
| Amounts payable | 17/49 | €146,256 | €359,737 | +€213,481 | +146% |
| Amounts payable after more than one year | 17 | - | €99,099 | +€99,099 | |
| Financial debts | 170/4 | - | €99,099 | +€99,099 | |
| Amounts payable within one year | 42/48 | €146,256 | €260,638 | +€114,382 | +78.2% |
| Current portion of amounts payable after more than one year | 42 | - | €27,000 | +€27,000 | |
| Trade debts | 44 | €1,545 | €1,173 | -€372 | -24.1% |
| Suppliers | 440/4 | €1,545 | €1,173 | -€372 | -24.1% |
| Taxes, remuneration and social security | 45 | €118,346 | €206,100 | +€87,754 | +74.2% |
| Taxes | 450/3 | €118,346 | €206,100 | +€87,754 | +74.2% |
| Other amounts payable | 47/48 | €26,365 | €26,365 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,715 | €72,401 | +€28,686 | +65.6% |
| Other operating charges | 640/8 | €3,737 | €3,883 | +€146 | +3.9% |
| Gross operating margin | 9900 | €24,000 | -€30,590 | -€54,590 | |
| Operating profit (loss) | 9901 | -€23,452 | -€106,874 | -€83,422 | -356% |
| Financial income | 75/76B | €1,438,645 | €1,080,524 | -€358,122 | -24.9% |
| Recurring financial income | 75 | €1,438,645 | €1,080,524 | -€358,122 | -24.9% |
| Financial charges | 65/66B | €666 | €3,207 | +€2,541 | +381% |
| Recurring financial charges | 65 | €666 | €3,207 | +€2,541 | +381% |
| Profit (loss) for the period before taxes | 9903 | €1,414,527 | €970,443 | -€444,085 | -31.4% |
| Income taxes | 67/77 | €128,703 | €88,540 | -€40,163 | -31.2% |
| Profit (loss) for the period | 9904 | €1,285,824 | €881,903 | -€403,921 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,285,824 | €881,903 | -€403,921 | -31.4% |
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 13 October 2026 via checked.be.