HORS-KADRE: 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-KADRE
Largest movements
- Receivables within one year -€267,207
down €267,207 (-66.3%), from €402,949 to €135,742
of which Trade receivables: -€274,915
- Intangible fixed assets -€100,000
down €100,000 (-14.3%), from €700,000 to €600,000
- Cash -€54,574
down €54,574 (-96.9%), from €56,339 to €1,765
mainly Trade debts (-€243,325) and Current portion of long-term debt (-€81,570)
- Trade debts -€243,325
down €243,325 (-71.5%), from €340,337 to €97,012
- Current portion of long-term debt -€81,570
down €81,570 (-73.7%), from €110,691 to €29,121
- Profit (loss) carried forward -€48,358
down €48,358 (-38.9%), from -€124,444 to -€172,802
- Debts after one year -€45,308
down €45,308 (-5.6%), from €810,623 to €765,315
- Staff costs -€104,586
down €104,586 (-92.3%), from €113,297 to €8,711
- Other operating charges -€85,316
down €85,316 (-97.9%), from €87,174 to €1,858
- Gross operating margin -€44,873
down €44,873 (-30.0%), from €149,333 to €104,460
- Write-downs +€37,161
no longer reported in 2025 (was -€37,161)
- Depreciation +€3,654
up €3,654 (+2.9%), from €125,735 to €129,389
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 | €1,331,487 | €903,150 | -€428,338 | -32.2% |
| Fixed assets | 21/28 | €864,696 | €760,110 | -€104,586 | -12.1% |
| Intangible fixed assets | 21 | €700,000 | €600,000 | -€100,000 | -14.3% |
| Tangible fixed assets | 22/27 | €159,076 | €154,490 | -€4,586 | -2.9% |
| Land and buildings | 22 | €117,147 | €102,876 | -€14,271 | -12.2% |
| Plant, machinery and equipment | 23 | €12,155 | €12,039 | -€117 | -1.0% |
| Furniture and vehicles | 24 | €29,774 | €39,575 | +€9,801 | +32.9% |
| Financial fixed assets | 28 | €5,620 | €5,620 | = | 0.0% |
| Current assets | 29/58 | €466,791 | €143,040 | -€323,751 | -69.4% |
| Amounts receivable within one year | 40/41 | €402,949 | €135,742 | -€267,207 | -66.3% |
| Trade receivables | 40 | €402,949 | €128,034 | -€274,915 | -68.2% |
| Other amounts receivable | 41 | - | €7,709 | +€7,709 | |
| Cash at bank and in hand | 54/58 | €56,339 | €1,765 | -€54,574 | -96.9% |
| Deferred charges and accrued income | 490/1 | €7,503 | €5,532 | -€1,971 | -26.3% |
| Total equity and liabilities | 10/49 | €1,331,487 | €903,150 | -€428,338 | -32.2% |
| Equity | 10/15 | -€70,744 | -€119,102 | -€48,358 | -68.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €3,700 | €3,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,700 | €3,700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,700 | €3,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€124,444 | -€172,802 | -€48,358 | -38.9% |
| Amounts payable | 17/49 | €1,402,231 | €1,022,252 | -€379,980 | -27.1% |
| Amounts payable after more than one year | 17 | €810,623 | €765,315 | -€45,308 | -5.6% |
| Financial debts | 170/4 | €810,623 | €765,315 | -€45,308 | -5.6% |
| Amounts payable within one year | 42/48 | €591,609 | €256,937 | -€334,672 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €110,691 | €29,121 | -€81,570 | -73.7% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Other loans | 439 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €340,337 | €97,012 | -€243,325 | -71.5% |
| Suppliers | 440/4 | €340,337 | €97,012 | -€243,325 | -71.5% |
| Taxes, remuneration and social security | 45 | €9,855 | €5,804 | -€4,051 | -41.1% |
| Taxes | 450/3 | €9,855 | €5,804 | -€4,051 | -41.1% |
| Other amounts payable | 47/48 | €5,726 | - | -€5,726 | |
| Non-recurring operating income | 76A | - | €103,611 | +€103,611 | |
| Remuneration, social security and pensions | 62 | €113,297 | €8,711 | -€104,586 | -92.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,735 | €129,389 | +€3,654 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€37,161 | - | +€37,161 | |
| Other operating charges | 640/8 | €87,174 | €1,858 | -€85,316 | -97.9% |
| Gross operating margin | 9900 | €149,333 | €104,460 | -€44,873 | -30.0% |
| Operating profit (loss) | 9901 | -€139,711 | -€35,498 | +€104,213 | +74.6% |
| Financial income | 75/76B | €90 | €43 | -€48 | -52.8% |
| Recurring financial income | 75 | €90 | €43 | -€48 | -52.8% |
| Financial charges | 65/66B | €10,322 | €12,762 | +€2,440 | +23.6% |
| Recurring financial charges | 65 | €10,322 | €12,762 | +€2,440 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | -€149,943 | -€48,217 | +€101,725 | +67.8% |
| Income taxes | 67/77 | €661 | €141 | -€520 | -78.7% |
| Profit (loss) for the period | 9904 | -€150,604 | -€48,358 | +€102,246 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€150,604 | -€48,358 | +€102,246 | +67.9% |
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 24 October 2026 via checked.be.