HORS LIMITE: 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 LIMITE
Largest movements
- Tangible fixed assets +€5,097
up €5,097 (+190%), from €2,679 to €7,776
- Cash -€2,150
down €2,150 (-18.3%), from €11,767 to €9,617
mainly Investment in fixed assets (net) (-€6,000) and Trade debts (-€2,270)
- Reserves +€2,900
up €2,900 (+156%), from €1,859 to €4,759
of which Distributable reserves: +€2,900
- Trade debts -€2,270
no longer reported in 2025 (was €2,270)
- Profit (loss) carried forward +€1,730
up €1,730, from -€1,635 to €95
- Other debts +€406
up €406 (+13.5%), from €3,010 to €3,417
- Gross operating margin -€7,528
down €7,528 (-54.6%), from €13,788 to €6,260
- Other operating charges -€1,505
down €1,505 (-79.0%), from €1,905 to €400
- Depreciation +€846
up €846 (+1,494%), from €57 to €903
- Taxes +€290
new in 2025: €290
- Financial charges -€199
down €199 (-84.2%), from €236 to €37
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 | €14,605 | €17,393 | +€2,788 | +19.1% |
| Fixed assets | 21/28 | €2,679 | €7,776 | +€5,097 | +190% |
| Tangible fixed assets | 22/27 | €2,679 | €7,776 | +€5,097 | +190% |
| Furniture and vehicles | 24 | €2,679 | €7,776 | +€5,097 | +190% |
| Current assets | 29/58 | €11,926 | €9,617 | -€2,309 | -19.4% |
| Cash at bank and in hand | 54/58 | €11,767 | €9,617 | -€2,150 | -18.3% |
| Deferred charges and accrued income | 490/1 | €159 | - | -€159 | |
| Total equity and liabilities | 10/49 | €14,605 | €17,393 | +€2,788 | +19.1% |
| Equity | 10/15 | €7,661 | €12,291 | +€4,630 | +60.4% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Capital | 10 | €7,437 | €7,437 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €11,155 | €11,155 | = | 0.0% |
| Reserves | 13 | €1,859 | €4,759 | +€2,900 | +156% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | - | €2,900 | +€2,900 | |
| Profit (loss) carried forward | 14 | -€1,635 | €95 | +€1,730 | |
| Amounts payable | 17/49 | €6,945 | €5,102 | -€1,842 | -26.5% |
| Amounts payable within one year | 42/48 | €6,945 | €5,102 | -€1,842 | -26.5% |
| Trade debts | 44 | €2,270 | - | -€2,270 | |
| Suppliers | 440/4 | €2,270 | - | -€2,270 | |
| Taxes, remuneration and social security | 45 | €1,664 | €1,686 | +€22 | +1.3% |
| Taxes | 450/3 | €1,664 | €1,686 | +€22 | +1.3% |
| Other amounts payable | 47/48 | €3,010 | €3,417 | +€406 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57 | €903 | +€846 | +1,494% |
| Other operating charges | 640/8 | €1,905 | €400 | -€1,505 | -79.0% |
| Gross operating margin | 9900 | €13,788 | €6,260 | -€7,528 | -54.6% |
| Operating profit (loss) | 9901 | €11,827 | €4,957 | -€6,869 | -58.1% |
| Financial charges | 65/66B | €236 | €37 | -€199 | -84.2% |
| Recurring financial charges | 65 | €236 | €37 | -€199 | -84.2% |
| Profit (loss) for the period before taxes | 9903 | €11,591 | €4,920 | -€6,671 | -57.6% |
| Income taxes | 67/77 | - | €290 | +€290 | |
| Profit (loss) for the period | 9904 | €11,591 | €4,630 | -€6,961 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,591 | €4,630 | -€6,961 | -60.1% |
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 28 October 2026 via checked.be.