Hors Norme: 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 Norme
Largest movements
- Tangible fixed assets -€22,296
down €22,296 (-10.4%), from €215,144 to €192,848
of which Plant, machinery and equipment: -€12,401
- Cash -€15,568
down €15,568 (-63.4%), from €24,544 to €8,976
mainly Debts after one year (-€17,493) and Net result for the year (-€16,678)
- Stocks and contracts +€6,459
new in 2025: €6,459
- Debts after one year -€17,493
down €17,493 (-14.5%), from €121,026 to €103,532
- Profit (loss) carried forward -€16,678
down €16,678 (-24.8%), from €67,370 to €50,692
- Gross operating margin -€19,985
down €19,985 (-64.5%), from €30,974 to €10,989
- Financial charges -€521
down €521 (-13.6%), from €3,832 to €3,311
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 | €245,249 | €212,226 | -€33,023 | -13.5% |
| Fixed assets | 21/28 | €215,181 | €192,885 | -€22,296 | -10.4% |
| Tangible fixed assets | 22/27 | €215,144 | €192,848 | -€22,296 | -10.4% |
| Land and buildings | 22 | €181,583 | €171,688 | -€9,895 | -5.4% |
| Plant, machinery and equipment | 23 | €33,561 | €21,160 | -€12,401 | -37.0% |
| Financial fixed assets | 28 | €38 | €38 | = | 0.0% |
| Current assets | 29/58 | €30,068 | €19,341 | -€10,727 | -35.7% |
| Stocks and contracts in progress | 3 | - | €6,459 | +€6,459 | |
| Stocks | 30/36 | - | €6,459 | +€6,459 | |
| Amounts receivable within one year | 40/41 | €3,485 | €1,798 | -€1,687 | -48.4% |
| Trade receivables | 40 | €779 | €1,083 | +€304 | +39.1% |
| Other amounts receivable | 41 | €2,706 | €715 | -€1,992 | -73.6% |
| Cash at bank and in hand | 54/58 | €24,544 | €8,976 | -€15,568 | -63.4% |
| Deferred charges and accrued income | 490/1 | €2,039 | €2,107 | +€69 | +3.4% |
| Total equity and liabilities | 10/49 | €245,249 | €212,226 | -€33,023 | -13.5% |
| Equity | 10/15 | €85,430 | €68,752 | -€16,678 | -19.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,370 | €50,692 | -€16,678 | -24.8% |
| Amounts payable | 17/49 | €159,819 | €143,474 | -€16,345 | -10.2% |
| Amounts payable after more than one year | 17 | €121,026 | €103,532 | -€17,493 | -14.5% |
| Financial debts | 170/4 | €121,026 | €103,532 | -€17,493 | -14.5% |
| Amounts payable within one year | 42/48 | €38,794 | €39,942 | +€1,148 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €17,130 | €17,493 | +€363 | +2.1% |
| Trade debts | 44 | €2,429 | €1,700 | -€729 | -30.0% |
| Suppliers | 440/4 | €2,429 | €1,700 | -€729 | -30.0% |
| Taxes, remuneration and social security | 45 | - | €249 | +€249 | |
| Taxes | 450/3 | - | €249 | +€249 | |
| Other amounts payable | 47/48 | €19,235 | €20,499 | +€1,265 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,296 | €22,296 | = | 0.0% |
| Other operating charges | 640/8 | €1,883 | €1,938 | +€56 | +3.0% |
| Gross operating margin | 9900 | €30,974 | €10,989 | -€19,985 | -64.5% |
| Operating profit (loss) | 9901 | €6,795 | -€13,245 | -€20,040 | |
| Financial income | 75/76B | €38 | €128 | +€90 | +239% |
| Recurring financial income | 75 | €38 | €128 | +€90 | +239% |
| Financial charges | 65/66B | €3,832 | €3,311 | -€521 | -13.6% |
| Recurring financial charges | 65 | €3,832 | €3,311 | -€521 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €3,001 | -€16,429 | -€19,429 | |
| Income taxes | 67/77 | €226 | €249 | +€23 | +10.2% |
| Profit (loss) for the period | 9904 | €2,774 | -€16,678 | -€19,452 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,774 | -€16,678 | -€19,452 |
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 18 October 2026 via checked.be.