HORS-PISTE: 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-PISTE
Largest movements
- Cash +€31,708
up €31,708 (+186%), from €17,031 to €48,740
mainly Net result for the year (+€53,480) and Tax, wage and social debts (+€8,104)
- Tangible fixed assets -€3,713
down €3,713 (-19.3%), from €19,229 to €15,516
- Receivables within one year -€1,166
no longer reported in 2025 (was €1,166)
- Reserves +€19,000
up €19,000 (+89.8%), from €21,160 to €40,160
of which Distributable reserves: +€19,000
- Tax, wage and social debts +€8,104
up €8,104 (+75.1%), from €10,795 to €18,899
- Gross operating margin +€11,871
up €11,871 (+16.5%), from €72,068 to €83,940
- Taxes +€4,749
up €4,749 (+26.3%), from €18,089 to €22,838
- Depreciation +€2,373
up €2,373 (+83.2%), from €2,851 to €5,224
- Other operating charges -€1,607
down €1,607 (-58.3%), from €2,757 to €1,151
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 | €39,946 | €66,488 | +€26,542 | +66.4% |
| Fixed assets | 21/28 | €20,089 | €16,376 | -€3,713 | -18.5% |
| Tangible fixed assets | 22/27 | €19,229 | €15,516 | -€3,713 | -19.3% |
| Furniture and vehicles | 24 | €19,229 | €15,516 | -€3,713 | -19.3% |
| Financial fixed assets | 28 | €860 | €860 | = | 0.0% |
| Current assets | 29/58 | €19,858 | €50,113 | +€30,255 | +152% |
| Amounts receivable within one year | 40/41 | €1,166 | - | -€1,166 | |
| Other amounts receivable | 41 | €1,166 | - | -€1,166 | |
| Cash at bank and in hand | 54/58 | €17,031 | €48,740 | +€31,708 | +186% |
| Deferred charges and accrued income | 490/1 | €1,660 | €1,373 | -€287 | -17.3% |
| Total equity and liabilities | 10/49 | €39,946 | €66,488 | +€26,542 | +66.4% |
| Equity | 10/15 | €27,408 | €46,459 | +€19,051 | +69.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €21,160 | €40,160 | +€19,000 | +89.8% |
| 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 | €19,300 | €38,300 | +€19,000 | +98.4% |
| Profit (loss) carried forward | 14 | €48 | €99 | +€51 | +106% |
| Amounts payable | 17/49 | €12,538 | €20,029 | +€7,491 | +59.7% |
| Amounts payable within one year | 42/48 | €12,383 | €19,961 | +€7,578 | +61.2% |
| Trade debts | 44 | €1,222 | €1,026 | -€197 | -16.1% |
| Suppliers | 440/4 | €1,222 | €1,026 | -€197 | -16.1% |
| Taxes, remuneration and social security | 45 | €10,795 | €18,899 | +€8,104 | +75.1% |
| Taxes | 450/3 | €10,795 | €18,899 | +€8,104 | +75.1% |
| Other amounts payable | 47/48 | €366 | €37 | -€330 | -89.9% |
| Accrued charges and deferred income | 492/3 | €155 | €68 | -€87 | -56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,851 | €5,224 | +€2,373 | +83.2% |
| Other operating charges | 640/8 | €2,757 | €1,151 | -€1,607 | -58.3% |
| Gross operating margin | 9900 | €72,068 | €83,940 | +€11,871 | +16.5% |
| Operating profit (loss) | 9901 | €66,460 | €77,565 | +€11,105 | +16.7% |
| Financial charges | 65/66B | €1,602 | €1,247 | -€356 | -22.2% |
| Recurring financial charges | 65 | €1,602 | €1,247 | -€356 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €64,858 | €76,318 | +€11,460 | +17.7% |
| Income taxes | 67/77 | €18,089 | €22,838 | +€4,749 | +26.3% |
| Profit (loss) for the period | 9904 | €46,768 | €53,480 | +€6,711 | +14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,768 | €53,480 | +€6,711 | +14.4% |
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 30 October 2026 via checked.be.