HORSAVI: 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.
HORSAVI
Largest movements
- Current investments +€17,421
up €17,421 (+18.8%), from €92,783 to €110,204
- Tangible fixed assets -€16,250
down €16,250 (-64.6%), from €25,151 to €8,901
- Cash +€4,643
up €4,643 (+35.2%), from €13,205 to €17,848
mainly Net result for the year (+€21,825) and Depreciation (+€16,250)
- Reserves +€21,825
up €21,825 (+419%), from €5,212 to €27,037
- Debts after one year -€16,943
no longer reported in 2025 (was €16,943)
- Tax, wage and social debts +€1,500
new in 2025: €1,500
- Gross operating margin +€21,145
up €21,145 (+101%), from €21,009 to €42,154
- Taxes +€1,847
up €1,847 (+551%), from €335 to €2,183
- Financial income -€741
down €741 (-26.3%), from €2,815 to €2,075
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 | €143,709 | €149,295 | +€5,586 | +3.9% |
| Fixed assets | 21/28 | €25,151 | €8,901 | -€16,250 | -64.6% |
| Tangible fixed assets | 22/27 | €25,151 | €8,901 | -€16,250 | -64.6% |
| Land and buildings | 22 | €25,151 | €8,901 | -€16,250 | -64.6% |
| Current assets | 29/58 | €118,558 | €140,394 | +€21,836 | +18.4% |
| Amounts receivable within one year | 40/41 | €12,152 | €11,897 | -€254 | -2.1% |
| Trade receivables | 40 | €6,790 | €9,522 | +€2,733 | +40.2% |
| Other amounts receivable | 41 | €5,362 | €2,375 | -€2,987 | -55.7% |
| Current investments | 50/53 | €92,783 | €110,204 | +€17,421 | +18.8% |
| Cash at bank and in hand | 54/58 | €13,205 | €17,848 | +€4,643 | +35.2% |
| Deferred charges and accrued income | 490/1 | €419 | €445 | +€26 | +6.3% |
| Total equity and liabilities | 10/49 | €143,709 | €149,295 | +€5,586 | +3.9% |
| Equity | 10/15 | €105,484 | €127,310 | +€21,825 | +20.7% |
| Contributions | 10/11 | €9,100 | €9,100 | = | 0.0% |
| Reserves | 13 | €5,212 | €27,037 | +€21,825 | +419% |
| Distributable reserves | 133 | €5,212 | €27,037 | +€21,825 | +419% |
| Profit (loss) carried forward | 14 | €91,173 | €91,173 | +€0 | 0.0% |
| Amounts payable | 17/49 | €38,225 | €21,985 | -€16,239 | -42.5% |
| Amounts payable after more than one year | 17 | €16,943 | - | -€16,943 | |
| Financial debts | 170/4 | €16,943 | - | -€16,943 | |
| Amounts payable within one year | 42/48 | €21,282 | €21,985 | +€704 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €16,344 | €16,943 | +€599 | +3.7% |
| Trade debts | 44 | €1,390 | €603 | -€787 | -56.6% |
| Suppliers | 440/4 | €1,390 | €603 | -€787 | -56.6% |
| Taxes, remuneration and social security | 45 | - | €1,500 | +€1,500 | |
| Taxes | 450/3 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €3,548 | €2,940 | -€608 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,076 | €16,250 | +€174 | +1.1% |
| Other operating charges | 640/8 | €1,775 | €1,861 | +€86 | +4.8% |
| Gross operating margin | 9900 | €21,009 | €42,154 | +€21,145 | +101% |
| Operating profit (loss) | 9901 | €3,159 | €24,043 | +€20,885 | +661% |
| Financial income | 75/76B | €2,815 | €2,075 | -€741 | -26.3% |
| Recurring financial income | 75 | €2,815 | €2,075 | -€741 | -26.3% |
| Financial charges | 65/66B | €2,287 | €2,110 | -€177 | -7.8% |
| Recurring financial charges | 65 | €2,287 | €2,110 | -€177 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €3,687 | €24,008 | +€20,321 | +551% |
| Income taxes | 67/77 | €335 | €2,183 | +€1,847 | +551% |
| Profit (loss) for the period | 9904 | €3,352 | €21,825 | +€18,474 | +551% |
| Profit (loss) for the period to be appropriated | 9905 | €3,352 | €21,825 | +€18,474 | +551% |
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 26 October 2026 via checked.be.