HORSECO: what changed
Two fiscal 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.
HORSECO
Largest movements
- Tangible fixed assets -€10,183
down €10,183 (-7.5%), from €135,470 to €125,286
- Other debts -€8,258
down €8,258 (-3.1%), from €268,133 to €259,875
- Profit (loss) carried forward -€1,857
down €1,857 (-0.9%), from -€206,567 to -€208,424
- Depreciation -€699
down €699 (-6.4%), from €10,882 to €10,183
- Gross operating margin +€694
up €694 (+6.3%), from €10,937 to €11,631
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.
Cash bridge derived
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 | €137,236 | €127,136 | -€10,100 | -7.4% |
| Fixed assets | 21/28 | €135,470 | €125,286 | -€10,183 | -7.5% |
| Tangible fixed assets | 22/27 | €135,470 | €125,286 | -€10,183 | -7.5% |
| Land and buildings | 22 | €135,470 | €125,286 | -€10,183 | -7.5% |
| Current assets | 29/58 | €1,766 | €1,849 | +€83 | +4.7% |
| Cash at bank and in hand | 54/58 | €63 | €63 | -€0 | -0.3% |
| Deferred charges and accrued income | 490/1 | €1,703 | €1,786 | +€83 | +4.9% |
| Total equity and liabilities | 10/49 | €137,236 | €127,136 | -€10,100 | -7.4% |
| Equity | 10/15 | -€132,161 | -€134,017 | -€1,857 | -1.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €12,907 | €12,907 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €9,808 | €9,808 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€206,567 | -€208,424 | -€1,857 | -0.9% |
| Amounts payable | 17/49 | €269,396 | €261,153 | -€8,244 | -3.1% |
| Amounts payable within one year | 42/48 | €268,133 | €259,875 | -€8,258 | -3.1% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €268,133 | €259,875 | -€8,258 | -3.1% |
| Accrued charges and deferred income | 492/3 | €1,263 | €1,278 | +€14 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,882 | €10,183 | -€699 | -6.4% |
| Other operating charges | 640/8 | €3,152 | €3,248 | +€97 | +3.1% |
| Gross operating margin | 9900 | €10,937 | €11,631 | +€694 | +6.3% |
| Operating profit (loss) | 9901 | -€3,097 | -€1,801 | +€1,296 | +41.9% |
| Financial charges | 65/66B | €57 | €56 | -€1 | -0.9% |
| Recurring financial charges | 65 | €57 | €56 | -€1 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,154 | -€1,857 | +€1,297 | +41.1% |
| Profit (loss) for the period | 9904 | -€3,154 | -€1,857 | +€1,297 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,154 | -€1,857 | +€1,297 | +41.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.