HORSER: 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.
HORSER
Largest movements
- Receivables within one year -€25,567
down €25,567 (-17.8%), from €143,932 to €118,365
of which Trade receivables: -€37,222
- Deferred charges and accrued income -€19,699
down €19,699 (-89.8%), from €21,928 to €2,228
- Cash -€17,512
down €17,512 (-14.5%), from €121,084 to €103,573
mainly Trade debts (-€118,497) and Tax, wage and social debts (-€32,921)
- Tangible fixed assets -€17,040
down €17,040 (-17.9%), from €95,047 to €78,007
of which Other tangible fixed assets: -€10,761
- Trade debts -€118,497
down €118,497 (-71.2%), from €166,482 to €47,985
- Other debts +€96,047
up €96,047 (+73.6%), from €130,475 to €226,522
- Tax, wage and social debts -€32,921
down €32,921 (-42.8%), from €76,901 to €43,980
of which Remuneration and social security: -€31,760
- Profit (loss) carried forward -€16,354
down €16,354, from €6,836 to -€9,518
- Debts after one year -€4,433
down €4,433 (-100%), from €4,433 to €0
- Gross operating margin -€25,840
down €25,840 (-9.6%), from €269,238 to €243,398
- Other operating charges -€19,379
down €19,379 (-95.8%), from €20,220 to €841
- Purchases and services +€16,899
up €16,899 (+4.3%), from €391,157 to €408,056
- Turnover -€8,941
down €8,941 (-1.4%), from €660,395 to €651,454
- Staff costs -€6,765
down €6,765 (-2.8%), from €244,372 to €237,607
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €420,129 | €340,902 | -€79,227 | -18.9% |
| Fixed assets | 21/28 | €96,156 | €79,020 | -€17,136 | -17.8% |
| Intangible fixed assets | 21 | €95 | €0 | -€95 | -100% |
| Tangible fixed assets | 22/27 | €95,047 | €78,007 | -€17,040 | -17.9% |
| Furniture and vehicles | 24 | €27,800 | €21,521 | -€6,279 | -22.6% |
| Other tangible fixed assets | 26 | €67,247 | €56,486 | -€10,761 | -16.0% |
| Financial fixed assets | 28 | €1,014 | €1,014 | = | 0.0% |
| Current assets | 29/58 | €323,973 | €261,882 | -€62,092 | -19.2% |
| Stocks and contracts in progress | 3 | €37,029 | €37,715 | +€686 | +1.9% |
| Stocks | 30/36 | €37,029 | €37,715 | +€686 | +1.9% |
| Amounts receivable within one year | 40/41 | €143,932 | €118,365 | -€25,567 | -17.8% |
| Trade receivables | 40 | €118,711 | €81,489 | -€37,222 | -31.4% |
| Other amounts receivable | 41 | €25,221 | €36,876 | +€11,655 | +46.2% |
| Cash at bank and in hand | 54/58 | €121,084 | €103,573 | -€17,512 | -14.5% |
| Deferred charges and accrued income | 490/1 | €21,928 | €2,228 | -€19,699 | -89.8% |
| Total equity and liabilities | 10/49 | €420,129 | €340,902 | -€79,227 | -18.9% |
| Equity | 10/15 | €34,336 | €17,982 | -€16,354 | -47.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | - | -€25,000 | |
| Issued capital | 100 | €25,000 | - | -€25,000 | |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | - | -€2,500 | |
| Legal reserve | 130 | €2,500 | - | -€2,500 | |
| Distributable reserves | 133 | - | €2,500 | +€2,500 | |
| Profit (loss) carried forward | 14 | €6,836 | -€9,518 | -€16,354 | |
| Amounts payable | 17/49 | €385,793 | €322,920 | -€62,873 | -16.3% |
| Amounts payable after more than one year | 17 | €4,433 | €0 | -€4,433 | -100% |
| Financial debts | 170/4 | €4,433 | €0 | -€4,433 | -100% |
| Amounts payable within one year | 42/48 | €381,360 | €322,920 | -€58,440 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €7,503 | €4,433 | -€3,070 | -40.9% |
| Trade debts | 44 | €166,482 | €47,985 | -€118,497 | -71.2% |
| Suppliers | 440/4 | €166,482 | €47,985 | -€118,497 | -71.2% |
| Taxes, remuneration and social security | 45 | €76,901 | €43,980 | -€32,921 | -42.8% |
| Taxes | 450/3 | €15,578 | €14,417 | -€1,161 | -7.5% |
| Remuneration and social security | 454/9 | €61,323 | €29,563 | -€31,760 | -51.8% |
| Other amounts payable | 47/48 | €130,475 | €226,522 | +€96,047 | +73.6% |
| Turnover | 70 | €660,395 | €651,454 | -€8,941 | -1.4% |
| Non-recurring operating income | 76A | €45,000 | - | -€45,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €391,157 | €408,056 | +€16,899 | +4.3% |
| Remuneration, social security and pensions | 62 | €244,372 | €237,607 | -€6,765 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,583 | €20,575 | +€992 | +5.1% |
| Other operating charges | 640/8 | €20,220 | €841 | -€19,379 | -95.8% |
| Gross operating margin | 9900 | €269,238 | €243,398 | -€25,840 | -9.6% |
| Operating profit (loss) | 9901 | -€14,937 | -€15,624 | -€687 | -4.6% |
| Financial income | 75/76B | €520 | €7 | -€512 | -98.6% |
| Recurring financial income | 75 | €520 | €7 | -€512 | -98.6% |
| Financial charges | 65/66B | €2,522 | €737 | -€1,785 | -70.8% |
| Recurring financial charges | 65 | €2,522 | €737 | -€1,785 | -70.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,940 | -€16,354 | +€586 | +3.5% |
| Income taxes | 67/77 | -€75 | - | +€75 | |
| Profit (loss) for the period | 9904 | -€16,865 | -€16,354 | +€511 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,865 | -€16,354 | +€511 | +3.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.