HORSICA B E V.: 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.
HORSICA B E V.
Largest movements
- Tangible fixed assets +€12,405
up €12,405 (+46.9%), from €26,463 to €38,868
of which Plant, machinery and equipment: +€12,618
- Stocks and contracts -€8,660
down €8,660 (-7.1%), from €121,560 to €112,900
- Cash -€1,995
down €1,995 (-46.1%), from €4,325 to €2,330
mainly Investment in fixed assets (net) (-€16,767) and Net result for the year (-€11,109)
- Other debts +€16,859
up €16,859 (+7.9%), from €212,563 to €229,421
- Profit (loss) carried forward -€11,109
down €11,109 (-8.4%), from -€132,039 to -€143,149
- Trade debts -€2,016
down €2,016 (-25.6%), from €7,861 to €5,845
- Gross operating margin -€7,936
down €7,936 (-21.3%), from €37,264 to €29,328
- Depreciation +€1,524
up €1,524 (+53.7%), from €2,838 to €4,362
- Staff costs +€1,232
up €1,232 (+3.8%), from €32,091 to €33,323
- Financial charges +€820
up €820 (+292%), from €281 to €1,101
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 | €160,287 | €165,032 | +€4,745 | +3.0% |
| Fixed assets | 21/28 | €26,463 | €38,868 | +€12,405 | +46.9% |
| Tangible fixed assets | 22/27 | €26,463 | €38,868 | +€12,405 | +46.9% |
| Land and buildings | 22 | €3,821 | €3,608 | -€212 | -5.6% |
| Plant, machinery and equipment | 23 | €22,642 | €35,260 | +€12,618 | +55.7% |
| Current assets | 29/58 | €133,824 | €126,164 | -€7,660 | -5.7% |
| Stocks and contracts in progress | 3 | €121,560 | €112,900 | -€8,660 | -7.1% |
| Stocks | 30/36 | €121,560 | €112,900 | -€8,660 | -7.1% |
| Amounts receivable within one year | 40/41 | €5,426 | €6,943 | +€1,516 | +27.9% |
| Trade receivables | 40 | €5,066 | €4,548 | -€517 | -10.2% |
| Other amounts receivable | 41 | €361 | €2,394 | +€2,034 | +564% |
| Cash at bank and in hand | 54/58 | €4,325 | €2,330 | -€1,995 | -46.1% |
| Deferred charges and accrued income | 490/1 | €2,513 | €3,992 | +€1,479 | +58.9% |
| Total equity and liabilities | 10/49 | €160,287 | €165,032 | +€4,745 | +3.0% |
| Equity | 10/15 | -€62,039 | -€73,149 | -€11,109 | -17.9% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€132,039 | -€143,149 | -€11,109 | -8.4% |
| Amounts payable | 17/49 | €222,327 | €238,181 | +€15,854 | +7.1% |
| Amounts payable within one year | 42/48 | €222,327 | €238,181 | +€15,854 | +7.1% |
| Trade debts | 44 | €7,861 | €5,845 | -€2,016 | -25.6% |
| Suppliers | 440/4 | €7,861 | €5,845 | -€2,016 | -25.6% |
| Taxes, remuneration and social security | 45 | €1,903 | €2,914 | +€1,012 | +53.2% |
| Taxes | 450/3 | €83 | €461 | +€378 | +456% |
| Remuneration and social security | 454/9 | €1,820 | €2,453 | +€634 | +34.8% |
| Other amounts payable | 47/48 | €212,563 | €229,421 | +€16,859 | +7.9% |
| Remuneration, social security and pensions | 62 | €32,091 | €33,323 | +€1,232 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,838 | €4,362 | +€1,524 | +53.7% |
| Other operating charges | 640/8 | €1,905 | €1,942 | +€37 | +2.0% |
| Gross operating margin | 9900 | €37,264 | €29,328 | -€7,936 | -21.3% |
| Operating profit (loss) | 9901 | €430 | -€10,299 | -€10,729 | |
| Financial income | 75/76B | €193 | €291 | +€98 | +50.6% |
| Recurring financial income | 75 | €193 | €291 | +€98 | +50.6% |
| Financial charges | 65/66B | €281 | €1,101 | +€820 | +292% |
| Recurring financial charges | 65 | €281 | €1,101 | +€820 | +292% |
| Profit (loss) for the period before taxes | 9903 | €342 | -€11,109 | -€11,451 | |
| Profit (loss) for the period | 9904 | €342 | -€11,109 | -€11,451 | |
| Profit (loss) for the period to be appropriated | 9905 | €342 | -€11,109 | -€11,451 |
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.