HORST D’OEUVRE: 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.
HORST D’OEUVRE
Largest movements
- Cash -€21,019
down €21,019 (-21.4%), from €98,052 to €77,034
mainly Other debts (-€34,678) and Receivables within one year (-€595)
- Deferred charges and accrued income -€10,000
no longer reported in 2025 (was €10,000)
- Other debts -€34,678
down €34,678 (-91.3%), from €37,974 to €3,296
- Reserves +€3,000
up €3,000 (+6.0%), from €49,860 to €52,860
of which Distributable reserves: +€3,000
- Gross operating margin -€15,222
down €15,222 (-66.9%), from €22,742 to €7,520
- Taxes -€4,898
down €4,898 (-66.5%), from €7,364 to €2,467
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 | €110,089 | €79,357 | -€30,732 | -27.9% |
| Fixed assets | 21/28 | €527 | €219 | -€308 | -58.5% |
| Tangible fixed assets | 22/27 | €527 | €219 | -€308 | -58.5% |
| Plant, machinery and equipment | 23 | €527 | €219 | -€308 | -58.5% |
| Current assets | 29/58 | €109,562 | €79,139 | -€30,424 | -27.8% |
| Amounts receivable within one year | 40/41 | €1,510 | €2,105 | +€595 | +39.4% |
| Trade receivables | 40 | - | €500 | +€500 | |
| Other amounts receivable | 41 | €1,510 | €1,605 | +€95 | +6.3% |
| Cash at bank and in hand | 54/58 | €98,052 | €77,034 | -€21,019 | -21.4% |
| Deferred charges and accrued income | 490/1 | €10,000 | - | -€10,000 | |
| Total equity and liabilities | 10/49 | €110,089 | €79,357 | -€30,732 | -27.9% |
| Equity | 10/15 | €72,039 | €76,061 | +€4,022 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,860 | €52,860 | +€3,000 | +6.0% |
| 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 | €48,000 | €51,000 | +€3,000 | +6.3% |
| Profit (loss) carried forward | 14 | €3,579 | €4,601 | +€1,022 | +28.6% |
| Amounts payable | 17/49 | €38,050 | €3,296 | -€34,754 | -91.3% |
| Amounts payable within one year | 42/48 | €38,050 | €3,296 | -€34,754 | -91.3% |
| Trade debts | 44 | €76 | - | -€76 | |
| Suppliers | 440/4 | €76 | - | -€76 | |
| Other amounts payable | 47/48 | €37,974 | €3,296 | -€34,678 | -91.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €308 | €308 | = | 0.0% |
| Other operating charges | 640/8 | €631 | €638 | +€7 | +1.0% |
| Gross operating margin | 9900 | €22,742 | €7,520 | -€15,222 | -66.9% |
| Operating profit (loss) | 9901 | €21,802 | €6,574 | -€15,228 | -69.8% |
| Financial charges | 65/66B | €86 | €85 | -€1 | -0.9% |
| Recurring financial charges | 65 | €86 | €85 | -€1 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €21,716 | €6,489 | -€15,228 | -70.1% |
| Income taxes | 67/77 | €7,364 | €2,467 | -€4,898 | -66.5% |
| Profit (loss) for the period | 9904 | €14,352 | €4,022 | -€10,330 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,352 | €4,022 | -€10,330 | -72.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.