Horsten: 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.
Horsten
Largest movements
- Stocks and contracts +€134,429
up €134,429 (+16.3%), from €826,517 to €960,946
- Cash -€27,186
down €27,186 (-78.0%), from €34,837 to €7,651
mainly Stocks and contracts (-€134,429) and Investment in fixed assets (net) (-€91,965)
- Tangible fixed assets -€19,155
down €19,155 (-3.6%), from €525,676 to €506,520
of which Land and buildings: -€32,193
- Receivables within one year +€16,838
up €16,838 (+23.9%), from €70,424 to €87,262
of which Other amounts receivable: +€9,407
- Trade debts +€85,118
up €85,118 (+38.2%), from €223,021 to €308,140
- Debts after one year +€22,838
up €22,838 (+2.6%), from €872,542 to €895,380
- Financial charges -€11,998
down €11,998 (-62.6%), from €19,166 to €7,169
- Gross operating margin -€6,362
down €6,362 (-4.7%), from €135,529 to €129,167
- Depreciation +€3,481
up €3,481 (+3.2%), from €107,639 to €111,120
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 | €1,458,454 | €1,563,379 | +€104,925 | +7.2% |
| Fixed assets | 21/28 | €526,676 | €507,520 | -€19,155 | -3.6% |
| Tangible fixed assets | 22/27 | €525,676 | €506,520 | -€19,155 | -3.6% |
| Land and buildings | 22 | €366,584 | €334,391 | -€32,193 | -8.8% |
| Plant, machinery and equipment | 23 | €86,972 | €94,297 | +€7,325 | +8.4% |
| Furniture and vehicles | 24 | €41,638 | €29,621 | -€12,017 | -28.9% |
| Leasing and similar rights | 25 | €30,482 | €48,211 | +€17,729 | +58.2% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €931,778 | €1,055,859 | +€124,081 | +13.3% |
| Stocks and contracts in progress | 3 | €826,517 | €960,946 | +€134,429 | +16.3% |
| Stocks | 30/36 | €826,517 | €960,946 | +€134,429 | +16.3% |
| Amounts receivable within one year | 40/41 | €70,424 | €87,262 | +€16,838 | +23.9% |
| Trade receivables | 40 | €66,931 | €74,361 | +€7,431 | +11.1% |
| Other amounts receivable | 41 | €3,493 | €12,900 | +€9,407 | +269% |
| Cash at bank and in hand | 54/58 | €34,837 | €7,651 | -€27,186 | -78.0% |
| Total equity and liabilities | 10/49 | €1,458,454 | €1,563,379 | +€104,925 | +7.2% |
| Equity | 10/15 | €286,742 | €292,955 | +€6,213 | +2.2% |
| Contributions | 10/11 | €212,936 | €212,936 | = | 0.0% |
| Reserves | 13 | €69,557 | €75,770 | +€6,213 | +8.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €69,557 | €75,770 | +€6,213 | +8.9% |
| Profit (loss) carried forward | 14 | €4,249 | €4,249 | = | 0.0% |
| Amounts payable | 17/49 | €1,171,712 | €1,270,424 | +€98,712 | +8.4% |
| Amounts payable after more than one year | 17 | €872,542 | €895,380 | +€22,838 | +2.6% |
| Financial debts | 170/4 | €872,542 | €895,380 | +€22,838 | +2.6% |
| Amounts payable within one year | 42/48 | €285,895 | €375,044 | +€89,149 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | €53,296 | €57,326 | +€4,030 | +7.6% |
| Trade debts | 44 | €223,021 | €308,140 | +€85,118 | +38.2% |
| Suppliers | 440/4 | €223,021 | €308,140 | +€85,118 | +38.2% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €9,579 | €9,579 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,275 | €0 | -€13,275 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,639 | €111,120 | +€3,481 | +3.2% |
| Other operating charges | 640/8 | €2,971 | €3,335 | +€364 | +12.2% |
| Gross operating margin | 9900 | €135,529 | €129,167 | -€6,362 | -4.7% |
| Operating profit (loss) | 9901 | €24,919 | €14,712 | -€10,207 | -41.0% |
| Financial income | 75/76B | €31 | €4 | -€27 | -85.9% |
| Recurring financial income | 75 | €31 | €4 | -€27 | -85.9% |
| Financial charges | 65/66B | €19,166 | €7,169 | -€11,998 | -62.6% |
| Recurring financial charges | 65 | €19,166 | €7,169 | -€11,998 | -62.6% |
| Profit (loss) for the period before taxes | 9903 | €5,784 | €7,548 | +€1,764 | +30.5% |
| Income taxes | 67/77 | €493 | €1,334 | +€842 | +171% |
| Profit (loss) for the period | 9904 | €5,291 | €6,213 | +€922 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,291 | €6,213 | +€922 | +17.4% |
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 24 October 2026 via checked.be.