HORSTEN B&M: 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 B&M
Largest movements
- Cash -€67,888
down €67,888 (-43.3%), from €156,654 to €88,767
mainly Contributions, distributions and other (-€150,000) and Investment in fixed assets (net) (-€73,225)
- Tangible fixed assets +€51,258
up €51,258 (+221%), from €23,244 to €74,502
of which Furniture and vehicles: +€46,662
- Receivables within one year +€2,757
up €2,757 (+71.2%), from €3,874 to €6,631
of which Trade receivables: +€3,197
- Tax, wage and social debts -€12,208
down €12,208 (-50.5%), from €24,162 to €11,954
- Reserves -€7,773
down €7,773 (-5.1%), from €152,138 to €144,364
- Trade debts +€6,109
up €6,109 (+137%), from €4,473 to €10,582
- Gross operating margin +€33,592
up €33,592 (+19.1%), from €175,430 to €209,023
- Depreciation +€20,212
up €20,212 (+1,152%), from €1,755 to €21,967
- Other operating charges -€11,316
down €11,316 (-93.6%), from €12,088 to €771
- Taxes +€7,811
up €7,811 (+22.1%), from €35,328 to €43,139
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 | €183,773 | €169,900 | -€13,872 | -7.5% |
| Fixed assets | 21/28 | €23,244 | €74,502 | +€51,258 | +221% |
| Tangible fixed assets | 22/27 | €23,244 | €74,502 | +€51,258 | +221% |
| Land and buildings | 22 | - | €4,596 | +€4,596 | |
| Furniture and vehicles | 24 | €23,244 | €69,907 | +€46,662 | +201% |
| Current assets | 29/58 | €160,528 | €95,398 | -€65,130 | -40.6% |
| Amounts receivable within one year | 40/41 | €3,874 | €6,631 | +€2,757 | +71.2% |
| Trade receivables | 40 | €2,500 | €5,697 | +€3,197 | +128% |
| Other amounts receivable | 41 | €1,374 | €934 | -€440 | -32.0% |
| Cash at bank and in hand | 54/58 | €156,654 | €88,767 | -€67,888 | -43.3% |
| Total equity and liabilities | 10/49 | €183,773 | €169,900 | -€13,872 | -7.5% |
| Equity | 10/15 | €155,138 | €147,364 | -€7,773 | -5.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €152,138 | €144,364 | -€7,773 | -5.1% |
| Distributable reserves | 133 | €152,138 | €144,364 | -€7,773 | -5.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €28,635 | €22,536 | -€6,099 | -21.3% |
| Amounts payable within one year | 42/48 | €28,635 | €22,536 | -€6,099 | -21.3% |
| Trade debts | 44 | €4,473 | €10,582 | +€6,109 | +137% |
| Suppliers | 440/4 | €4,473 | €10,582 | +€6,109 | +137% |
| Taxes, remuneration and social security | 45 | €24,162 | €11,954 | -€12,208 | -50.5% |
| Taxes | 450/3 | €24,162 | €11,954 | -€12,208 | -50.5% |
| Non-recurring operating income | 76A | €13,790 | €0 | -€13,790 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,755 | €21,967 | +€20,212 | +1,152% |
| Other operating charges | 640/8 | €12,088 | €771 | -€11,316 | -93.6% |
| Gross operating margin | 9900 | €175,430 | €209,023 | +€33,592 | +19.1% |
| Operating profit (loss) | 9901 | €161,588 | €186,285 | +€24,697 | +15.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | +4,250% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +4,250% |
| Financial charges | 65/66B | €1,797 | €920 | -€877 | -48.8% |
| Recurring financial charges | 65 | €1,797 | €920 | -€877 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | €159,791 | €185,365 | +€25,575 | +16.0% |
| Income taxes | 67/77 | €35,328 | €43,139 | +€7,811 | +22.1% |
| Profit (loss) for the period | 9904 | €124,463 | €142,227 | +€17,764 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €124,463 | €142,227 | +€17,764 | +14.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.