HORSVEN: 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.
HORSVEN
Largest movements
- Tangible fixed assets +€26,440
up €26,440 (+302%), from €8,750 to €35,190
of which Land and buildings: +€25,646
- Cash -€25,257
down €25,257 (-51.7%), from €48,841 to €23,584
mainly Investment in fixed assets (net) (-€34,896) and Current portion of long-term debt (-€8,449)
- Current investments +€1,000
new in 2025: €1,000
- Current portion of long-term debt -€8,449
no longer reported in 2025 (was €8,449)
- Profit (loss) carried forward +€7,141
up €7,141 (+17.6%), from -€40,571 to -€33,430
- Other debts +€3,902
up €3,902 (+10.0%), from €39,046 to €42,948
- Staff costs -€16,675
down €16,675 (-50.2%), from €33,220 to €16,545
- Gross operating margin -€1,775
down €1,775 (-4.9%), from €36,127 to €34,352
- Taxes +€1,281
up €1,281 (+982%), from €131 to €1,412
- Depreciation -€549
down €549 (-6.1%), from €9,005 to €8,456
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 | €61,519 | €64,120 | +€2,601 | +4.2% |
| Fixed assets | 21/28 | €8,750 | €35,190 | +€26,440 | +302% |
| Tangible fixed assets | 22/27 | €8,750 | €35,190 | +€26,440 | +302% |
| Land and buildings | 22 | €240 | €25,886 | +€25,646 | +10,677% |
| Plant, machinery and equipment | 23 | €8,146 | €8,695 | +€549 | +6.7% |
| Furniture and vehicles | 24 | €364 | €609 | +€245 | +67.3% |
| Current assets | 29/58 | €52,769 | €28,930 | -€23,839 | -45.2% |
| Stocks and contracts in progress | 3 | €3,493 | €3,679 | +€186 | +5.3% |
| Stocks | 30/36 | €3,493 | €3,679 | +€186 | +5.3% |
| Amounts receivable within one year | 40/41 | €19 | - | -€19 | |
| Other amounts receivable | 41 | €19 | - | -€19 | |
| Current investments | 50/53 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €48,841 | €23,584 | -€25,257 | -51.7% |
| Deferred charges and accrued income | 490/1 | €416 | €667 | +€251 | +60.5% |
| Total equity and liabilities | 10/49 | €61,519 | €64,120 | +€2,601 | +4.2% |
| Equity | 10/15 | €7,259 | €14,400 | +€7,141 | +98.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €29,238 | €29,238 | = | 0.0% |
| Distributable reserves | 133 | €29,238 | €29,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,571 | -€33,430 | +€7,141 | +17.6% |
| Amounts payable | 17/49 | €54,260 | €49,720 | -€4,540 | -8.4% |
| Amounts payable within one year | 42/48 | €54,260 | €49,720 | -€4,540 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €8,449 | - | -€8,449 | |
| Trade debts | 44 | €3,388 | €4,014 | +€627 | +18.5% |
| Suppliers | 440/4 | €3,388 | €4,014 | +€627 | +18.5% |
| Taxes, remuneration and social security | 45 | €3,377 | €2,758 | -€619 | -18.3% |
| Taxes | 450/3 | €2,702 | €2,758 | +€56 | +2.1% |
| Remuneration and social security | 454/9 | €675 | - | -€675 | |
| Other amounts payable | 47/48 | €39,046 | €42,948 | +€3,902 | +10.0% |
| Remuneration, social security and pensions | 62 | €33,220 | €16,545 | -€16,675 | -50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,005 | €8,456 | -€549 | -6.1% |
| Other operating charges | 640/8 | €340 | €368 | +€28 | +8.4% |
| Gross operating margin | 9900 | €36,127 | €34,352 | -€1,775 | -4.9% |
| Operating profit (loss) | 9901 | -€6,438 | €8,983 | +€15,421 | |
| Financial income | 75/76B | €220 | - | -€220 | |
| Recurring financial income | 75 | €220 | - | -€220 | |
| Financial charges | 65/66B | €298 | €431 | +€133 | +44.4% |
| Recurring financial charges | 65 | €298 | €431 | +€133 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,516 | €8,552 | +€15,068 | |
| Income taxes | 67/77 | €131 | €1,412 | +€1,281 | +982% |
| Profit (loss) for the period | 9904 | -€6,646 | €7,141 | +€13,787 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,646 | €7,141 | +€13,787 |
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 26 October 2026 via checked.be.