HORT'ANS: 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.
HORT'ANS
Largest movements
- Cash -€47,114
down €47,114 (-36.0%), from €130,872 to €83,758
mainly Short-term financial debts (-€50,000) and Current portion of long-term debt (-€9,281)
- Tangible fixed assets -€7,887
down €7,887 (-16.7%), from €47,309 to €39,422
of which Plant, machinery and equipment: -€6,051
- Stocks and contracts +€4,111
up €4,111 (+3.5%), from €116,215 to €120,326
- Receivables within one year +€3,809
up €3,809 (+47.3%), from €8,062 to €11,871
of which Trade receivables: +€3,725
- Deferred charges and accrued income +€3,303
new in 2025: €3,303
- Short-term financial debts -€50,000
down €50,000 (-40.0%), from €125,000 to €75,000
of which Other loans: -€125,000
- Other debts +€12,751
up €12,751 (+750.5%), from €1,699 to €14,450
- Current portion of long-term debt -€9,281
down €9,281 (-86.7%), from €10,700 to €1,419
- Trade debts -€6,902
down €6,902 (-12.6%), from €54,829 to €47,927
- Tax, wage and social debts +€6,030
up €6,030 (+31.3%), from €19,261 to €25,291
of which Taxes: +€4,754
- Gross operating margin +€27,116
up €27,116 (+38.3%), from €70,762 to €97,878
- Staff costs +€22,105
up €22,105 (+49.8%), from €44,362 to €66,467
- Other operating charges +€2,219
up €2,219 (+153.8%), from €1,443 to €3,662
- Depreciation -€1,637
down €1,637 (-12.1%), from €13,565 to €11,928
- Financial charges +€1,471
up €1,471 (+16.0%), from €9,194 to €10,665
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.
Cash bridge derived
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 | €309,520 | €263,742 | -€45,778 | -14.8% |
| Fixed assets | 21/28 | €54,371 | €44,484 | -€9,887 | -18.2% |
| Intangible fixed assets | 21 | €6,000 | €4,000 | -€2,000 | -33.3% |
| Tangible fixed assets | 22/27 | €47,309 | €39,422 | -€7,887 | -16.7% |
| Plant, machinery and equipment | 23 | €34,799 | €28,748 | -€6,051 | -17.4% |
| Furniture and vehicles | 24 | €12,510 | €10,674 | -€1,836 | -14.7% |
| Financial fixed assets | 28 | €1,062 | €1,062 | -€1 | 0.0% |
| Current assets | 29/58 | €255,149 | €219,258 | -€35,891 | -14.1% |
| Stocks and contracts in progress | 3 | €116,215 | €120,326 | +€4,111 | +3.5% |
| Stocks | 30/36 | €116,215 | €120,326 | +€4,111 | +3.5% |
| Amounts receivable within one year | 40/41 | €8,062 | €11,871 | +€3,809 | +47.3% |
| Trade receivables | 40 | €7,706 | €11,431 | +€3,725 | +48.3% |
| Other amounts receivable | 41 | €356 | €441 | +€85 | +23.8% |
| Cash at bank and in hand | 54/58 | €130,872 | €83,758 | -€47,114 | -36.0% |
| Deferred charges and accrued income | 490/1 | - | €3,303 | +€3,303 | |
| Total equity and liabilities | 10/49 | €309,520 | €263,742 | -€45,778 | -14.8% |
| Equity | 10/15 | €96,612 | €99,654 | +€3,042 | +3.1% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €76,000 | €80,860 | +€4,860 | +6.4% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Legal reserve | 130 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €76,000 | €79,000 | +€3,000 | +3.9% |
| Profit (loss) carried forward | 14 | €152 | €194 | +€42 | +27.9% |
| Amounts payable | 17/49 | €212,908 | €164,087 | -€48,821 | -22.9% |
| Amounts payable after more than one year | 17 | €1,419 | - | -€1,419 | |
| Financial debts | 170/4 | €1,419 | - | -€1,419 | |
| Amounts payable within one year | 42/48 | €211,489 | €164,087 | -€47,402 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €10,700 | €1,419 | -€9,281 | -86.7% |
| Financial debts | 43 | €125,000 | €75,000 | -€50,000 | -40.0% |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Other loans | 439 | €125,000 | - | -€125,000 | |
| Trade debts | 44 | €54,829 | €47,927 | -€6,902 | -12.6% |
| Suppliers | 440/4 | €54,829 | €47,927 | -€6,902 | -12.6% |
| Taxes, remuneration and social security | 45 | €19,261 | €25,291 | +€6,030 | +31.3% |
| Taxes | 450/3 | €11,632 | €16,386 | +€4,754 | +40.9% |
| Remuneration and social security | 454/9 | €7,629 | €8,905 | +€1,276 | +16.7% |
| Other amounts payable | 47/48 | €1,699 | €14,450 | +€12,751 | +750.5% |
| Remuneration, social security and pensions | 62 | €44,362 | €66,467 | +€22,105 | +49.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,565 | €11,928 | -€1,637 | -12.1% |
| Other operating charges | 640/8 | €1,443 | €3,662 | +€2,219 | +153.8% |
| Gross operating margin | 9900 | €70,762 | €97,878 | +€27,116 | +38.3% |
| Operating profit (loss) | 9901 | €11,392 | €15,821 | +€4,429 | +38.9% |
| Financial income | 75/76B | €20 | €62 | +€42 | +210.3% |
| Recurring financial income | 75 | €20 | €62 | +€42 | +210.3% |
| Financial charges | 65/66B | €9,194 | €10,665 | +€1,471 | +16.0% |
| Recurring financial charges | 65 | €9,194 | €10,665 | +€1,471 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €2,218 | €5,218 | +€3,000 | +135.2% |
| Income taxes | 67/77 | €1,880 | €2,175 | +€295 | +15.7% |
| Profit (loss) for the period | 9904 | €338 | €3,043 | +€2,705 | +800.2% |
| Profit (loss) for the period to be appropriated | 9905 | €338 | €3,043 | +€2,705 | +800.2% |
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 11 October 2026 via checked.be.