HORTA: 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.
HORTA
Largest movements
- Receivables within one year +€200,321
up €200,321 (+80.7%), from €248,094 to €448,414
of which Other amounts receivable: +€159,395
- Cash -€144,232
down €144,232 (-12.4%), from €1.2m to €1.0m
mainly Investment in fixed assets (net) (-€283,070) and Receivables within one year (-€200,321)
- Tangible fixed assets +€54,198
up €54,198 (+2.2%), from €2.4m to €2.5m
of which Plant, machinery and equipment: +€191,792
- Trade debts +€145,626
up €145,626 (+51.3%), from €284,145 to €429,771
- Debts after one year -€142,854
down €142,854 (-4.4%), from €3.3m to €3.1m
- Profit (loss) carried forward +€141,677
up €141,677 (+37.7%), from -€375,660 to -€233,984
- Staff costs +€130,913
up €130,913 (+4.5%), from €2.9m to €3.0m
- Gross operating margin +€69,541
up €69,541 (+1.9%), from €3.6m to €3.7m
- Taxes +€47,587
up €47,587 (+162.9%), from €29,220 to €76,807
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 | €3,915,257 | €4,036,440 | +€121,182 | +3.1% |
| Fixed assets | 21/28 | €2,448,276 | €2,502,474 | +€54,198 | +2.2% |
| Tangible fixed assets | 22/27 | €2,448,276 | €2,502,474 | +€54,198 | +2.2% |
| Plant, machinery and equipment | 23 | €286,951 | €478,744 | +€191,792 | +66.8% |
| Furniture and vehicles | 24 | €1,342 | €934 | -€408 | -30.4% |
| Leasing and similar rights | 25 | €1,932,586 | €1,811,799 | -€120,787 | -6.3% |
| Other tangible fixed assets | 26 | €227,397 | €210,998 | -€16,399 | -7.2% |
| Current assets | 29/58 | €1,466,981 | €1,533,965 | +€66,984 | +4.6% |
| Stocks and contracts in progress | 3 | €35,500 | €36,750 | +€1,250 | +3.5% |
| Stocks | 30/36 | €35,500 | €36,750 | +€1,250 | +3.5% |
| Amounts receivable within one year | 40/41 | €248,094 | €448,414 | +€200,321 | +80.7% |
| Trade receivables | 40 | €169,205 | €210,130 | +€40,925 | +24.2% |
| Other amounts receivable | 41 | €78,889 | €238,284 | +€159,395 | +202.1% |
| Cash at bank and in hand | 54/58 | €1,163,142 | €1,018,910 | -€144,232 | -12.4% |
| Deferred charges and accrued income | 490/1 | €20,246 | €29,891 | +€9,645 | +47.6% |
| Total equity and liabilities | 10/49 | €3,915,257 | €4,036,440 | +€121,182 | +3.1% |
| Equity | 10/15 | -€313,687 | -€172,010 | +€141,677 | +45.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€375,660 | -€233,984 | +€141,677 | +37.7% |
| Amounts payable | 17/49 | €4,228,945 | €4,208,450 | -€20,494 | -0.5% |
| Amounts payable after more than one year | 17 | €3,250,349 | €3,107,496 | -€142,854 | -4.4% |
| Financial debts | 170/4 | €3,250,349 | €3,107,496 | -€142,854 | -4.4% |
| Amounts payable within one year | 42/48 | €978,595 | €1,100,955 | +€122,359 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €248,012 | €222,915 | -€25,097 | -10.1% |
| Trade debts | 44 | €284,145 | €429,771 | +€145,626 | +51.3% |
| Suppliers | 440/4 | €284,145 | €429,771 | +€145,626 | +51.3% |
| Advances received on contracts in progress | 46 | €6,920 | €7,161 | +€241 | +3.5% |
| Taxes, remuneration and social security | 45 | €439,518 | €441,108 | +€1,590 | +0.4% |
| Taxes | 450/3 | €127,096 | €122,831 | -€4,265 | -3.4% |
| Remuneration and social security | 454/9 | €312,422 | €318,277 | +€5,856 | +1.9% |
| Remuneration, social security and pensions | 62 | €2,904,061 | €3,034,974 | +€130,913 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,363 | €228,872 | +€12,509 | +5.8% |
| Other operating charges | 640/8 | €49,310 | €72,508 | +€23,199 | +47.0% |
| Gross operating margin | 9900 | €3,638,666 | €3,708,207 | +€69,541 | +1.9% |
| Operating profit (loss) | 9901 | €468,933 | €371,853 | -€97,080 | -20.7% |
| Financial income | 75/76B | €2,522 | €16,393 | +€13,872 | +550.1% |
| Recurring financial income | 75 | €2,522 | €16,393 | +€13,872 | +550.1% |
| Financial charges | 65/66B | €175,618 | €169,763 | -€5,855 | -3.3% |
| Recurring financial charges | 65 | €175,618 | €169,763 | -€5,855 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €295,837 | €218,484 | -€77,353 | -26.1% |
| Income taxes | 67/77 | €29,220 | €76,807 | +€47,587 | +162.9% |
| Profit (loss) for the period | 9904 | €266,617 | €141,677 | -€124,940 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €266,617 | €141,677 | -€124,940 | -46.9% |
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 9 October 2026 via checked.be.