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 -€59,799
down €59,799 (-89.6%), from €66,777 to €6,978
of which Trade receivables: -€60,627
- Tangible fixed assets -€21,603
down €21,603 (-1.4%), from €1.6m to €1.5m
of which Plant, machinery and equipment: -€11,651
- Short-term financial debts -€62,313
down €62,313 (-33.6%), from €185,311 to €122,998
- Turnover -€138,040
no longer reported in 2025 (was €138,040)
- Depreciation -€23,607
no longer reported in 2025 (was €23,607)
- Purchases and services -€23,150
down €23,150 (-21.3%), from €108,499 to €85,349
- Write-downs +€22,788
new in 2025: €22,788
- Gross operating margin +€12,771
up €12,771 (+25.2%), from €50,753 to €63,524
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 | €1,637,379 | €1,557,351 | -€80,028 | -4.9% |
| Fixed assets | 21/28 | €1,563,826 | €1,542,223 | -€21,603 | -1.4% |
| Tangible fixed assets | 22/27 | €1,563,826 | €1,542,223 | -€21,603 | -1.4% |
| Land and buildings | 22 | €1,526,878 | €1,517,476 | -€9,402 | -0.6% |
| Plant, machinery and equipment | 23 | €34,198 | €22,547 | -€11,651 | -34.1% |
| Furniture and vehicles | 24 | €2,750 | €2,200 | -€550 | -20.0% |
| Current assets | 29/58 | €73,553 | €15,128 | -€58,425 | -79.4% |
| Amounts receivable within one year | 40/41 | €66,777 | €6,978 | -€59,799 | -89.6% |
| Trade receivables | 40 | €66,777 | €6,150 | -€60,627 | -90.8% |
| Other amounts receivable | 41 | - | €828 | +€828 | |
| Cash at bank and in hand | 54/58 | €6,776 | €8,150 | +€1,374 | +20.3% |
| Total equity and liabilities | 10/49 | €1,637,379 | €1,557,351 | -€80,028 | -4.9% |
| Equity | 10/15 | €1,429,292 | €1,422,794 | -€6,498 | -0.5% |
| Contributions | 10/11 | €1,050,000 | €1,050,000 | = | 0.0% |
| Capital | 10 | €1,050,000 | €1,050,000 | = | 0.0% |
| Issued capital | 100 | €1,050,000 | €1,050,000 | = | 0.0% |
| Reserves | 13 | €202,722 | €196,224 | -€6,498 | -3.2% |
| Non-distributable reserves | 130/1 | €10,500 | €10,500 | = | 0.0% |
| Legal reserve | 130 | €10,500 | €10,500 | = | 0.0% |
| Distributable reserves | 133 | €192,222 | €185,724 | -€6,498 | -3.4% |
| Profit (loss) carried forward | 14 | €176,570 | €176,570 | = | 0.0% |
| Amounts payable | 17/49 | €208,087 | €134,557 | -€73,530 | -35.3% |
| Amounts payable within one year | 42/48 | €208,087 | €134,557 | -€73,530 | -35.3% |
| Financial debts | 43 | €185,311 | €122,998 | -€62,313 | -33.6% |
| Credit institutions | 430/8 | €185,311 | €122,998 | -€62,313 | -33.6% |
| Trade debts | 44 | €21,014 | €11,559 | -€9,455 | -45.0% |
| Suppliers | 440/4 | €21,014 | €11,559 | -€9,455 | -45.0% |
| Taxes, remuneration and social security | 45 | €1,762 | - | -€1,762 | |
| Taxes | 450/3 | €1,762 | - | -€1,762 | |
| Turnover | 70 | €138,040 | - | -€138,040 | |
| Goods, raw materials, services and sundry goods | 60/61 | €108,499 | €85,349 | -€23,150 | -21.3% |
| Remuneration, social security and pensions | 62 | €909 | €1,962 | +€1,053 | +116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,607 | - | -€23,607 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,788 | +€22,788 | |
| Other operating charges | 640/8 | €6,730 | - | -€6,730 | |
| Gross operating margin | 9900 | €50,753 | €63,524 | +€12,771 | +25.2% |
| Operating profit (loss) | 9901 | €19,507 | €38,774 | +€19,267 | +98.8% |
| Financial income | 75/76B | €46 | €95 | +€49 | +107% |
| Recurring financial income | 75 | €46 | €95 | +€49 | +107% |
| Non-recurring financial income | 76B | €46 | €95 | +€49 | +107% |
| Financial charges | 65/66B | €257 | €194 | -€63 | -24.5% |
| Recurring financial charges | 65 | €257 | €194 | -€63 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €19,296 | €38,675 | +€19,379 | +100% |
| Income taxes | 67/77 | €3,408 | €5,613 | +€2,205 | +64.7% |
| Profit (loss) for the period | 9904 | €15,888 | €33,062 | +€17,174 | +108% |
| Profit (loss) for the period to be appropriated | 9905 | €15,888 | €33,062 | +€17,174 | +108% |
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 24 October 2026 via checked.be.