HORTA CONSTRUCT: 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 CONSTRUCT
Largest movements
- Cash -€8,599
down €8,599 (-69.8%), from €12,320 to €3,722
mainly Trade debts (-€22,900) and Receivables within one year (-€4,081)
- Receivables within one year +€4,081
up €4,081 (+13.3%), from €30,722 to €34,803
of which Trade receivables: +€3,198
- Trade debts -€22,900
down €22,900 (-59.0%), from €38,830 to €15,929
- Other debts +€12,764
up €12,764 (+256.0%), from €4,986 to €17,749
- Profit (loss) carried forward +€4,353
up €4,353 (+19.4%), from -€22,394 to -€18,041
- Tax, wage and social debts +€1,821
up €1,821 (+84.4%), from €2,157 to €3,978
of which Remuneration and social security: +€1,685
- Gross operating margin +€67,857
up €67,857, from -€507 to €67,350
- Staff costs +€61,957
new in 2025: €61,957
- Purchases and services -€4,207
down €4,207 (-2.5%), from €165,167 to €160,961
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 | €43,978 | €40,015 | -€3,963 | -9.0% |
| Fixed assets | 21/28 | €936 | €1,490 | +€554 | +59.2% |
| Tangible fixed assets | 22/27 | €936 | €1,280 | +€344 | +36.8% |
| Furniture and vehicles | 24 | €936 | €1,280 | +€344 | +36.8% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Current assets | 29/58 | €43,042 | €38,525 | -€4,517 | -10.5% |
| Amounts receivable within one year | 40/41 | €30,722 | €34,803 | +€4,081 | +13.3% |
| Trade receivables | 40 | €29,203 | €32,402 | +€3,198 | +11.0% |
| Other amounts receivable | 41 | €1,519 | €2,401 | +€883 | +58.1% |
| Cash at bank and in hand | 54/58 | €12,320 | €3,722 | -€8,599 | -69.8% |
| Total equity and liabilities | 10/49 | €43,978 | €40,015 | -€3,963 | -9.0% |
| Equity | 10/15 | -€1,994 | €2,359 | +€4,353 | |
| Contributions | 10/11 | €20,400 | €20,400 | = | 0.0% |
| Contributions outside capital | 11 | €20,400 | €20,400 | = | 0.0% |
| Other | 1109/19 | €20,400 | €20,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,394 | -€18,041 | +€4,353 | +19.4% |
| Amounts payable | 17/49 | €45,972 | €37,656 | -€8,316 | -18.1% |
| Amounts payable within one year | 42/48 | €45,972 | €37,656 | -€8,316 | -18.1% |
| Trade debts | 44 | €38,830 | €15,929 | -€22,900 | -59.0% |
| Suppliers | 440/4 | €38,830 | €15,929 | -€22,900 | -59.0% |
| Taxes, remuneration and social security | 45 | €2,157 | €3,978 | +€1,821 | +84.4% |
| Taxes | 450/3 | €2,157 | €2,292 | +€135 | +6.3% |
| Remuneration and social security | 454/9 | - | €1,685 | +€1,685 | |
| Other amounts payable | 47/48 | €4,986 | €17,749 | +€12,764 | +256.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €165,167 | €160,961 | -€4,207 | -2.5% |
| Remuneration, social security and pensions | 62 | - | €61,957 | +€61,957 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307 | €321 | +€13 | +4.4% |
| Other operating charges | 640/8 | €536 | €697 | +€161 | +30.1% |
| Non-recurring operating charges | 66A | €442 | - | -€442 | |
| Gross operating margin | 9900 | -€507 | €67,350 | +€67,857 | |
| Operating profit (loss) | 9901 | -€1,792 | €4,375 | +€6,167 | |
| Financial income | 75/76B | €121 | €0 | -€121 | -99.9% |
| Recurring financial income | 75 | €121 | €0 | -€121 | -99.9% |
| Financial charges | 65/66B | €360 | €279 | -€81 | -22.4% |
| Recurring financial charges | 65 | €360 | €279 | -€81 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,031 | €4,095 | +€6,126 | |
| Income taxes | 67/77 | -€539 | -€257 | +€282 | +52.3% |
| Profit (loss) for the period | 9904 | -€1,492 | €4,353 | +€5,844 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,492 | €4,353 | +€5,844 |
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 10 October 2026 via checked.be.