HORTA HAMONT: 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 HAMONT
Largest movements
- Tangible fixed assets -€330,346
down €330,346 (-88.7%), from €372,387 to €42,041
of which Land and buildings: -€362,372
- Stocks and contracts +€207,885
up €207,885 (+64.1%), from €324,373 to €532,258
- Cash -€127,142
down €127,142 (-71.8%), from €177,117 to €49,975
mainly Contributions, distributions and other (-€362,372) and Stocks and contracts (-€207,885)
- Intangible fixed assets +€48,315
new in 2025: €48,315
- Reserves -€239,597
down €239,597 (-53.0%), from €451,706 to €212,109
- Debts after one year +€204,353
up €204,353 (+163%), from €125,000 to €329,353
of which Other amounts payable: +€204,353
- Contributions -€111,207
down €111,207 (-55.6%), from €200,000 to €88,793
- Trade debts -€61,221
down €61,221 (-52.4%), from €116,732 to €55,511
- Tax, wage and social debts +€18,425
up €18,425 (+127%), from €14,486 to €32,911
of which Remuneration and social security: +€15,147
- Staff costs +€98,477
up €98,477 (+390%), from €25,261 to €123,738
- Write-downs +€56,116
up €56,116, from -€19,884 to €36,232
- Gross operating margin +€54,088
up €54,088 (+36.1%), from €149,698 to €203,785
- Taxes -€19,646
down €19,646 (-80.8%), from €24,301 to €4,655
- Depreciation -€15,515
down €15,515 (-51.6%), from €30,079 to €14,564
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 | €915,464 | €723,897 | -€191,567 | -20.9% |
| Fixed assets | 21/28 | €372,437 | €90,406 | -€282,031 | -75.7% |
| Intangible fixed assets | 21 | - | €48,315 | +€48,315 | |
| Tangible fixed assets | 22/27 | €372,387 | €42,041 | -€330,346 | -88.7% |
| Land and buildings | 22 | €362,372 | €0 | -€362,372 | -100% |
| Plant, machinery and equipment | 23 | €9,184 | €13,734 | +€4,550 | +49.5% |
| Furniture and vehicles | 24 | €831 | €25,107 | +€24,277 | +2,922% |
| Other tangible fixed assets | 26 | - | €3,199 | +€3,199 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €543,027 | €633,491 | +€90,464 | +16.7% |
| Stocks and contracts in progress | 3 | €324,373 | €532,258 | +€207,885 | +64.1% |
| Stocks | 30/36 | €324,373 | €532,258 | +€207,885 | +64.1% |
| Amounts receivable within one year | 40/41 | €41,537 | €49,283 | +€7,746 | +18.6% |
| Trade receivables | 40 | €35,296 | €33,979 | -€1,316 | -3.7% |
| Other amounts receivable | 41 | €6,242 | €15,304 | +€9,063 | +145% |
| Cash at bank and in hand | 54/58 | €177,117 | €49,975 | -€127,142 | -71.8% |
| Deferred charges and accrued income | 490/1 | €0 | €1,974 | +€1,974 | |
| Total equity and liabilities | 10/49 | €915,464 | €723,897 | -€191,567 | -20.9% |
| Equity | 10/15 | €651,706 | €300,902 | -€350,804 | -53.8% |
| Contributions | 10/11 | €200,000 | €88,793 | -€111,207 | -55.6% |
| Reserves | 13 | €451,706 | €212,109 | -€239,597 | -53.0% |
| Distributable reserves | 133 | €451,706 | €212,109 | -€239,597 | -53.0% |
| Amounts payable | 17/49 | €263,758 | €422,995 | +€159,238 | +60.4% |
| Amounts payable after more than one year | 17 | €125,000 | €329,353 | +€204,353 | +163% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €125,000 | €329,353 | +€204,353 | +163% |
| Amounts payable within one year | 42/48 | €133,439 | €88,422 | -€45,017 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €116,732 | €55,511 | -€61,221 | -52.4% |
| Suppliers | 440/4 | €116,732 | €55,511 | -€61,221 | -52.4% |
| Advances received on contracts in progress | 46 | €345 | €0 | -€345 | -100% |
| Taxes, remuneration and social security | 45 | €14,486 | €32,911 | +€18,425 | +127% |
| Taxes | 450/3 | €12,239 | €15,517 | +€3,278 | +26.8% |
| Remuneration and social security | 454/9 | €2,247 | €17,394 | +€15,147 | +674% |
| Other amounts payable | 47/48 | €1,875 | €0 | -€1,875 | -100% |
| Accrued charges and deferred income | 492/3 | €5,319 | €5,220 | -€99 | -1.9% |
| Non-recurring operating income | 76A | €24,000 | €0 | -€24,000 | -100% |
| Remuneration, social security and pensions | 62 | €25,261 | €123,738 | +€98,477 | +390% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,079 | €14,564 | -€15,515 | -51.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,884 | €36,232 | +€56,116 | |
| Other operating charges | 640/8 | €6,821 | €7,222 | +€401 | +5.9% |
| Gross operating margin | 9900 | €149,698 | €203,785 | +€54,088 | +36.1% |
| Operating profit (loss) | 9901 | €107,421 | €22,030 | -€85,391 | -79.5% |
| Financial income | 75/76B | €4,879 | €1,715 | -€3,164 | -64.9% |
| Recurring financial income | 75 | €4,879 | €1,715 | -€3,164 | -64.9% |
| Financial charges | 65/66B | €15,156 | €7,522 | -€7,634 | -50.4% |
| Recurring financial charges | 65 | €15,156 | €7,522 | -€7,634 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | €97,144 | €16,223 | -€80,921 | -83.3% |
| Income taxes | 67/77 | €24,301 | €4,655 | -€19,646 | -80.8% |
| Profit (loss) for the period | 9904 | €72,843 | €11,568 | -€61,275 | -84.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,843 | €11,568 | -€61,275 | -84.1% |
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 20 October 2026 via checked.be.