HORTA OUDENAARDE: 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 OUDENAARDE
Largest movements
- Cash -€42,776
down €42,776 (-46.8%), from €91,465 to €48,689
mainly Other debts (-€94,872) and Debts after one year (-€30,000)
- Deferred charges and accrued income -€27,447
down €27,447 (-12.1%), from €226,693 to €199,246
- Tangible fixed assets -€17,055
down €17,055 (-18.1%), from €94,273 to €77,218
of which Other tangible fixed assets: -€12,582
- Stocks and contracts -€15,292
down €15,292 (-2.0%), from €749,294 to €734,002
- Receivables within one year +€13,712
up €13,712 (+55.4%), from €24,745 to €38,457
of which Trade receivables: +€9,759
- Other debts -€94,872
down €94,872 (-25.9%), from €366,636 to €271,764
- Profit (loss) carried forward +€68,145
up €68,145 (+61.9%), from -€110,043 to -€41,898
- Debts after one year -€30,000
down €30,000 (-18.5%), from €162,500 to €132,500
- Accrued charges and deferred income -€21,378
down €21,378 (-84.3%), from €25,364 to €3,986
- Turnover -€2.2m
no longer reported in 2025 (was €2.2m)
- Purchases and services -€1.9m
no longer reported in 2025 (was €1.9m)
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 | €1,186,470 | €1,097,612 | -€88,858 | -7.5% |
| Fixed assets | 21/28 | €94,273 | €77,218 | -€17,055 | -18.1% |
| Tangible fixed assets | 22/27 | €94,273 | €77,218 | -€17,055 | -18.1% |
| Plant, machinery and equipment | 23 | €4,836 | €2,190 | -€2,646 | -54.7% |
| Furniture and vehicles | 24 | €5,595 | €3,768 | -€1,827 | -32.7% |
| Other tangible fixed assets | 26 | €83,842 | €71,260 | -€12,582 | -15.0% |
| Current assets | 29/58 | €1,092,197 | €1,020,394 | -€71,803 | -6.6% |
| Stocks and contracts in progress | 3 | €749,294 | €734,002 | -€15,292 | -2.0% |
| Stocks | 30/36 | €749,294 | €734,002 | -€15,292 | -2.0% |
| Amounts receivable within one year | 40/41 | €24,745 | €38,457 | +€13,712 | +55.4% |
| Trade receivables | 40 | €24,745 | €34,504 | +€9,759 | +39.4% |
| Other amounts receivable | 41 | - | €3,953 | +€3,953 | |
| Cash at bank and in hand | 54/58 | €91,465 | €48,689 | -€42,776 | -46.8% |
| Deferred charges and accrued income | 490/1 | €226,693 | €199,246 | -€27,447 | -12.1% |
| Total equity and liabilities | 10/49 | €1,186,470 | €1,097,612 | -€88,858 | -7.5% |
| Equity | 10/15 | €489,957 | €558,102 | +€68,145 | +13.9% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,043 | -€41,898 | +€68,145 | +61.9% |
| Amounts payable | 17/49 | €696,513 | €539,510 | -€157,003 | -22.5% |
| Amounts payable after more than one year | 17 | €162,500 | €132,500 | -€30,000 | -18.5% |
| Financial debts | 170/4 | €162,500 | €132,500 | -€30,000 | -18.5% |
| Amounts payable within one year | 42/48 | €508,649 | €403,024 | -€105,625 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €76,344 | €66,653 | -€9,691 | -12.7% |
| Suppliers | 440/4 | €76,344 | €66,653 | -€9,691 | -12.7% |
| Taxes, remuneration and social security | 45 | €35,669 | €34,607 | -€1,062 | -3.0% |
| Taxes | 450/3 | €5,199 | - | -€5,199 | |
| Remuneration and social security | 454/9 | €30,470 | €34,607 | +€4,137 | +13.6% |
| Other amounts payable | 47/48 | €366,636 | €271,764 | -€94,872 | -25.9% |
| Accrued charges and deferred income | 492/3 | €25,364 | €3,986 | -€21,378 | -84.3% |
| Turnover | 70 | €2,152,998 | - | -€2.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,861,116 | - | -€1.9m | |
| Remuneration, social security and pensions | 62 | €156,666 | €175,881 | +€19,215 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,708 | €17,055 | -€1,653 | -8.8% |
| Other operating charges | 640/8 | €17,674 | €18,169 | +€495 | +2.8% |
| Gross operating margin | 9900 | €294,046 | €306,829 | +€12,783 | +4.3% |
| Operating profit (loss) | 9901 | €100,998 | €95,724 | -€5,274 | -5.2% |
| Financial income | 75/76B | €13,684 | €17,307 | +€3,623 | +26.5% |
| Recurring financial income | 75 | €13,684 | €17,307 | +€3,623 | +26.5% |
| Financial charges | 65/66B | €58,774 | €44,886 | -€13,888 | -23.6% |
| Recurring financial charges | 65 | €58,774 | €44,886 | -€13,888 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €55,908 | €68,145 | +€12,237 | +21.9% |
| Profit (loss) for the period | 9904 | €55,908 | €68,145 | +€12,237 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,908 | €68,145 | +€12,237 | +21.9% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.