HORTA PRODUCTIONS: 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 PRODUCTIONS
Largest movements
- Intangible fixed assets +€1.4m
up €1.4m (+861%), from €168,175 to €1.6m
- Receivables within one year -€243,947
down €243,947 (-58.1%), from €419,517 to €175,571
of which Other amounts receivable: -€418,827
- Other debts +€839,519
new in 2025: €839,519
- Accrued charges and deferred income +€558,985
up €558,985 (+135%), from €413,692 to €972,677
- Trade debts -€168,401
down €168,401 (-91.1%), from €184,824 to €16,423
- Profit (loss) carried forward -€30,301
down €30,301 (-167%), from -€18,164 to -€48,466
- Depreciation +€134,632
up €134,632 (+70,900%), from €190 to €134,821
- Gross operating margin +€124,736
up €124,736, from -€25,685 to €99,051
- Financial charges +€4,757
up €4,757 (+586%), from €812 to €5,569
- Financial income +€2,881
up €2,881 (+31.5%), from €9,150 to €12,031
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 | €630,392 | €1,830,154 | +€1.2m | +190% |
| Fixed assets | 21/28 | €168,333 | €1,616,147 | +€1.4m | +860% |
| Intangible fixed assets | 21 | €168,175 | €1,615,989 | +€1.4m | +861% |
| Financial fixed assets | 28 | €158 | €158 | = | 0.0% |
| Current assets | 29/58 | €462,059 | €214,007 | -€248,052 | -53.7% |
| Amounts receivable within one year | 40/41 | €419,517 | €175,571 | -€243,947 | -58.1% |
| Trade receivables | 40 | - | €174,880 | +€174,880 | |
| Other amounts receivable | 41 | €419,517 | €690 | -€418,827 | -99.8% |
| Cash at bank and in hand | 54/58 | €39,970 | €26,627 | -€13,343 | -33.4% |
| Deferred charges and accrued income | 490/1 | €2,572 | €11,810 | +€9,238 | +359% |
| Total equity and liabilities | 10/49 | €630,392 | €1,830,154 | +€1.2m | +190% |
| Equity | 10/15 | €31,836 | €1,534 | -€30,301 | -95.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,164 | -€48,466 | -€30,301 | -167% |
| Amounts payable | 17/49 | €598,557 | €1,828,619 | +€1.2m | +206% |
| Amounts payable within one year | 42/48 | €184,865 | €855,942 | +€671,078 | +363% |
| Trade debts | 44 | €184,824 | €16,423 | -€168,401 | -91.1% |
| Suppliers | 440/4 | €184,824 | €16,423 | -€168,401 | -91.1% |
| Taxes, remuneration and social security | 45 | €40 | €0 | -€40 | -100% |
| Taxes | 450/3 | €40 | €0 | -€40 | -100% |
| Other amounts payable | 47/48 | - | €839,519 | +€839,519 | |
| Accrued charges and deferred income | 492/3 | €413,692 | €972,677 | +€558,985 | +135% |
| Non-recurring operating income | 76A | - | €153 | +€153 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190 | €134,821 | +€134,632 | +70,900% |
| Other operating charges | 640/8 | €476 | €596 | +€121 | +25.4% |
| Non-recurring operating charges | 66A | €152 | €397 | +€245 | +161% |
| Gross operating margin | 9900 | -€25,685 | €99,051 | +€124,736 | |
| Operating profit (loss) | 9901 | -€26,503 | -€36,764 | -€10,261 | -38.7% |
| Financial income | 75/76B | €9,150 | €12,031 | +€2,881 | +31.5% |
| Recurring financial income | 75 | €9,150 | €12,031 | +€2,881 | +31.5% |
| Financial charges | 65/66B | €812 | €5,569 | +€4,757 | +586% |
| Recurring financial charges | 65 | €812 | €5,569 | +€4,757 | +586% |
| Profit (loss) for the period before taxes | 9903 | -€18,164 | -€30,301 | -€12,137 | -66.8% |
| Profit (loss) for the period | 9904 | -€18,164 | -€30,301 | -€12,137 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,164 | -€30,301 | -€12,137 | -66.8% |
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 23 October 2026 via checked.be.