Horta Suenaert: 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 Suenaert
Largest movements
- Stocks and contracts -€60,979
down €60,979 (-13.6%), from €446,887 to €385,908
- Receivables within one year +€43,260
up €43,260 (+202%), from €21,452 to €64,712
of which Other amounts receivable: +€30,115
- Tangible fixed assets -€23,672
down €23,672 (-17.8%), from €132,981 to €109,309
of which Other tangible fixed assets: -€14,040
- Debts after one year +€44,568
up €44,568 (+31.6%), from €141,134 to €185,703
- Profit (loss) carried forward -€38,945
down €38,945 (-40.3%), from €96,727 to €57,783
- Current portion of long-term debt -€37,717
down €37,717 (-51.6%), from €73,148 to €35,432
- Tax, wage and social debts -€12,818
down €12,818 (-36.4%), from €35,256 to €22,438
of which Taxes: -€13,973
- Gross operating margin -€58,591
down €58,591 (-37.0%), from €158,447 to €99,856
- Staff costs +€7,296
up €7,296 (+9.9%), from €73,758 to €81,054
- Taxes -€6,654
down €6,654 (-100%), from €6,654 to €0
- Depreciation +€5,533
up €5,533 (+16.9%), from €32,693 to €38,226
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 | €640,818 | €595,200 | -€45,618 | -7.1% |
| Fixed assets | 21/28 | €132,981 | €109,309 | -€23,672 | -17.8% |
| Tangible fixed assets | 22/27 | €132,981 | €109,309 | -€23,672 | -17.8% |
| Furniture and vehicles | 24 | €19,751 | €10,119 | -€9,632 | -48.8% |
| Other tangible fixed assets | 26 | €113,231 | €99,191 | -€14,040 | -12.4% |
| Current assets | 29/58 | €507,837 | €485,890 | -€21,946 | -4.3% |
| Stocks and contracts in progress | 3 | €446,887 | €385,908 | -€60,979 | -13.6% |
| Stocks | 30/36 | €446,887 | €385,908 | -€60,979 | -13.6% |
| Amounts receivable within one year | 40/41 | €21,452 | €64,712 | +€43,260 | +202% |
| Trade receivables | 40 | €16,168 | €29,313 | +€13,145 | +81.3% |
| Other amounts receivable | 41 | €5,284 | €35,399 | +€30,115 | +570% |
| Cash at bank and in hand | 54/58 | €39,497 | €35,270 | -€4,227 | -10.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €640,818 | €595,200 | -€45,618 | -7.1% |
| Equity | 10/15 | €99,743 | €60,799 | -€38,945 | -39.0% |
| Contributions | 10/11 | €3,016 | €3,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,727 | €57,783 | -€38,945 | -40.3% |
| Amounts payable | 17/49 | €541,075 | €534,401 | -€6,674 | -1.2% |
| Amounts payable after more than one year | 17 | €141,134 | €185,703 | +€44,568 | +31.6% |
| Financial debts | 170/4 | €141,134 | €185,703 | +€44,568 | +31.6% |
| Amounts payable within one year | 42/48 | €398,440 | €345,099 | -€53,342 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €73,148 | €35,432 | -€37,717 | -51.6% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €140,036 | €137,229 | -€2,807 | -2.0% |
| Suppliers | 440/4 | €140,036 | €137,229 | -€2,807 | -2.0% |
| Taxes, remuneration and social security | 45 | €35,256 | €22,438 | -€12,818 | -36.4% |
| Taxes | 450/3 | €20,628 | €6,654 | -€13,973 | -67.7% |
| Remuneration and social security | 454/9 | €14,628 | €15,783 | +€1,156 | +7.9% |
| Accrued charges and deferred income | 492/3 | €1,500 | €3,600 | +€2,100 | +140% |
| Remuneration, social security and pensions | 62 | €73,758 | €81,054 | +€7,296 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,693 | €38,226 | +€5,533 | +16.9% |
| Other operating charges | 640/8 | €1,889 | €2,846 | +€956 | +50.6% |
| Gross operating margin | 9900 | €158,447 | €99,856 | -€58,591 | -37.0% |
| Operating profit (loss) | 9901 | €50,108 | -€22,269 | -€72,377 | |
| Financial income | 75/76B | €1,096 | €1,716 | +€619 | +56.5% |
| Recurring financial income | 75 | €1,096 | €1,716 | +€619 | +56.5% |
| Financial charges | 65/66B | €19,492 | €18,392 | -€1,101 | -5.6% |
| Recurring financial charges | 65 | €19,492 | €18,392 | -€1,101 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €31,712 | -€38,945 | -€70,657 | |
| Income taxes | 67/77 | €6,654 | €0 | -€6,654 | -100% |
| Profit (loss) for the period | 9904 | €25,057 | -€38,945 | -€64,002 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,057 | -€38,945 | -€64,002 |
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 31 October 2026 via checked.be.