HORTA WELLEN: 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 WELLEN
Largest movements
- Stocks and contracts +€10,800
up €10,800 (+3.9%), from €279,899 to €290,699
- Cash +€7,285
up €7,285 (+7.7%), from €94,687 to €101,972
mainly Net result for the year (+€29,070) and Tax, wage and social debts (+€18,740)
- Debts after one year -€40,495
down €40,495 (-69.9%), from €57,940 to €17,445
- Reserves +€29,070
up €29,070 (+53.3%), from €54,520 to €83,590
- Tax, wage and social debts +€18,740
up €18,740 (+94.0%), from €19,937 to €38,676
of which Taxes: +€12,518
- Other debts +€12,825
up €12,825 (+1,346%), from €953 to €13,778
- Staff costs +€34,091
up €34,091 (+64.8%), from €52,619 to €86,710
- Gross operating margin +€30,975
up €30,975 (+31.0%), from €99,917 to €130,892
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €390,388 | €408,857 | +€18,469 | +4.7% |
| Current assets | 29/58 | €390,388 | €408,857 | +€18,469 | +4.7% |
| Stocks and contracts in progress | 3 | €279,899 | €290,699 | +€10,800 | +3.9% |
| Stocks | 30/36 | €279,899 | €290,699 | +€10,800 | +3.9% |
| Amounts receivable within one year | 40/41 | €15,802 | €16,185 | +€384 | +2.4% |
| Trade receivables | 40 | €15,166 | €15,520 | +€354 | +2.3% |
| Other amounts receivable | 41 | €636 | €665 | +€30 | +4.7% |
| Cash at bank and in hand | 54/58 | €94,687 | €101,972 | +€7,285 | +7.7% |
| Total equity and liabilities | 10/49 | €390,388 | €408,857 | +€18,469 | +4.7% |
| Equity | 10/15 | €104,520 | €133,590 | +€29,070 | +27.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €54,520 | €83,590 | +€29,070 | +53.3% |
| Distributable reserves | 133 | €54,520 | €83,590 | +€29,070 | +53.3% |
| Amounts payable | 17/49 | €285,868 | €275,267 | -€10,602 | -3.7% |
| Amounts payable after more than one year | 17 | €57,940 | €17,445 | -€40,495 | -69.9% |
| Financial debts | 170/4 | €57,940 | €17,445 | -€40,495 | -69.9% |
| Amounts payable within one year | 42/48 | €227,928 | €257,821 | +€29,893 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €40,455 | €41,278 | +€823 | +2.0% |
| Trade debts | 44 | €166,584 | €164,089 | -€2,495 | -1.5% |
| Suppliers | 440/4 | €166,584 | €164,089 | -€2,495 | -1.5% |
| Taxes, remuneration and social security | 45 | €19,937 | €38,676 | +€18,740 | +94.0% |
| Taxes | 450/3 | €11,721 | €24,239 | +€12,518 | +107% |
| Remuneration and social security | 454/9 | €8,216 | €14,437 | +€6,222 | +75.7% |
| Other amounts payable | 47/48 | €953 | €13,778 | +€12,825 | +1,346% |
| Remuneration, social security and pensions | 62 | €52,619 | €86,710 | +€34,091 | +64.8% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €99,917 | €130,892 | +€30,975 | +31.0% |
| Operating profit (loss) | 9901 | €46,849 | €43,721 | -€3,128 | -6.7% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €2,773 | €2,131 | -€641 | -23.1% |
| Recurring financial charges | 65 | €2,773 | €2,131 | -€641 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €44,078 | €41,589 | -€2,489 | -5.6% |
| Income taxes | 67/77 | €11,419 | €12,519 | +€1,099 | +9.6% |
| Profit (loss) for the period | 9904 | €32,658 | €29,070 | -€3,588 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,658 | €29,070 | -€3,588 | -11.0% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.