HORTALIX: 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.
HORTALIX
Largest movements
- Tangible fixed assets -€11,200
down €11,200 (-67.9%), from €16,499 to €5,299
- Cash +€10,529
up €10,529 (+1,641%), from €641 to €11,170
mainly Depreciation (+€11,200) and Tax, wage and social debts (+€6,213)
- Receivables within one year -€3,124
down €3,124 (-22.6%), from €13,830 to €10,706
of which Trade receivables: -€3,116
- Deferred charges and accrued income -€786
down €786 (-32.5%), from €2,418 to €1,632
- Stocks and contracts +€597
up €597 (+20.6%), from €2,903 to €3,500
of which Contracts in progress: +€1,000
- Debts after one year -€11,208
down €11,208 (-60.3%), from €18,598 to €7,391
- Tax, wage and social debts +€6,213
new in 2025: €6,213
- Profit (loss) carried forward +€5,864
up €5,864 (+16.7%), from -€35,176 to -€29,312
- Current portion of long-term debt -€4,748
down €4,748 (-38.7%), from €12,266 to €7,518
- Trade debts -€2,851
down €2,851 (-12.4%), from €23,034 to €20,183
- Gross operating margin +€16,790
up €16,790 (+428%), from €3,925 to €20,714
- Financial charges +€370
up €370 (+29.5%), from €1,253 to €1,623
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 | €37,322 | €33,338 | -€3,984 | -10.7% |
| Fixed assets | 21/28 | €17,530 | €6,330 | -€11,200 | -63.9% |
| Tangible fixed assets | 22/27 | €16,499 | €5,299 | -€11,200 | -67.9% |
| Furniture and vehicles | 24 | €16,499 | €5,299 | -€11,200 | -67.9% |
| Financial fixed assets | 28 | €1,031 | €1,031 | = | 0.0% |
| Current assets | 29/58 | €19,793 | €27,008 | +€7,216 | +36.5% |
| Stocks and contracts in progress | 3 | €2,903 | €3,500 | +€597 | +20.6% |
| Stocks | 30/36 | €403 | - | -€403 | |
| Contracts in progress | 37 | €2,500 | €3,500 | +€1,000 | +40.0% |
| Amounts receivable within one year | 40/41 | €13,830 | €10,706 | -€3,124 | -22.6% |
| Trade receivables | 40 | €13,822 | €10,706 | -€3,116 | -22.5% |
| Other amounts receivable | 41 | €8 | - | -€8 | |
| Cash at bank and in hand | 54/58 | €641 | €11,170 | +€10,529 | +1,641% |
| Deferred charges and accrued income | 490/1 | €2,418 | €1,632 | -€786 | -32.5% |
| Total equity and liabilities | 10/49 | €37,322 | €33,338 | -€3,984 | -10.7% |
| Equity | 10/15 | -€16,576 | -€10,712 | +€5,864 | +35.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,176 | -€29,312 | +€5,864 | +16.7% |
| Amounts payable | 17/49 | €53,899 | €44,050 | -€9,849 | -18.3% |
| Amounts payable after more than one year | 17 | €18,598 | €7,391 | -€11,208 | -60.3% |
| Financial debts | 170/4 | €18,598 | €7,391 | -€11,208 | -60.3% |
| Amounts payable within one year | 42/48 | €35,300 | €36,659 | +€1,359 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €12,266 | €7,518 | -€4,748 | -38.7% |
| Trade debts | 44 | €23,034 | €20,183 | -€2,851 | -12.4% |
| Suppliers | 440/4 | €23,034 | €20,183 | -€2,851 | -12.4% |
| Taxes, remuneration and social security | 45 | - | €6,213 | +€6,213 | |
| Taxes | 450/3 | - | €6,213 | +€6,213 | |
| Other amounts payable | 47/48 | - | €2,745 | +€2,745 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,200 | €11,200 | = | 0.0% |
| Other operating charges | 640/8 | €1,953 | €2,028 | +€75 | +3.8% |
| Gross operating margin | 9900 | €3,925 | €20,714 | +€16,790 | +428% |
| Operating profit (loss) | 9901 | -€9,228 | €7,487 | +€16,715 | |
| Financial income | 75/76B | €0 | €1 | +€0 | +671% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +671% |
| Financial charges | 65/66B | €1,253 | €1,623 | +€370 | +29.5% |
| Recurring financial charges | 65 | €1,253 | €1,623 | +€370 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,481 | €5,864 | +€16,345 | |
| Profit (loss) for the period | 9904 | -€10,481 | €5,864 | +€16,345 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,481 | €5,864 | +€16,345 |
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 19 October 2026 via checked.be.