HORTARI: what changed
HORTARI
Largest movements
- Cash +€72,025
up €72,025 (+62.3%), from €115,643 to €187,668
mainly Advances received (+€174,100) and Depreciation (+€15,430)
- Tangible fixed assets +€62,680
up €62,680 (+24.4%), from €257,346 to €320,026
of which Land and buildings: +€72,986
- Receivables within one year +€23,518
up €23,518 (+90.9%), from €25,866 to €49,385
of which Trade receivables: +€32,124
- Advances received +€174,100
up €174,100 (+17,410%), from €1,000 to €175,100
- Debts after one year -€18,379
down €18,379 (-9.2%), from €200,500 to €182,121
- Reserves -€14,673
down €14,673 (-8.4%), from €175,660 to €160,987
- Trade debts +€8,515
up €8,515 (+40.0%), from €21,299 to €29,814
- Tax, wage and social debts +€6,576
up €6,576 (+167%), from €3,934 to €10,510
of which Remuneration and social security: +€3,962
- Depreciation -€10,829
down €10,829 (-41.2%), from €26,259 to €15,430
- Gross operating margin +€7,319
up €7,319 (+30.4%), from €24,115 to €31,434
- Other operating charges -€958
down €958 (-15.5%), from €6,189 to €5,231
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €456,305 | €616,896 | +€160,592 | +35.2% |
| Fixed assets | 21/28 | €258,996 | €321,676 | +€62,680 | +24.2% |
| Tangible fixed assets | 22/27 | €257,346 | €320,026 | +€62,680 | +24.4% |
| Land and buildings | 22 | €232,965 | €305,951 | +€72,986 | +31.3% |
| Plant, machinery and equipment | 23 | €14,051 | €10,693 | -€3,358 | -23.9% |
| Furniture and vehicles | 24 | €10,330 | €3,382 | -€6,948 | -67.3% |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €197,309 | €295,220 | +€97,911 | +49.6% |
| Stocks and contracts in progress | 3 | €52,706 | €58,167 | +€5,461 | +10.4% |
| Stocks | 30/36 | €52,706 | €58,167 | +€5,461 | +10.4% |
| Amounts receivable within one year | 40/41 | €25,866 | €49,385 | +€23,518 | +90.9% |
| Trade receivables | 40 | €8,996 | €41,121 | +€32,124 | +357% |
| Other amounts receivable | 41 | €16,870 | €8,264 | -€8,606 | -51.0% |
| Cash at bank and in hand | 54/58 | €115,643 | €187,668 | +€72,025 | +62.3% |
| Deferred charges and accrued income | 490/1 | €3,094 | - | -€3,094 | |
| Total equity and liabilities | 10/49 | €456,305 | €616,896 | +€160,592 | +35.2% |
| Equity | 10/15 | €187,877 | €179,587 | -€8,290 | -4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €175,660 | €160,987 | -€14,673 | -8.4% |
| Distributable reserves | 133 | €175,660 | €160,987 | -€14,673 | -8.4% |
| Profit (loss) carried forward | 14 | -€6,383 | - | +€6,383 | |
| Amounts payable | 17/49 | €268,428 | €437,309 | +€168,882 | +62.9% |
| Amounts payable after more than one year | 17 | €200,500 | €182,121 | -€18,379 | -9.2% |
| Financial debts | 170/4 | €200,500 | €182,121 | -€18,379 | -9.2% |
| Amounts payable within one year | 42/48 | €59,777 | €250,607 | +€190,830 | +319% |
| Current portion of amounts payable after more than one year | 42 | €20,280 | €18,251 | -€2,028 | -10.0% |
| Trade debts | 44 | €21,299 | €29,814 | +€8,515 | +40.0% |
| Suppliers | 440/4 | €21,299 | €29,814 | +€8,515 | +40.0% |
| Advances received on contracts in progress | 46 | €1,000 | €175,100 | +€174,100 | +17,410% |
| Taxes, remuneration and social security | 45 | €3,934 | €10,510 | +€6,576 | +167% |
| Taxes | 450/3 | - | €2,614 | +€2,614 | |
| Remuneration and social security | 454/9 | €3,934 | €7,896 | +€3,962 | +101% |
| Other amounts payable | 47/48 | €13,265 | €16,932 | +€3,667 | +27.6% |
| Accrued charges and deferred income | 492/3 | €8,150 | €4,581 | -€3,569 | -43.8% |
| Remuneration, social security and pensions | 62 | - | €105 | +€105 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,259 | €15,430 | -€10,829 | -41.2% |
| Other operating charges | 640/8 | €6,189 | €5,231 | -€958 | -15.5% |
| Gross operating margin | 9900 | €24,115 | €31,434 | +€7,319 | +30.4% |
| Operating profit (loss) | 9901 | -€8,333 | €10,668 | +€19,001 | |
| Financial income | 75/76B | €19 | €56 | +€37 | +201% |
| Recurring financial income | 75 | €19 | €56 | +€37 | +201% |
| Financial charges | 65/66B | €4,312 | €4,114 | -€198 | -4.6% |
| Recurring financial charges | 65 | €4,312 | €4,114 | -€198 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,626 | €6,610 | +€19,236 | |
| Profit (loss) for the period | 9904 | -€12,626 | €6,610 | +€19,236 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,626 | €6,610 | +€19,236 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.