HORTEN: 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.
HORTEN
Largest movements
- Stocks and contracts +€6,562
up €6,562 (+32.2%), from €20,360 to €26,922
- Cash -€908
down €908 (-8.2%), from €11,071 to €10,162
mainly Stocks and contracts (-€6,562) and Trade debts (-€5,145)
- Intangible fixed assets -€842
no longer reported in 2025 (was €842)
- Tangible fixed assets -€792
down €792 (-14.9%), from €5,302 to €4,510
of which Plant, machinery and equipment: -€1,870
- Profit (loss) carried forward +€5,968
up €5,968, from -€5,254 to €714
- Trade debts -€5,145
down €5,145 (-98.5%), from €5,225 to €80
- Other debts +€1,780
up €1,780 (+18.6%), from €9,575 to €11,355
- Tax, wage and social debts +€1,512
new in 2025: €1,512
- Gross operating margin +€12,995
up €12,995 (+1,344%), from €967 to €13,963
- Taxes +€1,263
new in 2025: €1,263
- Depreciation -€301
down €301 (-8.0%), from €3,765 to €3,464
- Other operating charges -€229
down €229 (-13.1%), from €1,751 to €1,521
- Financial charges +€208
up €208 (+29.0%), from €717 to €925
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 | €38,135 | €42,371 | +€4,236 | +11.1% |
| Fixed assets | 21/28 | €6,143 | €4,510 | -€1,634 | -26.6% |
| Intangible fixed assets | 21 | €842 | - | -€842 | |
| Tangible fixed assets | 22/27 | €5,302 | €4,510 | -€792 | -14.9% |
| Plant, machinery and equipment | 23 | €3,617 | €1,747 | -€1,870 | -51.7% |
| Furniture and vehicles | 24 | €1,684 | €2,763 | +€1,078 | +64.0% |
| Current assets | 29/58 | €31,991 | €37,861 | +€5,870 | +18.3% |
| Stocks and contracts in progress | 3 | €20,360 | €26,922 | +€6,562 | +32.2% |
| Stocks | 30/36 | €20,360 | €26,922 | +€6,562 | +32.2% |
| Amounts receivable within one year | 40/41 | €80 | €129 | +€50 | +62.5% |
| Trade receivables | 40 | - | €84 | +€84 | |
| Other amounts receivable | 41 | €80 | €45 | -€35 | -43.5% |
| Cash at bank and in hand | 54/58 | €11,071 | €10,162 | -€908 | -8.2% |
| Deferred charges and accrued income | 490/1 | €481 | €648 | +€167 | +34.6% |
| Total equity and liabilities | 10/49 | €38,135 | €42,371 | +€4,236 | +11.1% |
| Equity | 10/15 | €23,334 | €29,302 | +€5,968 | +25.6% |
| Contributions | 10/11 | €15,500 | €15,500 | = | 0.0% |
| Reserves | 13 | €13,088 | €13,088 | = | 0.0% |
| Non-distributable reserves | 130/1 | €173 | €173 | = | 0.0% |
| Reserves not available under the articles | 1311 | €173 | €173 | = | 0.0% |
| Distributable reserves | 133 | €12,916 | €12,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,254 | €714 | +€5,968 | |
| Amounts payable | 17/49 | €14,800 | €13,068 | -€1,732 | -11.7% |
| Amounts payable within one year | 42/48 | €14,800 | €12,947 | -€1,853 | -12.5% |
| Trade debts | 44 | €5,225 | €80 | -€5,145 | -98.5% |
| Suppliers | 440/4 | €5,225 | €80 | -€5,145 | -98.5% |
| Taxes, remuneration and social security | 45 | - | €1,512 | +€1,512 | |
| Taxes | 450/3 | - | €1,512 | +€1,512 | |
| Other amounts payable | 47/48 | €9,575 | €11,355 | +€1,780 | +18.6% |
| Accrued charges and deferred income | 492/3 | - | €121 | +€121 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,765 | €3,464 | -€301 | -8.0% |
| Other operating charges | 640/8 | €1,751 | €1,521 | -€229 | -13.1% |
| Gross operating margin | 9900 | €967 | €13,963 | +€12,995 | +1,344% |
| Operating profit (loss) | 9901 | -€4,548 | €8,977 | +€13,525 | |
| Financial income | 75/76B | €11 | €11 | = | 0.0% |
| Recurring financial income | 75 | €11 | €11 | = | 0.0% |
| Financial charges | 65/66B | €717 | €925 | +€208 | +29.0% |
| Recurring financial charges | 65 | €717 | €925 | +€208 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,254 | €8,064 | +€13,318 | |
| Income taxes | 67/77 | - | €1,263 | +€1,263 | |
| Profit (loss) for the period | 9904 | -€5,254 | €6,801 | +€12,055 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,254 | €6,801 | +€12,055 |
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 16 October 2026 via checked.be.