HORTI.MAX: what changed
What changed
HORTI.MAX
NACE 81.300, Landscape service activities
filed annual accounts (NBB)
Net result for the year
€58,744
2024 · €118,336-€59,592
Equity
€381,497
2024 · €322,753+€58,744
Cash
€293,388
2024 · €297,157-€3,769
Balance sheet total
€855,297
2024 · €737,272+€118,025
Largest movements
Assets
- Current investments +€200,000
new in 2025: €200,000
- Receivables within one year -€50,559
down €50,559 (-38.0%), from €132,898 to €82,340
of which Trade receivables: -€60,425
- Tangible fixed assets -€25,987
down €25,987 (-8.6%), from €300,577 to €274,590
of which Leasing and similar rights: -€29,056
Equity and liabilities
- Profit (loss) carried forward +€58,744
up €58,744 (+26.8%), from €219,293 to €278,037
- Accrued charges and deferred income +€43,494
up €43,494 (+100%), from €43,494 to €86,987
- Trade debts +€42,475
up €42,475 (+125%), from €33,876 to €76,351
- Current portion of long-term debt -€33,567
down €33,567 (-67.0%), from €50,103 to €16,536
- Tax, wage and social debts +€30,335
up €30,335 (+142%), from €21,302 to €51,637
of which Taxes: +€23,034
Income statement
- Staff costs +€35,261
up €35,261 (+15.6%), from €225,956 to €261,217
- Gross operating margin -€27,907
down €27,907 (-6.3%), from €440,279 to €412,372
- Taxes -€6,288
down €6,288 (-27.3%), from €23,034 to €16,746
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.
Result 2024
€118,336
Gross operating margin
-€27,907
Staff costs
-€35,261
Depreciation
-€3,899
Other operating charges
-€413
Financial income
+€20
Financial charges
+€1,579
Taxes
+€6,288
Result 2025
€58,744
raises the resultlowers the result
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.
From operations
+€288,150
Investment
-€241,921
Financing
-€49,998
Cash 2024
€297,157
From operations (derived)
+€288,150
Net result for the year
+€58,744
Depreciation
+€69,409
Receivables within one year
+€50,559
Deferred charges and accrued income
+€160
Trade debts
+€42,475
Tax, wage and social debts
+€30,335
Other debts
-€7,024
Accrued charges and deferred income
+€43,494
Investment (derived)
-€241,921
Investment in fixed assets (net)
-€41,921
Current investments
-€200,000
Financing
-€49,998
Debts after one year
-€16,431
Current portion of long-term debt
-€33,567
Cash 2025
€293,388
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €737,272 | €855,297 | +€118,025 | +16.0% |
| Fixed assets | 21/28 | €306,102 | €278,615 | -€27,487 | -9.0% |
| Intangible fixed assets | 21 | €5,375 | €3,875 | -€1,500 | -27.9% |
| Tangible fixed assets | 22/27 | €300,577 | €274,590 | -€25,987 | -8.6% |
| Land and buildings | 22 | €147,485 | €143,262 | -€4,222 | -2.9% |
| Plant, machinery and equipment | 23 | €63,359 | €79,280 | +€15,920 | +25.1% |
| Furniture and vehicles | 24 | €37,376 | €28,747 | -€8,629 | -23.1% |
| Leasing and similar rights | 25 | €52,357 | €23,301 | -€29,056 | -55.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €431,169 | €576,682 | +€145,512 | +33.7% |
| Amounts receivable within one year | 40/41 | €132,898 | €82,340 | -€50,559 | -38.0% |
| Trade receivables | 40 | €131,920 | €71,495 | -€60,425 | -45.8% |
| Other amounts receivable | 41 | €978 | €10,844 | +€9,866 | +1,009% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €297,157 | €293,388 | -€3,769 | -1.3% |
| Deferred charges and accrued income | 490/1 | €1,114 | €955 | -€160 | -14.3% |
| Total equity and liabilities | 10/49 | €737,272 | €855,297 | +€118,025 | +16.0% |
| Equity | 10/15 | €322,753 | €381,497 | +€58,744 | +18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €84,860 | €84,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €83,000 | €83,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €219,293 | €278,037 | +€58,744 | +26.8% |
| Amounts payable | 17/49 | €414,519 | €473,800 | +€59,281 | +14.3% |
| Amounts payable after more than one year | 17 | €100,103 | €83,673 | -€16,431 | -16.4% |
| Financial debts | 170/4 | €100,103 | €83,673 | -€16,431 | -16.4% |
| Amounts payable within one year | 42/48 | €270,922 | €303,140 | +€32,218 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €50,103 | €16,536 | -€33,567 | -67.0% |
| Trade debts | 44 | €33,876 | €76,351 | +€42,475 | +125% |
| Suppliers | 440/4 | €33,876 | €76,351 | +€42,475 | +125% |
| Taxes, remuneration and social security | 45 | €21,302 | €51,637 | +€30,335 | +142% |
| Taxes | 450/3 | - | €23,034 | +€23,034 | |
| Remuneration and social security | 454/9 | €21,302 | €28,603 | +€7,301 | +34.3% |
| Other amounts payable | 47/48 | €165,640 | €158,616 | -€7,024 | -4.2% |
| Accrued charges and deferred income | 492/3 | €43,494 | €86,987 | +€43,494 | +100% |
| Non-recurring operating income | 76A | €165 | - | -€165 | |
| Remuneration, social security and pensions | 62 | €225,956 | €261,217 | +€35,261 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,510 | €69,409 | +€3,899 | +6.0% |
| Other operating charges | 640/8 | €2,197 | €2,609 | +€413 | +18.8% |
| Gross operating margin | 9900 | €440,279 | €412,372 | -€27,907 | -6.3% |
| Operating profit (loss) | 9901 | €146,616 | €79,137 | -€67,479 | -46.0% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €5,247 | €3,668 | -€1,579 | -30.1% |
| Recurring financial charges | 65 | €5,247 | €3,668 | -€1,579 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €141,369 | €75,489 | -€65,880 | -46.6% |
| Income taxes | 67/77 | €23,034 | €16,746 | -€6,288 | -27.3% |
| Profit (loss) for the period | 9904 | €118,336 | €58,744 | -€59,592 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €118,336 | €58,744 | -€59,592 | -50.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.