HORTI PAN: 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.
HORTI PAN
Largest movements
- Tangible fixed assets -€103,705
down €103,705 (-36.9%), from €281,258 to €177,553
of which Leasing and similar rights: -€59,248
- Cash +€74,344
up €74,344 (+35.4%), from €210,072 to €284,416
mainly Depreciation (+€105,502) and Net result for the year (+€80,526)
- Receivables within one year +€42,934
up €42,934 (+68.6%), from €62,596 to €105,530
of which Trade receivables: +€46,692
- Deferred charges and accrued income +€6,537
up €6,537 (+33.8%), from €19,336 to €25,873
- Reserves +€266,916
up €266,916 (+331%), from €80,689 to €347,605
of which Distributable reserves: +€268,776
- Profit (loss) carried forward -€178,506
down €178,506 (-100%), from €178,506 to €0
- Debts after one year -€49,884
down €49,884 (-35.6%), from €140,122 to €90,238
- Tax, wage and social debts -€16,691
down €16,691 (-26.8%), from €62,207 to €45,516
of which Taxes: -€26,167
- Current portion of long-term debt -€14,891
down €14,891 (-23.0%), from €64,775 to €49,884
- Turnover -€482,866
no longer reported in 2025 (was €482,866)
- Purchases and services -€225,964
no longer reported in 2025 (was €225,964)
- Staff costs +€103,554
up €103,554 (+200%), from €51,683 to €155,237
- Gross operating margin +€80,614
up €80,614 (+26.4%), from €305,865 to €386,479
- Write-downs -€23,713
down €23,713, from €11,857 to -€11,857
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 | €573,261 | €595,466 | +€22,204 | +3.9% |
| Fixed assets | 21/28 | €281,258 | €177,553 | -€103,705 | -36.9% |
| Tangible fixed assets | 22/27 | €281,258 | €177,553 | -€103,705 | -36.9% |
| Plant, machinery and equipment | 23 | €104,612 | €61,135 | -€43,477 | -41.6% |
| Furniture and vehicles | 24 | €1,573 | €594 | -€980 | -62.3% |
| Leasing and similar rights | 25 | €175,072 | €115,825 | -€59,248 | -33.8% |
| Current assets | 29/58 | €292,004 | €417,913 | +€125,909 | +43.1% |
| Stocks and contracts in progress | 3 | - | €2,094 | +€2,094 | |
| Stocks | 30/36 | - | €2,094 | +€2,094 | |
| Amounts receivable within one year | 40/41 | €62,596 | €105,530 | +€42,934 | +68.6% |
| Trade receivables | 40 | €37,601 | €84,293 | +€46,692 | +124% |
| Other amounts receivable | 41 | €24,994 | €21,237 | -€3,758 | -15.0% |
| Cash at bank and in hand | 54/58 | €210,072 | €284,416 | +€74,344 | +35.4% |
| Deferred charges and accrued income | 490/1 | €19,336 | €25,873 | +€6,537 | +33.8% |
| Total equity and liabilities | 10/49 | €573,261 | €595,466 | +€22,204 | +3.9% |
| Equity | 10/15 | €269,196 | €357,605 | +€88,409 | +32.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €80,689 | €347,605 | +€266,916 | +331% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €78,829 | €347,605 | +€268,776 | +341% |
| Profit (loss) carried forward | 14 | €178,506 | €0 | -€178,506 | -100% |
| Amounts payable | 17/49 | €304,066 | €237,860 | -€66,205 | -21.8% |
| Amounts payable after more than one year | 17 | €140,122 | €90,238 | -€49,884 | -35.6% |
| Financial debts | 170/4 | €140,122 | €90,238 | -€49,884 | -35.6% |
| Amounts payable within one year | 42/48 | €163,944 | €147,622 | -€16,322 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €64,775 | €49,884 | -€14,891 | -23.0% |
| Trade debts | 44 | €27,455 | €41,260 | +€13,805 | +50.3% |
| Suppliers | 440/4 | €27,455 | €41,260 | +€13,805 | +50.3% |
| Taxes, remuneration and social security | 45 | €62,207 | €45,516 | -€16,691 | -26.8% |
| Taxes | 450/3 | €58,050 | €31,883 | -€26,167 | -45.1% |
| Remuneration and social security | 454/9 | €4,158 | €13,634 | +€9,476 | +228% |
| Other amounts payable | 47/48 | €9,507 | €10,962 | +€1,455 | +15.3% |
| Turnover | 70 | €482,866 | - | -€482,866 | |
| Goods, raw materials, services and sundry goods | 60/61 | €225,964 | - | -€225,964 | |
| Remuneration, social security and pensions | 62 | €51,683 | €155,237 | +€103,554 | +200% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,203 | €105,502 | -€11,701 | -10.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,857 | -€11,857 | -€23,713 | |
| Other operating charges | 640/8 | €1,121 | €14,298 | +€13,177 | +1,176% |
| Gross operating margin | 9900 | €305,865 | €386,479 | +€80,614 | +26.4% |
| Operating profit (loss) | 9901 | €124,001 | €123,299 | -€702 | -0.6% |
| Financial income | 75/76B | €428 | €1,264 | +€837 | +196% |
| Recurring financial income | 75 | €428 | €1,264 | +€837 | +196% |
| Financial charges | 65/66B | €9,684 | €13,107 | +€3,423 | +35.3% |
| Recurring financial charges | 65 | €9,684 | €13,107 | +€3,423 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | €114,745 | €111,457 | -€3,289 | -2.9% |
| Income taxes | 67/77 | €35,916 | €30,930 | -€4,986 | -13.9% |
| Profit (loss) for the period | 9904 | €78,829 | €80,526 | +€1,697 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €78,829 | €80,526 | +€1,697 | +2.2% |
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 24 October 2026 via checked.be.