HORTICUS: what changed
Two fiscal 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.
HORTICUS
Largest movements
- Cash +€19,207
up €19,207 (+52.0%), from €36,920 to €56,127
mainly Net result for the year (+€11,118) and Receivables within one year (+€7,729)
- Receivables within one year -€7,729
down €7,729 (-11.9%), from €65,217 to €57,488
of which Other amounts receivable: -€14,141
- Tangible fixed assets -€1,943
down €1,943 (-39.2%), from €4,956 to €3,013
- Reserves +€9,452
up €9,452 (+13.5%), from €69,918 to €79,369
of which Distributable reserves: +€9,452
- Tax, wage and social debts +€3,325
up €3,325 (+118.4%), from €2,808 to €6,133
- Trade debts -€1,983
down €1,983 (-13.8%), from €14,328 to €12,345
- Other debts -€1,500
down €1,500 (-47.4%), from €3,166 to €1,666
- Gross operating margin -€5,383
down €5,383 (-22.6%), from €23,774 to €18,391
- Taxes -€1,224
down €1,224 (-20.5%), from €5,965 to €4,741
- Depreciation -€780
down €780 (-28.6%), from €2,723 to €1,943
- Financial income -€660
down €660 (-42.9%), from €1,540 to €880
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.
Cash bridge derived
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 | €117,448 | €126,742 | +€9,294 | +7.9% |
| Fixed assets | 21/28 | €4,956 | €3,013 | -€1,943 | -39.2% |
| Tangible fixed assets | 22/27 | €4,956 | €3,013 | -€1,943 | -39.2% |
| Plant, machinery and equipment | 23 | €2,015 | €1,252 | -€763 | -37.9% |
| Furniture and vehicles | 24 | €735 | €194 | -€541 | -73.6% |
| Other tangible fixed assets | 26 | €2,206 | €1,567 | -€639 | -29.0% |
| Current assets | 29/58 | €112,492 | €123,729 | +€11,236 | +10.0% |
| Amounts receivable within one year | 40/41 | €65,217 | €57,488 | -€7,729 | -11.9% |
| Trade receivables | 40 | €41,748 | €48,159 | +€6,411 | +15.4% |
| Other amounts receivable | 41 | €23,469 | €9,328 | -€14,141 | -60.3% |
| Current investments | 50/53 | €9,910 | €9,910 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,920 | €56,127 | +€19,207 | +52.0% |
| Deferred charges and accrued income | 490/1 | €445 | €204 | -€241 | -54.1% |
| Total equity and liabilities | 10/49 | €117,448 | €126,742 | +€9,294 | +7.9% |
| Equity | 10/15 | €82,318 | €91,769 | +€9,452 | +11.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €69,918 | €79,369 | +€9,452 | +13.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €68,058 | €77,509 | +€9,452 | +13.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €14,829 | €14,829 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €14,829 | €14,829 | = | 0.0% |
| Pensions and similar obligations | 160 | €14,829 | €14,829 | = | 0.0% |
| Amounts payable | 17/49 | €20,302 | €20,144 | -€158 | -0.8% |
| Amounts payable within one year | 42/48 | €20,302 | €20,144 | -€158 | -0.8% |
| Trade debts | 44 | €14,328 | €12,345 | -€1,983 | -13.8% |
| Suppliers | 440/4 | €14,328 | €12,345 | -€1,983 | -13.8% |
| Taxes, remuneration and social security | 45 | €2,808 | €6,133 | +€3,325 | +118.4% |
| Taxes | 450/3 | €2,808 | €6,133 | +€3,325 | +118.4% |
| Other amounts payable | 47/48 | €3,166 | €1,666 | -€1,500 | -47.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,723 | €1,943 | -€780 | -28.6% |
| Other operating charges | 640/8 | €1,128 | €1,175 | +€47 | +4.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €23,774 | €18,391 | -€5,383 | -22.6% |
| Operating profit (loss) | 9901 | €19,923 | €15,273 | -€4,650 | -23.3% |
| Financial income | 75/76B | €1,540 | €880 | -€660 | -42.9% |
| Recurring financial income | 75 | €1,540 | €880 | -€660 | -42.9% |
| Financial charges | 65/66B | €267 | €295 | +€27 | +10.1% |
| Recurring financial charges | 65 | €267 | €295 | +€27 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €21,195 | €15,858 | -€5,337 | -25.2% |
| Income taxes | 67/77 | €5,965 | €4,741 | -€1,224 | -20.5% |
| Profit (loss) for the period | 9904 | €15,230 | €11,118 | -€4,113 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,230 | €11,118 | -€4,113 | -27.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.