HORTIGRO: 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.
HORTIGRO
Largest movements
- Cash -€522,148
down €522,148 (-30.8%), from €1.7m to €1.2m
mainly Receivables within one year (-€216,240) and Other debts (-€207,686)
- Receivables within one year +€216,240
up €216,240 (+409%), from €52,868 to €269,108
of which Trade receivables: +€128,384
- Stocks and contracts +€133,403
up €133,403 (+223%), from €59,794 to €193,197
- Tangible fixed assets -€115,027
down €115,027 (-23.3%), from €494,601 to €379,574
of which Plant, machinery and equipment: -€87,009
- Other debts -€207,686
down €207,686 (-99.8%), from €208,164 to €478
- Trade debts +€112,192
up €112,192 (+152%), from €73,600 to €185,792
- Tax, wage and social debts -€75,105
down €75,105 (-67.8%), from €110,784 to €35,679
of which Taxes: -€71,920
- Current portion of long-term debt -€65,714
down €65,714 (-66.9%), from €98,214 to €32,500
- Debts after one year -€32,500
down €32,500 (-100%), from €32,500 to €0
- Gross operating margin -€633,885
down €633,885 (-63.5%), from €998,983 to €365,098
- Taxes -€151,352
down €151,352 (-99.2%), from €152,573 to €1,221
- Staff costs -€21,517
down €21,517 (-8.4%), from €255,135 to €233,617
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 | €2,564,867 | €2,295,336 | -€269,531 | -10.5% |
| Fixed assets | 21/28 | €495,351 | €379,949 | -€115,402 | -23.3% |
| Tangible fixed assets | 22/27 | €494,601 | €379,574 | -€115,027 | -23.3% |
| Land and buildings | 22 | €221,272 | €207,220 | -€14,052 | -6.4% |
| Plant, machinery and equipment | 23 | €228,978 | €141,970 | -€87,009 | -38.0% |
| Furniture and vehicles | 24 | €44,351 | €30,384 | -€13,967 | -31.5% |
| Financial fixed assets | 28 | €750 | €375 | -€375 | -50.0% |
| Current assets | 29/58 | €2,069,516 | €1,915,387 | -€154,128 | -7.4% |
| Stocks and contracts in progress | 3 | €59,794 | €193,197 | +€133,403 | +223% |
| Stocks | 30/36 | €59,794 | €193,197 | +€133,403 | +223% |
| Amounts receivable within one year | 40/41 | €52,868 | €269,108 | +€216,240 | +409% |
| Trade receivables | 40 | €50,647 | €179,030 | +€128,384 | +253% |
| Other amounts receivable | 41 | €2,221 | €90,078 | +€87,857 | +3,956% |
| Current investments | 50/53 | €252,961 | €255,358 | +€2,396 | +0.9% |
| Cash at bank and in hand | 54/58 | €1,694,052 | €1,171,904 | -€522,148 | -30.8% |
| Deferred charges and accrued income | 490/1 | €9,841 | €25,821 | +€15,979 | +162% |
| Total equity and liabilities | 10/49 | €2,564,867 | €2,295,336 | -€269,531 | -10.5% |
| Equity | 10/15 | €2,040,465 | €2,040,543 | +€78 | 0.0% |
| Contributions | 10/11 | €193,350 | €193,350 | = | 0.0% |
| Reserves | 13 | €1,833,610 | €1,840,648 | +€7,038 | +0.4% |
| Distributable reserves | 133 | €1,833,610 | €1,840,648 | +€7,038 | +0.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €13,506 | €6,545 | -€6,960 | -51.5% |
| Provisions and deferred taxes | 16 | €711 | €344 | -€366 | -51.5% |
| Deferred taxes | 168 | €711 | €344 | -€366 | -51.5% |
| Amounts payable | 17/49 | €523,691 | €254,449 | -€269,242 | -51.4% |
| Amounts payable after more than one year | 17 | €32,500 | €0 | -€32,500 | -100% |
| Financial debts | 170/4 | €32,500 | €0 | -€32,500 | -100% |
| Amounts payable within one year | 42/48 | €490,762 | €254,449 | -€236,314 | -48.2% |
| Current portion of amounts payable after more than one year | 42 | €98,214 | €32,500 | -€65,714 | -66.9% |
| Trade debts | 44 | €73,600 | €185,792 | +€112,192 | +152% |
| Suppliers | 440/4 | €73,600 | €185,792 | +€112,192 | +152% |
| Taxes, remuneration and social security | 45 | €110,784 | €35,679 | -€75,105 | -67.8% |
| Taxes | 450/3 | €87,136 | €15,215 | -€71,920 | -82.5% |
| Remuneration and social security | 454/9 | €23,649 | €20,464 | -€3,185 | -13.5% |
| Other amounts payable | 47/48 | €208,164 | €478 | -€207,686 | -99.8% |
| Accrued charges and deferred income | 492/3 | €428 | €0 | -€428 | -100% |
| Non-recurring operating income | 76A | €9,333 | €0 | -€9,333 | -100% |
| Remuneration, social security and pensions | 62 | €255,135 | €233,617 | -€21,517 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,121 | €115,027 | -€93 | -0.1% |
| Other operating charges | 640/8 | €16,144 | €17,026 | +€882 | +5.5% |
| Non-recurring operating charges | 66A | - | €11,647 | +€11,647 | |
| Gross operating margin | 9900 | €998,983 | €365,098 | -€633,885 | -63.5% |
| Operating profit (loss) | 9901 | €612,584 | -€12,219 | -€624,803 | |
| Financial income | 75/76B | €29,792 | €24,065 | -€5,727 | -19.2% |
| Recurring financial income | 75 | €29,792 | €17,565 | -€12,227 | -41.0% |
| Non-recurring financial income | 76B | - | €6,500 | +€6,500 | |
| Financial charges | 65/66B | €4,101 | €3,953 | -€148 | -3.6% |
| Recurring financial charges | 65 | €4,101 | €3,953 | -€148 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €638,275 | €7,893 | -€630,382 | -98.8% |
| Income taxes | 67/77 | €152,573 | €1,221 | -€151,352 | -99.2% |
| Profit (loss) for the period | 9904 | €485,701 | €6,672 | -€479,030 | -98.6% |
| Transfer from tax-exempt reserves | 789 | €843 | €366 | -€477 | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €486,545 | €7,038 | -€479,507 | -98.6% |
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 22 October 2026 via checked.be.