HORTIPLAN: 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.
What changed
HORTIPLAN
NACE 33.200, Installation of industrial machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.8m
2024 · €2.8m-€4.5m
Equity
€12.7m
2024 · €14.5m-€1.8m
Cash
€5,237
2024 · €7,571-€2,334
Balance sheet total
€33.1m
2024 · €50.7m-€17.6m
Largest movements
Assets
- Stocks and contracts -€16.3m
down €16.3m (-44.8%), from €36.4m to €20.1m
of which Contracts in progress: -€16.0m
- Receivables within one year -€2.9m
down €2.9m (-28.0%), from €10.2m to €7.3m
of which Other amounts receivable: -€2.0m
- Financial fixed assets +€1.3m
up €1.3m (+88,408%), from €1,500 to €1.3m
of which Affiliated companies: +€1.3m
- Intangible fixed assets +€850,182
up €850,182 (+94,422%), from €900 to €851,082
- Tangible fixed assets -€641,174
down €641,174 (-15.6%), from €4.1m to €3.5m
of which Assets under construction and advance payments: -€540,440
Equity and liabilities
- Advances received -€13.3m
down €13.3m (-43.6%), from €30.6m to €17.3m
- Trade debts -€1.9m
down €1.9m (-58.3%), from €3.3m to €1.4m
- Reserves -€1.8m
down €1.8m (-14.2%), from €12.4m to €10.7m
of which Distributable reserves: -€1.8m
Income statement
- Turnover +€11.0m
up €11.0m (+44.7%), from €24.5m to €35.5m
- Goods and materials -€5.7m
down €5.7m (-34.0%), from €16.7m to €11.0m
of which Purchases: -€4.6m
- Taxes -€1.1m
down €1.1m, from €1.1m to -€29,969
of which Taxes: -€1.1m
- Services and other goods -€648,222
down €648,222 (-13.4%), from €4.8m to €4.2m
- Write-downs -€628,566
down €628,566, from €232,731 to -€395,836
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.
Result 2024
€2.8m
Turnover
+€11.0m
Other operating income
+€181,696
Goods and materials
+€5.7m
Services and other goods
+€648,222
Staff costs
-€226,834
Depreciation
+€36,175
Write-downs
+€628,566
Provisions
+€281,957
Other operating charges
-€353,999
Other operating items
-€23.2m
Financial income
-€272,412
Financial charges
+€9,253
Taxes
+€1.1m
Result 2025
-€1.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.0m
Investment
-€1.9m
Financing
-€34,039
Cash 2024
€7,571
From operations (derived)
+€2.0m
Net result for the year
-€1.8m
Depreciation
+€409,815
Stocks and contracts
+€16.3m
Receivables within one year
+€2.9m
Provisions
-€131,623
Trade debts
-€1.9m
Tax, wage and social debts
-€484,412
Advances received
-€13.3m
Other debts
+€9
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€1.9m
Financing
-€34,039
Contributions, distributions and other
-€34,039
Cash 2025
€5,237
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €50,726,611 | €33,081,168 | -€17.6m | -34.8% |
| Fixed assets | 21/28 | €4,102,215 | €5,637,347 | +€1.5m | +37.4% |
| Intangible fixed assets | 21 | €900 | €851,082 | +€850,182 | +94,422% |
| Tangible fixed assets | 22/27 | €4,099,815 | €3,458,641 | -€641,174 | -15.6% |
| Land and buildings | 22 | €3,136,668 | €3,010,992 | -€125,676 | -4.0% |
| Plant, machinery and equipment | 23 | €96,650 | €143,675 | +€47,025 | +48.7% |
| Furniture and vehicles | 24 | €316,257 | €294,174 | -€22,082 | -7.0% |
| Assets under construction and advance payments | 27 | €550,240 | €9,800 | -€540,440 | -98.2% |
| Financial fixed assets | 28 | €1,500 | €1,327,624 | +€1.3m | +88,408% |
| Affiliated companies | 280/1 | - | €1,326,124 | +€1.3m | |
| Participating interests | 280 | - | €1,326,124 | +€1.3m | |
| Other financial fixed assets | 284/8 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €46,624,395 | €27,443,822 | -€19.2m | -41.1% |
| Stocks and contracts in progress | 3 | €36,430,068 | €20,103,643 | -€16.3m | -44.8% |
| Stocks | 30/36 | €3,565,421 | €3,249,044 | -€316,377 | -8.9% |
| Raw materials and consumables | 30/31 | €42,964 | €52,252 | +€9,287 | +21.6% |
| Work in progress | 32 | €150,915 | €96,627 | -€54,288 | -36.0% |
| Finished goods | 33 | €234,565 | €307,056 | +€72,491 | +30.9% |
| Goods purchased for resale | 34 | €2,969,590 | €2,740,302 | -€229,288 | -7.7% |
| Property held for sale | 35 | €4,534 | €3,549 | -€985 | -21.7% |
| Advance payments | 36 | €162,852 | €49,258 | -€113,594 | -69.8% |
| Contracts in progress | 37 | €32,864,647 | €16,854,599 | -€16.0m | -48.7% |
| Amounts receivable within one year | 40/41 | €10,186,756 | €7,334,942 | -€2.9m | -28.0% |
| Trade receivables | 40 | €2,988,969 | €2,124,715 | -€864,255 | -28.9% |
| Other amounts receivable | 41 | €7,197,787 | €5,210,227 | -€2.0m | -27.6% |
| Cash at bank and in hand | 54/58 | €7,571 | €5,237 | -€2,334 | -30.8% |
| Total equity and liabilities | 10/49 | €50,726,611 | €33,081,168 | -€17.6m | -34.8% |
| Equity | 10/15 | €14,540,336 | €12,743,832 | -€1.8m | -12.4% |
| Contributions | 10/11 | €1,983,148 | €1,983,148 | = | 0.0% |
| Reserves | 13 | €12,430,091 | €10,667,626 | -€1.8m | -14.2% |
| Tax-exempt reserves | 132 | €679,589 | €679,589 | = | 0.0% |
| Distributable reserves | 133 | €11,750,502 | €9,988,037 | -€1.8m | -15.0% |
| Investment grants | 15 | €127,097 | €93,058 | -€34,039 | -26.8% |
| Provisions and deferred taxes | 16 | €594,792 | €463,169 | -€131,623 | -22.1% |
| Provisions for liabilities and charges | 160/5 | €594,792 | €463,169 | -€131,623 | -22.1% |
| Environmental obligations | 163 | €589,834 | €458,211 | -€131,623 | -22.3% |
| Other liabilities and charges | 164/5 | €4,958 | €4,958 | = | 0.0% |
| Amounts payable | 17/49 | €35,591,482 | €19,874,167 | -€15.7m | -44.2% |
| Amounts payable within one year | 42/48 | €35,591,482 | €19,874,167 | -€15.7m | -44.2% |
| Trade debts | 44 | €3,252,376 | €1,357,290 | -€1.9m | -58.3% |
| Suppliers | 440/4 | €3,252,376 | €1,357,290 | -€1.9m | -58.3% |
| Advances received on contracts in progress | 46 | €30,603,120 | €17,265,294 | -€13.3m | -43.6% |
| Taxes, remuneration and social security | 45 | €1,735,986 | €1,251,574 | -€484,412 | -27.9% |
| Taxes | 450/3 | €721,142 | €325,993 | -€395,149 | -54.8% |
| Remuneration and social security | 454/9 | €1,014,845 | €925,582 | -€89,263 | -8.8% |
| Other amounts payable | 47/48 | - | €9 | +€9 | |
| Operating income | 70/76A | €30,951,621 | €18,814,567 | -€12.1m | -39.2% |
| Turnover | 70 | €24,502,751 | €35,457,935 | +€11.0m | +44.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €5,728,135 | -€17,091,851 | -€22.8m | |
| Own construction capitalised | 72 | €57,845 | €20,654 | -€37,191 | -64.3% |
| Other operating income | 74 | €246,131 | €427,828 | +€181,696 | +73.8% |
| Non-recurring operating income | 76A | €416,758 | - | -€416,758 | |
| Operating charges | 60/66A | €27,607,832 | €20,825,426 | -€6.8m | -24.6% |
| Goods for resale, raw materials and consumables | 60 | €16,685,704 | €11,017,915 | -€5.7m | -34.0% |
| Purchases | 600/8 | €16,468,855 | €11,895,624 | -€4.6m | -27.8% |
| Change in stocks: decrease (increase) | 609 | €216,850 | -€877,708 | -€1.1m | |
| Services and other goods | 61 | €4,826,630 | €4,178,408 | -€648,222 | -13.4% |
| Remuneration, social security and pensions | 62 | €5,121,751 | €5,348,586 | +€226,834 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €445,990 | €409,815 | -€36,175 | -8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €232,731 | -€395,836 | -€628,566 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €150,334 | -€131,623 | -€281,957 | |
| Other operating charges | 640/8 | €44,161 | €398,160 | +€353,999 | +802% |
| Non-recurring operating charges | 66A | €100,529 | - | -€100,529 | |
| Operating profit (loss) | 9901 | €3,343,790 | -€2,010,859 | -€5.4m | |
| Financial income | 75/76B | €520,226 | €247,813 | -€272,412 | -52.4% |
| Recurring financial income | 75 | €520,226 | €247,813 | -€272,412 | -52.4% |
| Income from financial fixed assets | 750 | €473,787 | €211,158 | -€262,629 | -55.4% |
| Other financial income | 752/9 | €46,439 | €36,655 | -€9,783 | -21.1% |
| Financial charges | 65/66B | €38,641 | €29,388 | -€9,253 | -23.9% |
| Recurring financial charges | 65 | €38,641 | €29,388 | -€9,253 | -23.9% |
| Debt charges | 650 | €14,511 | €25,135 | +€10,624 | +73.2% |
| Other financial charges | 652/9 | €24,130 | €4,253 | -€19,877 | -82.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €3,825,374 | -€1,792,434 | -€5.6m | |
| Income taxes | 67/77 | €1,067,536 | -€29,969 | -€1.1m | |
| Taxes | 670/3 | €1,086,296 | €5,896 | -€1.1m | -99.5% |
| Tax adjustments and reversals of tax provisions | 77 | €18,759 | €35,866 | +€17,106 | +91.2% |
| Profit (loss) for the period | 9904 | €2,757,838 | -€1,762,465 | -€4.5m | |
| Transfer to tax-exempt reserves | 689 | €631,500 | - | -€631,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,126,338 | -€1,762,465 | -€3.9m |
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 14 October 2026 via checked.be.