HORTIPOWER: 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
HORTIPOWER
NACE 01.130, Growing of vegetables, melons, roots and tubers
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€548,586
2024 · €3.5m-€3.0m
Equity
€8.2m
2024 · €15.2m-€7.0m
Cash
€1.0m
2024 · €6.9m-€5.9m
Balance sheet total
€14.7m
2024 · €23.3m-€8.5m
Largest movements
Assets
- Cash -€5.9m
down €5.9m (-85.3%), from €6.9m to €1.0m
mainly Contributions, distributions and other (-€7.5m) and Debts after one year (-€3.5m)
- Receivables after one year -€1.9m
down €1.9m (-64.0%), from €3.0m to €1.1m
- Current investments +€1.8m
new in 2025: €1.8m
- Tangible fixed assets -€1.4m
down €1.4m (-16.4%), from €8.5m to €7.1m
of which Plant, machinery and equipment: -€1.4m
- Receivables within one year -€992,027
down €992,027 (-27.5%), from €3.6m to €2.6m
of which Trade receivables: -€1.6m
Equity and liabilities
- Reserves -€7.0m
down €7.0m (-49.1%), from €14.2m to €7.2m
of which Distributable reserves: -€7.0m
- Debts after one year -€3.5m
down €3.5m (-58.7%), from €5.9m to €2.4m
of which Financial debts: -€3.5m
- Other debts +€1.2m
up €1.2m (+1198.7%), from €100,103 to €1.3m
- Trade debts +€710,861
up €710,861 (+76.6%), from €927,879 to €1.6m
Income statement
- Goods and materials +€3.9m
up €3.9m (+442.4%), from €891,212 to €4.8m
- Turnover -€2.3m
down €2.3m (-15.1%), from €15.1m to €12.8m
- Taxes -€914,788
down €914,788 (-82.8%), from €1.1m to €189,996
- Depreciation -€416,286
down €416,286 (-22.0%), from €1.9m to €1.5m
- Services and other goods -€290,289
down €290,289 (-10.0%), from €2.9m to €2.6m
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
€3.5m
Turnover
-€2.3m
Other operating income
-€170,905
Goods and materials
-€3.9m
Services and other goods
+€290,289
Staff costs
-€134,510
Depreciation
+€416,286
Other operating charges
+€2,473
Other operating items
+€1.9m
Financial income
-€109,387
Financial charges
+€140,103
Taxes
+€914,788
Result 2025
€548,586
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.
From operations
+€7.0m
Investment
-€1.7m
Financing
-€11.1m
Cash 2024
€6.9m
From operations (derived)
+€7.0m
Net result for the year
+€548,586
Depreciation
+€1.5m
Receivables after one year
+€1.9m
Stocks and contracts
-€86,812
Receivables within one year
+€992,027
Deferred charges and accrued income
+€82,631
Trade debts
+€710,861
Tax, wage and social debts
+€104,869
Other debts
+€1.2m
Accrued charges and deferred income
+€20,587
Investment (derived)
-€1.7m
Investment in fixed assets (net)
+€42,683
Current investments
-€1.8m
Financing
-€11.1m
Debts after one year
-€3.5m
Current portion of long-term debt
-€146,838
Contributions, distributions and other
-€7.5m
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,254,971 | €14,721,481 | -€8.5m | -36.7% |
| Fixed assets | 21/28 | €8,842,771 | €7,323,739 | -€1.5m | -17.2% |
| Intangible fixed assets | 21 | €315,524 | €189,828 | -€125,696 | -39.8% |
| Tangible fixed assets | 22/27 | €8,490,369 | €7,097,033 | -€1.4m | -16.4% |
| Land and buildings | 22 | €1,534,113 | €1,532,970 | -€1,143 | -0.1% |
| Plant, machinery and equipment | 23 | €6,909,642 | €5,538,360 | -€1.4m | -19.8% |
| Furniture and vehicles | 24 | €46,613 | €25,702 | -€20,911 | -44.9% |
| Financial fixed assets | 28 | €36,878 | €36,878 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €33,398 | €33,398 | = | 0.0% |
| Participating interests | 282 | €33,398 | €33,398 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,480 | €3,480 | = | 0.0% |
| Shares | 284 | €1,480 | €1,480 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €14,412,200 | €7,397,742 | -€7.0m | -48.7% |
| Amounts receivable after more than one year | 29 | €3,011,050 | €1,083,150 | -€1.9m | -64.0% |
| Other amounts receivable | 291 | €3,011,050 | €1,083,150 | -€1.9m | -64.0% |
| Stocks and contracts in progress | 3 | €661,181 | €747,993 | +€86,812 | +13.1% |
| Stocks | 30/36 | €661,181 | €747,993 | +€86,812 | +13.1% |
| Work in progress | 32 | €661,181 | €747,993 | +€86,812 | +13.1% |
| Amounts receivable within one year | 40/41 | €3,603,491 | €2,611,463 | -€992,027 | -27.5% |
| Trade receivables | 40 | €3,126,812 | €1,563,715 | -€1.6m | -50.0% |
| Other amounts receivable | 41 | €476,678 | €1,047,749 | +€571,070 | +119.8% |
| Current investments | 50/53 | - | €1,776,758 | +€1.8m | |
| Other investments | 51/53 | - | €1,776,758 | +€1.8m | |
| Cash at bank and in hand | 54/58 | €6,890,963 | €1,015,493 | -€5.9m | -85.3% |
| Deferred charges and accrued income | 490/1 | €245,516 | €162,885 | -€82,631 | -33.7% |
| Total equity and liabilities | 10/49 | €23,254,971 | €14,721,481 | -€8.5m | -36.7% |
| Equity | 10/15 | €15,165,624 | €8,214,210 | -€7.0m | -45.8% |
| Contributions | 10/11 | €993,608 | €993,608 | = | 0.0% |
| Reserves | 13 | €14,172,016 | €7,220,602 | -€7.0m | -49.1% |
| Non-distributable reserves | 130/1 | €99,361 | €99,361 | = | 0.0% |
| Reserves not available under the articles | 1311 | €99,361 | €99,361 | = | 0.0% |
| Tax-exempt reserves | 132 | €901,422 | €901,422 | = | 0.0% |
| Distributable reserves | 133 | €13,171,233 | €6,219,819 | -€7.0m | -52.8% |
| Amounts payable | 17/49 | €8,089,347 | €6,507,271 | -€1.6m | -19.6% |
| Amounts payable after more than one year | 17 | €5,918,100 | €2,446,648 | -€3.5m | -58.7% |
| Financial debts | 170/4 | €5,918,100 | €2,446,648 | -€3.5m | -58.7% |
| Credit institutions | 173 | €5,918,100 | €2,446,648 | -€3.5m | -58.7% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,164,472 | €4,033,261 | +€1.9m | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €755,000 | €608,162 | -€146,838 | -19.4% |
| Trade debts | 44 | €927,879 | €1,638,741 | +€710,861 | +76.6% |
| Suppliers | 440/4 | €927,879 | €1,638,741 | +€710,861 | +76.6% |
| Taxes, remuneration and social security | 45 | €381,490 | €486,359 | +€104,869 | +27.5% |
| Taxes | 450/3 | €115,830 | €155,936 | +€40,105 | +34.6% |
| Remuneration and social security | 454/9 | €265,660 | €330,423 | +€64,764 | +24.4% |
| Other amounts payable | 47/48 | €100,103 | €1,300,000 | +€1.2m | +1198.7% |
| Accrued charges and deferred income | 492/3 | €6,775 | €27,361 | +€20,587 | +303.9% |
| Operating income | 70/76A | €15,123,280 | €12,934,610 | -€2.2m | -14.5% |
| Turnover | 70 | €15,073,005 | €12,800,786 | -€2.3m | -15.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€167,642 | €86,812 | +€254,454 | |
| Other operating income | 74 | €217,917 | €47,012 | -€170,905 | -78.4% |
| Operating charges | 60/66A | €10,381,053 | €12,133,568 | +€1.8m | +16.9% |
| Goods for resale, raw materials and consumables | 60 | €891,212 | €4,833,852 | +€3.9m | +442.4% |
| Purchases | 600/8 | €891,212 | €4,833,852 | +€3.9m | +442.4% |
| Services and other goods | 61 | €2,898,196 | €2,607,908 | -€290,289 | -10.0% |
| Remuneration, social security and pensions | 62 | €2,886,173 | €3,020,683 | +€134,510 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,892,636 | €1,476,350 | -€416,286 | -22.0% |
| Other operating charges | 640/8 | €90,373 | €87,900 | -€2,473 | -2.7% |
| Non-recurring operating charges | 66A | €1,722,462 | €106,876 | -€1.6m | -93.8% |
| Operating profit (loss) | 9901 | €4,742,227 | €801,042 | -€3.9m | -83.1% |
| Financial income | 75/76B | €239,574 | €130,187 | -€109,387 | -45.7% |
| Recurring financial income | 75 | €239,574 | €130,187 | -€109,387 | -45.7% |
| Income from current assets | 751 | €219,049 | €124,223 | -€94,826 | -43.3% |
| Other financial income | 752/9 | €20,525 | €5,963 | -€14,561 | -70.9% |
| Financial charges | 65/66B | €332,750 | €192,646 | -€140,103 | -42.1% |
| Recurring financial charges | 65 | €332,750 | €192,646 | -€140,103 | -42.1% |
| Debt charges | 650 | €328,807 | €178,341 | -€150,466 | -45.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €2,499 | +€2,499 | |
| Other financial charges | 652/9 | €3,942 | €11,806 | +€7,864 | +199.5% |
| Profit (loss) for the period before taxes | 9903 | €4,649,051 | €738,583 | -€3.9m | -84.1% |
| Income taxes | 67/77 | €1,104,784 | €189,996 | -€914,788 | -82.8% |
| Taxes | 670/3 | €1,104,784 | €189,996 | -€914,788 | -82.8% |
| Profit (loss) for the period | 9904 | €3,544,267 | €548,586 | -€3.0m | -84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,544,267 | €548,586 | -€3.0m | -84.5% |
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 12 October 2026 via checked.be.