HORTITEL: 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.
HORTITEL
Largest movements
- Cash -€45,361
down €45,361 (-47.9%), from €94,716 to €49,355
mainly Investment in fixed assets (net) (-€25,844) and Net result for the year (-€10,245)
- Tangible fixed assets +€15,560
up €15,560 (+29.2%), from €53,305 to €68,865
of which Plant, machinery and equipment: +€21,184
- Receivables within one year +€4,143
up €4,143 (+292.4%), from €1,417 to €5,560
of which Trade receivables: +€4,263
- Deferred charges and accrued income +€3,857
up €3,857 (+65.8%), from €5,865 to €9,722
- Reserves -€10,245
down €10,245 (-8.3%), from €123,031 to €112,786
- Other debts -€4,750
down €4,750 (-79.8%), from €5,950 to €1,200
- Debts after one year -€3,068
no longer reported in 2025 (was €3,068)
- Tax, wage and social debts -€2,727
down €2,727 (-60.8%), from €4,486 to €1,759
- Trade debts -€2,581
down €2,581 (-42.7%), from €6,039 to €3,458
- Gross operating margin -€11,691
down €11,691 (-93.7%), from €12,483 to €792
- Depreciation +€2,262
up €2,262 (+28.2%), from €8,022 to €10,284
- Taxes -€1,236
down €1,236, from €1,063 to -€173
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 | €155,303 | €133,502 | -€21,801 | -14.0% |
| Fixed assets | 21/28 | €53,305 | €68,865 | +€15,560 | +29.2% |
| Tangible fixed assets | 22/27 | €53,305 | €68,865 | +€15,560 | +29.2% |
| Land and buildings | 22 | €43,242 | €43,242 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,414 | €22,598 | +€21,184 | +1498.2% |
| Furniture and vehicles | 24 | €8,649 | €3,025 | -€5,624 | -65.0% |
| Current assets | 29/58 | €101,998 | €64,637 | -€37,361 | -36.6% |
| Amounts receivable within one year | 40/41 | €1,417 | €5,560 | +€4,143 | +292.4% |
| Trade receivables | 40 | €1,297 | €5,560 | +€4,263 | +328.7% |
| Other amounts receivable | 41 | €120 | - | -€120 | |
| Cash at bank and in hand | 54/58 | €94,716 | €49,355 | -€45,361 | -47.9% |
| Deferred charges and accrued income | 490/1 | €5,865 | €9,722 | +€3,857 | +65.8% |
| Total equity and liabilities | 10/49 | €155,303 | €133,502 | -€21,801 | -14.0% |
| Equity | 10/15 | €131,707 | €121,462 | -€10,245 | -7.8% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Reserves | 13 | €123,031 | €112,786 | -€10,245 | -8.3% |
| Distributable reserves | 133 | €123,031 | €112,786 | -€10,245 | -8.3% |
| Amounts payable | 17/49 | €23,596 | €12,040 | -€11,556 | -49.0% |
| Amounts payable after more than one year | 17 | €3,068 | - | -€3,068 | |
| Financial debts | 170/4 | €3,068 | - | -€3,068 | |
| Amounts payable within one year | 42/48 | €20,528 | €9,485 | -€11,043 | -53.8% |
| Current portion of amounts payable after more than one year | 42 | €4,053 | €3,068 | -€985 | -24.3% |
| Trade debts | 44 | €6,039 | €3,458 | -€2,581 | -42.7% |
| Suppliers | 440/4 | €6,039 | €3,458 | -€2,581 | -42.7% |
| Taxes, remuneration and social security | 45 | €4,486 | €1,759 | -€2,727 | -60.8% |
| Taxes | 450/3 | €4,486 | €1,759 | -€2,727 | -60.8% |
| Other amounts payable | 47/48 | €5,950 | €1,200 | -€4,750 | -79.8% |
| Accrued charges and deferred income | 492/3 | - | €2,555 | +€2,555 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,022 | €10,284 | +€2,262 | +28.2% |
| Other operating charges | 640/8 | €1,861 | €1,946 | +€85 | +4.6% |
| Non-recurring operating charges | 66A | €569 | - | -€569 | |
| Gross operating margin | 9900 | €12,483 | €792 | -€11,691 | -93.7% |
| Operating profit (loss) | 9901 | €2,031 | -€11,438 | -€13,469 | |
| Financial income | 75/76B | €1,590 | €1,497 | -€93 | -5.8% |
| Recurring financial income | 75 | €1 | €1,497 | +€1,496 | +149600.0% |
| Non-recurring financial income | 76B | €1,589 | €1,497 | -€92 | -5.8% |
| Financial charges | 65/66B | €534 | €477 | -€57 | -10.7% |
| Recurring financial charges | 65 | €534 | €477 | -€57 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €3,087 | -€10,418 | -€13,505 | |
| Income taxes | 67/77 | €1,063 | -€173 | -€1,236 | |
| Profit (loss) for the period | 9904 | €2,024 | -€10,245 | -€12,269 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,024 | -€10,245 | -€12,269 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.