HORTIVAM: 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.
HORTIVAM
Largest movements
- Tangible fixed assets +€278,722
up €278,722 (+72.4%), from €384,823 to €663,545
of which Land and buildings: +€318,145
- Cash -€87,992
down €87,992 (-90.4%), from €97,352 to €9,360
mainly Investment in fixed assets (net) (-€379,875) and Net result for the year (-€153,521)
- Receivables within one year -€59,984
down €59,984 (-84.2%), from €71,251 to €11,267
of which Other amounts receivable: -€51,047
- Debts after one year +€224,798
up €224,798 (+53.9%), from €417,006 to €641,804
- Profit (loss) carried forward -€153,521
down €153,521, from €3,347 to -€150,174
- Other debts +€22,208
up €22,208 (+29.4%), from €75,550 to €97,758
- Accrued charges and deferred income +€19,151
new in 2025: €19,151
- Current portion of long-term debt +€18,821
up €18,821 (+38.1%), from €49,386 to €68,208
- Gross operating margin -€112,549
down €112,549, from €88,012 to -€24,537
- Depreciation +€43,467
up €43,467 (+75.4%), from €57,685 to €101,153
- Other operating charges +€10,468
up €10,468 (+484%), from €2,163 to €12,630
- Taxes -€4,819
down €4,819, from €4,685 to -€134
- Financial charges +€2,747
up €2,747 (+21.0%), from €13,052 to €15,800
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 | €737,387 | €867,198 | +€129,810 | +17.6% |
| Fixed assets | 21/28 | €384,823 | €663,545 | +€278,722 | +72.4% |
| Tangible fixed assets | 22/27 | €384,823 | €663,545 | +€278,722 | +72.4% |
| Land and buildings | 22 | €81,583 | €399,728 | +€318,145 | +390% |
| Furniture and vehicles | 24 | €303,240 | €263,817 | -€39,423 | -13.0% |
| Current assets | 29/58 | €352,565 | €203,653 | -€148,912 | -42.2% |
| Stocks and contracts in progress | 3 | €183,113 | €183,026 | -€87 | 0.0% |
| Stocks | 30/36 | €183,113 | €183,026 | -€87 | 0.0% |
| Amounts receivable within one year | 40/41 | €71,251 | €11,267 | -€59,984 | -84.2% |
| Trade receivables | 40 | €15,204 | €6,267 | -€8,937 | -58.8% |
| Other amounts receivable | 41 | €56,047 | €5,000 | -€51,047 | -91.1% |
| Cash at bank and in hand | 54/58 | €97,352 | €9,360 | -€87,992 | -90.4% |
| Deferred charges and accrued income | 490/1 | €849 | €0 | -€849 | -100% |
| Total equity and liabilities | 10/49 | €737,387 | €867,198 | +€129,810 | +17.6% |
| Equity | 10/15 | €179,537 | €26,016 | -€153,521 | -85.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €157,590 | €157,590 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €155,730 | €157,590 | +€1,860 | +1.2% |
| Profit (loss) carried forward | 14 | €3,347 | -€150,174 | -€153,521 | |
| Amounts payable | 17/49 | €557,851 | €841,182 | +€283,331 | +50.8% |
| Amounts payable after more than one year | 17 | €417,006 | €641,804 | +€224,798 | +53.9% |
| Financial debts | 170/4 | €417,006 | €641,804 | +€224,798 | +53.9% |
| Amounts payable within one year | 42/48 | €140,845 | €180,227 | +€39,382 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €49,386 | €68,208 | +€18,821 | +38.1% |
| Trade debts | 44 | €14,472 | €0 | -€14,472 | -100% |
| Suppliers | 440/4 | €14,472 | €0 | -€14,472 | -100% |
| Taxes, remuneration and social security | 45 | €1,436 | €14,262 | +€12,826 | +893% |
| Taxes | 450/3 | €1,436 | €4,262 | +€2,826 | +197% |
| Remuneration and social security | 454/9 | - | €10,000 | +€10,000 | |
| Other amounts payable | 47/48 | €75,550 | €97,758 | +€22,208 | +29.4% |
| Accrued charges and deferred income | 492/3 | - | €19,151 | +€19,151 | |
| Non-recurring operating income | 76A | €13,294 | €0 | -€13,294 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,685 | €101,153 | +€43,467 | +75.4% |
| Other operating charges | 640/8 | €2,163 | €12,630 | +€10,468 | +484% |
| Gross operating margin | 9900 | €88,012 | -€24,537 | -€112,549 | |
| Operating profit (loss) | 9901 | €28,163 | -€138,321 | -€166,484 | |
| Financial income | 75/76B | - | €466 | +€466 | |
| Recurring financial income | 75 | - | €466 | +€466 | |
| Financial charges | 65/66B | €13,052 | €15,800 | +€2,747 | +21.0% |
| Recurring financial charges | 65 | €13,052 | €15,800 | +€2,747 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €15,111 | -€153,654 | -€168,765 | |
| Income taxes | 67/77 | €4,685 | -€134 | -€4,819 | |
| Profit (loss) for the period | 9904 | €10,425 | -€153,521 | -€163,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,425 | -€153,521 | -€163,946 |
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 24 October 2026 via checked.be.