HORTOS: 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.
HORTOS
Largest movements
- Tangible fixed assets +€87,408
up €87,408 (+20.3%), from €430,193 to €517,601
of which Plant, machinery and equipment: +€108,450
- Receivables within one year +€21,916
up €21,916 (+90.8%), from €24,131 to €46,046
of which Trade receivables: +€23,719
- Cash -€6,554
down €6,554 (-15.6%), from €41,992 to €35,438
mainly Investment in fixed assets (net) (-€163,038) and Contributions, distributions and other (-€101,936)
- Other debts +€99,670
up €99,670 (+103%), from €96,724 to €196,394
- Reserves -€48,212
down €48,212 (-100%), from €48,212 to €0
- Trade debts +€43,598
up €43,598 (+134%), from €32,476 to €76,073
- Debts after one year -€10,594
down €10,594 (-4.1%), from €259,383 to €248,789
- Current portion of long-term debt +€8,944
up €8,944 (+21.5%), from €41,541 to €50,485
- Financial income +€46,746
up €46,746 (+3,956%), from €1,182 to €47,928
of which Non-recurring financial income: +€46,500
- Gross operating margin +€22,552
up €22,552 (+16.4%), from €137,473 to €160,024
- Taxes +€14,275
up €14,275 (+636%), from €2,245 to €16,520
- Depreciation +€5,765
up €5,765 (+8.3%), from €69,865 to €75,630
- Financial charges +€4,841
up €4,841 (+107%), from €4,528 to €9,369
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 | €503,519 | €603,115 | +€99,596 | +19.8% |
| Fixed assets | 21/28 | €430,193 | €517,601 | +€87,408 | +20.3% |
| Tangible fixed assets | 22/27 | €430,193 | €517,601 | +€87,408 | +20.3% |
| Land and buildings | 22 | €295,098 | €280,246 | -€14,851 | -5.0% |
| Plant, machinery and equipment | 23 | €41,019 | €149,469 | +€108,450 | +264% |
| Furniture and vehicles | 24 | €94,076 | €87,885 | -€6,191 | -6.6% |
| Current assets | 29/58 | €73,326 | €85,515 | +€12,189 | +16.6% |
| Amounts receivable within one year | 40/41 | €24,131 | €46,046 | +€21,916 | +90.8% |
| Trade receivables | 40 | €17,394 | €41,114 | +€23,719 | +136% |
| Other amounts receivable | 41 | €6,737 | €4,933 | -€1,804 | -26.8% |
| Cash at bank and in hand | 54/58 | €41,992 | €35,438 | -€6,554 | -15.6% |
| Deferred charges and accrued income | 490/1 | €7,203 | €4,030 | -€3,173 | -44.1% |
| Total equity and liabilities | 10/49 | €503,519 | €603,115 | +€99,596 | +19.8% |
| Equity | 10/15 | €66,812 | €18,600 | -€48,212 | -72.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,212 | €0 | -€48,212 | -100% |
| Distributable reserves | 133 | €48,212 | €0 | -€48,212 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €436,707 | €584,515 | +€147,808 | +33.8% |
| Amounts payable after more than one year | 17 | €259,383 | €248,789 | -€10,594 | -4.1% |
| Financial debts | 170/4 | €259,383 | €248,789 | -€10,594 | -4.1% |
| Amounts payable within one year | 42/48 | €177,225 | €330,896 | +€153,671 | +86.7% |
| Current portion of amounts payable after more than one year | 42 | €41,541 | €50,485 | +€8,944 | +21.5% |
| Trade debts | 44 | €32,476 | €76,073 | +€43,598 | +134% |
| Suppliers | 440/4 | €32,476 | €76,073 | +€43,598 | +134% |
| Taxes, remuneration and social security | 45 | €6,484 | €7,943 | +€1,459 | +22.5% |
| Taxes | 450/3 | €950 | €2,856 | +€1,906 | +201% |
| Remuneration and social security | 454/9 | €5,534 | €5,087 | -€447 | -8.1% |
| Other amounts payable | 47/48 | €96,724 | €196,394 | +€99,670 | +103% |
| Accrued charges and deferred income | 492/3 | €100 | €4,830 | +€4,730 | +4,730% |
| Remuneration, social security and pensions | 62 | €43,084 | €47,049 | +€3,965 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,865 | €75,630 | +€5,765 | +8.3% |
| Other operating charges | 640/8 | €5,651 | €5,659 | +€8 | +0.1% |
| Non-recurring operating charges | 66A | €10,000 | €0 | -€10,000 | -100% |
| Gross operating margin | 9900 | €137,473 | €160,024 | +€22,552 | +16.4% |
| Operating profit (loss) | 9901 | €8,872 | €31,685 | +€22,813 | +257% |
| Financial income | 75/76B | €1,182 | €47,928 | +€46,746 | +3,956% |
| Recurring financial income | 75 | €520 | €767 | +€246 | +47.3% |
| Non-recurring financial income | 76B | €661 | €47,161 | +€46,500 | +7,031% |
| Financial charges | 65/66B | €4,528 | €9,369 | +€4,841 | +107% |
| Recurring financial charges | 65 | €4,528 | €9,369 | +€4,841 | +107% |
| Profit (loss) for the period before taxes | 9903 | €5,526 | €70,244 | +€64,719 | +1,171% |
| Income taxes | 67/77 | €2,245 | €16,520 | +€14,275 | +636% |
| Profit (loss) for the period | 9904 | €3,281 | €53,724 | +€50,443 | +1,538% |
| Profit (loss) for the period to be appropriated | 9905 | €3,281 | €53,724 | +€50,443 | +1,538% |
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.