HORTUM GROUP: 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.
HORTUM GROUP
Largest movements
- Deferred charges and accrued income +€45,856
up €45,856 (+14,581%), from €314 to €46,170
- Receivables within one year +€21,005
up €21,005 (+125%), from €16,766 to €37,770
of which Trade receivables: +€21,010
- Tangible fixed assets -€15,083
down €15,083 (-41.2%), from €36,626 to €21,544
of which Plant, machinery and equipment: -€10,187
- Stocks and contracts -€13,110
down €13,110 (-32.0%), from €40,942 to €27,833
of which Contracts in progress: -€6,911
- Trade debts +€28,387
up €28,387 (+138%), from €20,593 to €48,981
- Other debts +€10,151
up €10,151 (+25.2%), from €40,238 to €50,389
- Reserves +€5,213
up €5,213 (+628%), from €830 to €6,044
- Profit (loss) carried forward -€4,778
down €4,778 (-100%), from €4,778 to €0
- Gross operating margin +€3,306
up €3,306 (+21.6%), from €15,287 to €18,593
- Depreciation +€852
up €852 (+6.0%), from €14,231 to €15,083
- Financial charges +€631
up €631 (+99.2%), from €636 to €1,267
- Financial income +€269
up €269 (+5,449%), from €5 to €274
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 | €94,649 | €133,317 | +€38,668 | +40.9% |
| Fixed assets | 21/28 | €36,626 | €21,544 | -€15,083 | -41.2% |
| Tangible fixed assets | 22/27 | €36,626 | €21,544 | -€15,083 | -41.2% |
| Plant, machinery and equipment | 23 | €24,488 | €14,301 | -€10,187 | -41.6% |
| Furniture and vehicles | 24 | €12,138 | €7,243 | -€4,896 | -40.3% |
| Current assets | 29/58 | €58,023 | €111,773 | +€53,751 | +92.6% |
| Stocks and contracts in progress | 3 | €40,942 | €27,833 | -€13,110 | -32.0% |
| Stocks | 30/36 | €34,031 | €27,833 | -€6,198 | -18.2% |
| Contracts in progress | 37 | €6,911 | €0 | -€6,911 | -100% |
| Amounts receivable within one year | 40/41 | €16,766 | €37,770 | +€21,005 | +125% |
| Trade receivables | 40 | €16,628 | €37,637 | +€21,010 | +126% |
| Other amounts receivable | 41 | €138 | €133 | -€5 | -3.8% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €314 | €46,170 | +€45,856 | +14,581% |
| Total equity and liabilities | 10/49 | €94,649 | €133,317 | +€38,668 | +40.9% |
| Equity | 10/15 | €24,208 | €24,644 | +€436 | +1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €830 | €6,044 | +€5,213 | +628% |
| Distributable reserves | 133 | €830 | €6,044 | +€5,213 | +628% |
| Profit (loss) carried forward | 14 | €4,778 | €0 | -€4,778 | -100% |
| Amounts payable | 17/49 | €70,441 | €108,673 | +€38,233 | +54.3% |
| Amounts payable within one year | 42/48 | €70,054 | €108,673 | +€38,620 | +55.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €1,431 | €1,946 | +€515 | +35.9% |
| Credit institutions | 430/8 | €1,431 | €1,946 | +€515 | +35.9% |
| Trade debts | 44 | €20,593 | €48,981 | +€28,387 | +138% |
| Suppliers | 440/4 | €20,593 | €48,981 | +€28,387 | +138% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,791 | €7,358 | -€433 | -5.6% |
| Taxes | 450/3 | €7,791 | €7,358 | -€433 | -5.6% |
| Other amounts payable | 47/48 | €40,238 | €50,389 | +€10,151 | +25.2% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,231 | €15,083 | +€852 | +6.0% |
| Other operating charges | 640/8 | €1,682 | €1,721 | +€39 | +2.3% |
| Gross operating margin | 9900 | €15,287 | €18,593 | +€3,306 | +21.6% |
| Operating profit (loss) | 9901 | -€626 | €1,789 | +€2,415 | |
| Financial income | 75/76B | €5 | €274 | +€269 | +5,449% |
| Recurring financial income | 75 | €5 | €274 | +€269 | +5,449% |
| Financial charges | 65/66B | €636 | €1,267 | +€631 | +99.2% |
| Recurring financial charges | 65 | €636 | €1,267 | +€631 | +99.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,257 | €796 | +€2,052 | |
| Income taxes | 67/77 | €212 | €360 | +€148 | +69.7% |
| Profit (loss) for the period | 9904 | -€1,469 | €436 | +€1,904 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,469 | €436 | +€1,904 |
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 29 October 2026 via checked.be.