HORTUS: 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.
HORTUS
Largest movements
- Tangible fixed assets +€24,055
up €24,055 (+38.6%), from €62,312 to €86,367
of which Leasing and similar rights: +€30,559
- Cash -€14,080
down €14,080 (-65.1%), from €21,644 to €7,564
mainly Investment in fixed assets (net) (-€44,654) and Net result for the year (-€4,986)
- Receivables within one year -€3,204
down €3,204 (-27.4%), from €11,677 to €8,473
of which Trade receivables: -€4,832
- Deferred charges and accrued income +€1,589
up €1,589 (+130.1%), from €1,221 to €2,810
- Debts after one year +€8,584
up €8,584 (+16.5%), from €51,956 to €60,540
- Current portion of long-term debt +€6,570
up €6,570 (+99.4%), from €6,611 to €13,182
- Profit (loss) carried forward -€4,986
down €4,986 (-41.2%), from -€12,092 to -€17,079
- Trade debts -€1,468
down €1,468 (-7.3%), from €20,151 to €18,683
- Gross operating margin +€16,597
up €16,597 (+24.3%), from €68,359 to €84,956
- Staff costs +€4,948
up €4,948 (+9.3%), from €53,377 to €58,325
- Depreciation +€4,274
up €4,274 (+26.2%), from €16,324 to €20,598
- Other operating charges +€981
up €981 (+39.8%), from €2,465 to €3,447
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 | €124,307 | €133,095 | +€8,789 | +7.1% |
| Fixed assets | 21/28 | €62,602 | €86,657 | +€24,055 | +38.4% |
| Tangible fixed assets | 22/27 | €62,312 | €86,367 | +€24,055 | +38.6% |
| Land and buildings | 22 | €52,176 | €48,279 | -€3,897 | -7.5% |
| Plant, machinery and equipment | 23 | €2,822 | €2,980 | +€158 | +5.6% |
| Furniture and vehicles | 24 | €7,314 | €4,550 | -€2,764 | -37.8% |
| Leasing and similar rights | 25 | - | €30,559 | +€30,559 | |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €61,704 | €46,438 | -€15,267 | -24.7% |
| Stocks and contracts in progress | 3 | €27,162 | €27,591 | +€428 | +1.6% |
| Stocks | 30/36 | €27,162 | €27,591 | +€428 | +1.6% |
| Amounts receivable within one year | 40/41 | €11,677 | €8,473 | -€3,204 | -27.4% |
| Trade receivables | 40 | €6,979 | €2,147 | -€4,832 | -69.2% |
| Other amounts receivable | 41 | €4,698 | €6,326 | +€1,627 | +34.6% |
| Cash at bank and in hand | 54/58 | €21,644 | €7,564 | -€14,080 | -65.1% |
| Deferred charges and accrued income | 490/1 | €1,221 | €2,810 | +€1,589 | +130.1% |
| Total equity and liabilities | 10/49 | €124,307 | €133,095 | +€8,789 | +7.1% |
| Equity | 10/15 | €32,067 | €27,080 | -€4,986 | -15.5% |
| Contributions | 10/11 | €9,757 | €9,757 | = | 0.0% |
| Reserves | 13 | €34,401 | €34,401 | = | 0.0% |
| Distributable reserves | 133 | €34,401 | €34,401 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,092 | -€17,079 | -€4,986 | -41.2% |
| Amounts payable | 17/49 | €92,240 | €106,015 | +€13,775 | +14.9% |
| Amounts payable after more than one year | 17 | €51,956 | €60,540 | +€8,584 | +16.5% |
| Financial debts | 170/4 | €51,956 | €60,540 | +€8,584 | +16.5% |
| Amounts payable within one year | 42/48 | €40,179 | €45,296 | +€5,117 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €6,611 | €13,182 | +€6,570 | +99.4% |
| Financial debts | 43 | €2,917 | €1,716 | -€1,200 | -41.1% |
| Credit institutions | 430/8 | €2,917 | €1,716 | -€1,200 | -41.1% |
| Trade debts | 44 | €20,151 | €18,683 | -€1,468 | -7.3% |
| Suppliers | 440/4 | €20,151 | €18,683 | -€1,468 | -7.3% |
| Taxes, remuneration and social security | 45 | €9,924 | €11,003 | +€1,079 | +10.9% |
| Taxes | 450/3 | €3,479 | €3,952 | +€473 | +13.6% |
| Remuneration and social security | 454/9 | €6,445 | €7,051 | +€606 | +9.4% |
| Other amounts payable | 47/48 | €576 | €711 | +€135 | +23.4% |
| Accrued charges and deferred income | 492/3 | €104 | €179 | +€75 | +71.6% |
| Non-recurring operating income | 76A | €0 | €8,281 | +€8,281 | |
| Remuneration, social security and pensions | 62 | €53,377 | €58,325 | +€4,948 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,324 | €20,598 | +€4,274 | +26.2% |
| Other operating charges | 640/8 | €2,465 | €3,447 | +€981 | +39.8% |
| Non-recurring operating charges | 66A | €2,110 | €0 | -€2,110 | -100.0% |
| Gross operating margin | 9900 | €68,359 | €84,956 | +€16,597 | +24.3% |
| Operating profit (loss) | 9901 | -€5,917 | €2,585 | +€8,503 | |
| Financial income | 75/76B | €631 | €2 | -€629 | -99.6% |
| Recurring financial income | 75 | €631 | €2 | -€629 | -99.6% |
| Financial charges | 65/66B | €6,301 | €6,939 | +€637 | +10.1% |
| Recurring financial charges | 65 | €6,301 | €6,939 | +€637 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,588 | -€4,351 | +€7,237 | +62.5% |
| Income taxes | 67/77 | €505 | €635 | +€131 | +25.9% |
| Profit (loss) for the period | 9904 | -€12,092 | -€4,986 | +€7,106 | +58.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,092 | -€4,986 | +€7,106 | +58.8% |
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 5 October 2026 via checked.be.