Hortus Conclusus: 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.
Hortus Conclusus
Largest movements
- Tangible fixed assets -€642,991
no longer reported in 2025 (was €642,991)
of which Land and buildings: -€640,955
- Receivables within one year +€7,799
up €7,799 (+10.7%), from €72,955 to €80,755
of which Trade receivables: +€7,491
- Debts after one year -€696,927
no longer reported in 2025 (was €696,927)
- Profit (loss) carried forward +€169,904
up €169,904 (+94.1%), from -€180,647 to -€10,744
- Other debts -€89,239
down €89,239 (-78.4%), from €113,845 to €24,606
- Current portion of long-term debt -€26,428
no longer reported in 2025 (was €26,428)
- Tax, wage and social debts +€17,536
up €17,536 (+210%), from €8,347 to €25,884
- Gross operating margin +€127,127
up €127,127 (+155%), from €81,853 to €208,980
- Depreciation -€48,405
down €48,405 (-96.0%), from €50,441 to €2,036
- Taxes +€14,186
up €14,186 (+6,052%), from €234 to €14,420
- Financial charges +€5,106
up €5,106 (+58.2%), from €8,779 to €13,885
- Other operating charges +€3,088
up €3,088 (+54.6%), from €5,657 to €8,745
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 | €718,237 | €84,438 | -€633,799 | -88.2% |
| Fixed assets | 21/28 | €642,991 | - | -€642,991 | |
| Tangible fixed assets | 22/27 | €642,991 | - | -€642,991 | |
| Land and buildings | 22 | €640,955 | - | -€640,955 | |
| Furniture and vehicles | 24 | €2,036 | - | -€2,036 | |
| Current assets | 29/58 | €75,247 | €84,438 | +€9,191 | +12.2% |
| Amounts receivable within one year | 40/41 | €72,955 | €80,755 | +€7,799 | +10.7% |
| Trade receivables | 40 | €72,955 | €80,446 | +€7,491 | +10.3% |
| Other amounts receivable | 41 | - | €309 | +€309 | |
| Cash at bank and in hand | 54/58 | - | €2,470 | +€2,470 | |
| Deferred charges and accrued income | 490/1 | €2,291 | €1,213 | -€1,078 | -47.1% |
| Total equity and liabilities | 10/49 | €718,237 | €84,438 | -€633,799 | -88.2% |
| Equity | 10/15 | -€137,630 | €32,273 | +€169,904 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €30,617 | €30,617 | = | 0.0% |
| Tax-exempt reserves | 132 | €225 | €225 | = | 0.0% |
| Distributable reserves | 133 | €30,392 | €30,392 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€180,647 | -€10,744 | +€169,904 | +94.1% |
| Amounts payable | 17/49 | €855,868 | €52,165 | -€803,703 | -93.9% |
| Amounts payable after more than one year | 17 | €696,927 | - | -€696,927 | |
| Financial debts | 170/4 | €696,927 | - | -€696,927 | |
| Amounts payable within one year | 42/48 | €158,941 | €52,165 | -€106,777 | -67.2% |
| Current portion of amounts payable after more than one year | 42 | €26,428 | - | -€26,428 | |
| Financial debts | 43 | €2,294 | - | -€2,294 | |
| Credit institutions | 430/8 | €2,294 | - | -€2,294 | |
| Trade debts | 44 | €8,027 | €1,675 | -€6,352 | -79.1% |
| Suppliers | 440/4 | €8,027 | €1,675 | -€6,352 | -79.1% |
| Taxes, remuneration and social security | 45 | €8,347 | €25,884 | +€17,536 | +210% |
| Taxes | 450/3 | €8,347 | €25,884 | +€17,536 | +210% |
| Other amounts payable | 47/48 | €113,845 | €24,606 | -€89,239 | -78.4% |
| Non-recurring operating income | 76A | - | €121,345 | +€121,345 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,441 | €2,036 | -€48,405 | -96.0% |
| Other operating charges | 640/8 | €5,657 | €8,745 | +€3,088 | +54.6% |
| Gross operating margin | 9900 | €81,853 | €208,980 | +€127,127 | +155% |
| Operating profit (loss) | 9901 | €25,755 | €198,198 | +€172,444 | +670% |
| Financial income | 75/76B | €2 | €11 | +€8 | +336% |
| Recurring financial income | 75 | €2 | €11 | +€8 | +336% |
| Financial charges | 65/66B | €8,779 | €13,885 | +€5,106 | +58.2% |
| Recurring financial charges | 65 | €8,779 | €13,885 | +€5,106 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | €16,978 | €184,324 | +€167,346 | +986% |
| Income taxes | 67/77 | €234 | €14,420 | +€14,186 | +6,052% |
| Profit (loss) for the period | 9904 | €16,744 | €169,904 | +€153,160 | +915% |
| Profit (loss) for the period to be appropriated | 9905 | €16,744 | €169,904 | +€153,160 | +915% |
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.