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.
What changed
Hortus Conclusus
NACE 41.003, General construction of other non-residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€0
2024 · €0
Equity
€61,500
2024 · €61,500
Cash
€1.2m
2024 · €20.7m-€19.5m
Balance sheet total
€208.2m
2024 · €111.7m+€96.5m
Largest movements
Assets
- Stocks and contracts +€117.1m
up €117.1m (+130%), from €89.9m to €206.9m
- Cash -€19.5m
down €19.5m (-94.2%), from €20.7m to €1.2m
mainly Stocks and contracts (-€117.1m) and Trade debts (-€20.1m)
Equity and liabilities
- Debts after one year +€116.7m
up €116.7m (+128%), from €91.2m to €207.8m
- Trade debts -€20.1m
down €20.1m (-98.5%), from €20.4m to €316,809
Income statement
- Goods and materials +€42.4m
up €42.4m (+64.0%), from €66.3m to €108.7m
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.
Result 2024
€0
Other operating charges
+€97,807
Other operating items
-€589,924
Financial income
-€938
Financial charges
+€492,864
Taxes
+€190
Result 2025
€0
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€136.2m
Investment
€0
Financing
+€116.7m
Cash 2024
€20.7m
From operations (derived)
-€136.2m
Stocks and contracts
-€117.1m
Receivables within one year
+€979,809
Smaller working-capital items
+€27,567
Trade debts
-€20.1m
Financing
+€116.7m
Debts after one year
+€116.7m
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €111,658,549 | €208,190,185 | +€96.5m | +86.5% |
| Current assets | 29/58 | €111,658,549 | €208,190,185 | +€96.5m | +86.5% |
| Stocks and contracts in progress | 3 | €89,883,275 | €206,937,059 | +€117.1m | +130% |
| Contracts in progress | 37 | €89,883,275 | €206,937,059 | +€117.1m | +130% |
| Amounts receivable within one year | 40/41 | €1,023,830 | €44,021 | -€979,809 | -95.7% |
| Other amounts receivable | 41 | €1,023,830 | €44,021 | -€979,809 | -95.7% |
| Cash at bank and in hand | 54/58 | €20,724,249 | €1,209,104 | -€19.5m | -94.2% |
| Deferred charges and accrued income | 490/1 | €27,195 | - | -€27,195 | |
| Total equity and liabilities | 10/49 | €111,658,549 | €208,190,185 | +€96.5m | +86.5% |
| Equity | 10/15 | €61,500 | €61,500 | = | 0.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Amounts payable | 17/49 | €111,597,049 | €208,128,685 | +€96.5m | +86.5% |
| Amounts payable after more than one year | 17 | €91,151,937 | €207,811,503 | +€116.7m | +128% |
| Financial debts | 170/4 | €91,151,937 | €207,811,503 | +€116.7m | +128% |
| Credit institutions | 173 | €91,151,937 | €207,811,503 | +€116.7m | +128% |
| Amounts payable within one year | 42/48 | €20,445,112 | €317,181 | -€20.1m | -98.4% |
| Trade debts | 44 | €20,445,112 | €316,809 | -€20.1m | -98.5% |
| Suppliers | 440/4 | €20,445,112 | €316,809 | -€20.1m | -98.5% |
| Other amounts payable | 47/48 | - | €372 | +€372 | |
| Operating income | 70/76A | €68,010,918 | €109,695,454 | +€41.7m | +61.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €68,010,918 | €109,695,454 | +€41.7m | +61.3% |
| Operating charges | 60/66A | €67,349,941 | €109,526,594 | +€42.2m | +62.6% |
| Goods for resale, raw materials and consumables | 60 | €66,290,235 | €108,732,915 | +€42.4m | +64.0% |
| Purchases | 600/8 | €66,290,235 | €108,732,915 | +€42.4m | +64.0% |
| Services and other goods | 61 | €947,387 | €779,167 | -€168,220 | -17.8% |
| Other operating charges | 640/8 | €112,319 | €14,512 | -€97,807 | -87.1% |
| Operating profit (loss) | 9901 | €660,977 | €168,860 | -€492,117 | -74.5% |
| Financial income | 75/76B | €103,847 | €102,910 | -€938 | -0.9% |
| Recurring financial income | 75 | €103,847 | €102,910 | -€938 | -0.9% |
| Income from current assets | 751 | - | €102,910 | +€102,910 | |
| Other financial income | 752/9 | €103,847 | - | -€103,847 | |
| Financial charges | 65/66B | €764,563 | €271,699 | -€492,864 | -64.5% |
| Recurring financial charges | 65 | €764,563 | €271,699 | -€492,864 | -64.5% |
| Debt charges | 650 | - | €270,161 | +€270,161 | |
| Other financial charges | 652/9 | €764,563 | €1,537 | -€763,025 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €262 | €71 | -€190 | -72.7% |
| Income taxes | 67/77 | €262 | €71 | -€190 | -72.7% |
| Taxes | 670/3 | €262 | €71 | -€190 | -72.7% |
| Profit (loss) for the period | 9904 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €0 | = |
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 19 October 2026 via checked.be.