HORUBA: 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.
HORUBA
Largest movements
- Tangible fixed assets +€17,048
up €17,048 (+3.0%), from €570,291 to €587,339
of which Furniture and vehicles: +€35,190
- Receivables within one year -€11,369
no longer reported in 2025 (was €11,369)
- Debts after one year +€9,309
up €9,309 (+1.6%), from €585,606 to €594,914
of which Financial debts: +€9,309
- Tax, wage and social debts -€7,374
down €7,374 (-84.7%), from €8,702 to €1,328
- Current portion of long-term debt +€6,592
up €6,592 (+46.8%), from €14,095 to €20,687
- Profit (loss) carried forward -€6,141
down €6,141 (-10.5%), from -€58,611 to -€64,753
- Gross operating margin +€30,926
up €30,926 (+579.4%), from €5,338 to €36,263
- Depreciation -€20,581
down €20,581 (-44.9%), from €45,812 to €25,231
- Financial charges +€8,032
up €8,032 (+119.8%), from €6,703 to €14,734
- Other operating charges +€949
up €949 (+70.3%), from €1,349 to €2,298
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 | €595,406 | €601,240 | +€5,834 | +1.0% |
| Fixed assets | 21/28 | €570,591 | €587,639 | +€17,048 | +3.0% |
| Tangible fixed assets | 22/27 | €570,291 | €587,339 | +€17,048 | +3.0% |
| Land and buildings | 22 | €395,013 | €385,316 | -€9,697 | -2.5% |
| Plant, machinery and equipment | 23 | €174,345 | €165,900 | -€8,445 | -4.8% |
| Furniture and vehicles | 24 | €933 | €36,123 | +€35,190 | +3770.7% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €24,815 | €13,601 | -€11,214 | -45.2% |
| Amounts receivable within one year | 40/41 | €11,369 | - | -€11,369 | |
| Trade receivables | 40 | €11,369 | - | -€11,369 | |
| Cash at bank and in hand | 54/58 | €12,096 | €10,796 | -€1,300 | -10.7% |
| Deferred charges and accrued income | 490/1 | €1,350 | €2,805 | +€1,455 | +107.8% |
| Total equity and liabilities | 10/49 | €595,406 | €601,240 | +€5,834 | +1.0% |
| Equity | 10/15 | -€18,611 | -€24,753 | -€6,141 | -33.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,611 | -€64,753 | -€6,141 | -10.5% |
| Amounts payable | 17/49 | €614,017 | €625,992 | +€11,975 | +2.0% |
| Amounts payable after more than one year | 17 | €585,606 | €594,914 | +€9,309 | +1.6% |
| Financial debts | 170/4 | €380,181 | €389,489 | +€9,309 | +2.4% |
| Other amounts payable | 178/9 | €205,425 | €205,425 | = | 0.0% |
| Amounts payable within one year | 42/48 | €28,411 | €31,078 | +€2,666 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €14,095 | €20,687 | +€6,592 | +46.8% |
| Trade debts | 44 | €5,181 | €4,023 | -€1,158 | -22.4% |
| Suppliers | 440/4 | €5,181 | €4,023 | -€1,158 | -22.4% |
| Taxes, remuneration and social security | 45 | €8,702 | €1,328 | -€7,374 | -84.7% |
| Taxes | 450/3 | €8,702 | €1,328 | -€7,374 | -84.7% |
| Other amounts payable | 47/48 | €433 | €5,040 | +€4,606 | +1062.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,812 | €25,231 | -€20,581 | -44.9% |
| Other operating charges | 640/8 | €1,349 | €2,298 | +€949 | +70.3% |
| Non-recurring operating charges | 66A | €10,085 | - | -€10,085 | |
| Gross operating margin | 9900 | €5,338 | €36,263 | +€30,926 | +579.4% |
| Operating profit (loss) | 9901 | -€51,909 | €8,734 | +€60,643 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +1042.9% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1042.9% |
| Financial charges | 65/66B | €6,703 | €14,734 | +€8,032 | +119.8% |
| Recurring financial charges | 65 | €6,703 | €14,734 | +€8,032 | +119.8% |
| Profit (loss) for the period before taxes | 9903 | -€58,611 | -€5,999 | +€52,612 | +89.8% |
| Income taxes | 67/77 | - | €142 | +€142 | |
| Profit (loss) for the period | 9904 | -€58,611 | -€6,141 | +€52,470 | +89.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,611 | -€6,141 | +€52,470 | +89.5% |
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 2 October 2026 via checked.be.