Horus Distribution & Services: 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.
Horus Distribution & Services
Largest movements
- Cash +€66,877
up €66,877 (+117.9%), from €56,707 to €123,584
mainly Net result for the year (+€51,431) and Trade debts (+€48,059)
- Receivables within one year +€48,393
up €48,393 (+423.0%), from €11,441 to €59,834
of which Trade receivables: +€46,769
- Formation expenses -€2,990
down €2,990 (-27.9%), from €10,710 to €7,720
- Profit (loss) carried forward +€51,431
up €51,431 (+517.4%), from €9,941 to €61,372
- Trade debts +€48,059
up €48,059 (+1569.3%), from €3,062 to €51,121
- Tax, wage and social debts +€12,790
up €12,790 (+293.8%), from €4,354 to €17,144
- Gross operating margin +€53,065
up €53,065 (+279.0%), from €19,020 to €72,086
- Taxes +€13,830
up €13,830 (+417.4%), from €3,314 to €17,144
- Depreciation -€1,250
down €1,250 (-29.5%), from €4,240 to €2,990
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 | €78,857 | €191,137 | +€112,280 | +142.4% |
| Formation expenses | 20 | €10,710 | €7,720 | -€2,990 | -27.9% |
| Current assets | 29/58 | €68,148 | €183,418 | +€115,270 | +169.1% |
| Amounts receivable within one year | 40/41 | €11,441 | €59,834 | +€48,393 | +423.0% |
| Trade receivables | 40 | €11,441 | €58,210 | +€46,769 | +408.8% |
| Other amounts receivable | 41 | - | €1,624 | +€1,624 | |
| Cash at bank and in hand | 54/58 | €56,707 | €123,584 | +€66,877 | +117.9% |
| Total equity and liabilities | 10/49 | €78,857 | €191,137 | +€112,280 | +142.4% |
| Equity | 10/15 | €71,441 | €122,872 | +€51,431 | +72.0% |
| 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% |
| Profit (loss) carried forward | 14 | €9,941 | €61,372 | +€51,431 | +517.4% |
| Amounts payable | 17/49 | €7,416 | €68,265 | +€60,849 | +820.5% |
| Amounts payable within one year | 42/48 | €7,416 | €68,265 | +€60,849 | +820.5% |
| Trade debts | 44 | €3,062 | €51,121 | +€48,059 | +1569.3% |
| Suppliers | 440/4 | €3,062 | €51,121 | +€48,059 | +1569.3% |
| Taxes, remuneration and social security | 45 | €4,354 | €17,144 | +€12,790 | +293.8% |
| Taxes | 450/3 | €4,354 | €17,144 | +€12,790 | +293.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,240 | €2,990 | -€1,250 | -29.5% |
| Other operating charges | 640/8 | €935 | €411 | -€524 | -56.0% |
| Gross operating margin | 9900 | €19,020 | €72,086 | +€53,065 | +279.0% |
| Operating profit (loss) | 9901 | €13,845 | €68,685 | +€54,839 | +396.1% |
| Financial charges | 65/66B | €591 | €110 | -€481 | -81.4% |
| Recurring financial charges | 65 | €591 | €110 | -€481 | -81.4% |
| Profit (loss) for the period before taxes | 9903 | €13,255 | €68,575 | +€55,320 | +417.4% |
| Income taxes | 67/77 | €3,314 | €17,144 | +€13,830 | +417.4% |
| Profit (loss) for the period | 9904 | €9,941 | €51,431 | +€41,490 | +417.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,941 | €51,431 | +€41,490 | +417.4% |
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 3 October 2026 via checked.be.