HORUS EXPORT: 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 EXPORT
Largest movements
- Receivables within one year +€63,414
up €63,414 (+33.2%), from €191,022 to €254,436
of which Trade receivables: +€62,463
- Cash -€50,909
no longer reported in 2025 (was €50,909)
mainly Receivables within one year (-€63,414) and Trade debts (-€30,072)
- Stocks and contracts -€50,150
down €50,150 (-63.2%), from €79,362 to €29,212
- Tangible fixed assets +€7,927
new in 2025: €7,927
- Trade debts -€30,072
down €30,072 (-16.2%), from €185,968 to €155,896
- Advances received -€25,000
no longer reported in 2025 (was €25,000)
- Tax, wage and social debts +€16,398
up €16,398 (+73.4%), from €22,331 to €38,729
of which Remuneration and social security: +€14,062
- Profit (loss) carried forward +€8,332
up €8,332 (+9.4%), from €88,708 to €97,040
- Turnover -€126,512
down €126,512 (-17.7%), from €713,511 to €586,999
- Purchases and services -€123,198
down €123,198 (-18.2%), from €676,508 to €553,310
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 | €330,781 | €301,063 | -€29,718 | -9.0% |
| Fixed assets | 21/28 | €9,488 | €17,415 | +€7,927 | +83.5% |
| Tangible fixed assets | 22/27 | - | €7,927 | +€7,927 | |
| Plant, machinery and equipment | 23 | - | €7,927 | +€7,927 | |
| Financial fixed assets | 28 | €9,488 | €9,488 | = | 0.0% |
| Current assets | 29/58 | €321,293 | €283,648 | -€37,645 | -11.7% |
| Stocks and contracts in progress | 3 | €79,362 | €29,212 | -€50,150 | -63.2% |
| Stocks | 30/36 | €79,362 | €29,212 | -€50,150 | -63.2% |
| Amounts receivable within one year | 40/41 | €191,022 | €254,436 | +€63,414 | +33.2% |
| Trade receivables | 40 | €184,267 | €246,730 | +€62,463 | +33.9% |
| Other amounts receivable | 41 | €6,755 | €7,706 | +€951 | +14.1% |
| Cash at bank and in hand | 54/58 | €50,909 | - | -€50,909 | |
| Total equity and liabilities | 10/49 | €330,781 | €301,063 | -€29,718 | -9.0% |
| Equity | 10/15 | €97,482 | €105,814 | +€8,332 | +8.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,574 | €2,574 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,574 | €2,574 | = | 0.0% |
| Legal reserve | 130 | €2,574 | €2,574 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,708 | €97,040 | +€8,332 | +9.4% |
| Amounts payable | 17/49 | €233,299 | €195,249 | -€38,050 | -16.3% |
| Amounts payable within one year | 42/48 | €233,299 | €195,249 | -€38,050 | -16.3% |
| Financial debts | 43 | - | €624 | +€624 | |
| Credit institutions | 430/8 | - | €624 | +€624 | |
| Trade debts | 44 | €185,968 | €155,896 | -€30,072 | -16.2% |
| Suppliers | 440/4 | €185,968 | €155,896 | -€30,072 | -16.2% |
| Advances received on contracts in progress | 46 | €25,000 | - | -€25,000 | |
| Taxes, remuneration and social security | 45 | €22,331 | €38,729 | +€16,398 | +73.4% |
| Taxes | 450/3 | €7,861 | €10,197 | +€2,336 | +29.7% |
| Remuneration and social security | 454/9 | €14,470 | €28,532 | +€14,062 | +97.2% |
| Turnover | 70 | €713,511 | €586,999 | -€126,512 | -17.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €676,508 | €553,310 | -€123,198 | -18.2% |
| Remuneration, social security and pensions | 62 | €23,932 | €19,493 | -€4,439 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,073 | +€1,073 | |
| Other operating charges | 640/8 | €5,788 | €1,096 | -€4,692 | -81.1% |
| Gross operating margin | 9900 | €37,001 | €33,689 | -€3,312 | -9.0% |
| Operating profit (loss) | 9901 | €7,281 | €12,027 | +€4,746 | +65.2% |
| Financial income | 75/76B | €3,806 | €635 | -€3,171 | -83.3% |
| Recurring financial income | 75 | €3 | €635 | +€632 | +21066.7% |
| Non-recurring financial income | 76B | €3,803 | €635 | -€3,168 | -83.3% |
| Financial charges | 65/66B | €753 | €137 | -€616 | -81.8% |
| Recurring financial charges | 65 | €753 | €137 | -€616 | -81.8% |
| Profit (loss) for the period before taxes | 9903 | €10,334 | €12,525 | +€2,191 | +21.2% |
| Income taxes | 67/77 | €3,785 | €4,193 | +€408 | +10.8% |
| Profit (loss) for the period | 9904 | €6,549 | €8,332 | +€1,783 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,549 | €8,332 | +€1,783 | +27.2% |
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 29 September 2026 via checked.be.