HORUS LIBRA: 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 LIBRA
Largest movements
- Financial fixed assets +€1.6m
up €1.6m (+43.1%), from €3.6m to €5.1m
- Cash -€410,365
down €410,365 (-67.0%), from €612,147 to €201,781
mainly Investment in fixed assets (net) (-€2.2m) and Receivables after one year (-€260,000)
- Tangible fixed assets +€370,138
up €370,138 (+10.3%), from €3.6m to €4.0m
of which Land and buildings: +€298,305
- Receivables after one year +€260,000
new in 2024: €260,000
- Receivables within one year -€118,230
down €118,230 (-41.5%), from €284,746 to €166,515
of which Trade receivables: -€125,397
- Debts after one year +€1.5m
up €1.5m (+42.0%), from €3.5m to €4.9m
of which Financial debts: +€1.5m
- Current portion of long-term debt -€236,030
down €236,030 (-59.7%), from €395,686 to €159,656
- Reserves +€191,000
up €191,000 (+10.9%), from €1.7m to €1.9m
of which Distributable reserves: +€191,000
- Tax, wage and social debts +€142,424
up €142,424 (+201.5%), from €70,667 to €213,091
of which Taxes: +€141,424
- Other debts +€101,375
up €101,375 (+178.7%), from €56,738 to €158,113
- Gross operating margin -€155,278
down €155,278 (-19.9%), from €779,067 to €623,789
- Depreciation +€51,439
up €51,439 (+27.6%), from €186,658 to €238,097
- Taxes -€44,173
down €44,173 (-32.8%), from €134,682 to €90,510
- Financial charges +€29,451
up €29,451 (+15.1%), from €194,561 to €224,013
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,092,500 | €9,739,358 | +€1.6m | +20.4% |
| Fixed assets | 21/28 | €7,181,408 | €9,101,629 | +€1.9m | +26.7% |
| Tangible fixed assets | 22/27 | €3,583,633 | €3,953,771 | +€370,138 | +10.3% |
| Land and buildings | 22 | €3,564,766 | €3,863,071 | +€298,305 | +8.4% |
| Plant, machinery and equipment | 23 | €13,566 | €7,004 | -€6,562 | -48.4% |
| Furniture and vehicles | 24 | €5,301 | €83,696 | +€78,396 | +1479.0% |
| Financial fixed assets | 28 | €3,597,775 | €5,147,858 | +€1.6m | +43.1% |
| Current assets | 29/58 | €911,092 | €637,729 | -€273,363 | -30.0% |
| Amounts receivable after more than one year | 29 | - | €260,000 | +€260,000 | |
| Other amounts receivable | 291 | - | €260,000 | +€260,000 | |
| Amounts receivable within one year | 40/41 | €284,746 | €166,515 | -€118,230 | -41.5% |
| Trade receivables | 40 | €127,095 | €1,698 | -€125,397 | -98.7% |
| Other amounts receivable | 41 | €157,651 | €164,818 | +€7,167 | +4.5% |
| Current investments | 50/53 | €9,432 | €9,432 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €612,147 | €201,781 | -€410,365 | -67.0% |
| Deferred charges and accrued income | 490/1 | €4,768 | - | -€4,768 | |
| Total equity and liabilities | 10/49 | €8,092,500 | €9,739,358 | +€1.6m | +20.4% |
| Equity | 10/15 | €4,064,204 | €4,253,919 | +€189,716 | +4.7% |
| Contributions | 10/11 | €545,000 | €545,000 | = | 0.0% |
| Reserves | 13 | €1,749,500 | €1,940,500 | +€191,000 | +10.9% |
| Non-distributable reserves | 130/1 | €54,500 | €54,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €54,500 | €54,500 | = | 0.0% |
| Distributable reserves | 133 | €1,695,000 | €1,886,000 | +€191,000 | +11.3% |
| Profit (loss) carried forward | 14 | €1,769,704 | €1,768,419 | -€1,284 | -0.1% |
| Amounts payable | 17/49 | €4,028,297 | €5,485,439 | +€1.5m | +36.2% |
| Amounts payable after more than one year | 17 | €3,476,536 | €4,936,176 | +€1.5m | +42.0% |
| Financial debts | 170/4 | €3,452,835 | €4,913,526 | +€1.5m | +42.3% |
| Other amounts payable | 178/9 | €23,701 | €22,651 | -€1,050 | -4.4% |
| Amounts payable within one year | 42/48 | €551,761 | €549,262 | -€2,498 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €395,686 | €159,656 | -€236,030 | -59.7% |
| Trade debts | 44 | €28,669 | €18,402 | -€10,267 | -35.8% |
| Suppliers | 440/4 | €28,669 | €16,999 | -€11,670 | -40.7% |
| Bills of exchange payable | 441 | - | €1,403 | +€1,403 | |
| Taxes, remuneration and social security | 45 | €70,667 | €213,091 | +€142,424 | +201.5% |
| Taxes | 450/3 | €68,667 | €210,091 | +€141,424 | +206.0% |
| Remuneration and social security | 454/9 | €2,000 | €3,000 | +€1,000 | +50.0% |
| Other amounts payable | 47/48 | €56,738 | €158,113 | +€101,375 | +178.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,658 | €238,097 | +€51,439 | +27.6% |
| Gross operating margin | 9900 | €779,067 | €623,789 | -€155,278 | -19.9% |
| Operating profit (loss) | 9901 | €592,409 | €385,692 | -€206,717 | -34.9% |
| Financial income | 75/76B | €115,918 | €120,546 | +€4,628 | +4.0% |
| Recurring financial income | 75 | €115,918 | €120,546 | +€4,628 | +4.0% |
| Financial charges | 65/66B | €194,561 | €224,013 | +€29,451 | +15.1% |
| Recurring financial charges | 65 | €194,561 | €224,013 | +€29,451 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €513,766 | €282,225 | -€231,541 | -45.1% |
| Income taxes | 67/77 | €134,682 | €90,510 | -€44,173 | -32.8% |
| Profit (loss) for the period | 9904 | €379,084 | €191,716 | -€187,368 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €379,084 | €191,716 | -€187,368 | -49.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.