HORUS SOFTWARE: 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.
HORUS SOFTWARE
Largest movements
- Current investments +€2.6m
up €2.6m (+104.1%), from €2.5m to €5.0m
- Receivables within one year +€991,371
up €991,371 (+146.5%), from €676,876 to €1.7m
of which Trade receivables: +€862,047
- Cash +€767,599
up €767,599 (+298.1%), from €257,490 to €1.0m
mainly Net result for the year (+€5.5m) and Other debts (+€5.2m)
- Intangible fixed assets -€461,035
down €461,035 (-39.4%), from €1.2m to €708,565
- Tangible fixed assets +€191,088
up €191,088 (+35.1%), from €544,372 to €735,460
of which Leasing and similar rights: +€215,241
- Other debts +€5.2m
up €5.2m (+648.4%), from €801,898 to €6.0m
- Contributions -€1.5m
down €1.5m (-74.4%), from €2.0m to €500,014
- Trade debts +€581,383
up €581,383 (+191.5%), from €303,617 to €885,001
- Profit (loss) carried forward -€454,582
down €454,582 (-39.6%), from €1.1m to €693,203
- Tax, wage and social debts +€176,371
up €176,371 (+50.3%), from €350,794 to €527,165
of which Taxes: +€119,240
- Gross operating margin +€5.2m
up €5.2m (+146.4%), from €3.6m to €8.8m
- Staff costs +€792,448
up €792,448 (+72.0%), from €1.1m to €1.9m
- Taxes +€313,851
up €313,851 (+94.7%), from €331,476 to €645,327
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 | €5,237,102 | €9,318,164 | +€4.1m | +77.9% |
| Fixed assets | 21/28 | €1,744,721 | €1,474,774 | -€269,947 | -15.5% |
| Intangible fixed assets | 21 | €1,169,599 | €708,565 | -€461,035 | -39.4% |
| Tangible fixed assets | 22/27 | €544,372 | €735,460 | +€191,088 | +35.1% |
| Furniture and vehicles | 24 | €228,472 | €204,320 | -€24,153 | -10.6% |
| Leasing and similar rights | 25 | €315,899 | €531,140 | +€215,241 | +68.1% |
| Financial fixed assets | 28 | €30,750 | €30,750 | = | 0.0% |
| Current assets | 29/58 | €3,492,380 | €7,843,389 | +€4.4m | +124.6% |
| Amounts receivable within one year | 40/41 | €676,876 | €1,668,247 | +€991,371 | +146.5% |
| Trade receivables | 40 | €653,901 | €1,515,948 | +€862,047 | +131.8% |
| Other amounts receivable | 41 | €22,975 | €152,299 | +€129,324 | +562.9% |
| Current investments | 50/53 | €2,450,000 | €5,000,000 | +€2.6m | +104.1% |
| Cash at bank and in hand | 54/58 | €257,490 | €1,025,089 | +€767,599 | +298.1% |
| Deferred charges and accrued income | 490/1 | €108,014 | €150,053 | +€42,039 | +38.9% |
| Total equity and liabilities | 10/49 | €5,237,102 | €9,318,164 | +€4.1m | +77.9% |
| Equity | 10/15 | €3,268,307 | €1,243,219 | -€2.0m | -62.0% |
| Contributions | 10/11 | €1,953,208 | €500,014 | -€1.5m | -74.4% |
| Capital | 10 | €1,953,208 | €500,014 | -€1.5m | -74.4% |
| Issued capital | 100 | €1,953,208 | €500,014 | -€1.5m | -74.4% |
| Reserves | 13 | €167,314 | €50,001 | -€117,312 | -70.1% |
| Non-distributable reserves | 130/1 | €108,814 | €50,001 | -€58,812 | -54.0% |
| Legal reserve | 130 | €108,814 | €50,001 | -€58,812 | -54.0% |
| Distributable reserves | 133 | €58,500 | - | -€58,500 | |
| Profit (loss) carried forward | 14 | €1,147,786 | €693,203 | -€454,582 | -39.6% |
| Amounts payable | 17/49 | €1,968,794 | €8,074,945 | +€6.1m | +310.1% |
| Amounts payable after more than one year | 17 | €369,276 | €460,324 | +€91,048 | +24.7% |
| Financial debts | 170/4 | €369,276 | €460,324 | +€91,048 | +24.7% |
| Amounts payable within one year | 42/48 | €1,599,518 | €7,614,621 | +€6.0m | +376.1% |
| Current portion of amounts payable after more than one year | 42 | €143,209 | €200,962 | +€57,753 | +40.3% |
| Trade debts | 44 | €303,617 | €885,001 | +€581,383 | +191.5% |
| Suppliers | 440/4 | €303,617 | €885,001 | +€581,383 | +191.5% |
| Taxes, remuneration and social security | 45 | €350,794 | €527,165 | +€176,371 | +50.3% |
| Taxes | 450/3 | €214,971 | €334,211 | +€119,240 | +55.5% |
| Remuneration and social security | 454/9 | €135,823 | €192,954 | +€57,131 | +42.1% |
| Other amounts payable | 47/48 | €801,898 | €6,001,493 | +€5.2m | +648.4% |
| Remuneration, social security and pensions | 62 | €1,100,745 | €1,893,193 | +€792,448 | +72.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €746,292 | €670,284 | -€76,007 | -10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,629 | +€3,629 | |
| Other operating charges | 640/8 | €30,434 | €77,481 | +€47,047 | +154.6% |
| Gross operating margin | 9900 | €3,554,674 | €8,758,791 | +€5.2m | +146.4% |
| Operating profit (loss) | 9901 | €1,677,204 | €6,114,204 | +€4.4m | +264.5% |
| Financial income | 75/76B | €50,824 | €73,935 | +€23,111 | +45.5% |
| Recurring financial income | 75 | €50,824 | €73,380 | +€22,556 | +44.4% |
| Non-recurring financial income | 76B | - | €555 | +€555 | |
| Financial charges | 65/66B | €29,421 | €56,207 | +€26,785 | +91.0% |
| Recurring financial charges | 65 | €29,421 | €56,207 | +€26,785 | +91.0% |
| Profit (loss) for the period before taxes | 9903 | €1,698,606 | €6,131,932 | +€4.4m | +261.0% |
| Income taxes | 67/77 | €331,476 | €645,327 | +€313,851 | +94.7% |
| Profit (loss) for the period | 9904 | €1,367,131 | €5,486,606 | +€4.1m | +301.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,367,131 | €5,486,606 | +€4.1m | +301.3% |
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 9 October 2026 via checked.be.