HORUSZON: 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.
HORUSZON
Largest movements
- Receivables within one year -€11,040
down €11,040 (-59.5%), from €18,541 to €7,501
- Cash -€9,287
down €9,287 (-11.3%), from €82,537 to €73,250
mainly Contributions, distributions and other (-€44,114) and Advances received (-€9,613)
- Reserves -€50,551
down €50,551 (-18.1%), from €279,978 to €229,427
of which Distributable reserves: -€49,307
- Other debts +€42,431
up €42,431 (+73.2%), from €57,945 to €100,377
- Advances received -€9,613
no longer reported in 2025 (was €9,613)
- Debts after one year -€6,436
down €6,436 (-15.5%), from €41,564 to €35,128
- Gross operating margin -€23,192
down €23,192 (-73.6%), from €31,523 to €8,330
- Depreciation -€9,401
down €9,401 (-63.1%), from €14,893 to €5,492
- Taxes -€4,339
down €4,339 (-95.3%), from €4,551 to €212
- Financial charges +€2,302
up €2,302 (+57.4%), from €4,011 to €6,312
- Other operating charges -€1,075
down €1,075 (-22.2%), from €4,839 to €3,764
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 | €436,185 | €412,730 | -€23,454 | -5.4% |
| Fixed assets | 21/28 | €278,649 | €275,697 | -€2,952 | -1.1% |
| Tangible fixed assets | 22/27 | €278,649 | €275,697 | -€2,952 | -1.1% |
| Land and buildings | 22 | €277,627 | €274,874 | -€2,753 | -1.0% |
| Furniture and vehicles | 24 | €54 | - | -€54 | |
| Other tangible fixed assets | 26 | €968 | €823 | -€145 | -15.0% |
| Current assets | 29/58 | €157,536 | €137,034 | -€20,503 | -13.0% |
| Amounts receivable within one year | 40/41 | €18,541 | €7,501 | -€11,040 | -59.5% |
| Trade receivables | 40 | €18,541 | €7,501 | -€11,040 | -59.5% |
| Current investments | 50/53 | €55,179 | €55,179 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €82,537 | €73,250 | -€9,287 | -11.3% |
| Deferred charges and accrued income | 490/1 | €1,279 | €1,104 | -€176 | -13.7% |
| Total equity and liabilities | 10/49 | €436,185 | €412,730 | -€23,454 | -5.4% |
| Equity | 10/15 | €298,578 | €248,027 | -€50,551 | -16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €279,978 | €229,427 | -€50,551 | -18.1% |
| Tax-exempt reserves | 132 | €43,191 | €41,946 | -€1,245 | -2.9% |
| Distributable reserves | 133 | €236,787 | €187,481 | -€49,307 | -20.8% |
| Provisions and deferred taxes | 16 | €13,764 | €13,123 | -€641 | -4.7% |
| Deferred taxes | 168 | €13,764 | €13,123 | -€641 | -4.7% |
| Amounts payable | 17/49 | €123,843 | €151,581 | +€27,738 | +22.4% |
| Amounts payable after more than one year | 17 | €41,564 | €35,128 | -€6,436 | -15.5% |
| Financial debts | 170/4 | €41,564 | €35,128 | -€6,436 | -15.5% |
| Amounts payable within one year | 42/48 | €82,279 | €112,621 | +€30,342 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €6,356 | €6,436 | +€79 | +1.2% |
| Financial debts | 43 | - | €125 | +€125 | |
| Credit institutions | 430/8 | - | €125 | +€125 | |
| Trade debts | 44 | €2,887 | €4,057 | +€1,170 | +40.5% |
| Suppliers | 440/4 | €2,887 | €4,057 | +€1,170 | +40.5% |
| Advances received on contracts in progress | 46 | €9,613 | - | -€9,613 | |
| Taxes, remuneration and social security | 45 | €5,477 | €1,626 | -€3,851 | -70.3% |
| Taxes | 450/3 | €5,477 | €1,626 | -€3,851 | -70.3% |
| Other amounts payable | 47/48 | €57,945 | €100,377 | +€42,431 | +73.2% |
| Accrued charges and deferred income | 492/3 | - | €3,832 | +€3,832 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,893 | €5,492 | -€9,401 | -63.1% |
| Other operating charges | 640/8 | €4,839 | €3,764 | -€1,075 | -22.2% |
| Non-recurring operating charges | 66A | €1,130 | - | -€1,130 | |
| Gross operating margin | 9900 | €31,523 | €8,330 | -€23,192 | -73.6% |
| Operating profit (loss) | 9901 | €10,661 | -€925 | -€11,586 | |
| Financial income | 75/76B | €306 | €372 | +€66 | +21.4% |
| Recurring financial income | 75 | €306 | €372 | +€66 | +21.4% |
| Financial charges | 65/66B | €4,011 | €6,312 | +€2,302 | +57.4% |
| Recurring financial charges | 65 | €4,011 | €6,312 | +€2,302 | +57.4% |
| Profit (loss) for the period before taxes | 9903 | €6,956 | -€6,866 | -€13,822 | |
| Transfer from deferred taxes | 780 | €641 | €641 | = | 0.0% |
| Income taxes | 67/77 | €4,551 | €212 | -€4,339 | -95.3% |
| Profit (loss) for the period | 9904 | €3,046 | -€6,437 | -€9,483 | |
| Transfer from tax-exempt reserves | 789 | €1,245 | €1,245 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,291 | -€5,192 | -€9,483 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.