Horward: 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.
Horward
Largest movements
- Current investments +€39,847
up €39,847 (+66.2%), from €60,159 to €100,006
- Receivables within one year -€29,425
down €29,425 (-74.7%), from €39,373 to €9,948
of which Trade receivables: -€29,424
- Cash -€14,941
down €14,941 (-68.7%), from €21,752 to €6,811
mainly Current investments (-€39,847) and Trade debts (-€10,381)
- Stocks and contracts +€6,150
up €6,150 (+132.3%), from €4,650 to €10,800
- Deferred charges and accrued income -€3,018
down €3,018 (-95.3%), from €3,167 to €149
- Trade debts -€10,381
down €10,381 (-46.6%), from €22,270 to €11,890
- Accrued charges and deferred income +€4,132
new in 2025: €4,132
- Profit (loss) carried forward +€3,267
up €3,267 (+7.0%), from €46,583 to €49,849
- Tax, wage and social debts +€1,660
up €1,660 (+34.4%), from €4,819 to €6,480
of which Taxes: +€1,633
- Gross operating margin +€14,063
up €14,063 (+19.5%), from €72,069 to €86,132
- Staff costs +€6,094
up €6,094 (+8.8%), from €69,160 to €75,254
- Financial charges +€4,600
up €4,600 (+2918.7%), from €158 to €4,758
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 | €134,222 | €133,041 | -€1,181 | -0.9% |
| Fixed assets | 21/28 | €5,121 | €5,327 | +€206 | +4.0% |
| Tangible fixed assets | 22/27 | €5,121 | €5,327 | +€206 | +4.0% |
| Plant, machinery and equipment | 23 | - | €1,347 | +€1,347 | |
| Other tangible fixed assets | 26 | €5,121 | €3,980 | -€1,141 | -22.3% |
| Current assets | 29/58 | €129,101 | €127,714 | -€1,387 | -1.1% |
| Stocks and contracts in progress | 3 | €4,650 | €10,800 | +€6,150 | +132.3% |
| Stocks | 30/36 | €4,650 | €10,800 | +€6,150 | +132.3% |
| Amounts receivable within one year | 40/41 | €39,373 | €9,948 | -€29,425 | -74.7% |
| Trade receivables | 40 | €36,875 | €7,451 | -€29,424 | -79.8% |
| Other amounts receivable | 41 | €2,498 | €2,497 | -€1 | -0.1% |
| Current investments | 50/53 | €60,159 | €100,006 | +€39,847 | +66.2% |
| Cash at bank and in hand | 54/58 | €21,752 | €6,811 | -€14,941 | -68.7% |
| Deferred charges and accrued income | 490/1 | €3,167 | €149 | -€3,018 | -95.3% |
| Total equity and liabilities | 10/49 | €134,222 | €133,041 | -€1,181 | -0.9% |
| Equity | 10/15 | €107,046 | €110,313 | +€3,267 | +3.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €41,871 | €41,871 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €945 | €945 | = | 0.0% |
| Distributable reserves | 133 | €39,067 | €39,067 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,583 | €49,849 | +€3,267 | +7.0% |
| Amounts payable | 17/49 | €27,176 | €22,728 | -€4,448 | -16.4% |
| Amounts payable within one year | 42/48 | €27,176 | €18,596 | -€8,580 | -31.6% |
| Trade debts | 44 | €22,270 | €11,890 | -€10,381 | -46.6% |
| Suppliers | 440/4 | €22,270 | €11,890 | -€10,381 | -46.6% |
| Taxes, remuneration and social security | 45 | €4,819 | €6,480 | +€1,660 | +34.4% |
| Taxes | 450/3 | €51 | €1,684 | +€1,633 | +3217.6% |
| Remuneration and social security | 454/9 | €4,769 | €4,796 | +€27 | +0.6% |
| Other amounts payable | 47/48 | €86 | €226 | +€140 | +162.0% |
| Accrued charges and deferred income | 492/3 | - | €4,132 | +€4,132 | |
| Remuneration, social security and pensions | 62 | €69,160 | €75,254 | +€6,094 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,141 | €1,304 | +€163 | +14.3% |
| Other operating charges | 640/8 | €298 | €536 | +€239 | +80.2% |
| Gross operating margin | 9900 | €72,069 | €86,132 | +€14,063 | +19.5% |
| Operating profit (loss) | 9901 | €1,470 | €9,038 | +€7,568 | +514.9% |
| Financial income | 75/76B | €402 | €523 | +€121 | +30.1% |
| Recurring financial income | 75 | €402 | €523 | +€121 | +30.1% |
| Financial charges | 65/66B | €158 | €4,758 | +€4,600 | +2918.7% |
| Recurring financial charges | 65 | €158 | €4,758 | +€4,600 | +2918.7% |
| Profit (loss) for the period before taxes | 9903 | €1,714 | €4,802 | +€3,088 | +180.2% |
| Income taxes | 67/77 | €681 | €1,536 | +€855 | +125.5% |
| Profit (loss) for the period | 9904 | €1,033 | €3,267 | +€2,234 | +216.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,033 | €3,267 | +€2,234 | +216.3% |
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 10 October 2026 via checked.be.