Horwin: 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.
Horwin
Largest movements
- Tangible fixed assets -€52,650
down €52,650 (-5.6%), from €947,690 to €895,040
- Deferred charges and accrued income +€25,909
up €25,909 (+108.7%), from €23,839 to €49,749
- Reserves -€68,463
down €68,463 (-26.6%), from €257,310 to €188,848
- Short-term financial debts -€65,960
down €65,960 (-81.5%), from €80,960 to €15,000
of which Credit institutions: -€65,000
- Other debts +€62,404
up €62,404 (+71.2%), from €87,616 to €150,020
- Accrued charges and deferred income +€53,818
new in 2025: €53,818
- Debts after one year -€33,393
down €33,393 (-5.6%), from €600,047 to €566,655
- Gross operating margin +€150,401
up €150,401, from -€65,009 to €85,391
- Depreciation +€5,877
up €5,877 (+13.4%), from €43,964 to €49,842
- Financial charges +€4,095
up €4,095 (+14.6%), from €28,002 to €32,097
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 | €1,088,641 | €1,047,265 | -€41,376 | -3.8% |
| Fixed assets | 21/28 | €957,334 | €902,684 | -€54,650 | -5.7% |
| Intangible fixed assets | 21 | €9,644 | €7,644 | -€2,000 | -20.7% |
| Tangible fixed assets | 22/27 | €947,690 | €895,040 | -€52,650 | -5.6% |
| Land and buildings | 22 | €809,123 | €789,580 | -€19,543 | -2.4% |
| Plant, machinery and equipment | 23 | €78,551 | €71,053 | -€7,498 | -9.5% |
| Furniture and vehicles | 24 | €10,688 | €3,220 | -€7,468 | -69.9% |
| Other tangible fixed assets | 26 | €49,329 | €31,187 | -€18,142 | -36.8% |
| Current assets | 29/58 | €131,307 | €144,581 | +€13,275 | +10.1% |
| Amounts receivable within one year | 40/41 | €92,721 | €86,678 | -€6,043 | -6.5% |
| Trade receivables | 40 | €18,239 | €10,153 | -€8,087 | -44.3% |
| Other amounts receivable | 41 | €74,482 | €76,526 | +€2,044 | +2.7% |
| Cash at bank and in hand | 54/58 | €14,746 | €8,154 | -€6,592 | -44.7% |
| Deferred charges and accrued income | 490/1 | €23,839 | €49,749 | +€25,909 | +108.7% |
| Total equity and liabilities | 10/49 | €1,088,641 | €1,047,265 | -€41,376 | -3.8% |
| Equity | 10/15 | €222,941 | €152,480 | -€70,461 | -31.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €257,310 | €188,848 | -€68,463 | -26.6% |
| Distributable reserves | 133 | €257,310 | €188,848 | -€68,463 | -26.6% |
| Profit (loss) carried forward | 14 | -€35,369 | -€37,368 | -€1,999 | -5.7% |
| Amounts payable | 17/49 | €865,699 | €894,785 | +€29,086 | +3.4% |
| Amounts payable after more than one year | 17 | €600,047 | €566,655 | -€33,393 | -5.6% |
| Financial debts | 170/4 | €600,047 | €566,655 | -€33,393 | -5.6% |
| Amounts payable within one year | 42/48 | €265,652 | €274,313 | +€8,661 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €32,010 | €33,393 | +€1,383 | +4.3% |
| Financial debts | 43 | €80,960 | €15,000 | -€65,960 | -81.5% |
| Credit institutions | 430/8 | €80,000 | €15,000 | -€65,000 | -81.3% |
| Other loans | 439 | €960 | - | -€960 | |
| Trade debts | 44 | €65,066 | €75,899 | +€10,833 | +16.6% |
| Suppliers | 440/4 | €65,066 | €75,899 | +€10,833 | +16.6% |
| Other amounts payable | 47/48 | €87,616 | €150,020 | +€62,404 | +71.2% |
| Accrued charges and deferred income | 492/3 | - | €53,818 | +€53,818 | |
| Non-recurring operating income | 76A | - | €9,720 | +€9,720 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,964 | €49,842 | +€5,877 | +13.4% |
| Other operating charges | 640/8 | €13,102 | €13,677 | +€575 | +4.4% |
| Gross operating margin | 9900 | -€65,009 | €85,391 | +€150,401 | |
| Operating profit (loss) | 9901 | -€122,076 | €21,873 | +€143,949 | |
| Financial income | 75/76B | €10,881 | €10,562 | -€319 | -2.9% |
| Recurring financial income | 75 | €10,881 | €10,562 | -€319 | -2.9% |
| Financial charges | 65/66B | €28,002 | €32,097 | +€4,095 | +14.6% |
| Recurring financial charges | 65 | €28,002 | €32,097 | +€4,095 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | -€139,197 | €338 | +€139,534 | |
| Income taxes | 67/77 | €1,686 | €2,336 | +€650 | +38.6% |
| Profit (loss) for the period | 9904 | -€140,883 | -€1,999 | +€138,884 | +98.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€140,883 | -€1,999 | +€138,884 | +98.6% |
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 8 October 2026 via checked.be.