HORY: 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.
HORY
Largest movements
- Tangible fixed assets +€23,781
up €23,781 (+26.5%), from €89,590 to €113,371
of which Other tangible fixed assets: +€23,781
- Cash -€15,058
down €15,058 (-67.3%), from €22,385 to €7,326
mainly Investment in fixed assets (net) (-€23,781) and Contributions, distributions and other (-€15,000)
- Receivables within one year -€6,500
down €6,500 (-11.0%), from €59,258 to €52,758
of which Other amounts receivable: -€6,500
- Profit (loss) carried forward +€2,223
up €2,223 (+2.0%), from €111,654 to €113,877
- Taxes +€14,321
new in 2025: €14,321
- Gross operating margin +€9,338
up €9,338 (+40.6%), from €22,991 to €32,328
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 | €176,191 | €178,414 | +€2,223 | +1.3% |
| Fixed assets | 21/28 | €89,751 | €113,532 | +€23,781 | +26.5% |
| Tangible fixed assets | 22/27 | €89,590 | €113,371 | +€23,781 | +26.5% |
| Land and buildings | 22 | €89,590 | €89,590 | = | 0.0% |
| Other tangible fixed assets | 26 | - | €23,781 | +€23,781 | |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €86,440 | €64,882 | -€21,558 | -24.9% |
| Amounts receivable within one year | 40/41 | €59,258 | €52,758 | -€6,500 | -11.0% |
| Trade receivables | 40 | €423 | €423 | = | 0.0% |
| Other amounts receivable | 41 | €58,835 | €52,335 | -€6,500 | -11.0% |
| Cash at bank and in hand | 54/58 | €22,385 | €7,326 | -€15,058 | -67.3% |
| Deferred charges and accrued income | 490/1 | €4,797 | €4,797 | = | 0.0% |
| Total equity and liabilities | 10/49 | €176,191 | €178,414 | +€2,223 | +1.3% |
| Equity | 10/15 | €176,191 | €178,414 | +€2,223 | +1.3% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Capital | 10 | €49,579 | €49,579 | = | 0.0% |
| Issued capital | 100 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €14,958 | €14,958 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,958 | €4,958 | = | 0.0% |
| Legal reserve | 130 | €4,958 | €4,958 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,654 | €113,877 | +€2,223 | +2.0% |
| Other operating charges | 640/8 | €585 | €481 | -€104 | -17.8% |
| Gross operating margin | 9900 | €22,991 | €32,328 | +€9,338 | +40.6% |
| Operating profit (loss) | 9901 | €22,406 | €31,848 | +€9,442 | +42.1% |
| Financial charges | 65/66B | €376 | €303 | -€73 | -19.4% |
| Recurring financial charges | 65 | €376 | €303 | -€73 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €22,029 | €31,544 | +€9,515 | +43.2% |
| Income taxes | 67/77 | - | €14,321 | +€14,321 | |
| Profit (loss) for the period | 9904 | €22,029 | €17,223 | -€4,806 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,029 | €17,223 | -€4,806 | -21.8% |
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 6 October 2026 via checked.be.