HZN: 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.
HZN
Largest movements
- Tangible fixed assets +€33,769
up €33,769 (+34.7%), from €97,182 to €130,951
of which Furniture and vehicles: +€43,337
- Receivables within one year -€33,282
down €33,282 (-21.0%), from €158,316 to €125,034
of which Trade receivables: -€24,317
- Deferred charges and accrued income +€30,620
up €30,620 (+809.4%), from €3,783 to €34,403
- Cash -€24,776
down €24,776 (-24.4%), from €101,462 to €76,686
mainly Contributions, distributions and other (-€154,000) and Investment in fixed assets (net) (-€89,573)
- Intangible fixed assets -€23,000
no longer reported in 2025 (was €23,000)
- Advances received +€34,320
new in 2025: €34,320
- Reserves -€25,200
down €25,200 (-16.2%), from €155,860 to €130,660
of which Distributable reserves: -€25,200
- Other debts -€22,148
down €22,148 (-99.3%), from €22,294 to €146
- Trade debts -€21,753
down €21,753 (-31.8%), from €68,464 to €46,711
- Debts after one year +€16,450
up €16,450 (+14.7%), from €111,848 to €128,298
- Gross operating margin -€26,218
down €26,218 (-4.0%), from €654,199 to €627,980
- Depreciation -€19,265
down €19,265 (-19.6%), from €98,069 to €78,804
- Staff costs +€12,089
up €12,089 (+3.7%), from €322,528 to €334,618
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 | €464,129 | €454,513 | -€9,616 | -2.1% |
| Fixed assets | 21/28 | €120,182 | €130,951 | +€10,769 | +9.0% |
| Intangible fixed assets | 21 | €23,000 | - | -€23,000 | |
| Tangible fixed assets | 22/27 | €97,182 | €130,951 | +€33,769 | +34.7% |
| Furniture and vehicles | 24 | €78,099 | €121,436 | +€43,337 | +55.5% |
| Other tangible fixed assets | 26 | €19,083 | €9,515 | -€9,568 | -50.1% |
| Current assets | 29/58 | €343,946 | €323,562 | -€20,385 | -5.9% |
| Stocks and contracts in progress | 3 | €80,385 | €87,440 | +€7,055 | +8.8% |
| Stocks | 30/36 | €80,385 | €87,440 | +€7,055 | +8.8% |
| Amounts receivable within one year | 40/41 | €158,316 | €125,034 | -€33,282 | -21.0% |
| Trade receivables | 40 | €138,509 | €114,192 | -€24,317 | -17.6% |
| Other amounts receivable | 41 | €19,807 | €10,842 | -€8,965 | -45.3% |
| Cash at bank and in hand | 54/58 | €101,462 | €76,686 | -€24,776 | -24.4% |
| Deferred charges and accrued income | 490/1 | €3,783 | €34,403 | +€30,620 | +809.4% |
| Total equity and liabilities | 10/49 | €464,129 | €454,513 | -€9,616 | -2.1% |
| Equity | 10/15 | €174,523 | €149,400 | -€25,123 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €155,860 | €130,660 | -€25,200 | -16.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €154,000 | €128,800 | -€25,200 | -16.4% |
| Profit (loss) carried forward | 14 | €63 | €140 | +€77 | +123.2% |
| Amounts payable | 17/49 | €289,606 | €305,113 | +€15,507 | +5.4% |
| Amounts payable after more than one year | 17 | €111,848 | €128,298 | +€16,450 | +14.7% |
| Financial debts | 170/4 | €111,848 | €128,298 | +€16,450 | +14.7% |
| Amounts payable within one year | 42/48 | €177,758 | €176,814 | -€944 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €31,982 | €44,738 | +€12,756 | +39.9% |
| Financial debts | 43 | €16,916 | €16,845 | -€71 | -0.4% |
| Credit institutions | 430/8 | €16,916 | €16,845 | -€71 | -0.4% |
| Trade debts | 44 | €68,464 | €46,711 | -€21,753 | -31.8% |
| Suppliers | 440/4 | €68,464 | €46,711 | -€21,753 | -31.8% |
| Advances received on contracts in progress | 46 | - | €34,320 | +€34,320 | |
| Taxes, remuneration and social security | 45 | €38,101 | €34,053 | -€4,048 | -10.6% |
| Taxes | 450/3 | €2,371 | €34,053 | +€31,682 | +1336.4% |
| Remuneration and social security | 454/9 | €35,730 | - | -€35,730 | |
| Other amounts payable | 47/48 | €22,294 | €146 | -€22,148 | -99.3% |
| Remuneration, social security and pensions | 62 | €322,528 | €334,618 | +€12,089 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,069 | €78,804 | -€19,265 | -19.6% |
| Other operating charges | 640/8 | €17,914 | €21,217 | +€3,302 | +18.4% |
| Non-recurring operating charges | 66A | €546 | €343 | -€203 | -37.1% |
| Gross operating margin | 9900 | €654,199 | €627,980 | -€26,218 | -4.0% |
| Operating profit (loss) | 9901 | €215,141 | €192,998 | -€22,143 | -10.3% |
| Financial income | 75/76B | €17,154 | €13,709 | -€3,445 | -20.1% |
| Recurring financial income | 75 | €17,154 | €13,709 | -€3,445 | -20.1% |
| Financial charges | 65/66B | €36,611 | €32,715 | -€3,896 | -10.6% |
| Recurring financial charges | 65 | €36,611 | €32,715 | -€3,896 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €195,684 | €173,992 | -€21,691 | -11.1% |
| Income taxes | 67/77 | €48,177 | €45,115 | -€3,062 | -6.4% |
| Profit (loss) for the period | 9904 | €147,506 | €128,877 | -€18,629 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €147,506 | €128,877 | -€18,629 | -12.6% |
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 6 October 2026 via checked.be.