IMMO HORIZON: 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.
What changed
IMMO HORIZON
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€283,937
2024 · €262,490+€21,447
Equity
€1.1m
2024 · €849,096+€283,937
Cash
€34,678
2024 · €51,166-€16,489
Balance sheet total
€3.7m
2024 · €3.8m-€130,204
Largest movements
Assets
- Tangible fixed assets -€114,541
down €114,541 (-3.1%), from €3.7m to €3.6m
of which Land and buildings: -€116,537
Equity and liabilities
- Profit (loss) carried forward +€299,475
up €299,475 (+59.7%), from €501,463 to €800,938
- Debts after one year -€284,071
down €284,071 (-11.9%), from €2.4m to €2.1m
- Other debts -€132,000
down €132,000 (-87.2%), from €151,310 to €19,310
Income statement
- Turnover +€698,310
new in 2025: €698,310
- Purchases and services +€98,060
new in 2025: €98,060
- Gross operating margin +€34,859
up €34,859 (+6.1%), from €568,785 to €603,644
- Taxes +€15,422
up €15,422 (+16.2%), from €95,109 to €110,531
- Financial charges -€7,806
down €7,806 (-12.7%), from €61,467 to €53,661
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.
Result 2024
€262,490
Gross operating margin
+€34,859
Depreciation
-€2,108
Other operating charges
-€1,288
Financial income
-€2,401
Financial charges
+€7,806
Taxes
-€15,422
Result 2025
€283,937
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€283,283
Investment
-€5,500
Financing
-€294,272
Cash 2024
€51,166
From operations (derived)
+€283,283
Net result for the year
+€283,937
Depreciation
+€120,041
Smaller working-capital items
-€949
Provisions
-€5,179
Trade debts
+€6,903
Tax, wage and social debts
+€10,531
Other debts
-€132,000
Investment (derived)
-€5,500
Investment in fixed assets (net)
-€5,500
Financing
-€294,272
Debts after one year
-€284,071
Current portion of long-term debt
-€10,201
Cash 2025
€34,678
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,805,021 | €3,674,816 | -€130,204 | -3.4% |
| Fixed assets | 21/28 | €3,745,880 | €3,631,339 | -€114,541 | -3.1% |
| Tangible fixed assets | 22/27 | €3,743,967 | €3,629,427 | -€114,541 | -3.1% |
| Land and buildings | 22 | €3,736,907 | €3,620,370 | -€116,537 | -3.1% |
| Plant, machinery and equipment | 23 | €7,060 | €4,653 | -€2,407 | -34.1% |
| Furniture and vehicles | 24 | - | €4,403 | +€4,403 | |
| Financial fixed assets | 28 | €1,913 | €1,913 | = | 0.0% |
| Current assets | 29/58 | €59,141 | €43,477 | -€15,664 | -26.5% |
| Amounts receivable within one year | 40/41 | €4,616 | €5,073 | +€458 | +9.9% |
| Trade receivables | 40 | €617 | €0 | -€617 | -100% |
| Other amounts receivable | 41 | €3,999 | €5,073 | +€1,075 | +26.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €51,166 | €34,678 | -€16,489 | -32.2% |
| Deferred charges and accrued income | 490/1 | €3,359 | €3,726 | +€368 | +10.9% |
| Total equity and liabilities | 10/49 | €3,805,021 | €3,674,816 | -€130,204 | -3.4% |
| Equity | 10/15 | €849,096 | €1,133,033 | +€283,937 | +33.4% |
| Contributions | 10/11 | €20,366 | €20,366 | = | 0.0% |
| Reserves | 13 | €327,266 | €311,729 | -€15,538 | -4.7% |
| Tax-exempt reserves | 132 | €325,230 | €309,692 | -€15,538 | -4.8% |
| Distributable reserves | 133 | €2,037 | €2,037 | = | 0.0% |
| Profit (loss) carried forward | 14 | €501,463 | €800,938 | +€299,475 | +59.7% |
| Provisions and deferred taxes | 16 | €98,676 | €93,497 | -€5,179 | -5.2% |
| Deferred taxes | 168 | €98,676 | €93,497 | -€5,179 | -5.2% |
| Amounts payable | 17/49 | €2,857,248 | €2,448,286 | -€408,962 | -14.3% |
| Amounts payable after more than one year | 17 | €2,390,800 | €2,106,729 | -€284,071 | -11.9% |
| Financial debts | 170/4 | €2,390,800 | €2,106,729 | -€284,071 | -11.9% |
| Amounts payable within one year | 42/48 | €458,738 | €333,971 | -€124,767 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €294,276 | €284,075 | -€10,201 | -3.5% |
| Trade debts | 44 | €7,193 | €14,096 | +€6,903 | +96.0% |
| Suppliers | 440/4 | €7,193 | €14,096 | +€6,903 | +96.0% |
| Advances received on contracts in progress | 46 | €1,509 | €1,509 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,450 | €14,981 | +€10,531 | +237% |
| Taxes | 450/3 | €4,450 | €14,981 | +€10,531 | +237% |
| Other amounts payable | 47/48 | €151,310 | €19,310 | -€132,000 | -87.2% |
| Accrued charges and deferred income | 492/3 | €7,710 | €7,586 | -€124 | -1.6% |
| Turnover | 70 | - | €698,310 | +€698,310 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €98,060 | +€98,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,933 | €120,041 | +€2,108 | +1.8% |
| Other operating charges | 640/8 | €39,366 | €40,654 | +€1,288 | +3.3% |
| Gross operating margin | 9900 | €568,785 | €603,644 | +€34,859 | +6.1% |
| Operating profit (loss) | 9901 | €411,486 | €442,949 | +€31,463 | +7.6% |
| Financial income | 75/76B | €2,401 | €0 | -€2,401 | -100% |
| Recurring financial income | 75 | €2,401 | €0 | -€2,401 | -100% |
| Financial charges | 65/66B | €61,467 | €53,661 | -€7,806 | -12.7% |
| Recurring financial charges | 65 | €61,467 | €53,661 | -€7,806 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €352,420 | €389,289 | +€36,869 | +10.5% |
| Transfer from deferred taxes | 780 | €5,179 | €5,179 | = | 0.0% |
| Income taxes | 67/77 | €95,109 | €110,531 | +€15,422 | +16.2% |
| Profit (loss) for the period | 9904 | €262,490 | €283,937 | +€21,447 | +8.2% |
| Transfer from tax-exempt reserves | 789 | €15,538 | €15,538 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €278,028 | €299,475 | +€21,447 | +7.7% |
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 18 October 2026 via checked.be.