INTER - HORO: 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.
What changed
INTER - HORO
NACE 47.120, Other non-specialised retail sale
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4,352
2024 · €35,468-€31,116
Equity
€236,771
2024 · €297,419-€60,648
Cash
€149,572
2024 · €132,775+€16,796
Balance sheet total
€2.1m
2024 · €2.2m-€158,364
Largest movements
Assets
- Receivables within one year -€99,385
down €99,385 (-8.3%), from €1.2m to €1.1m
of which Trade receivables: -€55,345
- Tangible fixed assets -€30,993
down €30,993 (-5.1%), from €605,411 to €574,417
- Deferred charges and accrued income -€29,309
down €29,309 (-99.6%), from €29,413 to €104
Equity and liabilities
- Trade debts -€105,845
down €105,845 (-9.6%), from €1.1m to €1.0m
- Reserves -€60,648
down €60,648 (-37.8%), from €160,399 to €99,751
of which Distributable reserves: -€60,648
- Other debts +€38,665
up €38,665 (+21.5%), from €179,516 to €218,180
- Debts after one year -€24,422
down €24,422 (-5.9%), from €414,687 to €390,266
Income statement
- Gross operating margin -€102,585
down €102,585 (-8.4%), from €1.2m to €1.1m
- Staff costs -€100,408
down €100,408 (-9.8%), from €1.0m to €926,803
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
€35,468
Gross operating margin
-€102,585
Staff costs
+€100,408
Depreciation
-€667
Other operating charges
+€1,675
Other operating items
-€23,136
Financial income
-€2,899
Financial charges
-€11,322
Taxes
+€7,410
Result 2025
€4,352
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.
From operations
+€116,620
Investment
-€13,229
Financing
-€86,595
Cash 2024
€132,775
From operations (derived)
+€116,620
Net result for the year
+€4,352
Depreciation
+€45,700
Stocks and contracts
+€13,994
Receivables within one year
+€99,385
Deferred charges and accrued income
+€29,309
Trade debts
-€105,845
Tax, wage and social debts
-€7,947
Other debts
+€38,665
Accrued charges and deferred income
-€993
Investment (derived)
-€13,229
Investment in fixed assets (net)
-€13,229
Financing
-€86,595
Debts after one year
-€24,422
Current portion of long-term debt
+€2,827
Contributions, distributions and other
-€65,000
Cash 2025
€149,572
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,243,662 | €2,085,299 | -€158,364 | -7.1% |
| Fixed assets | 21/28 | €635,899 | €603,428 | -€32,472 | -5.1% |
| Intangible fixed assets | 21 | €2,523 | €1,119 | -€1,404 | -55.6% |
| Tangible fixed assets | 22/27 | €605,411 | €574,417 | -€30,993 | -5.1% |
| Land and buildings | 22 | €497,141 | €484,868 | -€12,273 | -2.5% |
| Plant, machinery and equipment | 23 | €54,422 | €43,600 | -€10,822 | -19.9% |
| Furniture and vehicles | 24 | €53,848 | €45,949 | -€7,898 | -14.7% |
| Financial fixed assets | 28 | €27,966 | €27,891 | -€74 | -0.3% |
| Current assets | 29/58 | €1,607,763 | €1,481,871 | -€125,892 | -7.8% |
| Stocks and contracts in progress | 3 | €248,319 | €234,324 | -€13,994 | -5.6% |
| Stocks | 30/36 | €248,319 | €234,324 | -€13,994 | -5.6% |
| Amounts receivable within one year | 40/41 | €1,197,256 | €1,097,871 | -€99,385 | -8.3% |
| Trade receivables | 40 | €1,073,874 | €1,018,530 | -€55,345 | -5.2% |
| Other amounts receivable | 41 | €123,381 | €79,341 | -€44,040 | -35.7% |
| Cash at bank and in hand | 54/58 | €132,775 | €149,572 | +€16,796 | +12.7% |
| Deferred charges and accrued income | 490/1 | €29,413 | €104 | -€29,309 | -99.6% |
| Total equity and liabilities | 10/49 | €2,243,662 | €2,085,299 | -€158,364 | -7.1% |
| Equity | 10/15 | €297,419 | €236,771 | -€60,648 | -20.4% |
| Contributions | 10/11 | €137,020 | €137,020 | = | 0.0% |
| Capital | 10 | €137,020 | €137,020 | = | 0.0% |
| Issued capital | 100 | €137,020 | €137,020 | = | 0.0% |
| Reserves | 13 | €160,399 | €99,751 | -€60,648 | -37.8% |
| Non-distributable reserves | 130/1 | €13,702 | €13,702 | = | 0.0% |
| Legal reserve | 130 | €13,702 | €13,702 | = | 0.0% |
| Distributable reserves | 133 | €146,697 | €86,049 | -€60,648 | -41.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,946,244 | €1,848,528 | -€97,716 | -5.0% |
| Amounts payable after more than one year | 17 | €414,687 | €390,266 | -€24,422 | -5.9% |
| Financial debts | 170/4 | €414,687 | €390,266 | -€24,422 | -5.9% |
| Amounts payable within one year | 42/48 | €1,526,198 | €1,453,897 | -€72,301 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €134,682 | €137,509 | +€2,827 | +2.1% |
| Trade debts | 44 | €1,106,034 | €1,000,188 | -€105,845 | -9.6% |
| Suppliers | 440/4 | €1,106,034 | €1,000,188 | -€105,845 | -9.6% |
| Taxes, remuneration and social security | 45 | €105,966 | €98,019 | -€7,947 | -7.5% |
| Taxes | 450/3 | €7,704 | €13,520 | +€5,816 | +75.5% |
| Remuneration and social security | 454/9 | €98,262 | €84,499 | -€13,763 | -14.0% |
| Other amounts payable | 47/48 | €179,516 | €218,180 | +€38,665 | +21.5% |
| Accrued charges and deferred income | 492/3 | €5,359 | €4,365 | -€993 | -18.5% |
| Remuneration, social security and pensions | 62 | €1,027,211 | €926,803 | -€100,408 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,034 | €45,700 | +€667 | +1.5% |
| Other operating charges | 640/8 | €17,199 | €15,525 | -€1,675 | -9.7% |
| Non-recurring operating charges | 66A | €19,868 | €43,004 | +€23,136 | +116.5% |
| Gross operating margin | 9900 | €1,219,454 | €1,116,869 | -€102,585 | -8.4% |
| Operating profit (loss) | 9901 | €110,142 | €85,837 | -€24,305 | -22.1% |
| Financial income | 75/76B | €4,798 | €1,900 | -€2,899 | -60.4% |
| Recurring financial income | 75 | €4,798 | €1,900 | -€2,899 | -60.4% |
| Financial charges | 65/66B | €65,177 | €76,499 | +€11,322 | +17.4% |
| Recurring financial charges | 65 | €65,177 | €76,449 | +€11,273 | +17.3% |
| Non-recurring financial charges | 66B | €0 | €50 | +€50 | |
| Profit (loss) for the period before taxes | 9903 | €49,764 | €11,238 | -€38,525 | -77.4% |
| Income taxes | 67/77 | €14,296 | €6,886 | -€7,410 | -51.8% |
| Profit (loss) for the period | 9904 | €35,468 | €4,352 | -€31,116 | -87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,468 | €4,352 | -€31,116 | -87.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.