L'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.
L'HORIZON
Largest movements
- Receivables within one year +€6,219
up €6,219 (+20.4%), from €30,535 to €36,753
of which Other amounts receivable: +€6,516
- Cash +€4,452
up €4,452 (+203%), from €2,193 to €6,645
mainly Net result for the year (+€9,594) and Depreciation (+€3,233)
- Tangible fixed assets -€1,685
down €1,685 (-45.6%), from €3,695 to €2,010
of which Furniture and vehicles: -€2,613
- Profit (loss) carried forward +€9,594
up €9,594 (+6,330%), from €152 to €9,745
- Current portion of long-term debt -€2,331
no longer reported in 2025 (was €2,331)
- Other debts +€1,935
up €1,935 (+10.0%), from €19,329 to €21,264
- Tax, wage and social debts -€1,460
down €1,460 (-41.5%), from €3,521 to €2,060
of which Taxes: -€800
- Trade debts +€1,075
up €1,075 (+58.1%), from €1,850 to €2,925
- Gross operating margin +€25,197
up €25,197, from -€10,391 to €14,806
- Taxes +€773
up €773, from -€12 to €761
- Other operating charges +€288
up €288 (+105%), from €276 to €564
- Financial charges +€241
up €241 (+58.5%), from €412 to €653
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,367 | €55,180 | +€8,813 | +19.0% |
| Fixed assets | 21/28 | €4,107 | €2,422 | -€1,685 | -41.0% |
| Tangible fixed assets | 22/27 | €3,695 | €2,010 | -€1,685 | -45.6% |
| Plant, machinery and equipment | 23 | €793 | €1,721 | +€928 | +117% |
| Furniture and vehicles | 24 | €2,902 | €289 | -€2,613 | -90.0% |
| Financial fixed assets | 28 | €412 | €412 | = | 0.0% |
| Current assets | 29/58 | €42,261 | €52,759 | +€10,498 | +24.8% |
| Stocks and contracts in progress | 3 | €9,533 | €9,360 | -€172 | -1.8% |
| Stocks | 30/36 | €9,533 | €9,360 | -€172 | -1.8% |
| Amounts receivable within one year | 40/41 | €30,535 | €36,753 | +€6,219 | +20.4% |
| Trade receivables | 40 | €298 | - | -€298 | |
| Other amounts receivable | 41 | €30,237 | €36,753 | +€6,516 | +21.6% |
| Cash at bank and in hand | 54/58 | €2,193 | €6,645 | +€4,452 | +203% |
| Total equity and liabilities | 10/49 | €46,367 | €55,180 | +€8,813 | +19.0% |
| Equity | 10/15 | €19,337 | €28,931 | +€9,594 | +49.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €586 | €586 | = | 0.0% |
| Non-distributable reserves | 130/1 | €586 | - | -€586 | |
| Legal reserve | 130 | €586 | - | -€586 | |
| Distributable reserves | 133 | - | €586 | +€586 | |
| Profit (loss) carried forward | 14 | €152 | €9,745 | +€9,594 | +6,330% |
| Amounts payable | 17/49 | €27,030 | €26,249 | -€781 | -2.9% |
| Amounts payable within one year | 42/48 | €27,030 | €26,249 | -€781 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €2,331 | - | -€2,331 | |
| Trade debts | 44 | €1,850 | €2,925 | +€1,075 | +58.1% |
| Suppliers | 440/4 | €1,850 | €2,925 | +€1,075 | +58.1% |
| Taxes, remuneration and social security | 45 | €3,521 | €2,060 | -€1,460 | -41.5% |
| Taxes | 450/3 | €1,361 | €560 | -€800 | -58.8% |
| Remuneration and social security | 454/9 | €2,160 | €1,500 | -€660 | -30.6% |
| Other amounts payable | 47/48 | €19,329 | €21,264 | +€1,935 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,340 | €3,233 | -€107 | -3.2% |
| Other operating charges | 640/8 | €276 | €564 | +€288 | +105% |
| Gross operating margin | 9900 | -€10,391 | €14,806 | +€25,197 | |
| Operating profit (loss) | 9901 | -€14,007 | €11,009 | +€25,016 | |
| Financial charges | 65/66B | €412 | €653 | +€241 | +58.5% |
| Recurring financial charges | 65 | €412 | €653 | +€241 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,420 | €10,355 | +€24,775 | |
| Income taxes | 67/77 | -€12 | €761 | +€773 | |
| Profit (loss) for the period | 9904 | -€14,408 | €9,594 | +€24,002 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,408 | €9,594 | +€24,002 |
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 15 October 2026 via checked.be.