L'HORLOGE: what changed
What changed
L'HORLOGE
filed annual accounts (NBB)
Net result for the year
€31,392
2024 · €33,100-€1,707
Equity
€774,711
2024 · €146,661+€628,050
Cash
€2
2024 · -+€2
Balance sheet total
€1.2m
2024 · €744,154+€461,095
Largest movements
Assets
- Tangible fixed assets +€575,296
up €575,296 (+101%), from €567,470 to €1.1m
- Receivables within one year -€84,204
down €84,204 (-57.6%), from €146,184 to €61,980
of which Other amounts receivable: -€84,801
- Deferred charges and accrued income -€30,000
no longer reported in 2025 (was €30,000)
Equity and liabilities
- Revaluation surpluses +€596,657
new in 2025: €596,657
- Debts after one year -€263,193
down €263,193 (-55.9%), from €470,531 to €207,338
- Other debts +€67,514
up €67,514 (+575%), from €11,740 to €79,254
- Reserves +€31,392
up €31,392 (+24.9%), from €126,209 to €157,602
- Current portion of long-term debt +€12,788
up €12,788 (+48.5%), from €26,381 to €39,169
Income statement
- Financial charges +€15,383
up €15,383 (+80.6%), from €19,075 to €34,458
- Gross operating margin +€10,903
up €10,903 (+10.7%), from €102,086 to €112,989
- Taxes -€1,605
down €1,605 (-12.3%), from €13,033 to €11,428
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€33,100
Gross operating margin
+€10,903
Staff costs
+€264
Other operating charges
+€901
Financial income
+€2
Financial charges
-€15,383
Taxes
+€1,605
Result 2025
€31,392
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€248,162
Investment
-€596,657
Financing
+€348,498
Cash 2024
€0
From operations (derived)
+€248,162
Net result for the year
+€31,392
Depreciation
+€21,361
Receivables within one year
+€84,204
Deferred charges and accrued income
+€30,000
Trade debts
+€4,751
Tax, wage and social debts
+€8,939
Other debts
+€67,514
Investment (derived)
-€596,657
Investment in fixed assets (net)
-€596,657
Current investments
+€0
Financing
+€348,498
Debts after one year
-€263,193
Current portion of long-term debt
+€12,788
Short-term financial debts
+€2,247
Contributions, distributions and other
+€596,657
Cash 2025
€2
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €744,154 | €1,205,249 | +€461,095 | +62.0% |
| Fixed assets | 21/28 | €567,970 | €1,143,266 | +€575,296 | +101% |
| Tangible fixed assets | 22/27 | €567,470 | €1,142,766 | +€575,296 | +101% |
| Land and buildings | 22 | €567,470 | €1,142,766 | +€575,296 | +101% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €176,184 | €61,982 | -€114,201 | -64.8% |
| Amounts receivable within one year | 40/41 | €146,184 | €61,980 | -€84,204 | -57.6% |
| Trade receivables | 40 | €61,383 | €61,980 | +€597 | +1.0% |
| Other amounts receivable | 41 | €84,801 | - | -€84,801 | |
| Current investments | 50/53 | €0 | - | -€0 | |
| Cash at bank and in hand | 54/58 | - | €2 | +€2 | |
| Deferred charges and accrued income | 490/1 | €30,000 | - | -€30,000 | |
| Total equity and liabilities | 10/49 | €744,154 | €1,205,249 | +€461,095 | +62.0% |
| Equity | 10/15 | €146,661 | €774,711 | +€628,050 | +428% |
| Contributions | 10/11 | €20,452 | €20,452 | = | 0.0% |
| Contributions outside capital | 11 | €20,452 | €20,452 | = | 0.0% |
| Other | 1109/19 | €20,452 | €20,452 | = | 0.0% |
| Revaluation surpluses | 12 | - | €596,657 | +€596,657 | |
| Reserves | 13 | €126,209 | €157,602 | +€31,392 | +24.9% |
| Distributable reserves | 133 | €126,209 | €157,602 | +€31,392 | +24.9% |
| Amounts payable | 17/49 | €597,493 | €430,538 | -€166,955 | -27.9% |
| Amounts payable after more than one year | 17 | €470,531 | €207,338 | -€263,193 | -55.9% |
| Financial debts | 170/4 | €470,531 | €207,338 | -€263,193 | -55.9% |
| Amounts payable within one year | 42/48 | €126,962 | €223,200 | +€96,238 | +75.8% |
| Current portion of amounts payable after more than one year | 42 | €26,381 | €39,169 | +€12,788 | +48.5% |
| Financial debts | 43 | €2,753 | €5,000 | +€2,247 | +81.6% |
| Credit institutions | 430/8 | €2,753 | €5,000 | +€2,247 | +81.6% |
| Trade debts | 44 | €70,566 | €75,316 | +€4,751 | +6.7% |
| Suppliers | 440/4 | €70,566 | €75,316 | +€4,751 | +6.7% |
| Taxes, remuneration and social security | 45 | €15,521 | €24,461 | +€8,939 | +57.6% |
| Taxes | 450/3 | €15,521 | €24,461 | +€8,939 | +57.6% |
| Other amounts payable | 47/48 | €11,740 | €79,254 | +€67,514 | +575% |
| Remuneration, social security and pensions | 62 | €264 | - | -€264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,361 | €21,361 | = | 0.0% |
| Other operating charges | 640/8 | €15,253 | €14,352 | -€901 | -5.9% |
| Gross operating margin | 9900 | €102,086 | €112,989 | +€10,903 | +10.7% |
| Operating profit (loss) | 9901 | €65,208 | €77,275 | +€12,068 | +18.5% |
| Financial income | 75/76B | €0 | €2 | +€2 | +1,990% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +1,990% |
| Financial charges | 65/66B | €19,075 | €34,458 | +€15,383 | +80.6% |
| Recurring financial charges | 65 | €19,075 | €34,458 | +€15,383 | +80.6% |
| Profit (loss) for the period before taxes | 9903 | €46,133 | €42,820 | -€3,313 | -7.2% |
| Income taxes | 67/77 | €13,033 | €11,428 | -€1,605 | -12.3% |
| Profit (loss) for the period | 9904 | €33,100 | €31,392 | -€1,707 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,100 | €31,392 | -€1,707 | -5.2% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.