L'HORLOGER: 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'HORLOGER
Largest movements
- Receivables within one year +€22,835
up €22,835 (+30.6%), from €74,652 to €97,487
of which Trade receivables: +€12,843
- Stocks and contracts +€5,855
up €5,855 (+21.3%), from €27,430 to €33,285
- Tangible fixed assets -€5,658
down €5,658 (-45.3%), from €12,494 to €6,836
- Cash -€5,488
down €5,488 (-10.5%), from €52,128 to €46,640
mainly Receivables within one year (-€22,835) and Trade debts (-€16,551)
- Trade debts -€16,551
down €16,551 (-17.5%), from €94,493 to €77,942
- Other debts +€13,997
up €13,997 (+468,127%), from €3 to €14,000
- Profit (loss) carried forward +€11,121
up €11,121 (+20.3%), from €54,747 to €65,868
- Tax, wage and social debts +€7,519
up €7,519 (+135%), from €5,553 to €13,072
- Short-term financial debts +€5,066
new in 2025: €5,066
- Purchases and services +€461,194
new in 2025: €461,194
- Gross operating margin -€19,705
down €19,705 (-40.8%), from €48,326 to €28,621
- Financial income -€12,321
down €12,321 (-91.6%), from €13,454 to €1,133
- Financial charges -€11,553
down €11,553 (-69.0%), from €16,741 to €5,188
- Taxes +€4,457
up €4,457 (+215%), from €2,072 to €6,529
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 | €166,741 | €184,287 | +€17,546 | +10.5% |
| Fixed assets | 21/28 | €12,494 | €6,836 | -€5,658 | -45.3% |
| Tangible fixed assets | 22/27 | €12,494 | €6,836 | -€5,658 | -45.3% |
| Furniture and vehicles | 24 | €12,494 | €6,836 | -€5,658 | -45.3% |
| Current assets | 29/58 | €154,248 | €177,451 | +€23,204 | +15.0% |
| Stocks and contracts in progress | 3 | €27,430 | €33,285 | +€5,855 | +21.3% |
| Stocks | 30/36 | €27,430 | €33,285 | +€5,855 | +21.3% |
| Amounts receivable within one year | 40/41 | €74,652 | €97,487 | +€22,835 | +30.6% |
| Trade receivables | 40 | €66,139 | €78,981 | +€12,843 | +19.4% |
| Other amounts receivable | 41 | €8,513 | €18,505 | +€9,992 | +117% |
| Cash at bank and in hand | 54/58 | €52,128 | €46,640 | -€5,488 | -10.5% |
| Deferred charges and accrued income | 490/1 | €38 | €40 | +€1 | +3.3% |
| Total equity and liabilities | 10/49 | €166,741 | €184,287 | +€17,546 | +10.5% |
| Equity | 10/15 | €62,803 | €73,924 | +€11,121 | +17.7% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,747 | €65,868 | +€11,121 | +20.3% |
| Amounts payable | 17/49 | €103,938 | €110,363 | +€6,425 | +6.2% |
| Amounts payable after more than one year | 17 | €284 | - | -€284 | |
| Financial debts | 170/4 | €284 | - | -€284 | |
| Amounts payable within one year | 42/48 | €103,655 | €110,363 | +€6,708 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €3,605 | €284 | -€3,322 | -92.1% |
| Financial debts | 43 | - | €5,066 | +€5,066 | |
| Credit institutions | 430/8 | - | €5,066 | +€5,066 | |
| Trade debts | 44 | €94,493 | €77,942 | -€16,551 | -17.5% |
| Suppliers | 440/4 | €94,493 | €77,942 | -€16,551 | -17.5% |
| Taxes, remuneration and social security | 45 | €5,553 | €13,072 | +€7,519 | +135% |
| Taxes | 450/3 | €5,553 | €13,072 | +€7,519 | +135% |
| Other amounts payable | 47/48 | €3 | €14,000 | +€13,997 | +468,127% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €461,194 | +€461,194 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,344 | €5,658 | +€314 | +5.9% |
| Other operating charges | 640/8 | €932 | €1,258 | +€326 | +35.0% |
| Non-recurring operating charges | 66A | €2,537 | - | -€2,537 | |
| Gross operating margin | 9900 | €48,326 | €28,621 | -€19,705 | -40.8% |
| Operating profit (loss) | 9901 | €39,513 | €21,705 | -€17,808 | -45.1% |
| Financial income | 75/76B | €13,454 | €1,133 | -€12,321 | -91.6% |
| Recurring financial income | 75 | €13,454 | €1,133 | -€12,321 | -91.6% |
| Financial charges | 65/66B | €16,741 | €5,188 | -€11,553 | -69.0% |
| Recurring financial charges | 65 | €16,741 | €5,188 | -€11,553 | -69.0% |
| Profit (loss) for the period before taxes | 9903 | €36,226 | €17,650 | -€18,576 | -51.3% |
| Income taxes | 67/77 | €2,072 | €6,529 | +€4,457 | +215% |
| Profit (loss) for the period | 9904 | €34,154 | €11,121 | -€23,033 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,154 | €11,121 | -€23,033 | -67.4% |
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 19 October 2026 via checked.be.