LHORTO: 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.
LHORTO
Largest movements
- Receivables within one year +€53,220
up €53,220 (+74.1%), from €71,833 to €125,053
- Cash +€36,525
up €36,525 (+141%), from €25,926 to €62,451
mainly Trade debts (+€48,764) and Tax, wage and social debts (+€27,235)
- Stocks and contracts -€10,510
no longer reported in 2025 (was €10,510)
- Trade debts +€48,764
up €48,764 (+106%), from €45,846 to €94,609
- Tax, wage and social debts +€27,235
up €27,235 (+112%), from €24,418 to €51,653
- Reserves +€14,122
up €14,122 (+115%), from €12,253 to €26,375
- Debts after one year -€12,045
down €12,045 (-95.0%), from €12,680 to €635
- Gross operating margin -€9,768
down €9,768 (-27.8%), from €35,096 to €25,329
- Taxes +€2,120
up €2,120 (+45.3%), from €4,683 to €6,803
- Other operating charges +€1,516
new in 2025: €1,516
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 | €116,438 | €194,514 | +€78,076 | +67.1% |
| Fixed assets | 21/28 | €7,996 | €6,490 | -€1,506 | -18.8% |
| Intangible fixed assets | 21 | €2,254 | €2,656 | +€402 | +17.8% |
| Tangible fixed assets | 22/27 | €5,742 | €3,834 | -€1,909 | -33.2% |
| Plant, machinery and equipment | 23 | €4,616 | - | -€4,616 | |
| Furniture and vehicles | 24 | €1,126 | €3,834 | +€2,708 | +240% |
| Current assets | 29/58 | €108,441 | €188,024 | +€79,583 | +73.4% |
| Stocks and contracts in progress | 3 | €10,510 | - | -€10,510 | |
| Stocks | 30/36 | €10,510 | - | -€10,510 | |
| Amounts receivable within one year | 40/41 | €71,833 | €125,053 | +€53,220 | +74.1% |
| Trade receivables | 40 | €71,833 | €125,053 | +€53,220 | +74.1% |
| Cash at bank and in hand | 54/58 | €25,926 | €62,451 | +€36,525 | +141% |
| Deferred charges and accrued income | 490/1 | €172 | €520 | +€348 | +202% |
| Total equity and liabilities | 10/49 | €116,438 | €194,514 | +€78,076 | +67.1% |
| Equity | 10/15 | €32,254 | €46,377 | +€14,123 | +43.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €12,253 | €26,375 | +€14,122 | +115% |
| Non-distributable reserves | 130/1 | €12,253 | €26,375 | +€14,122 | +115% |
| Other | 1319 | €12,253 | €26,375 | +€14,122 | +115% |
| Profit (loss) carried forward | 14 | €1 | €2 | +€1 | +73.6% |
| Amounts payable | 17/49 | €84,184 | €148,137 | +€63,954 | +76.0% |
| Amounts payable after more than one year | 17 | €12,680 | €635 | -€12,045 | -95.0% |
| Other amounts payable | 178/9 | €12,680 | €635 | -€12,045 | -95.0% |
| Amounts payable within one year | 42/48 | €71,504 | €147,502 | +€75,999 | +106% |
| Trade debts | 44 | €45,846 | €94,609 | +€48,764 | +106% |
| Suppliers | 440/4 | €45,846 | €94,609 | +€48,764 | +106% |
| Advances received on contracts in progress | 46 | €1,240 | €1,240 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €24,418 | €51,653 | +€27,235 | +112% |
| Taxes | 450/3 | €24,418 | €51,653 | +€27,235 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,526 | €1,858 | +€332 | +21.8% |
| Other operating charges | 640/8 | - | €1,516 | +€1,516 | |
| Gross operating margin | 9900 | €35,096 | €25,329 | -€9,768 | -27.8% |
| Operating profit (loss) | 9901 | €33,570 | €21,954 | -€11,616 | -34.6% |
| Financial charges | 65/66B | €1,196 | €1,029 | -€167 | -14.0% |
| Recurring financial charges | 65 | €1,196 | €1,029 | -€167 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €32,374 | €20,926 | -€11,449 | -35.4% |
| Income taxes | 67/77 | €4,683 | €6,803 | +€2,120 | +45.3% |
| Profit (loss) for the period | 9904 | €27,691 | €14,123 | -€13,568 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,691 | €14,123 | -€13,568 | -49.0% |
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.