MANUEL HORBACH: 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.
MANUEL HORBACH
Largest movements
- Cash -€80,877
down €80,877 (-73.7%), from €109,733 to €28,856
mainly Contributions, distributions and other (-€103,000) and Other debts (-€72,900)
- Receivables within one year +€34,542
up €34,542 (+373%), from €9,249 to €43,790
of which Trade receivables: +€31,126
- Tangible fixed assets -€28,867
down €28,867 (-19.6%), from €147,138 to €118,272
of which Furniture and vehicles: -€16,803
- Deferred charges and accrued income -€22,887
down €22,887 (-93.1%), from €24,580 to €1,693
- Other debts -€72,900
down €72,900 (-90.0%), from €80,995 to €8,095
- Reserves -€30,447
down €30,447 (-30.0%), from €101,480 to €71,033
- Tax, wage and social debts +€5,366
up €5,366 (+61.5%), from €8,729 to €14,095
- Gross operating margin -€31,005
down €31,005 (-19.6%), from €158,345 to €127,340
- Taxes -€7,180
down €7,180 (-26.9%), from €26,738 to €19,558
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 | €290,700 | €192,611 | -€98,089 | -33.7% |
| Fixed assets | 21/28 | €147,138 | €118,272 | -€28,867 | -19.6% |
| Tangible fixed assets | 22/27 | €147,138 | €118,272 | -€28,867 | -19.6% |
| Furniture and vehicles | 24 | €61,503 | €44,700 | -€16,803 | -27.3% |
| Other tangible fixed assets | 26 | €85,635 | €73,572 | -€12,064 | -14.1% |
| Current assets | 29/58 | €143,562 | €74,340 | -€69,222 | -48.2% |
| Amounts receivable within one year | 40/41 | €9,249 | €43,790 | +€34,542 | +373% |
| Trade receivables | 40 | €8,961 | €40,087 | +€31,126 | +347% |
| Other amounts receivable | 41 | €287 | €3,703 | +€3,416 | +1,190% |
| Cash at bank and in hand | 54/58 | €109,733 | €28,856 | -€80,877 | -73.7% |
| Deferred charges and accrued income | 490/1 | €24,580 | €1,693 | -€22,887 | -93.1% |
| Total equity and liabilities | 10/49 | €290,700 | €192,611 | -€98,089 | -33.7% |
| Equity | 10/15 | €120,080 | €89,633 | -€30,447 | -25.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,480 | €71,033 | -€30,447 | -30.0% |
| Distributable reserves | 133 | €101,480 | €71,033 | -€30,447 | -30.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €170,621 | €102,979 | -€67,642 | -39.6% |
| Amounts payable after more than one year | 17 | €73,739 | €73,739 | = | 0.0% |
| Financial debts | 170/4 | €73,739 | €73,739 | = | 0.0% |
| Amounts payable within one year | 42/48 | €90,968 | €24,019 | -€66,949 | -73.6% |
| Trade debts | 44 | €1,245 | €1,829 | +€585 | +47.0% |
| Suppliers | 440/4 | €1,245 | €1,829 | +€585 | +47.0% |
| Taxes, remuneration and social security | 45 | €8,729 | €14,095 | +€5,366 | +61.5% |
| Taxes | 450/3 | €8,729 | €14,095 | +€5,366 | +61.5% |
| Other amounts payable | 47/48 | €80,995 | €8,095 | -€72,900 | -90.0% |
| Accrued charges and deferred income | 492/3 | €5,914 | €5,221 | -€693 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,781 | €28,867 | +€86 | +0.3% |
| Other operating charges | 640/8 | €1,116 | €852 | -€264 | -23.6% |
| Gross operating margin | 9900 | €158,345 | €127,340 | -€31,005 | -19.6% |
| Operating profit (loss) | 9901 | €128,449 | €97,622 | -€30,827 | -24.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €6,172 | €5,510 | -€661 | -10.7% |
| Recurring financial charges | 65 | €6,172 | €5,510 | -€661 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €122,278 | €92,112 | -€30,166 | -24.7% |
| Income taxes | 67/77 | €26,738 | €19,558 | -€7,180 | -26.9% |
| Profit (loss) for the period | 9904 | €95,539 | €72,553 | -€22,986 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €95,539 | €72,553 | -€22,986 | -24.1% |
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 28 October 2026 via checked.be.