MENUISERIE J. HORMAN: 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.
MENUISERIE J. HORMAN
Largest movements
- Receivables within one year -€85,336
down €85,336 (-21.1%), from €404,311 to €318,974
of which Trade receivables: -€111,087
- Tangible fixed assets -€59,812
down €59,812 (-15.2%), from €393,132 to €333,320
- Deferred charges and accrued income +€40,438
up €40,438 (+402%), from €10,065 to €50,504
- Cash -€15,721
down €15,721 (-48.3%), from €32,568 to €16,847
mainly Tax, wage and social debts (-€129,880) and Trade debts (-€53,339)
- Tax, wage and social debts -€129,880
down €129,880 (-78.3%), from €165,843 to €35,963
of which Taxes: -€127,466
- Debts after one year +€60,256
up €60,256 (+15.6%), from €386,667 to €446,924
- Trade debts -€53,339
down €53,339 (-28.8%), from €185,410 to €132,071
- Turnover -€375,772
down €375,772 (-22.2%), from €1.7m to €1.3m
- Purchases and services -€358,520
down €358,520 (-29.9%), from €1.2m to €840,388
- Staff costs -€35,753
down €35,753 (-8.5%), from €420,317 to €384,565
- Gross operating margin -€17,252
down €17,252 (-3.5%), from €493,352 to €476,099
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 | €1,199,276 | €1,084,984 | -€114,292 | -9.5% |
| Fixed assets | 21/28 | €393,132 | €333,320 | -€59,812 | -15.2% |
| Tangible fixed assets | 22/27 | €393,132 | €333,320 | -€59,812 | -15.2% |
| Land and buildings | 22 | €195,224 | €180,182 | -€15,043 | -7.7% |
| Plant, machinery and equipment | 23 | €146,548 | €120,748 | -€25,801 | -17.6% |
| Furniture and vehicles | 24 | €51,360 | €32,391 | -€18,968 | -36.9% |
| Current assets | 29/58 | €806,144 | €751,663 | -€54,480 | -6.8% |
| Stocks and contracts in progress | 3 | €359,200 | €365,338 | +€6,139 | +1.7% |
| Stocks | 30/36 | €215,880 | €216,790 | +€910 | +0.4% |
| Contracts in progress | 37 | €143,320 | €148,548 | +€5,229 | +3.6% |
| Amounts receivable within one year | 40/41 | €404,311 | €318,974 | -€85,336 | -21.1% |
| Trade receivables | 40 | €335,097 | €224,010 | -€111,087 | -33.2% |
| Other amounts receivable | 41 | €69,213 | €94,964 | +€25,751 | +37.2% |
| Cash at bank and in hand | 54/58 | €32,568 | €16,847 | -€15,721 | -48.3% |
| Deferred charges and accrued income | 490/1 | €10,065 | €50,504 | +€40,438 | +402% |
| Total equity and liabilities | 10/49 | €1,199,276 | €1,084,984 | -€114,292 | -9.5% |
| Equity | 10/15 | €420,113 | €423,714 | +€3,601 | +0.9% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Capital | 10 | €86,763 | €86,763 | = | 0.0% |
| Issued capital | 100 | €86,763 | €86,763 | = | 0.0% |
| Reserves | 13 | €74,189 | €77,789 | +€3,600 | +4.9% |
| Non-distributable reserves | 130/1 | €8,974 | €8,974 | = | 0.0% |
| Legal reserve | 130 | €8,974 | €8,974 | = | 0.0% |
| Tax-exempt reserves | 132 | €715 | €715 | = | 0.0% |
| Distributable reserves | 133 | €64,500 | €68,100 | +€3,600 | +5.6% |
| Profit (loss) carried forward | 14 | €259,161 | €259,162 | +€1 | 0.0% |
| Amounts payable | 17/49 | €779,163 | €661,270 | -€117,893 | -15.1% |
| Amounts payable after more than one year | 17 | €386,667 | €446,924 | +€60,256 | +15.6% |
| Financial debts | 170/4 | €386,667 | €446,924 | +€60,256 | +15.6% |
| Amounts payable within one year | 42/48 | €392,496 | €214,346 | -€178,150 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €39,543 | €46,312 | +€6,769 | +17.1% |
| Trade debts | 44 | €185,410 | €132,071 | -€53,339 | -28.8% |
| Suppliers | 440/4 | €185,410 | €132,071 | -€53,339 | -28.8% |
| Taxes, remuneration and social security | 45 | €165,843 | €35,963 | -€129,880 | -78.3% |
| Taxes | 450/3 | €157,348 | €29,882 | -€127,466 | -81.0% |
| Remuneration and social security | 454/9 | €8,495 | €6,082 | -€2,413 | -28.4% |
| Other amounts payable | 47/48 | €1,700 | €0 | -€1,700 | -100% |
| Turnover | 70 | €1,692,260 | €1,316,488 | -€375,772 | -22.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,198,908 | €840,388 | -€358,520 | -29.9% |
| Remuneration, social security and pensions | 62 | €420,317 | €384,565 | -€35,753 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,726 | €59,812 | -€5,914 | -9.0% |
| Other operating charges | 640/8 | €5,781 | €6,120 | +€339 | +5.9% |
| Non-recurring operating charges | 66A | - | €27,620 | +€27,620 | |
| Gross operating margin | 9900 | €493,352 | €476,099 | -€17,252 | -3.5% |
| Operating profit (loss) | 9901 | €1,527 | -€2,017 | -€3,544 | |
| Financial income | 75/76B | €38,876 | €37,904 | -€972 | -2.5% |
| Recurring financial income | 75 | €38,876 | €37,904 | -€972 | -2.5% |
| Financial charges | 65/66B | €28,905 | €26,953 | -€1,952 | -6.8% |
| Recurring financial charges | 65 | €28,905 | €26,953 | -€1,952 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €11,498 | €8,934 | -€2,564 | -22.3% |
| Income taxes | 67/77 | €5,436 | €5,333 | -€103 | -1.9% |
| Profit (loss) for the period | 9904 | €6,062 | €3,601 | -€2,460 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,062 | €3,601 | -€2,460 | -40.6% |
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 30 October 2026 via checked.be.