Nos Horizons: 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.
Nos Horizons
Largest movements
- Tangible fixed assets +€979,477
up €979,477 (+1,181%), from €82,965 to €1.1m
of which Land and buildings: +€983,280
- Cash +€207,146
up €207,146 (+20,956%), from €988 to €208,135
mainly Other debts (+€1.2m) and Depreciation (+€33,638)
- Receivables within one year +€13,540
up €13,540 (+34.7%), from €39,008 to €52,547
of which Trade receivables: +€16,581
- Other debts +€1.2m
up €1.2m (+598%), from €206,348 to €1.4m
- Profit (loss) carried forward -€55,917
down €55,917 (-55.5%), from -€100,820 to -€156,737
- Depreciation +€12,535
up €12,535 (+59.4%), from €21,103 to €33,638
- Other operating charges +€12,163
up €12,163 (+12,815%), from €95 to €12,258
- Gross operating margin -€11,023
down €11,023, from €2,100 to -€8,923
- Financial charges +€581
up €581 (+209%), from €278 to €859
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 | €123,126 | €1,324,576 | +€1.2m | +976% |
| Fixed assets | 21/28 | €82,965 | €1,062,442 | +€979,477 | +1,181% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €82,965 | €1,062,442 | +€979,477 | +1,181% |
| Land and buildings | 22 | €9,896 | €993,176 | +€983,280 | +9,936% |
| Plant, machinery and equipment | 23 | €55,702 | €51,370 | -€4,333 | -7.8% |
| Furniture and vehicles | 24 | €17,366 | €17,896 | +€530 | +3.1% |
| Current assets | 29/58 | €40,161 | €262,133 | +€221,973 | +553% |
| Amounts receivable within one year | 40/41 | €39,008 | €52,547 | +€13,540 | +34.7% |
| Trade receivables | 40 | €34,515 | €51,096 | +€16,581 | +48.0% |
| Other amounts receivable | 41 | €4,493 | €1,452 | -€3,041 | -67.7% |
| Cash at bank and in hand | 54/58 | €988 | €208,135 | +€207,146 | +20,956% |
| Deferred charges and accrued income | 490/1 | €165 | €1,451 | +€1,287 | +782% |
| Total equity and liabilities | 10/49 | €123,126 | €1,324,576 | +€1.2m | +976% |
| Equity | 10/15 | -€95,820 | -€151,737 | -€55,917 | -58.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,820 | -€156,737 | -€55,917 | -55.5% |
| Amounts payable | 17/49 | €218,945 | €1,476,312 | +€1.3m | +574% |
| Amounts payable within one year | 42/48 | €218,945 | €1,476,245 | +€1.3m | +574% |
| Trade debts | 44 | €11,474 | €23,424 | +€11,950 | +104% |
| Suppliers | 440/4 | €11,474 | €23,424 | +€11,950 | +104% |
| Advances received on contracts in progress | 46 | - | €1,975 | +€1,975 | |
| Taxes, remuneration and social security | 45 | €1,124 | €10,247 | +€9,123 | +812% |
| Taxes | 450/3 | €1,124 | €10,247 | +€9,123 | +812% |
| Other amounts payable | 47/48 | €206,348 | €1,440,600 | +€1.2m | +598% |
| Accrued charges and deferred income | 492/3 | €0 | €67 | +€67 | |
| Non-recurring operating income | 76A | €315 | €0 | -€315 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,103 | €33,638 | +€12,535 | +59.4% |
| Other operating charges | 640/8 | €95 | €12,258 | +€12,163 | +12,815% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,100 | -€8,923 | -€11,023 | |
| Operating profit (loss) | 9901 | -€19,099 | -€54,818 | -€35,720 | -187% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €278 | €859 | +€581 | +209% |
| Recurring financial charges | 65 | €278 | €859 | +€581 | +209% |
| Profit (loss) for the period before taxes | 9903 | -€19,376 | -€55,677 | -€36,301 | -187% |
| Income taxes | 67/77 | €242 | €240 | -€2 | -0.9% |
| Profit (loss) for the period | 9904 | -€19,619 | -€55,917 | -€36,299 | -185% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,619 | -€55,917 | -€36,299 | -185% |
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 17 October 2026 via checked.be.