ORIZON: what changed
Two fiscal 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.
ORIZON
Largest movements
- Receivables within one year +€20,067
up €20,067 (+169.7%), from €11,825 to €31,892
of which Trade receivables: +€20,069
- Stocks and contracts +€5,465
up €5,465 (+16.4%), from €33,243 to €38,707
- Tangible fixed assets -€4,567
down €4,567 (-24.2%), from €18,889 to €14,322
- Cash +€1,607
up €1,607 (+22.5%), from €7,143 to €8,750
mainly Net result for the year (+€12,987) and Trade debts (+€8,147)
- Deferred charges and accrued income -€969
no longer reported in 2025 (was €969)
- Profit (loss) carried forward +€12,987
up €12,987 (+73.5%), from €17,671 to €30,659
- Trade debts +€8,147
up €8,147 (+80.4%), from €10,137 to €18,284
- Other debts +€1,081
up €1,081 (+21.2%), from €5,095 to €6,176
- Staff costs -€8,120
down €8,120 (-38.2%), from €21,265 to €13,145
- Gross operating margin -€5,035
down €5,035 (-13.9%), from €36,264 to €31,229
- Depreciation -€1,142
down €1,142 (-20.0%), from €5,709 to €4,567
- Other operating charges -€570
down €570 (-46.7%), from €1,221 to €651
- Financial income +€416
up €416 (+9120.0%), from €5 to €420
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.
Cash bridge derived
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 | €72,216 | €93,819 | +€21,603 | +29.9% |
| Fixed assets | 21/28 | €19,037 | €14,470 | -€4,567 | -24.0% |
| Tangible fixed assets | 22/27 | €18,889 | €14,322 | -€4,567 | -24.2% |
| Furniture and vehicles | 24 | €18,889 | €14,322 | -€4,567 | -24.2% |
| Financial fixed assets | 28 | €148 | €148 | = | 0.0% |
| Current assets | 29/58 | €53,179 | €79,349 | +€26,170 | +49.2% |
| Stocks and contracts in progress | 3 | €33,243 | €38,707 | +€5,465 | +16.4% |
| Stocks | 30/36 | €33,243 | €38,707 | +€5,465 | +16.4% |
| Amounts receivable within one year | 40/41 | €11,825 | €31,892 | +€20,067 | +169.7% |
| Trade receivables | 40 | €11,823 | €31,892 | +€20,069 | +169.7% |
| Other amounts receivable | 41 | €2 | - | -€2 | |
| Cash at bank and in hand | 54/58 | €7,143 | €8,750 | +€1,607 | +22.5% |
| Deferred charges and accrued income | 490/1 | €969 | - | -€969 | |
| Total equity and liabilities | 10/49 | €72,216 | €93,819 | +€21,603 | +29.9% |
| Equity | 10/15 | €50,131 | €63,119 | +€12,987 | +25.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €13,860 | €13,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €17,671 | €30,659 | +€12,987 | +73.5% |
| Amounts payable | 17/49 | €22,085 | €30,700 | +€8,616 | +39.0% |
| Amounts payable within one year | 42/48 | €22,085 | €30,700 | +€8,616 | +39.0% |
| Trade debts | 44 | €10,137 | €18,284 | +€8,147 | +80.4% |
| Suppliers | 440/4 | €10,137 | €18,284 | +€8,147 | +80.4% |
| Taxes, remuneration and social security | 45 | €6,852 | €6,240 | -€612 | -8.9% |
| Taxes | 450/3 | €3,927 | €1,771 | -€2,156 | -54.9% |
| Remuneration and social security | 454/9 | €2,925 | €4,469 | +€1,544 | +52.8% |
| Other amounts payable | 47/48 | €5,095 | €6,176 | +€1,081 | +21.2% |
| Remuneration, social security and pensions | 62 | €21,265 | €13,145 | -€8,120 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,709 | €4,567 | -€1,142 | -20.0% |
| Other operating charges | 640/8 | €1,221 | €651 | -€570 | -46.7% |
| Non-recurring operating charges | 66A | €241 | - | -€241 | |
| Gross operating margin | 9900 | €36,264 | €31,229 | -€5,035 | -13.9% |
| Operating profit (loss) | 9901 | €7,828 | €12,866 | +€5,037 | +64.3% |
| Financial income | 75/76B | €5 | €420 | +€416 | +9120.0% |
| Recurring financial income | 75 | €5 | €420 | +€416 | +9120.0% |
| Financial charges | 65/66B | €349 | €299 | -€50 | -14.2% |
| Recurring financial charges | 65 | €349 | €299 | -€50 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €7,484 | €12,987 | +€5,503 | +73.5% |
| Profit (loss) for the period | 9904 | €7,484 | €12,987 | +€5,503 | +73.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,484 | €12,987 | +€5,503 | +73.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.