ORIZZONTE: what changed
ORIZZONTE
Largest movements
- Financial fixed assets +€6,000
new in 2025: €6,000
- Receivables within one year -€5,776
down €5,776 (-10.5%), from €54,783 to €49,007
of which Trade receivables: -€10,157
- Stocks and contracts +€2,926
new in 2025: €2,926
- Tangible fixed assets -€1,950
down €1,950 (-22.0%), from €8,858 to €6,909
of which Other tangible fixed assets: -€1,187
- Cash +€1,309
up €1,309 (+2.4%), from €54,531 to €55,840
mainly Net result for the year (+€7,200) and Receivables within one year (+€5,776)
- Reserves +€6,366
up €6,366 (+6.3%), from €100,785 to €107,151
of which Distributable reserves: +€6,366
- Tax, wage and social debts -€2,789
down €2,789 (-23.1%), from €12,098 to €9,308
of which Taxes: -€2,789
- Trade debts -€1,610
down €1,610 (-100%), from €1,610 to €0
- Gross operating margin +€6,748
up €6,748 (+97.6%), from €6,913 to €13,660
- Taxes -€2,188
down €2,188 (-45.2%), from €4,842 to €2,654
- Financial charges -€607
down €607 (-67.5%), from €899 to €292
- Depreciation +€351
up €351 (+11.0%), from €3,188 to €3,538
- Financial income +€164
up €164 (+245%), from €67 to €232
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €120,124 | €123,159 | +€3,035 | +2.5% |
| Fixed assets | 21/28 | €8,858 | €12,909 | +€4,050 | +45.7% |
| Tangible fixed assets | 22/27 | €8,858 | €6,909 | -€1,950 | -22.0% |
| Land and buildings | 22 | €2,232 | €2,157 | -€75 | -3.4% |
| Plant, machinery and equipment | 23 | €1,294 | €873 | -€421 | -32.6% |
| Furniture and vehicles | 24 | €2,653 | €2,386 | -€267 | -10.1% |
| Other tangible fixed assets | 26 | €2,680 | €1,493 | -€1,187 | -44.3% |
| Financial fixed assets | 28 | - | €6,000 | +€6,000 | |
| Current assets | 29/58 | €111,265 | €110,251 | -€1,015 | -0.9% |
| Stocks and contracts in progress | 3 | - | €2,926 | +€2,926 | |
| Stocks | 30/36 | - | €2,926 | +€2,926 | |
| Amounts receivable within one year | 40/41 | €54,783 | €49,007 | -€5,776 | -10.5% |
| Trade receivables | 40 | €50,581 | €40,424 | -€10,157 | -20.1% |
| Other amounts receivable | 41 | €4,203 | €8,583 | +€4,381 | +104% |
| Cash at bank and in hand | 54/58 | €54,531 | €55,840 | +€1,309 | +2.4% |
| Deferred charges and accrued income | 490/1 | €1,952 | €2,477 | +€526 | +26.9% |
| Total equity and liabilities | 10/49 | €120,124 | €123,159 | +€3,035 | +2.5% |
| Equity | 10/15 | €106,150 | €113,351 | +€7,200 | +6.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €100,785 | €107,151 | +€6,366 | +6.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,500 | €23,500 | = | 0.0% |
| Distributable reserves | 133 | €67,285 | €73,651 | +€6,366 | +9.5% |
| Profit (loss) carried forward | 14 | -€835 | €0 | +€835 | |
| Amounts payable | 17/49 | €13,973 | €9,808 | -€4,165 | -29.8% |
| Amounts payable within one year | 42/48 | €13,708 | €9,308 | -€4,400 | -32.1% |
| Trade debts | 44 | €1,610 | €0 | -€1,610 | -100% |
| Suppliers | 440/4 | €1,610 | €0 | -€1,610 | -100% |
| Taxes, remuneration and social security | 45 | €12,098 | €9,308 | -€2,789 | -23.1% |
| Taxes | 450/3 | €12,098 | €9,308 | -€2,789 | -23.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €265 | €500 | +€235 | +88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,188 | €3,538 | +€351 | +11.0% |
| Other operating charges | 640/8 | €141 | €208 | +€67 | +47.7% |
| Gross operating margin | 9900 | €6,913 | €13,660 | +€6,748 | +97.6% |
| Operating profit (loss) | 9901 | €3,584 | €9,914 | +€6,330 | +177% |
| Financial income | 75/76B | €67 | €232 | +€164 | +245% |
| Recurring financial income | 75 | €67 | €232 | +€164 | +245% |
| Financial charges | 65/66B | €899 | €292 | -€607 | -67.5% |
| Recurring financial charges | 65 | €899 | €292 | -€607 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €2,752 | €9,854 | +€7,102 | +258% |
| Income taxes | 67/77 | €4,842 | €2,654 | -€2,188 | -45.2% |
| Profit (loss) for the period | 9904 | -€2,089 | €7,200 | +€9,290 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,089 | €7,200 | +€9,290 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.