RG HORIZON: 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.
RG HORIZON
Largest movements
- Receivables within one year +€10,617
up €10,617 (+7.3%), from €144,682 to €155,298
of which Trade receivables: +€13,235
- Cash +€10,117
up €10,117 (+30.3%), from €33,431 to €43,548
mainly Net result for the year (+€39,728) and Deferred charges and accrued income (+€1,223)
- Reserves +€39,728
up €39,728 (+20.8%), from €190,950 to €230,677
of which Distributable reserves: +€39,728
- Current portion of long-term debt -€11,047
down €11,047 (-68.9%), from €16,039 to €4,992
- Debts after one year -€4,992
down €4,992 (-32.0%), from €15,595 to €10,603
- Tax, wage and social debts -€3,920
down €3,920 (-26.8%), from €14,643 to €10,723
- Gross operating margin -€4,031
down €4,031 (-7.2%), from €55,985 to €51,954
- Taxes +€3,676
up €3,676 (+27.3%), from €13,464 to €17,139
- Financial charges -€2,287
down €2,287 (-65.9%), from €3,471 to €1,184
- Other operating charges -€1,969
down €1,969 (-62.9%), from €3,132 to €1,163
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 | €217,165 | €236,676 | +€19,511 | +9.0% |
| Fixed assets | 21/28 | €33,087 | €33,087 | = | 0.0% |
| Tangible fixed assets | 22/27 | €33,087 | €33,087 | = | 0.0% |
| Land and buildings | 22 | €33,087 | €33,087 | = | 0.0% |
| Current assets | 29/58 | €184,078 | €203,589 | +€19,511 | +10.6% |
| Amounts receivable within one year | 40/41 | €144,682 | €155,298 | +€10,617 | +7.3% |
| Trade receivables | 40 | €16,454 | €29,688 | +€13,235 | +80.4% |
| Other amounts receivable | 41 | €128,228 | €125,610 | -€2,618 | -2.0% |
| Cash at bank and in hand | 54/58 | €33,431 | €43,548 | +€10,117 | +30.3% |
| Deferred charges and accrued income | 490/1 | €5,965 | €4,742 | -€1,223 | -20.5% |
| Total equity and liabilities | 10/49 | €217,165 | €236,676 | +€19,511 | +9.0% |
| Equity | 10/15 | €158,598 | €198,326 | +€39,728 | +25.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €190,950 | €230,677 | +€39,728 | +20.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €189,090 | €228,817 | +€39,728 | +21.0% |
| Profit (loss) carried forward | 14 | -€44,752 | -€44,752 | = | 0.0% |
| Amounts payable | 17/49 | €58,567 | €38,350 | -€20,217 | -34.5% |
| Amounts payable after more than one year | 17 | €15,595 | €10,603 | -€4,992 | -32.0% |
| Financial debts | 170/4 | €15,595 | €10,603 | -€4,992 | -32.0% |
| Amounts payable within one year | 42/48 | €42,972 | €27,747 | -€15,225 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €16,039 | €4,992 | -€11,047 | -68.9% |
| Trade debts | 44 | €12,290 | €12,032 | -€258 | -2.1% |
| Suppliers | 440/4 | €12,290 | €12,032 | -€258 | -2.1% |
| Taxes, remuneration and social security | 45 | €14,643 | €10,723 | -€3,920 | -26.8% |
| Taxes | 450/3 | €14,643 | €10,723 | -€3,920 | -26.8% |
| Non-recurring operating income | 76A | €14,575 | - | -€14,575 | |
| Other operating charges | 640/8 | €3,132 | €1,163 | -€1,969 | -62.9% |
| Gross operating margin | 9900 | €55,985 | €51,954 | -€4,031 | -7.2% |
| Operating profit (loss) | 9901 | €52,853 | €50,791 | -€2,062 | -3.9% |
| Financial income | 75/76B | €7,768 | €7,261 | -€507 | -6.5% |
| Recurring financial income | 75 | €7,768 | €7,261 | -€507 | -6.5% |
| Financial charges | 65/66B | €3,471 | €1,184 | -€2,287 | -65.9% |
| Recurring financial charges | 65 | €3,471 | €1,184 | -€2,287 | -65.9% |
| Profit (loss) for the period before taxes | 9903 | €57,149 | €56,867 | -€282 | -0.5% |
| Income taxes | 67/77 | €13,464 | €17,139 | +€3,676 | +27.3% |
| Profit (loss) for the period | 9904 | €43,686 | €39,728 | -€3,958 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €43,686 | €39,728 | -€3,958 | -9.1% |
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 17 October 2026 via checked.be.