SKY HORIZON: what changed
SKY HORIZON
Largest movements
- Cash +€84,674
up €84,674 (+485%), from €17,461 to €102,135
mainly Other debts (+€70,155) and Depreciation (+€57,777)
- Receivables within one year +€4,907
up €4,907 (+27.9%), from €17,579 to €22,486
of which Trade receivables: +€2,730
- Tangible fixed assets +€3,559
up €3,559 (+2.7%), from €130,233 to €133,791
of which Plant, machinery and equipment: +€25,320
- Other debts +€70,155
up €70,155 (+161%), from €43,682 to €113,837
- Profit (loss) carried forward +€28,805
up €28,805 (+74.1%), from €38,885 to €67,690
- Debts after one year -€15,905
down €15,905 (-38.8%), from €41,036 to €25,131
- Trade debts +€7,322
up €7,322 (+41.1%), from €17,826 to €25,148
- Tax, wage and social debts +€6,695
up €6,695 (+152%), from €4,409 to €11,104
of which Taxes: +€7,314
- Gross operating margin +€69,260
up €69,260 (+98.2%), from €70,520 to €139,781
- Depreciation +€11,674
up €11,674 (+25.3%), from €46,103 to €57,777
- Taxes +€8,476
new in 2025: €8,476
- Financial income -€6,081
down €6,081 (-100.0%), from €6,083 to €2
- Other operating charges +€3,126
up €3,126 (+163%), from €1,919 to €5,045
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 | €165,554 | €260,114 | +€94,561 | +57.1% |
| Formation expenses | 20 | - | €93 | +€93 | |
| Fixed assets | 21/28 | €130,513 | €133,791 | +€3,278 | +2.5% |
| Intangible fixed assets | 21 | €280 | - | -€280 | |
| Tangible fixed assets | 22/27 | €130,233 | €133,791 | +€3,559 | +2.7% |
| Plant, machinery and equipment | 23 | €64,523 | €89,844 | +€25,320 | +39.2% |
| Furniture and vehicles | 24 | €65,709 | €43,948 | -€21,761 | -33.1% |
| Current assets | 29/58 | €35,041 | €126,229 | +€91,189 | +260% |
| Amounts receivable within one year | 40/41 | €17,579 | €22,486 | +€4,907 | +27.9% |
| Trade receivables | 40 | €17,579 | €20,310 | +€2,730 | +15.5% |
| Other amounts receivable | 41 | - | €2,176 | +€2,176 | |
| Cash at bank and in hand | 54/58 | €17,461 | €102,135 | +€84,674 | +485% |
| Deferred charges and accrued income | 490/1 | - | €1,608 | +€1,608 | |
| Total equity and liabilities | 10/49 | €165,554 | €260,114 | +€94,561 | +57.1% |
| Equity | 10/15 | €41,385 | €70,190 | +€28,805 | +69.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,885 | €67,690 | +€28,805 | +74.1% |
| Amounts payable | 17/49 | €124,168 | €189,924 | +€65,756 | +53.0% |
| Amounts payable after more than one year | 17 | €41,036 | €25,131 | -€15,905 | -38.8% |
| Financial debts | 170/4 | €41,036 | €25,131 | -€15,905 | -38.8% |
| Amounts payable within one year | 42/48 | €83,132 | €164,793 | +€81,661 | +98.2% |
| Current portion of amounts payable after more than one year | 42 | €17,216 | €13,809 | -€3,407 | -19.8% |
| Trade debts | 44 | €17,826 | €25,148 | +€7,322 | +41.1% |
| Suppliers | 440/4 | €17,826 | €25,148 | +€7,322 | +41.1% |
| Advances received on contracts in progress | 46 | - | €895 | +€895 | |
| Taxes, remuneration and social security | 45 | €4,409 | €11,104 | +€6,695 | +152% |
| Taxes | 450/3 | €1,024 | €8,337 | +€7,314 | +714% |
| Remuneration and social security | 454/9 | €3,385 | €2,767 | -€618 | -18.3% |
| Other amounts payable | 47/48 | €43,682 | €113,837 | +€70,155 | +161% |
| Remuneration, social security and pensions | 62 | €36,702 | €37,138 | +€436 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,103 | €57,777 | +€11,674 | +25.3% |
| Other operating charges | 640/8 | €1,919 | €5,045 | +€3,126 | +163% |
| Gross operating margin | 9900 | €70,520 | €139,781 | +€69,260 | +98.2% |
| Operating profit (loss) | 9901 | -€14,204 | €39,820 | +€54,025 | |
| Financial income | 75/76B | €6,083 | €2 | -€6,081 | -100.0% |
| Recurring financial income | 75 | €6,083 | €2 | -€6,081 | -100.0% |
| Financial charges | 65/66B | €3,010 | €2,542 | -€468 | -15.5% |
| Recurring financial charges | 65 | €3,010 | €2,542 | -€468 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,131 | €37,281 | +€48,412 | |
| Income taxes | 67/77 | - | €8,476 | +€8,476 | |
| Profit (loss) for the period | 9904 | -€11,131 | €28,805 | +€39,935 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,131 | €28,805 | +€39,935 |
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 2 November 2026 via checked.be.