TOP 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.
TOP HORIZON
Largest movements
- Intangible fixed assets -€18,750
down €18,750 (-36.6%), from €51,250 to €32,500
- Cash +€11,295
up €11,295 (+84.9%), from €13,307 to €24,603
mainly Depreciation (+€29,692) and Net result for the year (+€25,586)
- Receivables within one year +€10,604
up €10,604 (+571%), from €1,857 to €12,460
of which Other amounts receivable: +€10,630
- Deferred charges and accrued income +€9,933
up €9,933 (+79.3%), from €12,525 to €22,458
- Tangible fixed assets -€5,355
down €5,355 (-18.1%), from €29,638 to €24,283
of which Leasing and similar rights: -€8,482
- Profit (loss) carried forward +€20,681
up €20,681 (+211%), from €9,795 to €30,476
- Debts after one year -€20,617
down €20,617 (-31.4%), from €65,652 to €45,036
- Tax, wage and social debts +€4,289
up €4,289 (+63.3%), from €6,779 to €11,068
of which Remuneration and social security: +€3,225
- Trade debts +€3,337
up €3,337 (+141%), from €2,370 to €5,707
- Gross operating margin +€25,489
up €25,489 (+42.1%), from €60,586 to €86,075
- Staff costs +€8,464
up €8,464 (+79.7%), from €10,623 to €19,087
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 | €109,577 | €119,384 | +€9,807 | +8.9% |
| Fixed assets | 21/28 | €81,888 | €59,863 | -€22,025 | -26.9% |
| Intangible fixed assets | 21 | €51,250 | €32,500 | -€18,750 | -36.6% |
| Tangible fixed assets | 22/27 | €29,638 | €24,283 | -€5,355 | -18.1% |
| Plant, machinery and equipment | 23 | - | €1,423 | +€1,423 | |
| Furniture and vehicles | 24 | €2,778 | €4,482 | +€1,704 | +61.4% |
| Leasing and similar rights | 25 | €26,860 | €18,378 | -€8,482 | -31.6% |
| Financial fixed assets | 28 | €1,000 | €3,080 | +€2,080 | +208% |
| Current assets | 29/58 | €27,689 | €59,521 | +€31,832 | +115% |
| Amounts receivable within one year | 40/41 | €1,857 | €12,460 | +€10,604 | +571% |
| Trade receivables | 40 | €357 | €330 | -€26 | -7.4% |
| Other amounts receivable | 41 | €1,500 | €12,130 | +€10,630 | +709% |
| Cash at bank and in hand | 54/58 | €13,307 | €24,603 | +€11,295 | +84.9% |
| Deferred charges and accrued income | 490/1 | €12,525 | €22,458 | +€9,933 | +79.3% |
| Total equity and liabilities | 10/49 | €109,577 | €119,384 | +€9,807 | +8.9% |
| Equity | 10/15 | €11,795 | €32,476 | +€20,681 | +175% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,795 | €30,476 | +€20,681 | +211% |
| Amounts payable | 17/49 | €97,782 | €86,908 | -€10,874 | -11.1% |
| Amounts payable after more than one year | 17 | €65,652 | €45,036 | -€20,617 | -31.4% |
| Financial debts | 170/4 | €65,652 | €45,036 | -€20,617 | -31.4% |
| Amounts payable within one year | 42/48 | €32,130 | €41,321 | +€9,191 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €19,829 | €20,616 | +€788 | +4.0% |
| Trade debts | 44 | €2,370 | €5,707 | +€3,337 | +141% |
| Suppliers | 440/4 | €2,370 | €5,707 | +€3,337 | +141% |
| Taxes, remuneration and social security | 45 | €6,779 | €11,068 | +€4,289 | +63.3% |
| Taxes | 450/3 | €4,157 | €5,220 | +€1,063 | +25.6% |
| Remuneration and social security | 454/9 | €2,622 | €5,848 | +€3,225 | +123% |
| Other amounts payable | 47/48 | €3,152 | €3,930 | +€778 | +24.7% |
| Accrued charges and deferred income | 492/3 | - | €551 | +€551 | |
| Remuneration, social security and pensions | 62 | €10,623 | €19,087 | +€8,464 | +79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,899 | €29,692 | +€793 | +2.7% |
| Other operating charges | 640/8 | €2,751 | €2,603 | -€148 | -5.4% |
| Gross operating margin | 9900 | €60,586 | €86,075 | +€25,489 | +42.1% |
| Operating profit (loss) | 9901 | €18,313 | €34,693 | +€16,380 | +89.4% |
| Financial income | 75/76B | €64 | - | -€64 | |
| Recurring financial income | 75 | €64 | - | -€64 | |
| Financial charges | 65/66B | €4,221 | €4,862 | +€641 | +15.2% |
| Recurring financial charges | 65 | €4,221 | €4,862 | +€641 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €14,156 | €29,831 | +€15,675 | +111% |
| Income taxes | 67/77 | €3,664 | €4,245 | +€581 | +15.9% |
| Profit (loss) for the period | 9904 | €10,492 | €25,586 | +€15,094 | +144% |
| Profit (loss) for the period to be appropriated | 9905 | €10,492 | €25,586 | +€15,094 | +144% |
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 24 October 2026 via checked.be.