Horsepower is a mathematical calculation based on Tq available and the RPM at which the Tq measurement is made, nothing more.
Higher HP means you can accelerate faster (do more work).
Higher Tq means you can pull harder (move a bigger load).
Of course, assuming other factors are the same
Relatively longer stroke = more Tq, relatively larger bore = more HP (generally speaking).
Most "tractors" are diesels, so the compression ratio will be in the 15:1 to 23:1 range, lower for engines with "direct injection" or turbochargers and higher for those with Indirect Injection (pre-combustion chambers and glow plugs).
There are many different methods to measure "HP", if you are going to be using PTO driven impliments, PTO HP is the ONLY HP rating that matters. Unless there is a "Nebraska Test" rating, whatever numbers the manufacturer offers are wrong, generally way on the over-stated side.
An old farmer told me something that makes a LOT of sense, a "new" tractor will need about 2x the HP of a similarly sized "old" tractor to do the same job. Partially because the old models are HEAVY and can really pull and partially because of over-rating on the newer models.