Horafrost
ActiveFinancials · financial year 2024, full format
2025 annual accounts not yet filed, deadline passed on 30 July 2026 The financial year closed on 30 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 1 November 2026.
Annual accounts 2024 filed on 17-07-2025 PDF all 45 filings
Amounts without an identifiable currency are taken as euros.
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result for 2024 is 17% lower than in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Comparable companies
These companies have their main activity in the same NACE class as Horafrost: manufacture of food products (NACE 1039). With exactly the same main activity (NACE 10393), too few companies are of comparable size. They are comparable in size and age: total assets between €34m and €102m, founded between 1970 and 1996.
| Company | Founded | Total assets | Equity | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| Horafrost Staden | 1976 | €147.3m | €132.6m | €79.0m | €9.7m | 84.9 | 2024 |
| Westfro Staden | 1970 | €75.5m | €29.5m | €111.4m | €1.3m | 131.4 | 2025 |
| POMUNI FROZEN NV Ranst | 1981 | €44.3m | €20.2m | €64.7m | €4.2m | 82.1 | 2025 |
| MEURENS NATURAL Herve | 1994 | €87.5m | €74.4m | €52.1m | €10.7m | 63.8 | 2025 |
| PASFROST Zonnebeke | 1974 | €102.1m | €39.1m | €150.5m | €14.0m | 143.1 | 2025 |
| BONDUELLE NORTHERN EUROPE Kortemark | 1973 | €33.9m | €1.9m | €77.3m | -€3.8m | 31.9 | 2025 |
| TAURA NATURAL INGREDIENTS Olen | 1996 | €44.8m | €36.7m | €57.4m | €1.6m | 77.2 | 2025 |
They were chosen from the 116 other active companies in that NACE class with annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 1,579 companies had the same profile as Horafrost has now. Two years later, 0.1% had gone bankrupt and 96.7% were still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
The bankruptcy probability of Horafrost itself is higher: 0.6% within 12 months. It rests on far more data about Horafrost than the profile alone.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,579 companies, not a prediction for Horafrost. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Subsidies and aid
Flemish government
2023 to 2025 · 6 entries · €164,045 awarded · €163,565 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €150,000 | €161,520 |
| 2024 | 3 | €2,045 | €2,045 |
| 2023 | 1 | €12,000 | €0 |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €58.5m | €62.5m | €77.6m | €84.1m | ▲ 8.3% |
| Turnover70 | €52.8m | €57.1m | €57.3m | €53.9m | €61.3m | €72.2m | €79.0m | ▲ 9.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €2.8m | -€0.9m | €3.7m | €3.3m | ▼ 11.2% |
| Other operating income74 | - | - | - | €1.8m | €2.1m | €1.8m | €1.8m | ▲ 5.1% |
| Operating charges60/66A | - | - | - | €54.0m | €58.9m | €64.6m | €73.3m | ▲ 13.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €35.3m | €33.8m | €43.1m | €48.8m | ▲ 13.4% |
| Purchases600/8 | - | - | - | €35.3m | €33.9m | €43.0m | €48.8m | ▲ 13.5% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.04m | -€0.08m | €0.06m | €0.01m | ▼ 77.6% |
| Services and other goods61 | - | - | - | €13.6m | €20.0m | €15.9m | €17.6m | ▲ 10.5% |
| Remuneration, social security and pensions62 | - | - | - | €2.9m | €3.4m | €4.1m | €4.5m | ▲ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.9m | €2.4m | €2.2m | €1.8m | €1.3m | €1.3m | €1.8m | ▲ 36.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0 | -€0.03m | -€0.3m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 5.5% |
| Operating profit (loss)9901 | €5.7m | €8.9m | €6.2m | €4.5m | €3.6m | €13.0m | €10.8m | ▼ 16.7% |
| Financial income75/76B | - | - | - | €0.6m | €0.6m | €2.0m | €2.1m | ▲ 3.0% |
| Recurring financial income75 | €3.2m | €0.9m | €0.5m | €0.6m | €0.6m | €2.0m | €2.1m | ▲ 3.0% |
| Income from financial fixed assets750 | - | - | - | €0.01m | €0.01m | €0.004m | €0.03m | ▲ 700% |
| Income from current assets751 | - | - | - | €0.003m | €0.03m | €0.03m | €0.001m | ▼ 94.8% |
| Other financial income752/9 | - | - | - | €0.6m | €0.6m | €2.0m | €2.1m | ▲ 2.9% |
| Financial charges65/66B | - | - | - | €0.008m | €0.02m | €0.02m | €0.009m | ▼ 51.2% |
| Recurring financial charges65 | €0.1m | €0.009m | €0.008m | €0.008m | €0.02m | €0.02m | €0.009m | ▼ 51.2% |
| Debt charges650 | €0.06m | €0 | - | - | €0.002m | €0 | - | - |
| Other financial charges652/9 | - | - | - | €0.008m | €0.02m | €0.02m | €0.009m | ▼ 51.2% |
| Profit (loss) for the period before taxes9903 | €8.7m | €9.7m | €6.6m | €5.1m | €4.2m | €15.0m | €12.9m | ▼ 13.9% |
| Transfer from deferred taxes780 | - | - | - | €0.005m | €365 | €194 | €194 | = |
| Income taxes67/77 | €2.9m | €2.8m | €1.9m | €1.2m | €1.0m | €3.6m | €3.2m | ▼ 11.7% |
| Taxes670/3 | - | - | - | €1.2m | €1.0m | €3.6m | €3.2m | ▼ 11.7% |
| Profit (loss) for the period9904 | €5.9m | €6.9m | €4.7m | €3.9m | €3.2m | €11.4m | €9.7m | ▼ 14.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.8m | €1.5m | €0.1m | €1.8m | ▲ 13× |
| Transfer to tax-exempt reserves689 | - | - | - | €1.0m | €0 | €1.0m | €1.0m | = |
| Profit (loss) for the period to be appropriated9905 | €5.1m | €6.6m | €4.1m | €3.6m | €4.7m | €10.6m | €10.6m | ▲ 0.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €122.6m | €126.9m | €128.1m | €130.1m | €130.8m | €140.6m | €147.3m | ▲ 4.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €8.5m | €8.3m | €7.1m | €5.7m | €5.4m | €9.3m | €12.3m | ▲ 32.0% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €8.3m | €8.1m | €6.8m | €5.4m | €5.1m | €9.0m | €12.0m | ▲ 32.9% |
| Land and buildings22 | - | - | - | €3.3m | €3.0m | €2.7m | €2.4m | ▼ 10.5% |
| Plant, machinery and equipment23 | - | - | - | €1.7m | €1.9m | €6.2m | €9.2m | ▲ 49.7% |
| Furniture and vehicles24 | - | - | - | €0.4m | €0.2m | €0.2m | €0.4m | ▲ 118% |
| Financial fixed assets28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Affiliated companies280/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Participating interests280 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Other financial fixed assets284/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €114.0m | €118.6m | €121.0m | €124.4m | €125.4m | €131.3m | €135.0m | ▲ 2.9% |
| Amounts receivable after more than one year29 | - | - | - | €38.2m | €38.2m | €38.2m | €38.2m | = |
| Other amounts receivable291 | - | - | - | €38.2m | €38.2m | €38.2m | €38.2m | = |
| Stocks and contracts in progress3 | €12.0m | €11.6m | €10.7m | €13.6m | €12.8m | €16.4m | €19.7m | ▲ 20.0% |
| Stocks30/36 | - | - | - | €13.6m | €12.8m | €16.4m | €19.7m | ▲ 20.0% |
| Raw materials and consumables30/31 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 4.2% |
| Work in progress32 | - | - | - | €12.1m | €11.3m | €15.1m | €18.0m | ▲ 19.6% |
| Finished goods33 | - | - | - | €1.1m | €1.1m | €1.0m | €1.3m | ▲ 33.6% |
| Amounts receivable within one year40/41 | €98.3m | €65.7m | €68.0m | €70.4m | €72.5m | €75.9m | €76.3m | ▲ 0.5% |
| Trade receivables40 | - | - | - | €10.9m | €13.5m | €15.5m | €17.4m | ▲ 12.8% |
| Other amounts receivable41 | - | - | - | €59.6m | €59.1m | €60.4m | €58.8m | ▼ 2.6% |
| Current investments50/53 | €2.5m | €2.5m | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.1m | €0.4m | €4.0m | €2.1m | €1.8m | €0.7m | €0.8m | ▲ 22.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 18.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €122.6m | €126.9m | €128.1m | €130.1m | €130.8m | €140.6m | €147.3m | ▲ 4.8% |
| Equity10/15 | €110.4m | €117.1m | €119.7m | €121.4m | €122.8m | €128.3m | €132.6m | ▲ 3.3% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €110.1m | €116.8m | €119.3m | €121.1m | €122.5m | €128.0m | €132.3m | ▲ 3.3% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €4.3m | €2.8m | €3.7m | €2.8m | ▼ 22.3% |
| Distributable reserves133 | - | - | - | €116.8m | €119.6m | €124.3m | €129.4m | ▲ 4.1% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | - | - |
| Investment grants15 | - | - | - | €0.003m | €0.002m | €0.001m | €0.001m | ▼ 43.0% |
| Provisions and deferred taxes16 | €1.4m | €0.8m | €0.8m | €0.8m | €0.8m | €0.5m | €0.5m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.8m | €0.7m | €0.5m | €0.5m | = |
| Major repairs and maintenance162 | - | - | - | €0.8m | €0.7m | €0.5m | €0.5m | = |
| Deferred taxes168 | - | - | - | €0.001m | €0.001m | €451 | €257 | ▼ 43.0% |
| Amounts payable17/49 | €10.8m | €9.0m | €7.6m | €7.9m | €7.2m | €11.8m | €14.3m | ▲ 21.1% |
| Amounts payable within one year42/48 | €10.6m | €8.9m | €7.6m | €7.8m | €7.2m | €11.7m | €14.3m | ▲ 21.5% |
| Trade debts44 | €7.4m | €6.1m | €5.0m | €5.2m | €5.0m | €5.0m | €7.7m | ▲ 54.9% |
| Suppliers440/4 | - | - | - | €5.2m | €5.0m | €5.0m | €7.7m | ▲ 54.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.4m | €0.6m | €1.1m | ▲ 75.4% |
| Taxes450/3 | - | - | - | €0.04m | €0 | €0.06m | €0.5m | ▲ 756% |
| Remuneration and social security454/9 | - | - | - | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 3.7% |
| Other amounts payable47/48 | - | - | - | €2.1m | €1.8m | €6.1m | €5.5m | ▼ 10.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.07m | €0.02m | €0.05m | €0.02m | ▼ 65.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5.9m | €6.9m | €4.7m | €3.9m | €3.2m | €11.4m | €9.7m | ▼ 14.7% |
| + Depreciation and write-downs630 | €1.9m | €2.4m | €2.2m | €1.8m | €1.3m | €1.3m | €1.8m | ▲ 36.9% |
| Operating cash flow (approximation) | €7.8m | €9.3m | €6.9m | €5.6m | €4.5m | €12.8m | €11.6m | ▼ 9.3% |
| Investment in fixed assets (approximation) | - | -€2.1m | -€0.9m | -€0.4m | -€1.0m | -€5.3m | -€4.8m | ▲ 8.3% |
| Change in cash | - | -€0.7m | €3.5m | -€1.9m | -€0.2m | -€1.2m | €0.1m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-12-2024 | full format | 17-07-2025 | 2025-00281372 | |
| 30-12-2023 | full format | 01-07-2024 | 2024-00209786 | |
| 30-12-2022 | full format | 14-07-2023 | 2023-00241283 | |
| 30-12-2021 | full format | 25-07-2022 | 2022-20241450 | |
| 30-12-2020 | full format | 30-08-2021 | 2021-59400537 | |
| 30-12-2019 | full format | 30-07-2020 | 2020-37100338 | |
| 30-12-2018 | full format | 23-07-2019 | 2019-37500216 | |
| 30-12-2017 | full format | 26-07-2018 | 2018-41300208 | |
| 30-12-2016 | full format | 07-08-2017 | 2017-41800445 | |
| 30-12-2015 | full format | 28-02-2017 | 2017-05400415 |