HORENA
ActiveSummary
HORENA has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (-€1.5m) and a net result of -€117,747. Equity is shrinking by ~6.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 489 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability2▼-56
Solvency0=
Growth36=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 6.01 against 6.59 in 2023; short-term debt: 1.5% and cash: 8.4% of total assets), but equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-174.4%
Return on assets
-13.5%
Age of the figures
21 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 55
Relative position
BE, all sectors
reference
Accommodation (NACE 55)
about 6% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€1.5m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 24-06-2025, 37 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
37 d early
2023
on the day
2022
5 d early
2021
4 d early
2020
12 d late
2019
14 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 3 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 45% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
€0▼ 100%
2023 · €270,399
EBIT margin
-24.9%▼ 4.2pp
2022 · -20.7%
Net result
-€117,747▼ 67.0%
2023 · -€70,502
Working capital
€63,614▼ 31.4%
2023 · €92,786
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€96,061▼ 58.6%€161,790▲ 68.4%€265,281▲ 64.0%€270,399▲ 1.9%€0▼ 100%
Operating result-€99,262▼ 84.8%-€79,323▲ 20.1%-€54,969▲ 30.7%-€67,294▼ 22.4%-€117,163▼ 74.1%
Net result-€100,896▼ 77.0%-€81,151▲ 19.6%-€58,254▲ 28.2%-€70,502▼ 21.0%-€117,747▼ 67.0%
EBIT margin-103.3%▼ 80.2pp-49.0%▲ 54.3pp-20.7%▲ 28.3pp-24.9%▼ 4.2pp
Equity-€1.2m▼ 9.2%-€1.3m▼ 6.8%-€1.3m▼ 4.6%-€1.4m▼ 5.3%-€1.5m▼ 8.4%
Total assets€1.2m▼ 7.6%€1.1m▼ 4.7%€1.1m▼ 6.1%€993,374▼ 7.3%€872,235▼ 12.2%
Debt€2.4m▲ 0.1%€2.4m▲ 1.0%€2.4m▼ 0.5%€2.4m▼ 0.3%€2.4m▼ 0.1%
Working capital€96,702▼ 12.4%€58,242▼ 39.8%€85,729▲ 47.2%€92,786▲ 8.2%€63,614▼ 31.4%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €117,163 in 2024 against €67,294 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €872,235
Fixed assets
€795,931 ▼ 10.0%
Current assets
€76,304 ▼ 30.2%
Key figures and ratios
EBITDA
-€27,010▼
2023 · €22,306
Cash flow
-€27,595▼
2023 · €19,099
Solvency
-174.4%▼
2023 · -141.3%
Current ratio
6.01▼
2023 · 6.59
Debt to equity
-1.57▲
2023 · -1.71
ROA
-13.5%▼
2023 · -7.1%
Interest coverage
-1350.51▼
2023 · 802.68
Debt ≤ 1 year
€12,690▼
2023 · €16,601
Debt > 1 year
€2.4m=
2023 · €2.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 598 companies that looked in July 2024 the way this one looks now, 8.5% went bankrupt within 24 months and 83% are still going.
- Small
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
8.5%
went bankrupt
5.9%
stopped otherwise
83%
still going
A further 2.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 598 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €161,790 | €268,625 | €270,399 | €0 | ▼ 100% |
| Turnover70 | €96,061 | €161,790 | €265,281 | €270,399 | €0 | ▼ 100% |
| Other operating income74 | - | €0 | €3,344 | €0 | - | - |
| Operating charges60/66A | - | €241,113 | €323,593 | €337,693 | €117,163 | ▼ 65.3% |
| Goods for resale, raw materials and consumables60 | - | €85,432 | €167,351 | €175,596 | €0 | ▼ 100% |
| Purchases600/8 | - | €85,432 | €167,351 | €175,596 | €0 | ▼ 100% |
| Services and other goods61 | - | €59,624 | €57,980 | €63,257 | €20,037 | ▼ 68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €86,672 | €87,823 | €88,778 | €89,600 | €90,152 | ▲ 0.6% |
| Other operating charges640/8 | - | €8,234 | €9,485 | €9,240 | €6,974 | ▼ 24.5% |
| Operating profit (loss)9901 | -€99,262 | -€79,323 | -€54,969 | -€67,294 | -€117,163 | ▼ 74.1% |
| Financial income75/76B | - | €156 | €0 | - | - | - |
| Recurring financial income75 | - | €156 | €0 | - | - | - |
| Other financial income752/9 | - | €156 | €0 | - | - | - |
| Financial charges65/66B | - | €1,984 | €3,285 | €3,208 | €585 | ▼ 81.8% |
| Recurring financial charges65 | €1,633 | €1,984 | €3,285 | €3,208 | €585 | ▼ 81.8% |
| Debt charges650 | - | - | - | €28 | €20 | ▼ 28.0% |
| Other financial charges652/9 | - | €1,984 | €3,285 | €3,180 | €565 | ▼ 82.2% |
| Profit (loss) for the period before taxes9903 | -€100,896 | -€81,151 | -€58,254 | -€70,502 | -€117,747 | ▼ 67.0% |
| Profit (loss) for the period9904 | -€100,896 | -€81,151 | -€58,254 | -€70,502 | -€117,747 | ▼ 67.0% |
| Profit (loss) for the period to be appropriated9905 | -€100,896 | -€81,151 | -€58,254 | -€70,502 | -€117,747 | ▼ 67.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.1m | €1.1m | €993,374 | €872,235 | ▼ 12.2% |
| Fixed assets21/28 | €1.1m | €1.1m | €961,545 | €883,988 | €795,931 | ▼ 10.0% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €961,365 | €883,988 | €795,931 | ▼ 10.0% |
| Land and buildings22 | - | €370,958 | €344,313 | €317,668 | €291,023 | ▼ 8.4% |
| Plant, machinery and equipment23 | - | €679,128 | €617,053 | €566,320 | €504,908 | ▼ 10.8% |
| Furniture and vehicles24 | - | €57 | €0 | - | - | - |
| Financial fixed assets28 | - | €180 | €180 | €0 | - | - |
| Other financial fixed assets284/8 | - | €180 | €180 | €0 | - | - |
| Amounts receivable and cash guarantees285/8 | - | €180 | €180 | €0 | - | - |
| Current assets29/58 | €103,916 | €90,915 | €109,697 | €109,386 | €76,304 | ▼ 30.2% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €2,777 | €26,706 | €14,884 | €11,001 | €3,232 | ▼ 70.6% |
| Trade receivables40 | - | €20,476 | €8,137 | €5,627 | €2,805 | ▼ 50.2% |
| Other amounts receivable41 | - | €6,230 | €6,747 | €5,373 | €428 | ▼ 92.0% |
| Cash at bank and in hand54/58 | €98,793 | €63,602 | €94,174 | €98,385 | €73,072 | ▼ 25.7% |
| Deferred charges and accrued income490/1 | - | €606 | €639 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.1m | €993,374 | €872,235 | ▼ 12.2% |
| Equity10/15 | -€1.2m | -€1.3m | -€1.3m | -€1.4m | -€1.5m | ▼ 8.4% |
| Contributions10/11 | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Capital10 | - | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Issued capital100 | - | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Profit (loss) carried forward14 | -€1.6m | -€1.7m | -€1.7m | -€1.8m | -€1.9m | ▼ 6.5% |
| Amounts payable17/49 | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | ▼ 0.1% |
| Amounts payable after more than one year17 | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | = |
| Other amounts payable178/9 | - | €2.4m | €2.4m | €2.4m | €2.4m | = |
| Amounts payable within one year42/48 | €7,215 | €32,673 | €23,968 | €16,601 | €12,690 | ▼ 23.6% |
| Trade debts44 | €7,215 | €32,673 | €23,968 | €16,601 | €12,690 | ▼ 23.6% |
| Suppliers440/4 | - | €32,673 | €23,968 | €16,601 | €12,690 | ▼ 23.6% |
| Accrued charges and deferred income492/3 | - | €3,036 | €0 | - | €519 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€100,896 | -€81,151 | -€58,254 | -€70,502 | -€117,747 | ▼ 67.0% |
| + Depreciation and write-downs630 | €86,672 | €87,823 | €88,778 | €89,600 | €90,152 | ▲ 0.6% |
| Operating cash flow (approximation) | -€14,224 | €6,672 | €30,524 | €19,099 | -€27,595 | ▼ 244% |
| Investment in fixed assets (approximation) | - | -€44,525 | €0 | -€12,043 | -€2,096 | ▲ 82.6% |
| Change in cash | - | -€35,191 | €30,572 | €4,211 | -€25,313 | ▼ 701% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
18-09
State Gazette act
Reappointments: Veerle Naessens, NV DEROOSE PROJECTS and 2 othersPermanent representatives: Dirk Deroose and Dennis Ingelbeen · Appointment: BV INGELBEEN (non-statutory director)8 facts ▸
State Gazette act
Reappointments: Veerle Naessens, NV DEROOSE PROJECTS and 2 others
Permanent representatives: Dirk Deroose and Dennis Ingelbeen · Appointment: BV INGELBEEN (non-statutory director)8 facts ▸
- General meeting, 29-05-2024
- Director reappointment, Veerle Naessens (non-statutory director)
- Director reappointment, NV DEROOSE PROJECTS (non-statutory director)
- Permanent representative, Dirk Deroose (permanent representative)
- Director reappointment, Sem Naessens (non-statutory director)
- Director reappointment, Filip Van Hautegem (non-statutory director)
- Director appointment, BV INGELBEEN (non-statutory director)
- Permanent representative, Dennis Ingelbeen (permanent representative)
2025
24-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€117,747
Net result drops to -€117,747, the lowest in the series.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
12-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 12 days late
2020
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 14 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 19.67
Current ratio from 8.80 to 19.67; short-term debt falls from €10,362 to €5,912.
08-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 8 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2025
This board is reconstructed from a single act (26117602). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 5
Filip Van Hautegem
CurrentNon-statutory director · since 29-05-2024
NV DEROOSE PROJECTS
CurrentNon-statutory director · since 29-05-2024 · Legal entity · perm. rep.: Dirk Deroose
Sem Naessens
CurrentNon-statutory director · since 29-05-2024
Veerle Naessens
CurrentNon-statutory director · since 29-05-2024
Ingelbeen BV
CurrentNon-statutory director · since 28-05-2025 · Legal entity · perm. rep.: Dennis Ingelbeen
Permanent representatives 2
Dirk Deroose
CurrentPermanent representative · since 29-05-2024 · for NV DEROOSE PROJECTS
Dennis Ingelbeen
CurrentPermanent representative · since 28-05-2025 · for Ingelbeen BV
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Wortegem-Petegem · 1 establishment unit since 2012
Ground area
1,087 m²
Building footprint
184 m²
Volume, LiDAR
1,090 m³
Parcel 45008B0455/00K000, Flanders · tallest building 10.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Hotel Geeraard
since 20122.210.609.214
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45008B0455/00K000 | Flanders | 1,087 m² | 1 · 184 m² | 10.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
5 people since 2024, 5 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Filip Van Hautegem |
|
| NV DEROOSE PROJECTS |
|
| Sem Naessens |
|
| Veerle Naessens |
|
| Ingelbeen BV |
|
Structure & network
Part of the group
Koutermolen
46 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- Koutermolen
- WILLY NAESSENS INVEST
- HORENA
Highest known parent: Koutermolen. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
5 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 2,393 companies in sector 55100 we hold annual accounts for 1,515. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded07-05-2012
Fiscal year end31-12
Activities, NACEBEL 2025
55100Hotels and similar accommodation
47279Other retail sale of food
E-invoicing
Reachable via Peppol
Peppol ID
0208:0845732706
Also
9925:BE0845732706
Registered
27-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.