HORTA
ActiveSummary
HORTA has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€172,010) and a net result of €141,677. Equity is growing by ~20% per year across the filed fiscal years. Its solvency ranks better than 21% of 821 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability53▼-7
Solvency21▲+4
Growth52=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity tight (current ratio 1.39 against 1.5 in 2024; short-term debt: 27.3% and cash: 25.2% of total assets), and 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-4.3%
Return on assets
3.5%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 821 sector peers (2025).
NBB · sector comparisonPosition among 821 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
56 d early
2023
35 d early
2022
18 d early
2021
17 d early
2020
15 d early
2019
27 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 18 days before the deadline; the sector median for financial year 2024 is 6 days after the deadline, and 52% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€1.8m▼ 59.5%
2019 · €4.4m
EBIT margin
-3.9%▼ 0.3pp
2019 · -3.6%
Net result
€141,677▼ 46.9%
2024 · €266,617
Working capital
€433,011▼ 11.3%
2024 · €488,386
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 56, Food and beverage service activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result€402,150€361,698▼ 10.1%€559,824▲ 54.8%€468,933▼ 16.2%€371,853▼ 20.7%
Net result€253,492above the sector's middle half€194,034above the sector's middle half▼ 23.5%€388,486above the sector's middle half▲ 100%€266,617above the sector's middle half▼ 31.4%€141,677▼ 46.9%
EBIT margin
Equity-€1.2mbelow the sector's middle half▲ 17.9%-€968,790below the sector's middle half▲ 16.7%-€580,304below the sector's middle half▲ 40.1%-€313,687below the sector's middle half▲ 45.9%-€172,010▲ 45.2%
Total assets€3.5mabove the sector's middle half▲ 12.0%€3.8mabove the sector's middle half▲ 7.4%€3.8mabove the sector's middle half▲ 1.5%€3.9mabove the sector's middle half▲ 2.3%€4.0m▲ 3.1%
Debt€4.7m▲ 2.7%€4.7m▲ 1.4%€4.4m▼ 7.0%€4.2m▼ 4.1%€4.2m▼ 0.5%
Working capital€141,907€96,907▼ 31.7%€307,386▲ 217%€488,386▲ 58.9%€433,011▼ 11.3%
Solvency-33.1%below the sector's middle half▲ 12.1pp-25.7%below the sector's middle half▲ 7.4pp-15.2%below the sector's middle half▲ 10.5pp-8.0%below the sector's middle half▲ 7.1pp-4.3%▲ 3.8pp
Staff (FTE)42.8above the sector's middle half▲ 0.9%53.9above the sector's middle half▲ 25.9%58above the sector's middle half▲ 7.6%55.5above the sector's middle half▼ 4.3%48.7▼ 12.3%
above
within
below
the middle half (P25 to P75) of NACE 56, Food and beverage service activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 21% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.0m
Fixed assets
€2.5m ▲ 2.2%
Current assets
€1.5m ▲ 4.6%
Key figures and ratios
EBITDA
€600,725▼
2024 · €685,296
Cash flow
€370,548▼
2024 · €482,980
Current ratio
1.39▼
2024 · 1.50
Quick ratio
1.36▼
2024 · 1.46
Debt to equity
-24.47▼
2024 · -13.48
ROA
3.5%▼
2024 · 6.8%
Interest coverage
3.54▼
2024 · 3.90
Debt ≤ 1 year
€1.1m▲
2024 · €978,595
Debt > 1 year
€3.1m▼
2024 · €3.3m
Income taxes
€76,807▲
2024 · €29,220
Staff costs
€3.0m▲
2024 · €2.9m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 516 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 92% are still going.
- Small
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
2.5%
went bankrupt
3.9%
stopped otherwise
92%
still going
A further 1.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
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 516 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1.2m | €2.4m | €2.9m | €2.9m | €3.0m | ▲ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €183,592 | €179,448 | €199,999 | €216,363 | €228,872 | ▲ 5.8% |
| Other operating charges640/8 | €24,967 | €7,853 | €12,221 | €49,310 | €72,508 | ▲ 47.0% |
| Gross operating margin9900 | €1.8m | €2.9m | €3.6m | €3.6m | €3.7m | ▲ 1.9% |
| Operating profit (loss)9901 | €402,150 | €361,698 | €559,824 | €468,933 | €371,853 | ▼ 20.7% |
| Financial income75/76B | €37 | €90 | €637 | €2,522 | €16,393 | ▲ 550% |
| Recurring financial income75 | €37 | €90 | €637 | €2,522 | €16,393 | ▲ 550% |
| Financial charges65/66B | €148,695 | €167,753 | €171,801 | €175,618 | €169,763 | ▼ 3.3% |
| Recurring financial charges65 | €148,695 | €167,753 | €171,801 | €175,618 | €169,763 | ▼ 3.3% |
| Profit (loss) for the period before taxes9903 | €253,492 | €194,034 | €388,660 | €295,837 | €218,484 | ▼ 26.1% |
| Income taxes67/77 | - | - | €174 | €29,220 | €76,807 | ▲ 163% |
| Profit (loss) for the period9904 | €253,492 | €194,034 | €388,486 | €266,617 | €141,677 | ▼ 46.9% |
| Profit (loss) for the period to be appropriated9905 | €253,492 | €194,034 | €388,486 | €266,617 | €141,677 | ▼ 46.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.5m | €3.8m | €3.8m | €3.9m | €4.0m | ▲ 3.1% |
| Fixed assets21/28 | €2.6m | €2.6m | €2.6m | €2.4m | €2.5m | ▲ 2.2% |
| Tangible fixed assets22/27 | €2.6m | €2.6m | €2.6m | €2.4m | €2.5m | ▲ 2.2% |
| Plant, machinery and equipment23 | €78,843 | €231,787 | €289,140 | €286,951 | €478,744 | ▲ 66.8% |
| Furniture and vehicles24 | €917 | €2,158 | €1,750 | €1,342 | €934 | ▼ 30.4% |
| Leasing and similar rights25 | €2.3m | €2.2m | €2.1m | €1.9m | €1.8m | ▼ 6.3% |
| Other tangible fixed assets26 | €251,923 | €233,931 | €237,618 | €227,397 | €210,998 | ▼ 7.2% |
| Financial fixed assets28 | €2,000 | €2,000 | €0 | - | - | - |
| Current assets29/58 | €881,141 | €1.1m | €1.2m | €1.5m | €1.5m | ▲ 4.6% |
| Amounts receivable after more than one year29 | €0 | - | - | - | - | - |
| Other amounts receivable291 | €0 | - | - | - | - | - |
| Stocks and contracts in progress3 | €33,005 | €35,305 | €31,505 | €35,500 | €36,750 | ▲ 3.5% |
| Stocks30/36 | €33,005 | €35,305 | €31,505 | €35,500 | €36,750 | ▲ 3.5% |
| Amounts receivable within one year40/41 | €53,013 | €204,478 | €209,877 | €248,094 | €448,414 | ▲ 80.7% |
| Trade receivables40 | €26,034 | €175,522 | €179,296 | €169,205 | €210,130 | ▲ 24.2% |
| Other amounts receivable41 | €26,979 | €28,957 | €30,582 | €78,889 | €238,284 | ▲ 202% |
| Cash at bank and in hand54/58 | €792,641 | €869,393 | €995,176 | €1.2m | €1.0m | ▼ 12.4% |
| Deferred charges and accrued income490/1 | €2,483 | €17,537 | €10,159 | €20,246 | €29,891 | ▲ 47.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.5m | €3.8m | €3.8m | €3.9m | €4.0m | ▲ 3.1% |
| Equity10/15 | -€1.2m | -€968,790 | -€580,304 | -€313,687 | -€172,010 | ▲ 45.2% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Profit (loss) carried forward14 | -€1.2m | -€1.0m | -€642,277 | -€375,660 | -€233,984 | ▲ 37.7% |
| Amounts payable17/49 | €4.7m | €4.7m | €4.4m | €4.2m | €4.2m | ▼ 0.5% |
| Amounts payable after more than one year17 | €3.9m | €3.7m | €3.5m | €3.3m | €3.1m | ▼ 4.4% |
| Financial debts170/4 | €3.9m | €3.7m | €3.5m | €3.3m | €3.1m | ▼ 4.4% |
| Amounts payable within one year42/48 | €739,234 | €1.0m | €939,331 | €978,595 | €1.1m | ▲ 12.5% |
| Current portion of amounts payable after more than one year42 | €263,956 | €363,628 | €240,160 | €248,012 | €222,915 | ▼ 10.1% |
| Trade debts44 | €146,651 | €327,370 | €291,854 | €284,145 | €429,771 | ▲ 51.3% |
| Suppliers440/4 | €146,651 | €327,370 | €291,854 | €284,145 | €429,771 | ▲ 51.3% |
| Advances received on contracts in progress46 | €2,495 | €7,016 | €4,800 | €6,920 | €7,161 | ▲ 3.5% |
| Taxes, remuneration and social security45 | €326,132 | €331,792 | €402,517 | €439,518 | €441,108 | ▲ 0.4% |
| Taxes450/3 | €70,778 | €78,258 | €88,956 | €127,096 | €122,831 | ▼ 3.4% |
| Remuneration and social security454/9 | €255,354 | €253,534 | €313,560 | €312,422 | €318,277 | ▲ 1.9% |
| Other amounts payable47/48 | €0 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €253,492 | €194,034 | €388,486 | €266,617 | €141,677 | ▼ 46.9% |
| + Depreciation and write-downs630 | €183,592 | €179,448 | €199,999 | €216,363 | €228,872 | ▲ 5.8% |
| Operating cash flow (approximation) | €437,085 | €373,482 | €588,485 | €482,980 | €370,548 | ▼ 23.3% |
| Investment in fixed assets (approximation) | - | -€194,854 | -€137,845 | -€82,758 | -€283,070 | ▼ 242% |
| Change in cash | - | €76,752 | €125,783 | €167,966 | -€144,232 | ▼ 186% |
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
Next filing, fiscal year 2026, expected by
2026
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
05-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €388,486 ▲100%
Operating result €559,824, net result €388,486, both a record.
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €253,492
Net result €253,492 after 2 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 1.19
Current ratio from 0.57 to 1.19.
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 27 days late
2019
31-12
Financial
Weakest financial yearnet -€310,344
Net result drops to -€310,344, the lowest in the series; recovery starts the following year.
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
21-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 1997
Ground area
1,595 m²
Building footprint
1,272 m²
Volume, LiDAR
21,857 m³
Parcel 11803C0558/00G000, Flanders · tallest building 24.2 m, ±6 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
GRAND CAFE HORTA
since 19972.082.268.613
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11803C0558/00G000 | Flanders | 1,595 m² | 1 · 1,272 m² | 24.2 m · 6 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.
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 149 EUR awarded · 149 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 149 EUR | 149 EUR |
Schemes
Recognitions · licences · registrations
Food safety, FASFC
1 siteAntwerpen2.082.268.613
Dual-learning approval
3 live approvals · 2 endedKeukenmedewerker (vwo)
Keukenmedewerker duaal (so)
Restaurant en keuken duaal (so)
Show 2 ended approvals
Hulpkok (so)
Keukenmedewerker (so)
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Of 20,505 companies in sector 56111 we hold annual accounts for 11,464. 1,910 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded12-06-1997
Fiscal year end31-12
Activities, NACEBEL 2025
56111Full-service restaurants
E-invoicing
Reachable via Peppol
Peppol ID
0208:0460853433
Also
9925:BE0460853433
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.