AR HORECA: what changed
AR HORECA
Largest movements
- Receivables within one year +€14,238
up €14,238 (+26.2%), from €54,288 to €68,526
of which Trade receivables: +€10,988
- Cash -€13,778
down €13,778 (-33.2%), from €41,541 to €27,763
mainly Tax, wage and social debts (-€15,081) and Receivables within one year (-€14,238)
- Tangible fixed assets -€4,984
down €4,984 (-24.9%), from €20,055 to €15,071
of which Furniture and vehicles: -€3,801
- Tax, wage and social debts -€15,081
down €15,081 (-59.7%), from €25,263 to €10,182
- Reserves +€8,728
up €8,728 (+13.9%), from €62,622 to €71,350
- Other debts +€1,529
new in 2025: €1,529
- Financial charges +€37,527
up €37,527 (+2,166%), from €1,733 to €39,260
- Taxes -€10,595
down €10,595 (-69.4%), from €15,262 to €4,667
- Gross operating margin -€1,850
down €1,850 (-3.1%), from €59,161 to €57,310
- Financial income +€973
up €973 (+64.3%), from €1,513 to €2,486
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €116,137 | €111,360 | -€4,777 | -4.1% |
| Fixed assets | 21/28 | €20,055 | €15,071 | -€4,984 | -24.9% |
| Tangible fixed assets | 22/27 | €20,055 | €15,071 | -€4,984 | -24.9% |
| Land and buildings | 22 | €12,486 | €11,815 | -€671 | -5.4% |
| Plant, machinery and equipment | 23 | €1,312 | €801 | -€511 | -39.0% |
| Furniture and vehicles | 24 | €6,256 | €2,455 | -€3,801 | -60.8% |
| Current assets | 29/58 | €96,083 | €96,290 | +€207 | +0.2% |
| Amounts receivable within one year | 40/41 | €54,288 | €68,526 | +€14,238 | +26.2% |
| Trade receivables | 40 | €11,809 | €22,796 | +€10,988 | +93.0% |
| Other amounts receivable | 41 | €42,479 | €45,730 | +€3,251 | +7.7% |
| Cash at bank and in hand | 54/58 | €41,541 | €27,763 | -€13,778 | -33.2% |
| Deferred charges and accrued income | 490/1 | €254 | - | -€254 | |
| Total equity and liabilities | 10/49 | €116,137 | €111,360 | -€4,777 | -4.1% |
| Equity | 10/15 | €88,294 | €97,022 | +€8,728 | +9.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €62,622 | €71,350 | +€8,728 | +13.9% |
| Distributable reserves | 133 | €62,622 | €71,350 | +€8,728 | +13.9% |
| Profit (loss) carried forward | 14 | €23,172 | €23,172 | = | 0.0% |
| Amounts payable | 17/49 | €27,843 | €14,339 | -€13,505 | -48.5% |
| Amounts payable within one year | 42/48 | €27,843 | €14,339 | -€13,505 | -48.5% |
| Trade debts | 44 | €2,580 | €2,627 | +€47 | +1.8% |
| Suppliers | 440/4 | €2,580 | €2,627 | +€47 | +1.8% |
| Taxes, remuneration and social security | 45 | €25,263 | €10,182 | -€15,081 | -59.7% |
| Taxes | 450/3 | €25,263 | €10,182 | -€15,081 | -59.7% |
| Other amounts payable | 47/48 | - | €1,529 | +€1,529 | |
| Remuneration, social security and pensions | 62 | €152 | - | -€152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,183 | €6,422 | +€239 | +3.9% |
| Other operating charges | 640/8 | €468 | €720 | +€251 | +53.7% |
| Gross operating margin | 9900 | €59,161 | €57,310 | -€1,850 | -3.1% |
| Operating profit (loss) | 9901 | €52,358 | €50,169 | -€2,189 | -4.2% |
| Financial income | 75/76B | €1,513 | €2,486 | +€973 | +64.3% |
| Recurring financial income | 75 | €1,513 | €2,486 | +€973 | +64.3% |
| Financial charges | 65/66B | €1,733 | €39,260 | +€37,527 | +2,166% |
| Recurring financial charges | 65 | €1,733 | €39,260 | +€37,527 | +2,166% |
| Profit (loss) for the period before taxes | 9903 | €52,138 | €13,395 | -€38,743 | -74.3% |
| Income taxes | 67/77 | €15,262 | €4,667 | -€10,595 | -69.4% |
| Profit (loss) for the period | 9904 | €36,875 | €8,728 | -€28,148 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,875 | €8,728 | -€28,148 | -76.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.