BHORECA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BHORECA
Largest movements
- Tangible fixed assets +€35,238
up €35,238 (+282.4%), from €12,477 to €47,715
of which Furniture and vehicles: +€40,476
- Stocks and contracts +€35,000
new in 2025: €35,000
- Cash -€29,003
down €29,003 (-27.8%), from €104,377 to €75,374
mainly Investment in fixed assets (net) (-€43,000) and Stocks and contracts (-€35,000)
- Receivables within one year -€11,192
down €11,192 (-12.3%), from €90,626 to €79,435
of which Trade receivables: -€19,040
- Reserves +€34,000
up €34,000 (+29.0%), from €117,098 to €151,098
- Debts after one year +€24,884
new in 2025: €24,884
- Other debts -€23,700
down €23,700 (-89.1%), from €26,600 to €2,900
- Trade debts -€16,035
down €16,035 (-33.7%), from €47,562 to €31,528
- Current portion of long-term debt +€8,223
up €8,223, from €0 to €8,223
- Gross operating margin +€69,248
up €69,248 (+348.8%), from €19,856 to €89,103
- Other operating charges -€27,190
down €27,190 (-91.1%), from €29,862 to €2,672
- Taxes +€25,071
up €25,071 (+7507.8%), from €334 to €25,405
- Write-downs +€9,812
up €9,812 (+83.2%), from -€11,789 to -€1,976
- Depreciation -€2,260
down €2,260 (-18.8%), from €12,022 to €9,762
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €216,295 | €245,475 | +€29,180 | +13.5% |
| Fixed assets | 21/28 | €20,767 | €54,005 | +€33,238 | +160.1% |
| Tangible fixed assets | 22/27 | €12,477 | €47,715 | +€35,238 | +282.4% |
| Plant, machinery and equipment | 23 | €6,149 | €2,621 | -€3,527 | -57.4% |
| Furniture and vehicles | 24 | €2,907 | €43,383 | +€40,476 | +1392.3% |
| Other tangible fixed assets | 26 | €3,421 | €1,711 | -€1,710 | -50.0% |
| Financial fixed assets | 28 | €8,290 | €6,290 | -€2,000 | -24.1% |
| Current assets | 29/58 | €195,529 | €191,470 | -€4,058 | -2.1% |
| Stocks and contracts in progress | 3 | - | €35,000 | +€35,000 | |
| Contracts in progress | 37 | - | €35,000 | +€35,000 | |
| Amounts receivable within one year | 40/41 | €90,626 | €79,435 | -€11,192 | -12.3% |
| Trade receivables | 40 | €70,117 | €51,077 | -€19,040 | -27.2% |
| Other amounts receivable | 41 | €20,509 | €28,357 | +€7,848 | +38.3% |
| Cash at bank and in hand | 54/58 | €104,377 | €75,374 | -€29,003 | -27.8% |
| Deferred charges and accrued income | 490/1 | €525 | €1,662 | +€1,137 | +216.4% |
| Total equity and liabilities | 10/49 | €216,295 | €245,475 | +€29,180 | +13.5% |
| Equity | 10/15 | €128,506 | €170,341 | +€41,835 | +32.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €117,098 | €151,098 | +€34,000 | +29.0% |
| Distributable reserves | 133 | €117,098 | €151,098 | +€34,000 | +29.0% |
| Profit (loss) carried forward | 14 | -€7,593 | €243 | +€7,835 | |
| Amounts payable | 17/49 | €87,790 | €75,135 | -€12,655 | -14.4% |
| Amounts payable after more than one year | 17 | - | €24,884 | +€24,884 | |
| Financial debts | 170/4 | - | €24,884 | +€24,884 | |
| Amounts payable within one year | 42/48 | €75,887 | €43,051 | -€32,836 | -43.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | €8,223 | +€8,223 | |
| Trade debts | 44 | €47,562 | €31,528 | -€16,035 | -33.7% |
| Suppliers | 440/4 | €47,562 | €31,528 | -€16,035 | -33.7% |
| Taxes, remuneration and social security | 45 | €1,725 | €400 | -€1,325 | -76.8% |
| Taxes | 450/3 | €1,725 | €400 | -€1,325 | -76.8% |
| Other amounts payable | 47/48 | €26,600 | €2,900 | -€23,700 | -89.1% |
| Accrued charges and deferred income | 492/3 | €11,903 | €7,200 | -€4,703 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,022 | €9,762 | -€2,260 | -18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,789 | -€1,976 | +€9,812 | +83.2% |
| Other operating charges | 640/8 | €29,862 | €2,672 | -€27,190 | -91.1% |
| Non-recurring operating charges | 66A | - | €2,000 | +€2,000 | |
| Gross operating margin | 9900 | €19,856 | €89,103 | +€69,248 | +348.8% |
| Operating profit (loss) | 9901 | -€10,239 | €76,646 | +€86,885 | |
| Financial income | 75/76B | €2,482 | €1,211 | -€1,270 | -51.2% |
| Recurring financial income | 75 | €2,482 | €1,211 | -€1,270 | -51.2% |
| Financial charges | 65/66B | €381 | €618 | +€237 | +62.1% |
| Recurring financial charges | 65 | €381 | €618 | +€237 | +62.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,139 | €77,240 | +€85,378 | |
| Income taxes | 67/77 | €334 | €25,405 | +€25,071 | +7507.8% |
| Profit (loss) for the period | 9904 | -€8,472 | €51,835 | +€60,308 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,472 | €51,835 | +€60,308 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.