GM HORECA: what changed
Two financial 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.
GM HORECA
Largest movements
- Cash +€14,396
up €14,396 (+613.1%), from €2,348 to €16,745
mainly Receivables within one year (+€6,084) and Accrued charges and deferred income (+€3,350)
- Receivables within one year -€6,084
down €6,084 (-7.5%), from €81,582 to €75,498
- Stocks and contracts -€2,417
down €2,417 (-49.9%), from €4,841 to €2,424
- Tangible fixed assets -€2,416
down €2,416 (-48.5%), from €4,978 to €2,563
of which Furniture and vehicles: -€2,416
- Tax, wage and social debts -€4,726
down €4,726 (-27.9%), from €16,963 to €12,237
of which Remuneration and social security: -€3,920
- Accrued charges and deferred income +€3,350
new in 2025: €3,350
- Profit (loss) carried forward +€3,274
up €3,274 (+6.5%), from €50,448 to €53,722
- Trade debts +€1,497
up €1,497 (+17.8%), from €8,416 to €9,913
- Gross operating margin +€3,661
up €3,661 (+33.7%), from €10,853 to €14,515
- Financial income -€561
down €561 (-12.4%), from €4,542 to €3,981
- Financial charges +€538
up €538 (+42.4%), from €1,271 to €1,809
- Staff costs +€439
up €439 (+7.5%), from €5,832 to €6,271
- Depreciation -€334
down €334 (-12.1%), from €2,749 to €2,416
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 | €94,109 | €97,679 | +€3,570 | +3.8% |
| Fixed assets | 21/28 | €4,978 | €2,563 | -€2,416 | -48.5% |
| Tangible fixed assets | 22/27 | €4,978 | €2,563 | -€2,416 | -48.5% |
| Furniture and vehicles | 24 | €4,772 | €2,357 | -€2,416 | -50.6% |
| Other tangible fixed assets | 26 | €206 | €206 | = | 0.0% |
| Current assets | 29/58 | €89,130 | €95,116 | +€5,986 | +6.7% |
| Stocks and contracts in progress | 3 | €4,841 | €2,424 | -€2,417 | -49.9% |
| Stocks | 30/36 | €4,841 | €2,424 | -€2,417 | -49.9% |
| Amounts receivable within one year | 40/41 | €81,582 | €75,498 | -€6,084 | -7.5% |
| Other amounts receivable | 41 | €81,582 | €75,498 | -€6,084 | -7.5% |
| Cash at bank and in hand | 54/58 | €2,348 | €16,745 | +€14,396 | +613.1% |
| Deferred charges and accrued income | 490/1 | €359 | €450 | +€91 | +25.3% |
| Total equity and liabilities | 10/49 | €94,109 | €97,679 | +€3,570 | +3.8% |
| Equity | 10/15 | €68,468 | €71,742 | +€3,274 | +4.8% |
| Contributions | 10/11 | €16,160 | €16,160 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,448 | €53,722 | +€3,274 | +6.5% |
| Amounts payable | 17/49 | €25,641 | €25,937 | +€297 | +1.2% |
| Amounts payable within one year | 42/48 | €25,641 | €22,587 | -€3,053 | -11.9% |
| Trade debts | 44 | €8,416 | €9,913 | +€1,497 | +17.8% |
| Suppliers | 440/4 | €8,416 | €9,913 | +€1,497 | +17.8% |
| Taxes, remuneration and social security | 45 | €16,963 | €12,237 | -€4,726 | -27.9% |
| Taxes | 450/3 | €4,844 | €4,037 | -€807 | -16.7% |
| Remuneration and social security | 454/9 | €12,120 | €8,200 | -€3,920 | -32.3% |
| Other amounts payable | 47/48 | €261 | €437 | +€176 | +67.4% |
| Accrued charges and deferred income | 492/3 | - | €3,350 | +€3,350 | |
| Remuneration, social security and pensions | 62 | €5,832 | €6,271 | +€439 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,749 | €2,416 | -€334 | -12.1% |
| Other operating charges | 640/8 | €3,242 | €3,536 | +€294 | +9.1% |
| Gross operating margin | 9900 | €10,853 | €14,515 | +€3,661 | +33.7% |
| Operating profit (loss) | 9901 | -€970 | €2,292 | +€3,262 | |
| Financial income | 75/76B | €4,542 | €3,981 | -€561 | -12.4% |
| Recurring financial income | 75 | €4,542 | €3,981 | -€561 | -12.4% |
| Financial charges | 65/66B | €1,271 | €1,809 | +€538 | +42.4% |
| Recurring financial charges | 65 | €1,271 | €1,809 | +€538 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | €2,302 | €4,464 | +€2,162 | +93.9% |
| Income taxes | 67/77 | €1,026 | €1,191 | +€165 | +16.1% |
| Profit (loss) for the period | 9904 | €1,276 | €3,274 | +€1,997 | +156.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,276 | €3,274 | +€1,997 | +156.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.