HM HORECA: 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.
HM HORECA
Largest movements
- Receivables within one year -€33,811
down €33,811 (-84.6%), from €39,977 to €6,165
of which Trade receivables: -€33,810
- Cash +€12,786
up €12,786 (+67.6%), from €18,915 to €31,702
mainly Receivables within one year (+€33,811) and Net result for the year (+€17,910)
- Tangible fixed assets -€8,317
down €8,317 (-15.9%), from €52,430 to €44,112
- Stocks and contracts -€4,988
down €4,988 (-83.2%), from €5,993 to €1,004
- Deferred charges and accrued income +€3,425
up €3,425 (+307.8%), from €1,113 to €4,538
- Trade debts -€18,259
down €18,259 (-72.9%), from €25,035 to €6,776
- Profit (loss) carried forward +€17,910
up €17,910 (+138.8%), from €12,903 to €30,813
- Debts after one year -€15,134
down €15,134 (-70.3%), from €21,540 to €6,406
- Other debts -€11,470
down €11,470 (-60.5%), from €18,968 to €7,498
- Tax, wage and social debts -€6,259
down €6,259 (-27.8%), from €22,493 to €16,234
of which Taxes: -€4,611
- Gross operating margin +€58,096
up €58,096 (+136.0%), from €42,723 to €100,819
- Staff costs +€36,893
up €36,893 (+200.2%), from €18,429 to €55,322
- Taxes +€7,726
up €7,726 (+455.4%), from €1,696 to €9,423
- Financial charges -€1,677
down €1,677 (-19.1%), from €8,768 to €7,091
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 | €118,428 | €87,522 | -€30,905 | -26.1% |
| Fixed assets | 21/28 | €52,430 | €44,112 | -€8,317 | -15.9% |
| Tangible fixed assets | 22/27 | €52,430 | €44,112 | -€8,317 | -15.9% |
| Land and buildings | 22 | €1,773 | €1,563 | -€210 | -11.8% |
| Plant, machinery and equipment | 23 | €12,991 | €9,741 | -€3,250 | -25.0% |
| Furniture and vehicles | 24 | €6,279 | €5,435 | -€844 | -13.4% |
| Other tangible fixed assets | 26 | €31,387 | €27,373 | -€4,014 | -12.8% |
| Current assets | 29/58 | €65,998 | €43,410 | -€22,588 | -34.2% |
| Stocks and contracts in progress | 3 | €5,993 | €1,004 | -€4,988 | -83.2% |
| Stocks | 30/36 | €5,993 | €1,004 | -€4,988 | -83.2% |
| Amounts receivable within one year | 40/41 | €39,977 | €6,165 | -€33,811 | -84.6% |
| Trade receivables | 40 | €39,976 | €6,165 | -€33,810 | -84.6% |
| Other amounts receivable | 41 | €1 | - | -€1 | |
| Cash at bank and in hand | 54/58 | €18,915 | €31,702 | +€12,786 | +67.6% |
| Deferred charges and accrued income | 490/1 | €1,113 | €4,538 | +€3,425 | +307.8% |
| Total equity and liabilities | 10/49 | €118,428 | €87,522 | -€30,905 | -26.1% |
| Equity | 10/15 | €15,403 | €33,313 | +€17,910 | +116.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,903 | €30,813 | +€17,910 | +138.8% |
| Amounts payable | 17/49 | €103,024 | €54,209 | -€48,815 | -47.4% |
| Amounts payable after more than one year | 17 | €21,540 | €6,406 | -€15,134 | -70.3% |
| Financial debts | 170/4 | €21,540 | €6,406 | -€15,134 | -70.3% |
| Amounts payable within one year | 42/48 | €81,484 | €47,803 | -€33,681 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €14,988 | €17,296 | +€2,307 | +15.4% |
| Trade debts | 44 | €25,035 | €6,776 | -€18,259 | -72.9% |
| Suppliers | 440/4 | €25,035 | €6,776 | -€18,259 | -72.9% |
| Taxes, remuneration and social security | 45 | €22,493 | €16,234 | -€6,259 | -27.8% |
| Taxes | 450/3 | €16,747 | €12,136 | -€4,611 | -27.5% |
| Remuneration and social security | 454/9 | €5,746 | €4,098 | -€1,648 | -28.7% |
| Other amounts payable | 47/48 | €18,968 | €7,498 | -€11,470 | -60.5% |
| Remuneration, social security and pensions | 62 | €18,429 | €55,322 | +€36,893 | +200.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,431 | €9,803 | +€372 | +3.9% |
| Other operating charges | 640/8 | €2,536 | €1,830 | -€706 | -27.8% |
| Non-recurring operating charges | 66A | - | €282 | +€282 | |
| Gross operating margin | 9900 | €42,723 | €100,819 | +€58,096 | +136.0% |
| Operating profit (loss) | 9901 | €12,327 | €33,582 | +€21,256 | +172.4% |
| Financial income | 75/76B | €511 | €841 | +€330 | +64.7% |
| Recurring financial income | 75 | €511 | €841 | +€330 | +64.7% |
| Financial charges | 65/66B | €8,768 | €7,091 | -€1,677 | -19.1% |
| Recurring financial charges | 65 | €8,768 | €7,091 | -€1,677 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €4,070 | €27,333 | +€23,263 | +571.6% |
| Income taxes | 67/77 | €1,696 | €9,423 | +€7,726 | +455.4% |
| Profit (loss) for the period | 9904 | €2,373 | €17,910 | +€15,537 | +654.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,373 | €17,910 | +€15,537 | +654.7% |
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 8 October 2026 via checked.be.