Hoen: 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.
What changed
Hoen
NACE 56.112, Limited-service restaurants, excluding mobile food services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€261,807
2024 · €62,785-€324,592
Equity
€82,638
2024 · €349,678-€267,040
Cash
€48,400
2024 · €85,774-€37,374
Balance sheet total
€2.4m
2024 · €2.9m-€447,351
Largest movements
Assets
- Tangible fixed assets -€352,528
down €352,528 (-14.2%), from €2.5m to €2.1m
of which Other tangible fixed assets: -€244,348
- Cash -€37,374
down €37,374 (-43.6%), from €85,774 to €48,400
mainly Net result for the year (-€261,807) and Debts after one year (-€196,196)
- Intangible fixed assets -€34,279
down €34,279 (-20.0%), from €171,564 to €137,286
Equity and liabilities
- Profit (loss) carried forward -€261,807
down €261,807, from €12,436 to -€249,371
- Debts after one year -€196,196
down €196,196 (-11.2%), from €1.8m to €1.6m
- Tax, wage and social debts -€44,368
down €44,368 (-24.8%), from €178,623 to €134,255
of which Taxes: -€30,694
- Trade debts +€33,722
up €33,722 (+14.5%), from €232,510 to €266,232
Income statement
- Gross operating margin -€368,000
down €368,000 (-20.5%), from €1.8m to €1.4m
- Staff costs -€33,141
down €33,141 (-2.7%), from €1.2m to €1.2m
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.
Result 2024
€62,785
Gross operating margin
-€368,000
Staff costs
+€33,141
Depreciation
-€6,914
Provisions
-€10,297
Other operating charges
+€4,017
Other operating items
-€1,344
Financial income
+€30
Financial charges
+€10,991
Taxes
+€15,550
Deferred taxes and other
-€1,768
Result 2025
-€261,807
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.
From operations
+€207,068
Investment
-€50,808
Financing
-€193,634
Cash 2024
€85,774
From operations (derived)
+€207,068
Net result for the year
-€261,807
Depreciation
+€438,014
Stocks and contracts
-€2,758
Receivables within one year
+€17,142
Deferred charges and accrued income
+€8,386
Provisions
+€8,552
Trade debts
+€33,722
Tax, wage and social debts
-€44,368
Accrued charges and deferred income
+€10,185
Investment (derived)
-€50,808
Investment in fixed assets (net)
-€50,808
Financing
-€193,634
Debts after one year
-€196,196
Short-term financial debts
+€7,794
Contributions, distributions and other
-€5,233
Cash 2025
€48,400
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,891,896 | €2,444,546 | -€447,351 | -15.5% |
| Formation expenses | 20 | €797 | €397 | -€400 | -50.2% |
| Fixed assets | 21/28 | €2,658,324 | €2,271,517 | -€386,806 | -14.6% |
| Intangible fixed assets | 21 | €171,564 | €137,286 | -€34,279 | -20.0% |
| Tangible fixed assets | 22/27 | €2,486,759 | €2,134,232 | -€352,528 | -14.2% |
| Plant, machinery and equipment | 23 | €397,274 | €271,375 | -€125,899 | -31.7% |
| Furniture and vehicles | 24 | €159,684 | €135,903 | -€23,781 | -14.9% |
| Other tangible fixed assets | 26 | €1,929,801 | €1,685,453 | -€244,348 | -12.7% |
| Assets under construction and advance payments | 27 | - | €41,501 | +€41,501 | |
| Current assets | 29/58 | €232,776 | €172,631 | -€60,145 | -25.8% |
| Stocks and contracts in progress | 3 | €25,730 | €28,488 | +€2,758 | +10.7% |
| Stocks | 30/36 | €25,730 | €28,488 | +€2,758 | +10.7% |
| Amounts receivable within one year | 40/41 | €60,402 | €43,260 | -€17,142 | -28.4% |
| Trade receivables | 40 | €59,013 | €41,173 | -€17,839 | -30.2% |
| Other amounts receivable | 41 | €1,390 | €2,087 | +€697 | +50.2% |
| Cash at bank and in hand | 54/58 | €85,774 | €48,400 | -€37,374 | -43.6% |
| Deferred charges and accrued income | 490/1 | €60,869 | €52,483 | -€8,386 | -13.8% |
| Total equity and liabilities | 10/49 | €2,891,896 | €2,444,546 | -€447,351 | -15.5% |
| Equity | 10/15 | €349,678 | €82,638 | -€267,040 | -76.4% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €655 | €655 | = | 0.0% |
| Non-distributable reserves | 130/1 | €655 | €655 | = | 0.0% |
| Legal reserve | 130 | €655 | €655 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,436 | -€249,371 | -€261,807 | |
| Investment grants | 15 | €36,587 | €31,354 | -€5,233 | -14.3% |
| Provisions and deferred taxes | 16 | €12,196 | €20,748 | +€8,552 | +70.1% |
| Provisions for liabilities and charges | 160/5 | - | €10,297 | +€10,297 | |
| Other liabilities and charges | 164/5 | - | €10,297 | +€10,297 | |
| Deferred taxes | 168 | €12,196 | €10,451 | -€1,744 | -14.3% |
| Amounts payable | 17/49 | €2,530,023 | €2,341,160 | -€188,863 | -7.5% |
| Amounts payable after more than one year | 17 | €1,752,496 | €1,556,300 | -€196,196 | -11.2% |
| Financial debts | 170/4 | €1,752,496 | €1,556,300 | -€196,196 | -11.2% |
| Amounts payable within one year | 42/48 | €696,847 | €693,995 | -€2,852 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €285,714 | €285,714 | = | 0.0% |
| Financial debts | 43 | - | €7,794 | +€7,794 | |
| Credit institutions | 430/8 | - | €7,794 | +€7,794 | |
| Trade debts | 44 | €232,510 | €266,232 | +€33,722 | +14.5% |
| Suppliers | 440/4 | €232,510 | €266,232 | +€33,722 | +14.5% |
| Taxes, remuneration and social security | 45 | €178,623 | €134,255 | -€44,368 | -24.8% |
| Taxes | 450/3 | €44,453 | €13,759 | -€30,694 | -69.0% |
| Remuneration and social security | 454/9 | €134,170 | €120,495 | -€13,674 | -10.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €80,680 | €90,865 | +€10,185 | +12.6% |
| Remuneration, social security and pensions | 62 | €1,222,202 | €1,189,061 | -€33,141 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €431,100 | €438,014 | +€6,914 | +1.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €10,297 | +€10,297 | |
| Other operating charges | 640/8 | €13,092 | €9,074 | -€4,017 | -30.7% |
| Non-recurring operating charges | 66A | - | €1,344 | +€1,344 | |
| Gross operating margin | 9900 | €1,795,607 | €1,427,608 | -€368,000 | -20.5% |
| Operating profit (loss) | 9901 | €129,213 | -€220,181 | -€349,395 | |
| Financial income | 75/76B | €10,955 | €10,985 | +€30 | +0.3% |
| Recurring financial income | 75 | €10,955 | €10,985 | +€30 | +0.3% |
| Financial charges | 65/66B | €64,373 | €53,382 | -€10,991 | -17.1% |
| Recurring financial charges | 65 | €64,373 | €53,382 | -€10,991 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €75,795 | -€262,579 | -€338,374 | |
| Transfer from deferred taxes | 780 | €3,512 | €1,744 | -€1,768 | -50.3% |
| Income taxes | 67/77 | €16,522 | €972 | -€15,550 | -94.1% |
| Profit (loss) for the period | 9904 | €62,785 | -€261,807 | -€324,592 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,785 | -€261,807 | -€324,592 |
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 4 October 2026 via checked.be.