HOREA: 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.
HOREA
Largest movements
- Receivables within one year +€13,852
up €13,852 (+132.2%), from €10,478 to €24,330
- Tangible fixed assets -€12,843
down €12,843 (-1.4%), from €889,455 to €876,612
of which Land and buildings: -€11,945
- Cash +€11,938
up €11,938 (+3148.1%), from €379 to €12,317
mainly Depreciation (+€53,572) and Other debts (+€39,150)
- Other debts +€39,150
up €39,150 (+123.4%), from €31,719 to €70,869
- Profit (loss) carried forward -€22,319
down €22,319 (-10.7%), from -€209,457 to -€231,777
- Debts after one year -€13,584
down €13,584 (-60.0%), from €22,626 to €9,042
- Gross operating margin -€1,462
down €1,462 (-3.0%), from €47,977 to €46,515
- Depreciation -€1,405
down €1,405 (-2.6%), from €54,978 to €53,572
- Other operating charges +€1,202
up €1,202 (+23.2%), from €5,181 to €6,383
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 | €908,496 | €916,390 | +€7,894 | +0.9% |
| Fixed assets | 21/28 | €889,455 | €876,612 | -€12,843 | -1.4% |
| Tangible fixed assets | 22/27 | €889,455 | €876,612 | -€12,843 | -1.4% |
| Land and buildings | 22 | €885,990 | €874,045 | -€11,945 | -1.3% |
| Plant, machinery and equipment | 23 | €3,080 | €2,567 | -€513 | -16.7% |
| Other tangible fixed assets | 26 | €384 | - | -€384 | |
| Current assets | 29/58 | €19,042 | €39,778 | +€20,737 | +108.9% |
| Amounts receivable within one year | 40/41 | €10,478 | €24,330 | +€13,852 | +132.2% |
| Trade receivables | 40 | €10,478 | €24,330 | +€13,852 | +132.2% |
| Cash at bank and in hand | 54/58 | €379 | €12,317 | +€11,938 | +3148.1% |
| Deferred charges and accrued income | 490/1 | €8,184 | €3,131 | -€5,053 | -61.7% |
| Total equity and liabilities | 10/49 | €908,496 | €916,390 | +€7,894 | +0.9% |
| Equity | 10/15 | €830,884 | €808,565 | -€22,319 | -2.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €1,021,791 | €1,021,791 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,457 | -€231,777 | -€22,319 | -10.7% |
| Amounts payable | 17/49 | €77,612 | €107,826 | +€30,213 | +38.9% |
| Amounts payable after more than one year | 17 | €22,626 | €9,042 | -€13,584 | -60.0% |
| Financial debts | 170/4 | €22,626 | €9,042 | -€13,584 | -60.0% |
| Amounts payable within one year | 42/48 | €54,987 | €93,284 | +€38,297 | +69.6% |
| Current portion of amounts payable after more than one year | 42 | €13,054 | €13,466 | +€412 | +3.2% |
| Trade debts | 44 | €1,897 | €1,016 | -€880 | -46.4% |
| Suppliers | 440/4 | €1,897 | €1,016 | -€880 | -46.4% |
| Taxes, remuneration and social security | 45 | €8,316 | €7,932 | -€384 | -4.6% |
| Taxes | 450/3 | €8,316 | €7,932 | -€384 | -4.6% |
| Other amounts payable | 47/48 | €31,719 | €70,869 | +€39,150 | +123.4% |
| Accrued charges and deferred income | 492/3 | - | €5,500 | +€5,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,978 | €53,572 | -€1,405 | -2.6% |
| Other operating charges | 640/8 | €5,181 | €6,383 | +€1,202 | +23.2% |
| Non-recurring operating charges | 66A | €358 | - | -€358 | |
| Gross operating margin | 9900 | €47,977 | €46,515 | -€1,462 | -3.0% |
| Operating profit (loss) | 9901 | -€12,540 | -€13,440 | -€901 | -7.2% |
| Financial charges | 65/66B | €1,389 | €947 | -€442 | -31.8% |
| Recurring financial charges | 65 | €1,389 | €947 | -€442 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,928 | -€14,387 | -€459 | -3.3% |
| Income taxes | 67/77 | €8,316 | €7,932 | -€384 | -4.6% |
| Profit (loss) for the period | 9904 | -€22,245 | -€22,319 | -€75 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,245 | -€22,319 | -€75 | -0.3% |
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 11 October 2026 via checked.be.