Horeca 38: 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.
Horeca 38
Largest movements
- Cash -€39,319
down €39,319 (-17.2%), from €228,885 to €189,565
mainly Investment in fixed assets (net) (-€78,081) and Trade debts (-€45,288)
- Receivables within one year +€31,779
up €31,779 (+10.5%), from €301,574 to €333,353
of which Trade receivables: +€33,207
- Tangible fixed assets +€30,944
up €30,944 (+12.2%), from €254,257 to €285,201
of which Other tangible fixed assets: +€25,143
- Deferred charges and accrued income +€19,513
up €19,513 (+518.3%), from €3,765 to €23,278
- Trade debts -€45,288
down €45,288 (-43.0%), from €105,264 to €59,976
- Debts after one year +€44,754
up €44,754 (+66.8%), from €66,947 to €111,701
- Tax, wage and social debts +€19,175
up €19,175 (+48.4%), from €39,628 to €58,804
of which Remuneration and social security: +€12,466
- Reserves +€13,372
up €13,372 (+2.4%), from €564,203 to €577,575
of which Distributable reserves: +€13,372
- Current portion of long-term debt +€10,080
up €10,080 (+88.4%), from €11,398 to €21,479
- Staff costs +€19,108
up €19,108 (+5.9%), from €321,656 to €340,763
- Taxes -€9,157
down €9,157 (-74.0%), from €12,376 to €3,219
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 | €806,134 | €848,186 | +€42,052 | +5.2% |
| Fixed assets | 21/28 | €254,669 | €285,613 | +€30,944 | +12.2% |
| Tangible fixed assets | 22/27 | €254,257 | €285,201 | +€30,944 | +12.2% |
| Land and buildings | 22 | €123,879 | €118,778 | -€5,101 | -4.1% |
| Plant, machinery and equipment | 23 | €13,216 | €27,156 | +€13,940 | +105.5% |
| Furniture and vehicles | 24 | €11,379 | €8,341 | -€3,038 | -26.7% |
| Other tangible fixed assets | 26 | €105,784 | €130,927 | +€25,143 | +23.8% |
| Financial fixed assets | 28 | €412 | €412 | = | 0.0% |
| Current assets | 29/58 | €551,464 | €562,573 | +€11,109 | +2.0% |
| Stocks and contracts in progress | 3 | €17,241 | €16,377 | -€864 | -5.0% |
| Stocks | 30/36 | €17,241 | €16,377 | -€864 | -5.0% |
| Amounts receivable within one year | 40/41 | €301,574 | €333,353 | +€31,779 | +10.5% |
| Trade receivables | 40 | €25,307 | €58,514 | +€33,207 | +131.2% |
| Other amounts receivable | 41 | €276,268 | €274,839 | -€1,429 | -0.5% |
| Cash at bank and in hand | 54/58 | €228,885 | €189,565 | -€39,319 | -17.2% |
| Deferred charges and accrued income | 490/1 | €3,765 | €23,278 | +€19,513 | +518.3% |
| Total equity and liabilities | 10/49 | €806,134 | €848,186 | +€42,052 | +5.2% |
| Equity | 10/15 | €582,803 | €596,175 | +€13,372 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €564,203 | €577,575 | +€13,372 | +2.4% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €501,053 | €514,425 | +€13,372 | +2.7% |
| Amounts payable | 17/49 | €223,331 | €252,011 | +€28,680 | +12.8% |
| Amounts payable after more than one year | 17 | €66,947 | €111,701 | +€44,754 | +66.8% |
| Financial debts | 170/4 | €66,947 | €111,701 | +€44,754 | +66.8% |
| Amounts payable within one year | 42/48 | €156,342 | €140,309 | -€16,032 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €11,398 | €21,479 | +€10,080 | +88.4% |
| Trade debts | 44 | €105,264 | €59,976 | -€45,288 | -43.0% |
| Suppliers | 440/4 | €105,264 | €59,976 | -€45,288 | -43.0% |
| Taxes, remuneration and social security | 45 | €39,628 | €58,804 | +€19,175 | +48.4% |
| Taxes | 450/3 | €10,456 | €17,165 | +€6,709 | +64.2% |
| Remuneration and social security | 454/9 | €29,172 | €41,639 | +€12,466 | +42.7% |
| Other amounts payable | 47/48 | €51 | €51 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €41 | €0 | -€41 | -99.6% |
| Remuneration, social security and pensions | 62 | €321,656 | €340,763 | +€19,108 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,904 | €47,137 | +€4,234 | +9.9% |
| Other operating charges | 640/8 | €14,467 | €12,414 | -€2,053 | -14.2% |
| Non-recurring operating charges | 66A | €115 | €288 | +€173 | +150.0% |
| Gross operating margin | 9900 | €432,019 | €429,600 | -€2,419 | -0.6% |
| Operating profit (loss) | 9901 | €52,878 | €28,998 | -€23,880 | -45.2% |
| Financial income | 75/76B | €1,859 | €280 | -€1,578 | -84.9% |
| Recurring financial income | 75 | €1,859 | €280 | -€1,578 | -84.9% |
| Financial charges | 65/66B | €8,859 | €12,687 | +€3,828 | +43.2% |
| Recurring financial charges | 65 | €8,859 | €12,687 | +€3,828 | +43.2% |
| Profit (loss) for the period before taxes | 9903 | €45,878 | €16,591 | -€29,287 | -63.8% |
| Income taxes | 67/77 | €12,376 | €3,219 | -€9,157 | -74.0% |
| Profit (loss) for the period | 9904 | €33,502 | €13,372 | -€20,130 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,502 | €13,372 | -€20,130 | -60.1% |
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.