Horeca 44: 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 44
Largest movements
- Tangible fixed assets +€136,288
up €136,288 (+299%), from €45,515 to €181,803
of which Other tangible fixed assets: +€83,791
- Cash +€103,544
up €103,544 (+82.7%), from €125,208 to €228,753
mainly Debts after one year (+€102,563) and Depreciation (+€68,631)
- Intangible fixed assets -€49,492
down €49,492 (-12.8%), from €386,334 to €336,842
- Receivables within one year +€14,404
up €14,404 (+59.3%), from €24,279 to €38,683
of which Trade receivables: +€14,380
- Deferred charges and accrued income -€13,918
down €13,918 (-69.0%), from €20,184 to €6,266
- Debts after one year +€102,563
up €102,563 (+58.3%), from €175,832 to €278,395
- Trade debts +€37,785
up €37,785 (+96.2%), from €39,261 to €77,046
- Current portion of long-term debt +€35,888
up €35,888 (+82.1%), from €43,720 to €79,608
- Reserves +€34,736
up €34,736 (+30.1%), from €115,314 to €150,050
- Tax, wage and social debts -€20,416
down €20,416 (-30.0%), from €68,078 to €47,661
of which Taxes: -€22,163
- Staff costs +€33,274
up €33,274 (+14.9%), from €224,060 to €257,334
- Taxes -€18,537
down €18,537 (-61.6%), from €30,083 to €11,546
- Depreciation +€7,253
up €7,253 (+11.8%), from €61,378 to €68,631
- Gross operating margin -€6,384
down €6,384 (-1.6%), from €401,717 to €395,332
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.
Derived cash bridge
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 | €610,935 | €800,541 | +€189,606 | +31.0% |
| Fixed assets | 21/28 | €437,418 | €524,215 | +€86,797 | +19.8% |
| Intangible fixed assets | 21 | €386,334 | €336,842 | -€49,492 | -12.8% |
| Tangible fixed assets | 22/27 | €45,515 | €181,803 | +€136,288 | +299% |
| Plant, machinery and equipment | 23 | €29,370 | €84,326 | +€54,956 | +187% |
| Furniture and vehicles | 24 | €5,031 | €2,573 | -€2,459 | -48.9% |
| Other tangible fixed assets | 26 | €11,113 | €94,904 | +€83,791 | +754% |
| Financial fixed assets | 28 | €5,570 | €5,570 | = | 0.0% |
| Current assets | 29/58 | €173,516 | €276,326 | +€102,809 | +59.3% |
| Stocks and contracts in progress | 3 | €3,845 | €2,624 | -€1,221 | -31.7% |
| Stocks | 30/36 | €3,845 | €2,624 | -€1,221 | -31.7% |
| Amounts receivable within one year | 40/41 | €24,279 | €38,683 | +€14,404 | +59.3% |
| Trade receivables | 40 | €24,279 | €38,659 | +€14,380 | +59.2% |
| Other amounts receivable | 41 | - | €24 | +€24 | |
| Cash at bank and in hand | 54/58 | €125,208 | €228,753 | +€103,544 | +82.7% |
| Deferred charges and accrued income | 490/1 | €20,184 | €6,266 | -€13,918 | -69.0% |
| Total equity and liabilities | 10/49 | €610,935 | €800,541 | +€189,606 | +31.0% |
| Equity | 10/15 | €135,314 | €170,050 | +€34,736 | +25.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €115,314 | €150,050 | +€34,736 | +30.1% |
| Distributable reserves | 133 | €115,314 | €150,050 | +€34,736 | +30.1% |
| Amounts payable | 17/49 | €475,621 | €630,491 | +€154,870 | +32.6% |
| Amounts payable after more than one year | 17 | €175,832 | €278,395 | +€102,563 | +58.3% |
| Financial debts | 170/4 | €175,832 | €278,395 | +€102,563 | +58.3% |
| Amounts payable within one year | 42/48 | €299,425 | €352,096 | +€52,671 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €43,720 | €79,608 | +€35,888 | +82.1% |
| Trade debts | 44 | €39,261 | €77,046 | +€37,785 | +96.2% |
| Suppliers | 440/4 | €39,261 | €77,046 | +€37,785 | +96.2% |
| Taxes, remuneration and social security | 45 | €68,078 | €47,661 | -€20,416 | -30.0% |
| Taxes | 450/3 | €44,083 | €21,919 | -€22,163 | -50.3% |
| Remuneration and social security | 454/9 | €23,995 | €25,742 | +€1,747 | +7.3% |
| Other amounts payable | 47/48 | €148,367 | €147,781 | -€586 | -0.4% |
| Accrued charges and deferred income | 492/3 | €365 | €0 | -€365 | -100.0% |
| Remuneration, social security and pensions | 62 | €224,060 | €257,334 | +€33,274 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,378 | €68,631 | +€7,253 | +11.8% |
| Other operating charges | 640/8 | €8,923 | €6,437 | -€2,486 | -27.9% |
| Gross operating margin | 9900 | €401,717 | €395,332 | -€6,384 | -1.6% |
| Operating profit (loss) | 9901 | €107,354 | €62,929 | -€44,425 | -41.4% |
| Financial income | 75/76B | €1 | €36 | +€35 | +3,393% |
| Recurring financial income | 75 | €1 | €36 | +€35 | +3,393% |
| Financial charges | 65/66B | €12,971 | €16,683 | +€3,712 | +28.6% |
| Recurring financial charges | 65 | €12,971 | €16,683 | +€3,712 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €94,384 | €46,283 | -€48,101 | -51.0% |
| Income taxes | 67/77 | €30,083 | €11,546 | -€18,537 | -61.6% |
| Profit (loss) for the period | 9904 | €64,301 | €34,736 | -€29,565 | -46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,301 | €34,736 | -€29,565 | -46.0% |
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 17 October 2026 via checked.be.