HORECA GOLF BERCUIT: 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 GOLF BERCUIT
Largest movements
- Tangible fixed assets -€15,452
down €15,452 (-24.7%), from €62,604 to €47,152
of which Other tangible fixed assets: -€13,410
- Cash -€15,351
down €15,351 (-32.0%), from €47,913 to €32,562
mainly Other debts (-€17,647) and Deferred charges and accrued income (-€11,922)
- Deferred charges and accrued income +€11,922
up €11,922 (+243%), from €4,901 to €16,823
- Stocks and contracts +€9,443
up €9,443 (+47.1%), from €20,061 to €29,504
- Receivables within one year -€1,500
down €1,500 (-60.4%), from €2,481 to €981
of which Trade receivables: -€1,829
- Trade debts +€26,233
up €26,233 (+199%), from €13,210 to €39,444
- Other debts -€17,647
no longer reported in 2025 (was €17,647)
- Profit (loss) carried forward -€10,321
down €10,321 (-40.4%), from €25,540 to €15,219
- Debts after one year -€5,183
down €5,183 (-62.7%), from €8,269 to €3,086
- Accrued charges and deferred income -€2,915
no longer reported in 2025 (was €2,915)
- Staff costs +€37,464
up €37,464 (+16.9%), from €221,438 to €258,902
- Gross operating margin -€20,625
down €20,625 (-7.0%), from €295,151 to €274,526
- Taxes -€10,881
down €10,881, from €10,850 to -€31
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 | €137,960 | €127,021 | -€10,938 | -7.9% |
| Fixed assets | 21/28 | €62,604 | €47,152 | -€15,452 | -24.7% |
| Tangible fixed assets | 22/27 | €62,604 | €47,152 | -€15,452 | -24.7% |
| Plant, machinery and equipment | 23 | €2,090 | €1,134 | -€956 | -45.7% |
| Furniture and vehicles | 24 | €2,667 | €1,580 | -€1,087 | -40.7% |
| Other tangible fixed assets | 26 | €57,847 | €44,437 | -€13,410 | -23.2% |
| Current assets | 29/58 | €75,356 | €79,870 | +€4,514 | +6.0% |
| Stocks and contracts in progress | 3 | €20,061 | €29,504 | +€9,443 | +47.1% |
| Stocks | 30/36 | €20,061 | €29,504 | +€9,443 | +47.1% |
| Amounts receivable within one year | 40/41 | €2,481 | €981 | -€1,500 | -60.4% |
| Trade receivables | 40 | €2,481 | €652 | -€1,829 | -73.7% |
| Other amounts receivable | 41 | - | €330 | +€330 | |
| Cash at bank and in hand | 54/58 | €47,913 | €32,562 | -€15,351 | -32.0% |
| Deferred charges and accrued income | 490/1 | €4,901 | €16,823 | +€11,922 | +243% |
| Total equity and liabilities | 10/49 | €137,960 | €127,021 | -€10,938 | -7.9% |
| Equity | 10/15 | €40,540 | €30,219 | -€10,321 | -25.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,540 | €15,219 | -€10,321 | -40.4% |
| Amounts payable | 17/49 | €97,419 | €96,802 | -€617 | -0.6% |
| Amounts payable after more than one year | 17 | €8,269 | €3,086 | -€5,183 | -62.7% |
| Financial debts | 170/4 | €8,269 | €3,086 | -€5,183 | -62.7% |
| Amounts payable within one year | 42/48 | €86,236 | €93,717 | +€7,481 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €5,051 | €5,183 | +€132 | +2.6% |
| Trade debts | 44 | €13,210 | €39,444 | +€26,233 | +199% |
| Suppliers | 440/4 | €13,210 | €39,444 | +€26,233 | +199% |
| Taxes, remuneration and social security | 45 | €50,328 | €49,090 | -€1,238 | -2.5% |
| Taxes | 450/3 | €28,159 | €27,942 | -€217 | -0.8% |
| Remuneration and social security | 454/9 | €22,169 | €21,148 | -€1,020 | -4.6% |
| Other amounts payable | 47/48 | €17,647 | - | -€17,647 | |
| Accrued charges and deferred income | 492/3 | €2,915 | - | -€2,915 | |
| Remuneration, social security and pensions | 62 | €221,438 | €258,902 | +€37,464 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,545 | €16,634 | +€89 | +0.5% |
| Other operating charges | 640/8 | €391 | €586 | +€195 | +49.8% |
| Gross operating margin | 9900 | €295,151 | €274,526 | -€20,625 | -7.0% |
| Operating profit (loss) | 9901 | €56,776 | -€1,597 | -€58,373 | |
| Financial income | 75/76B | €0 | €99 | +€99 | +58,129% |
| Recurring financial income | 75 | €0 | €99 | +€99 | +58,129% |
| Financial charges | 65/66B | €7,934 | €8,855 | +€921 | +11.6% |
| Recurring financial charges | 65 | €7,934 | €8,855 | +€921 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €48,842 | -€10,353 | -€59,195 | |
| Income taxes | 67/77 | €10,850 | -€31 | -€10,881 | |
| Profit (loss) for the period | 9904 | €37,992 | -€10,321 | -€48,313 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,992 | -€10,321 | -€48,313 |
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 31 October 2026 via checked.be.