HORECA PROJECT: 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.
HORECA PROJECT
Largest movements
- Intangible fixed assets -€2,820
down €2,820 (-42.3%), from €6,674 to €3,854
- Cash +€2,538
up €2,538 (+11.7%), from €21,676 to €24,214
mainly Other debts (+€5,994) and Depreciation (+€2,837)
- Receivables within one year +€2,027
up €2,027 (+17.1%), from €11,847 to €13,874
of which Trade receivables: +€1,135
- Tax, wage and social debts -€6,082
down €6,082 (-56.1%), from €10,833 to €4,751
- Other debts +€5,994
up €5,994 (+40.3%), from €14,871 to €20,865
- Profit (loss) carried forward +€1,823
up €1,823 (+17.2%), from €10,628 to €12,451
- Trade debts +€707
up €707 (+38.5%), from €1,834 to €2,541
- Investment grants -€688
down €688 (-46.1%), from €1,493 to €805
- Gross operating margin -€25,051
down €25,051 (-81.7%), from €30,660 to €5,609
- Other operating charges -€21,825
down €21,825 (-97.4%), from €22,415 to €590
- Taxes -€764
down €764 (-40.8%), from €1,873 to €1,109
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 | €42,532 | €44,114 | +€1,582 | +3.7% |
| Fixed assets | 21/28 | €6,691 | €3,854 | -€2,837 | -42.4% |
| Intangible fixed assets | 21 | €6,674 | €3,854 | -€2,820 | -42.3% |
| Tangible fixed assets | 22/27 | €17 | - | -€17 | |
| Furniture and vehicles | 24 | €17 | - | -€17 | |
| Current assets | 29/58 | €35,841 | €40,260 | +€4,419 | +12.3% |
| Stocks and contracts in progress | 3 | €2,318 | €2,172 | -€146 | -6.3% |
| Stocks | 30/36 | €2,318 | €2,172 | -€146 | -6.3% |
| Amounts receivable within one year | 40/41 | €11,847 | €13,874 | +€2,027 | +17.1% |
| Trade receivables | 40 | €11,634 | €12,769 | +€1,135 | +9.8% |
| Other amounts receivable | 41 | €213 | €1,105 | +€892 | +418.8% |
| Cash at bank and in hand | 54/58 | €21,676 | €24,214 | +€2,538 | +11.7% |
| Total equity and liabilities | 10/49 | €42,532 | €44,114 | +€1,582 | +3.7% |
| Equity | 10/15 | €14,621 | €15,756 | +€1,135 | +7.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,628 | €12,451 | +€1,823 | +17.2% |
| Investment grants | 15 | €1,493 | €805 | -€688 | -46.1% |
| Provisions and deferred taxes | 16 | €373 | €201 | -€172 | -46.1% |
| Deferred taxes | 168 | €373 | €201 | -€172 | -46.1% |
| Amounts payable | 17/49 | €27,538 | €28,157 | +€619 | +2.2% |
| Amounts payable within one year | 42/48 | €27,538 | €28,157 | +€619 | +2.2% |
| Trade debts | 44 | €1,834 | €2,541 | +€707 | +38.5% |
| Suppliers | 440/4 | €1,834 | €2,541 | +€707 | +38.5% |
| Taxes, remuneration and social security | 45 | €10,833 | €4,751 | -€6,082 | -56.1% |
| Taxes | 450/3 | €10,833 | €4,751 | -€6,082 | -56.1% |
| Other amounts payable | 47/48 | €14,871 | €20,865 | +€5,994 | +40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,040 | €2,837 | -€203 | -6.7% |
| Other operating charges | 640/8 | €22,415 | €590 | -€21,825 | -97.4% |
| Gross operating margin | 9900 | €30,660 | €5,609 | -€25,051 | -81.7% |
| Operating profit (loss) | 9901 | €5,205 | €2,182 | -€3,023 | -58.1% |
| Financial income | 75/76B | €930 | €691 | -€239 | -25.7% |
| Recurring financial income | 75 | €930 | €691 | -€239 | -25.7% |
| Financial charges | 65/66B | €122 | €113 | -€9 | -7.4% |
| Recurring financial charges | 65 | €122 | €113 | -€9 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €6,013 | €2,760 | -€3,253 | -54.1% |
| Transfer from deferred taxes | 780 | €172 | €172 | = | 0.0% |
| Income taxes | 67/77 | €1,873 | €1,109 | -€764 | -40.8% |
| Profit (loss) for the period | 9904 | €4,312 | €1,823 | -€2,489 | -57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,312 | €1,823 | -€2,489 | -57.7% |
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 3 October 2026 via checked.be.