HORECABORQ: 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.
HORECABORQ
Largest movements
- Receivables within one year +€7,572
up €7,572 (+163.8%), from €4,623 to €12,195
of which Trade receivables: +€7,491
- Cash +€3,882
up €3,882 (+9.0%), from €43,192 to €47,074
mainly Net result for the year (+€15,415) and Depreciation (+€4,228)
- Tangible fixed assets -€3,131
down €3,131 (-10.3%), from €30,419 to €27,288
of which Land and buildings: -€1,975
- Profit (loss) carried forward +€15,415
up €15,415 (+52.6%), from -€29,305 to -€13,890
- Current portion of long-term debt -€4,458
no longer reported in 2025 (was €4,458)
- Trade debts -€1,659
down €1,659 (-62.2%), from €2,668 to €1,009
- Gross operating margin +€7,009
up €7,009 (+49.0%), from €14,306 to €21,315
- Depreciation -€3,572
down €3,572 (-45.8%), from €7,800 to €4,228
- Taxes -€2,193
down €2,193 (-87.3%), from €2,512 to €319
- Staff costs -€1,513
down €1,513 (-86.6%), from €1,747 to €234
- Other operating charges -€1,115
down €1,115 (-50.1%), from €2,225 to €1,110
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 | €78,807 | €87,455 | +€8,648 | +11.0% |
| Fixed assets | 21/28 | €30,919 | €27,788 | -€3,131 | -10.1% |
| Tangible fixed assets | 22/27 | €30,419 | €27,288 | -€3,131 | -10.3% |
| Land and buildings | 22 | €28,563 | €26,588 | -€1,975 | -6.9% |
| Furniture and vehicles | 24 | €1,856 | €700 | -€1,156 | -62.3% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €47,888 | €59,667 | +€11,779 | +24.6% |
| Amounts receivable within one year | 40/41 | €4,623 | €12,195 | +€7,572 | +163.8% |
| Trade receivables | 40 | €605 | €8,096 | +€7,491 | +1238.2% |
| Other amounts receivable | 41 | €4,018 | €4,099 | +€81 | +2.0% |
| Cash at bank and in hand | 54/58 | €43,192 | €47,074 | +€3,882 | +9.0% |
| Deferred charges and accrued income | 490/1 | €73 | €398 | +€325 | +445.2% |
| Total equity and liabilities | 10/49 | €78,807 | €87,455 | +€8,648 | +11.0% |
| Equity | 10/15 | €69,232 | €84,647 | +€15,415 | +22.3% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €8,537 | €8,537 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,537 | €2,537 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,537 | €2,537 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,305 | -€13,890 | +€15,415 | +52.6% |
| Amounts payable | 17/49 | €9,575 | €2,808 | -€6,767 | -70.7% |
| Amounts payable within one year | 42/48 | €9,575 | €2,808 | -€6,767 | -70.7% |
| Current portion of amounts payable after more than one year | 42 | €4,458 | - | -€4,458 | |
| Trade debts | 44 | €2,668 | €1,009 | -€1,659 | -62.2% |
| Suppliers | 440/4 | €2,668 | €1,009 | -€1,659 | -62.2% |
| Taxes, remuneration and social security | 45 | €890 | €291 | -€599 | -67.3% |
| Taxes | 450/3 | €890 | €291 | -€599 | -67.3% |
| Other amounts payable | 47/48 | €1,559 | €1,508 | -€51 | -3.3% |
| Remuneration, social security and pensions | 62 | €1,747 | €234 | -€1,513 | -86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,800 | €4,228 | -€3,572 | -45.8% |
| Other operating charges | 640/8 | €2,225 | €1,110 | -€1,115 | -50.1% |
| Gross operating margin | 9900 | €14,306 | €21,315 | +€7,009 | +49.0% |
| Operating profit (loss) | 9901 | €2,534 | €15,743 | +€13,209 | +521.3% |
| Financial income | 75/76B | €126 | €113 | -€13 | -10.3% |
| Recurring financial income | 75 | €126 | €113 | -€13 | -10.3% |
| Financial charges | 65/66B | €529 | €122 | -€407 | -76.9% |
| Recurring financial charges | 65 | €529 | €122 | -€407 | -76.9% |
| Profit (loss) for the period before taxes | 9903 | €2,131 | €15,734 | +€13,603 | +638.3% |
| Income taxes | 67/77 | €2,512 | €319 | -€2,193 | -87.3% |
| Profit (loss) for the period | 9904 | -€381 | €15,415 | +€15,796 | |
| Profit (loss) for the period to be appropriated | 9905 | -€381 | €15,415 | +€15,796 |
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 10 October 2026 via checked.be.