HORECAGEST: 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.
HORECAGEST
Largest movements
- Cash +€15,127
up €15,127 (+32.6%), from €46,348 to €61,475
mainly Tax, wage and social debts (+€20,207) and Depreciation (+€3,271)
- Tangible fixed assets -€3,271
down €3,271 (-42.0%), from €7,790 to €4,520
of which Furniture and vehicles: -€2,800
- Tax, wage and social debts +€20,207
up €20,207 (+193%), from €10,493 to €30,700
of which Remuneration and social security: +€17,447
- Profit (loss) carried forward -€8,536
down €8,536 (-77.8%), from €10,968 to €2,432
- Staff costs +€25,175
up €25,175 (+215%), from €11,730 to €36,905
- Other operating charges -€8,351
down €8,351 (-89.3%), from €9,354 to €1,002
- Write-downs -€4,898
no longer reported in 2025 (was €4,898)
- Gross operating margin +€1,873
up €1,873 (+5.9%), from €31,800 to €33,673
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 | €60,673 | €72,606 | +€11,934 | +19.7% |
| Fixed assets | 21/28 | €7,790 | €4,520 | -€3,271 | -42.0% |
| Tangible fixed assets | 22/27 | €7,790 | €4,520 | -€3,271 | -42.0% |
| Plant, machinery and equipment | 23 | €909 | €439 | -€471 | -51.8% |
| Furniture and vehicles | 24 | €6,881 | €4,081 | -€2,800 | -40.7% |
| Current assets | 29/58 | €52,882 | €68,086 | +€15,204 | +28.8% |
| Stocks and contracts in progress | 3 | €2,950 | €2,529 | -€421 | -14.3% |
| Stocks | 30/36 | €2,950 | €2,529 | -€421 | -14.3% |
| Amounts receivable within one year | 40/41 | €3,584 | €4,082 | +€498 | +13.9% |
| Trade receivables | 40 | €1,653 | €2,172 | +€519 | +31.4% |
| Other amounts receivable | 41 | €1,931 | €1,910 | -€21 | -1.1% |
| Cash at bank and in hand | 54/58 | €46,348 | €61,475 | +€15,127 | +32.6% |
| Total equity and liabilities | 10/49 | €60,673 | €72,606 | +€11,934 | +19.7% |
| Equity | 10/15 | €34,687 | €26,151 | -€8,536 | -24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,119 | €5,119 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €3,259 | €3,259 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,968 | €2,432 | -€8,536 | -77.8% |
| Amounts payable | 17/49 | €25,986 | €46,455 | +€20,470 | +78.8% |
| Amounts payable within one year | 42/48 | €25,986 | €46,455 | +€20,470 | +78.8% |
| Trade debts | 44 | €15,062 | €15,755 | +€693 | +4.6% |
| Suppliers | 440/4 | €15,062 | €15,755 | +€693 | +4.6% |
| Taxes, remuneration and social security | 45 | €10,493 | €30,700 | +€20,207 | +193% |
| Taxes | 450/3 | €10,439 | €13,199 | +€2,760 | +26.4% |
| Remuneration and social security | 454/9 | €54 | €17,501 | +€17,447 | +32,581% |
| Other amounts payable | 47/48 | €431 | - | -€431 | |
| Remuneration, social security and pensions | 62 | €11,730 | €36,905 | +€25,175 | +215% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,271 | €3,271 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,898 | - | -€4,898 | |
| Other operating charges | 640/8 | €9,354 | €1,002 | -€8,351 | -89.3% |
| Gross operating margin | 9900 | €31,800 | €33,673 | +€1,873 | +5.9% |
| Operating profit (loss) | 9901 | €2,548 | -€7,505 | -€10,053 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -73.1% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -73.1% |
| Financial charges | 65/66B | €1,077 | €1,031 | -€46 | -4.3% |
| Recurring financial charges | 65 | €1,077 | €1,031 | -€46 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €1,470 | -€8,536 | -€10,007 | |
| Profit (loss) for the period | 9904 | €1,470 | -€8,536 | -€10,007 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,470 | -€8,536 | -€10,007 |
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 19 October 2026 via checked.be.