HORECATECH: 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.
HORECATECH
Largest movements
- Tangible fixed assets -€764,699
down €764,699 (-89.2%), from €857,031 to €92,332
of which Land and buildings: -€646,188
- Current investments -€444,545
down €444,545 (-52.4%), from €849,000 to €404,455
- Cash +€442,630
up €442,630 (+122%), from €363,603 to €806,233
mainly Other debts (+€1.1m) and Investment in fixed assets (net) (+€651,475)
- Stocks and contracts -€374,742
down €374,742 (-48.5%), from €772,246 to €397,505
- Other debts +€1.1m
up €1.1m (+962%), from €110,000 to €1.2m
- Reserves -€998,744
down €998,744 (-94.2%), from €1.1m to €61,616
- Advances received -€541,065
down €541,065 (-77.5%), from €698,103 to €157,039
- Profit (loss) carried forward -€514,703
down €514,703 (-81.6%), from €630,902 to €116,199
- Debts after one year -€49,503
down €49,503 (-21.0%), from €235,898 to €186,395
of which Financial debts: -€45,946
- Gross operating margin -€115,959
down €115,959 (-11.0%), from €1.1m to €935,947
- Taxes -€40,490
down €40,490 (-31.2%), from €129,930 to €89,440
- Provisions -€39,200
down €39,200, from €23,100 to -€16,100
- Depreciation -€34,394
down €34,394 (-22.7%), from €151,230 to €116,836
- Staff costs +€19,783
up €19,783 (+4.3%), from €456,213 to €475,996
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 | €3,147,007 | €2,024,851 | -€1.1m | -35.7% |
| Fixed assets | 21/28 | €871,386 | €103,075 | -€768,311 | -88.2% |
| Intangible fixed assets | 21 | €13,407 | €10,693 | -€2,714 | -20.2% |
| Tangible fixed assets | 22/27 | €857,031 | €92,332 | -€764,699 | -89.2% |
| Land and buildings | 22 | €646,188 | - | -€646,188 | |
| Plant, machinery and equipment | 23 | €17,271 | €6,533 | -€10,737 | -62.2% |
| Furniture and vehicles | 24 | €193,572 | €85,799 | -€107,773 | -55.7% |
| Financial fixed assets | 28 | €948 | €50 | -€898 | -94.8% |
| Current assets | 29/58 | €2,275,621 | €1,921,777 | -€353,844 | -15.5% |
| Stocks and contracts in progress | 3 | €772,246 | €397,505 | -€374,742 | -48.5% |
| Stocks | 30/36 | €772,246 | €397,505 | -€374,742 | -48.5% |
| Amounts receivable within one year | 40/41 | €270,216 | €298,944 | +€28,728 | +10.6% |
| Trade receivables | 40 | €217,785 | €274,082 | +€56,297 | +25.8% |
| Other amounts receivable | 41 | €52,431 | €24,862 | -€27,569 | -52.6% |
| Current investments | 50/53 | €849,000 | €404,455 | -€444,545 | -52.4% |
| Cash at bank and in hand | 54/58 | €363,603 | €806,233 | +€442,630 | +122% |
| Deferred charges and accrued income | 490/1 | €20,555 | €14,640 | -€5,916 | -28.8% |
| Total equity and liabilities | 10/49 | €3,147,007 | €2,024,851 | -€1.1m | -35.7% |
| Equity | 10/15 | €1,738,664 | €178,895 | -€1.6m | -89.7% |
| Contributions | 10/11 | €18,600 | €1,081 | -€17,519 | -94.2% |
| Reserves | 13 | €1,060,360 | €61,616 | -€998,744 | -94.2% |
| Distributable reserves | 133 | €1,060,360 | €61,616 | -€998,744 | -94.2% |
| Profit (loss) carried forward | 14 | €630,902 | €116,199 | -€514,703 | -81.6% |
| Investment grants | 15 | €28,802 | - | -€28,802 | |
| Provisions and deferred taxes | 16 | €61,800 | €45,700 | -€16,100 | -26.1% |
| Provisions for liabilities and charges | 160/5 | €61,800 | €45,700 | -€16,100 | -26.1% |
| Other liabilities and charges | 164/5 | €61,800 | €45,700 | -€16,100 | -26.1% |
| Amounts payable | 17/49 | €1,346,543 | €1,800,256 | +€453,713 | +33.7% |
| Amounts payable after more than one year | 17 | €235,898 | €186,395 | -€49,503 | -21.0% |
| Financial debts | 170/4 | €64,160 | €18,214 | -€45,946 | -71.6% |
| Other amounts payable | 178/9 | €171,739 | €168,181 | -€3,558 | -2.1% |
| Amounts payable within one year | 42/48 | €1,093,396 | €1,606,683 | +€513,288 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | €66,355 | €30,409 | -€35,946 | -54.2% |
| Trade debts | 44 | €146,294 | €157,157 | +€10,862 | +7.4% |
| Suppliers | 440/4 | €146,294 | €157,157 | +€10,862 | +7.4% |
| Advances received on contracts in progress | 46 | €698,103 | €157,039 | -€541,065 | -77.5% |
| Taxes, remuneration and social security | 45 | €72,643 | €93,983 | +€21,341 | +29.4% |
| Taxes | 450/3 | €2,844 | €20,256 | +€17,412 | +612% |
| Remuneration and social security | 454/9 | €69,799 | €73,728 | +€3,929 | +5.6% |
| Other amounts payable | 47/48 | €110,000 | €1,168,095 | +€1.1m | +962% |
| Accrued charges and deferred income | 492/3 | €17,249 | €7,178 | -€10,072 | -58.4% |
| Remuneration, social security and pensions | 62 | €456,213 | €475,996 | +€19,783 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,230 | €116,836 | -€34,394 | -22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€373 | -€12,003 | -€11,630 | -3,121% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,100 | -€16,100 | -€39,200 | |
| Other operating charges | 640/8 | €19,568 | €27,965 | +€8,397 | +42.9% |
| Gross operating margin | 9900 | €1,051,906 | €935,947 | -€115,959 | -11.0% |
| Operating profit (loss) | 9901 | €402,168 | €343,252 | -€58,915 | -14.6% |
| Financial income | 75/76B | €44,200 | €31,969 | -€12,231 | -27.7% |
| Recurring financial income | 75 | €44,200 | €31,969 | -€12,231 | -27.7% |
| Financial charges | 65/66B | €21,573 | €14,463 | -€7,110 | -33.0% |
| Recurring financial charges | 65 | €21,573 | €14,463 | -€7,110 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €424,795 | €360,759 | -€64,036 | -15.1% |
| Income taxes | 67/77 | €129,930 | €89,440 | -€40,490 | -31.2% |
| Profit (loss) for the period | 9904 | €294,864 | €271,319 | -€23,546 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €294,864 | €271,319 | -€23,546 | -8.0% |
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 18 October 2026 via checked.be.