HORECATH: 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.
What changed
HORECATH
NACE 56.111, Full-service restaurants
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€36,674
2024 · €64,590-€101,264
Equity
€84,179
2024 · €120,853-€36,674
Cash
€31,231
2024 · €34,725-€3,494
Balance sheet total
€332,345
2024 · €327,542+€4,803
Largest movements
Assets
- Current investments -€24,255
down €24,255 (-19.4%), from €125,000 to €100,745
- Tangible fixed assets +€23,833
up €23,833 (+17.3%), from €137,576 to €161,409
of which Assets under construction and advance payments: +€31,604
- Stocks and contracts +€4,525
up €4,525 (+18.5%), from €24,415 to €28,940
- Cash -€3,494
down €3,494 (-10.1%), from €34,725 to €31,231
mainly Investment in fixed assets (net) (-€60,705) and Net result for the year (-€36,674)
Equity and liabilities
- Profit (loss) carried forward -€36,674
down €36,674 (-36.3%), from -€101,005 to -€137,679
- Debts after one year +€21,249
up €21,249 (+130.7%), from €16,256 to €37,505
- Trade debts +€19,539
up €19,539 (+55.5%), from €35,197 to €54,736
Income statement
- Gross operating margin -€87,788
down €87,788 (-15.2%), from €578,488 to €490,700
- Turnover -€64,803
down €64,803 (-5.2%), from €1.2m to €1.2m
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.
Result 2024
€64,590
Gross operating margin
-€87,788
Staff costs
-€10,712
Depreciation
-€4,150
Other operating charges
-€249
Financial income
+€998
Financial charges
+€653
Taxes
-€16
Result 2025
-€36,674
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.
From operations
+€10,750
Investment
-€36,450
Financing
+€22,206
Cash 2024
€34,725
From operations (derived)
+€10,750
Net result for the year
-€36,674
Depreciation
+€37,149
Stocks and contracts
-€4,525
Receivables within one year
-€1,473
Deferred charges and accrued income
-€2,998
Trade debts
+€19,539
Tax, wage and social debts
-€268
Investment (derived)
-€36,450
Investment in fixed assets (net)
-€60,705
Current investments
+€24,255
Financing
+€22,206
Debts after one year
+€21,249
Current portion of long-term debt
+€1,385
Short-term financial debts
-€428
Cash 2025
€31,231
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €327,542 | €332,345 | +€4,803 | +1.5% |
| Formation expenses | 20 | €277 | - | -€277 | |
| Fixed assets | 21/28 | €137,850 | €161,683 | +€23,833 | +17.3% |
| Tangible fixed assets | 22/27 | €137,576 | €161,409 | +€23,833 | +17.3% |
| Plant, machinery and equipment | 23 | €8,981 | €10,277 | +€1,296 | +14.4% |
| Furniture and vehicles | 24 | €75,857 | €76,194 | +€337 | +0.4% |
| Other tangible fixed assets | 26 | €52,738 | €43,334 | -€9,404 | -17.8% |
| Assets under construction and advance payments | 27 | - | €31,604 | +€31,604 | |
| Financial fixed assets | 28 | €274 | €274 | = | 0.0% |
| Current assets | 29/58 | €189,415 | €170,662 | -€18,753 | -9.9% |
| Stocks and contracts in progress | 3 | €24,415 | €28,940 | +€4,525 | +18.5% |
| Stocks | 30/36 | €24,415 | €28,940 | +€4,525 | +18.5% |
| Amounts receivable within one year | 40/41 | €5,275 | €6,748 | +€1,473 | +27.9% |
| Trade receivables | 40 | €3,468 | €5,019 | +€1,551 | +44.7% |
| Other amounts receivable | 41 | €1,807 | €1,729 | -€78 | -4.3% |
| Current investments | 50/53 | €125,000 | €100,745 | -€24,255 | -19.4% |
| Cash at bank and in hand | 54/58 | €34,725 | €31,231 | -€3,494 | -10.1% |
| Deferred charges and accrued income | 490/1 | - | €2,998 | +€2,998 | |
| Total equity and liabilities | 10/49 | €327,542 | €332,345 | +€4,803 | +1.5% |
| Equity | 10/15 | €120,853 | €84,179 | -€36,674 | -30.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €159,858 | €159,858 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €153,658 | €153,658 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,005 | -€137,679 | -€36,674 | -36.3% |
| Amounts payable | 17/49 | €206,689 | €248,166 | +€41,477 | +20.1% |
| Amounts payable after more than one year | 17 | €16,256 | €37,505 | +€21,249 | +130.7% |
| Financial debts | 170/4 | €16,256 | €37,505 | +€21,249 | +130.7% |
| Amounts payable within one year | 42/48 | €127,433 | €147,661 | +€20,228 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €14,062 | €15,447 | +€1,385 | +9.8% |
| Financial debts | 43 | €10,470 | €10,042 | -€428 | -4.1% |
| Credit institutions | 430/8 | €10,470 | €10,042 | -€428 | -4.1% |
| Trade debts | 44 | €35,197 | €54,736 | +€19,539 | +55.5% |
| Suppliers | 440/4 | €35,197 | €54,736 | +€19,539 | +55.5% |
| Taxes, remuneration and social security | 45 | €67,497 | €67,229 | -€268 | -0.4% |
| Taxes | 450/3 | €9,181 | €9,289 | +€108 | +1.2% |
| Remuneration and social security | 454/9 | €58,316 | €57,940 | -€376 | -0.6% |
| Other amounts payable | 47/48 | €207 | €207 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €63,000 | €63,000 | = | 0.0% |
| Turnover | 70 | €1,248,098 | €1,183,295 | -€64,803 | -5.2% |
| Non-recurring operating income | 76A | €31,010 | €5,460 | -€25,550 | -82.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €750,850 | €745,003 | -€5,847 | -0.8% |
| Remuneration, social security and pensions | 62 | €464,381 | €475,093 | +€10,712 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,999 | €37,149 | +€4,150 | +12.6% |
| Other operating charges | 640/8 | €3,778 | €4,027 | +€249 | +6.6% |
| Gross operating margin | 9900 | €578,488 | €490,700 | -€87,788 | -15.2% |
| Operating profit (loss) | 9901 | €77,330 | -€25,569 | -€102,899 | |
| Financial income | 75/76B | €912 | €1,910 | +€998 | +109.4% |
| Recurring financial income | 75 | €912 | €1,910 | +€998 | +109.4% |
| Financial charges | 65/66B | €12,482 | €11,829 | -€653 | -5.2% |
| Recurring financial charges | 65 | €12,482 | €11,829 | -€653 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €65,760 | -€35,488 | -€101,248 | |
| Income taxes | 67/77 | €1,170 | €1,186 | +€16 | +1.4% |
| Profit (loss) for the period | 9904 | €64,590 | -€36,674 | -€101,264 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,590 | -€36,674 | -€101,264 |
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 5 October 2026 via checked.be.