HORECO: 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.
HORECO
Largest movements
- Tangible fixed assets +€234,391
up €234,391 (+29.3%), from €800,929 to €1.0m
of which Plant, machinery and equipment: +€271,572
- Receivables within one year +€109,121
up €109,121 (+44.3%), from €246,541 to €355,662
of which Trade receivables: +€69,009
- Cash -€74,548
down €74,548 (-92.3%), from €80,741 to €6,193
mainly Investment in fixed assets (net) (-€316,789) and Receivables within one year (-€109,121)
- Receivables after one year -€40,800
down €40,800 (-100.0%), from €40,800 to €0
- Reserves +€102,537
up €102,537 (+31.6%), from €324,467 to €427,005
of which Distributable reserves: +€102,537
- Current portion of long-term debt +€77,827
up €77,827 (+125.8%), from €61,857 to €139,684
- Debts after one year -€64,684
down €64,684 (-12.3%), from €527,812 to €463,127
- Trade debts +€59,956
up €59,956 (+111.1%), from €53,966 to €113,922
- Accrued charges and deferred income +€44,743
up €44,743 (+916.9%), from €4,880 to €49,623
- Other operating charges -€59,756
down €59,756 (-88.2%), from €67,781 to €8,025
- Gross operating margin -€49,806
down €49,806 (-11.8%), from €421,976 to €372,169
- Depreciation +€31,617
up €31,617 (+59.7%), from €52,941 to €84,558
- Taxes -€21,039
down €21,039 (-46.0%), from €45,724 to €24,685
- Staff costs +€10,378
up €10,378 (+9.7%), from €106,473 to €116,851
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 | €1,175,696 | €1,401,668 | +€225,972 | +19.2% |
| Fixed assets | 21/28 | €805,628 | €1,037,859 | +€232,231 | +28.8% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €800,929 | €1,035,321 | +€234,391 | +29.3% |
| Land and buildings | 22 | €517,893 | €493,695 | -€24,198 | -4.7% |
| Plant, machinery and equipment | 23 | €233,242 | €504,814 | +€271,572 | +116.4% |
| Furniture and vehicles | 24 | €49,794 | €36,811 | -€12,983 | -26.1% |
| Financial fixed assets | 28 | €4,698 | €2,538 | -€2,160 | -46.0% |
| Current assets | 29/58 | €370,068 | €363,809 | -€6,259 | -1.7% |
| Amounts receivable after more than one year | 29 | €40,800 | €0 | -€40,800 | -100.0% |
| Other amounts receivable | 291 | €40,800 | €0 | -€40,800 | -100.0% |
| Amounts receivable within one year | 40/41 | €246,541 | €355,662 | +€109,121 | +44.3% |
| Trade receivables | 40 | €225,861 | €294,870 | +€69,009 | +30.6% |
| Other amounts receivable | 41 | €20,679 | €60,792 | +€40,112 | +194.0% |
| Cash at bank and in hand | 54/58 | €80,741 | €6,193 | -€74,548 | -92.3% |
| Deferred charges and accrued income | 490/1 | €1,987 | €1,955 | -€32 | -1.6% |
| Total equity and liabilities | 10/49 | €1,175,696 | €1,401,668 | +€225,972 | +19.2% |
| Equity | 10/15 | €474,467 | €577,005 | +€102,537 | +21.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €324,467 | €427,005 | +€102,537 | +31.6% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €309,467 | €412,005 | +€102,537 | +33.1% |
| Amounts payable | 17/49 | €701,228 | €824,663 | +€123,435 | +17.6% |
| Amounts payable after more than one year | 17 | €527,812 | €463,127 | -€64,684 | -12.3% |
| Financial debts | 170/4 | €527,812 | €463,127 | -€64,684 | -12.3% |
| Amounts payable within one year | 42/48 | €168,537 | €311,913 | +€143,376 | +85.1% |
| Current portion of amounts payable after more than one year | 42 | €61,857 | €139,684 | +€77,827 | +125.8% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €53,966 | €113,922 | +€59,956 | +111.1% |
| Suppliers | 440/4 | €53,966 | €113,922 | +€59,956 | +111.1% |
| Taxes, remuneration and social security | 45 | €49,239 | €33,307 | -€15,932 | -32.4% |
| Taxes | 450/3 | €36,486 | €19,200 | -€17,286 | -47.4% |
| Remuneration and social security | 454/9 | €12,752 | €14,107 | +€1,355 | +10.6% |
| Other amounts payable | 47/48 | €3,475 | €0 | -€3,475 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,880 | €49,623 | +€44,743 | +916.9% |
| Remuneration, social security and pensions | 62 | €106,473 | €116,851 | +€10,378 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,941 | €84,558 | +€31,617 | +59.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,131 | €3,957 | +€1,826 | +85.7% |
| Other operating charges | 640/8 | €67,781 | €8,025 | -€59,756 | -88.2% |
| Gross operating margin | 9900 | €421,976 | €372,169 | -€49,806 | -11.8% |
| Operating profit (loss) | 9901 | €192,650 | €158,779 | -€33,872 | -17.6% |
| Financial income | 75/76B | €1,995 | €3,284 | +€1,290 | +64.7% |
| Recurring financial income | 75 | €1,995 | €3,284 | +€1,290 | +64.7% |
| Financial charges | 65/66B | €31,432 | €34,841 | +€3,408 | +10.8% |
| Recurring financial charges | 65 | €31,432 | €34,841 | +€3,408 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €163,213 | €127,222 | -€35,991 | -22.1% |
| Income taxes | 67/77 | €45,724 | €24,685 | -€21,039 | -46.0% |
| Profit (loss) for the period | 9904 | €117,489 | €102,537 | -€14,952 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €117,489 | €102,537 | -€14,952 | -12.7% |
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.