HORECONSULT: 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.
HORECONSULT
Largest movements
- Financial fixed assets -€251,252
no longer reported in 2025 (was €251,252)
- Receivables after one year -€112,779
no longer reported in 2025 (was €112,779)
- Tangible fixed assets -€104,560
down €104,560 (-34.4%), from €304,063 to €199,502
of which Land and buildings: -€103,071
- Cash -€32,583
down €32,583 (-87.0%), from €37,448 to €4,865
mainly Contributions, distributions and other (-€218,227) and Debts after one year (-€175,762)
- Receivables within one year -€8,537
down €8,537 (-22.6%), from €37,814 to €29,277
of which Trade receivables: -€29,314
- Debts after one year -€175,762
down €175,762 (-50.8%), from €345,958 to €170,196
of which Other amounts payable: -€126,379
- Short-term financial debts -€131,067
no longer reported in 2025 (was €131,067)
- Reserves -€125,199
down €125,199 (-89.7%), from €139,570 to €14,370
of which Distributable reserves: -€89,501
- Contributions -€51,699
down €51,699 (-86.2%), from €60,000 to €8,301
- Profit (loss) carried forward +€31,126
up €31,126, from -€13,431 to €17,696
- Gross operating margin +€61,534
up €61,534 (+86.9%), from €70,847 to €132,381
- Taxes +€15,838
up €15,838 (+334.8%), from €4,730 to €20,568
- Depreciation -€11,909
down €11,909 (-23.3%), from €51,123 to €39,214
- Financial charges -€4,043
down €4,043 (-31.0%), from €13,027 to €8,984
of which Financial charges: -€4,447
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 | €776,119 | €267,781 | -€508,338 | -65.5% |
| Fixed assets | 21/28 | €555,315 | €199,502 | -€355,812 | -64.1% |
| Tangible fixed assets | 22/27 | €304,063 | €199,502 | -€104,560 | -34.4% |
| Land and buildings | 22 | €298,492 | €195,421 | -€103,071 | -34.5% |
| Plant, machinery and equipment | 23 | €4,532 | €3,461 | -€1,071 | -23.6% |
| Furniture and vehicles | 24 | €1,039 | €620 | -€419 | -40.3% |
| Financial fixed assets | 28 | €251,252 | - | -€251,252 | |
| Current assets | 29/58 | €220,804 | €68,278 | -€152,526 | -69.1% |
| Amounts receivable after more than one year | 29 | €112,779 | - | -€112,779 | |
| Other amounts receivable | 291 | €112,779 | - | -€112,779 | |
| Stocks and contracts in progress | 3 | €30,636 | €34,136 | +€3,500 | +11.4% |
| Stocks | 30/36 | €30,636 | €34,136 | +€3,500 | +11.4% |
| Amounts receivable within one year | 40/41 | €37,814 | €29,277 | -€8,537 | -22.6% |
| Trade receivables | 40 | €29,314 | - | -€29,314 | |
| Other amounts receivable | 41 | €8,500 | €29,277 | +€20,777 | +244.4% |
| Cash at bank and in hand | 54/58 | €37,448 | €4,865 | -€32,583 | -87.0% |
| Deferred charges and accrued income | 490/1 | €2,127 | - | -€2,127 | |
| Total equity and liabilities | 10/49 | €776,119 | €267,781 | -€508,338 | -65.5% |
| Equity | 10/15 | €186,139 | €40,367 | -€145,772 | -78.3% |
| Contributions | 10/11 | €60,000 | €8,301 | -€51,699 | -86.2% |
| Reserves | 13 | €139,570 | €14,370 | -€125,199 | -89.7% |
| Tax-exempt reserves | 132 | €35,698 | - | -€35,698 | |
| Distributable reserves | 133 | €103,872 | €14,370 | -€89,501 | -86.2% |
| Profit (loss) carried forward | 14 | -€13,431 | €17,696 | +€31,126 | |
| Provisions and deferred taxes | 16 | €11,899 | - | -€11,899 | |
| Deferred taxes | 168 | €11,899 | - | -€11,899 | |
| Amounts payable | 17/49 | €578,081 | €227,414 | -€350,667 | -60.7% |
| Amounts payable after more than one year | 17 | €345,958 | €170,196 | -€175,762 | -50.8% |
| Financial debts | 170/4 | €219,579 | €170,196 | -€49,383 | -22.5% |
| Other amounts payable | 178/9 | €126,379 | - | -€126,379 | |
| Amounts payable within one year | 42/48 | €232,123 | €57,218 | -€174,905 | -75.4% |
| Current portion of amounts payable after more than one year | 42 | €42,676 | €29,377 | -€13,299 | -31.2% |
| Financial debts | 43 | €131,067 | - | -€131,067 | |
| Credit institutions | 430/8 | €131,067 | - | -€131,067 | |
| Trade debts | 44 | €26,896 | €4,224 | -€22,672 | -84.3% |
| Suppliers | 440/4 | €26,896 | €4,224 | -€22,672 | -84.3% |
| Taxes, remuneration and social security | 45 | €31,484 | €10,723 | -€20,762 | -65.9% |
| Taxes | 450/3 | €31,484 | €10,723 | -€20,762 | -65.9% |
| Other amounts payable | 47/48 | - | €12,895 | +€12,895 | |
| Non-recurring operating income | 76A | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,123 | €39,214 | -€11,909 | -23.3% |
| Other operating charges | 640/8 | €202 | €762 | +€560 | +277.3% |
| Gross operating margin | 9900 | €70,847 | €132,381 | +€61,534 | +86.9% |
| Operating profit (loss) | 9901 | €19,522 | €92,405 | +€72,883 | +373.3% |
| Financial income | 75/76B | €3,178 | €2,634 | -€544 | -17.1% |
| Recurring financial income | 75 | €3,178 | €2,634 | -€544 | -17.1% |
| Financial charges | 65/66B | €13,027 | €8,984 | -€4,043 | -31.0% |
| Recurring financial charges | 65 | €13,027 | €8,580 | -€4,447 | -34.1% |
| Non-recurring financial charges | 66B | - | €404 | +€404 | |
| Profit (loss) for the period before taxes | 9903 | €9,673 | €86,054 | +€76,382 | +789.6% |
| Transfer from deferred taxes | 780 | €1,717 | €6,968 | +€5,252 | +305.9% |
| Income taxes | 67/77 | €4,730 | €20,568 | +€15,838 | +334.8% |
| Profit (loss) for the period | 9904 | €6,659 | €72,455 | +€65,795 | +988.0% |
| Transfer from tax-exempt reserves | 789 | €5,151 | €2,575 | -€2,575 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,810 | €75,030 | +€63,220 | +535.3% |
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 3 October 2026 via checked.be.