Horegrec: 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.
Horegrec
Largest movements
- Cash -€13,877
down €13,877 (-49.6%), from €27,972 to €14,095
mainly Net result for the year (-€22,162) and Receivables within one year (-€6,151)
- Tangible fixed assets -€10,721
down €10,721 (-32.9%), from €32,571 to €21,850
of which Furniture and vehicles: -€7,611
- Receivables within one year +€6,151
up €6,151 (+126%), from €4,872 to €11,022
of which Trade receivables: +€4,078
- Deferred charges and accrued income +€1,975
up €1,975 (+195%), from €1,010 to €2,985
- Stocks and contracts +€800
up €800 (+19.0%), from €4,200 to €5,000
- Profit (loss) carried forward -€22,162
down €22,162 (-304%), from -€7,285 to -€29,447
- Trade debts +€7,538
up €7,538 (+17.3%), from €43,485 to €51,023
- Tax, wage and social debts +€6,414
up €6,414 (+330%), from €1,943 to €8,357
of which Taxes: +€3,829
- Debts after one year -€4,547
no longer reported in 2025 (was €4,547)
- Current portion of long-term debt -€2,916
down €2,916 (-39.1%), from €7,463 to €4,547
- Gross operating margin -€27,709
down €27,709 (-25.3%), from €109,670 to €81,961
- Staff costs -€17,052
down €17,052 (-16.1%), from €105,956 to €88,904
- Taxes -€2,941
down €2,941 (-81.0%), from €3,631 to €690
- Depreciation +€1,491
up €1,491 (+16.1%), from €9,230 to €10,721
- Financial charges +€1,098
up €1,098 (+46.2%), from €2,374 to €3,472
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 | €73,475 | €57,802 | -€15,673 | -21.3% |
| Fixed assets | 21/28 | €35,422 | €24,701 | -€10,721 | -30.3% |
| Tangible fixed assets | 22/27 | €32,571 | €21,850 | -€10,721 | -32.9% |
| Plant, machinery and equipment | 23 | €7,326 | €4,216 | -€3,110 | -42.5% |
| Furniture and vehicles | 24 | €25,244 | €17,634 | -€7,611 | -30.1% |
| Financial fixed assets | 28 | €2,851 | €2,851 | = | 0.0% |
| Current assets | 29/58 | €38,054 | €33,102 | -€4,952 | -13.0% |
| Stocks and contracts in progress | 3 | €4,200 | €5,000 | +€800 | +19.0% |
| Stocks | 30/36 | €4,200 | €5,000 | +€800 | +19.0% |
| Amounts receivable within one year | 40/41 | €4,872 | €11,022 | +€6,151 | +126% |
| Trade receivables | 40 | €585 | €4,663 | +€4,078 | +697% |
| Other amounts receivable | 41 | €4,287 | €6,359 | +€2,073 | +48.3% |
| Cash at bank and in hand | 54/58 | €27,972 | €14,095 | -€13,877 | -49.6% |
| Deferred charges and accrued income | 490/1 | €1,010 | €2,985 | +€1,975 | +195% |
| Total equity and liabilities | 10/49 | €73,475 | €57,802 | -€15,673 | -21.3% |
| Equity | 10/15 | €14,545 | -€7,617 | -€22,162 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,830 | €1,830 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,830 | €1,830 | = | 0.0% |
| Legal reserve | 130 | €1,830 | €1,830 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,285 | -€29,447 | -€22,162 | -304% |
| Amounts payable | 17/49 | €58,930 | €65,419 | +€6,489 | +11.0% |
| Amounts payable after more than one year | 17 | €4,547 | - | -€4,547 | |
| Financial debts | 170/4 | €4,547 | - | -€4,547 | |
| Amounts payable within one year | 42/48 | €54,383 | €65,419 | +€11,036 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €7,463 | €4,547 | -€2,916 | -39.1% |
| Trade debts | 44 | €43,485 | €51,023 | +€7,538 | +17.3% |
| Suppliers | 440/4 | €43,485 | €51,023 | +€7,538 | +17.3% |
| Advances received on contracts in progress | 46 | €1,492 | €1,492 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,943 | €8,357 | +€6,414 | +330% |
| Taxes | 450/3 | €1,643 | €5,473 | +€3,829 | +233% |
| Remuneration and social security | 454/9 | €300 | €2,884 | +€2,584 | +862% |
| Remuneration, social security and pensions | 62 | €105,956 | €88,904 | -€17,052 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,230 | €10,721 | +€1,491 | +16.1% |
| Other operating charges | 640/8 | €1,559 | €582 | -€977 | -62.7% |
| Gross operating margin | 9900 | €109,670 | €81,961 | -€27,709 | -25.3% |
| Operating profit (loss) | 9901 | -€7,076 | -€18,246 | -€11,170 | -158% |
| Financial income | 75/76B | €1,239 | €245 | -€994 | -80.2% |
| Recurring financial income | 75 | €1,239 | €245 | -€994 | -80.2% |
| Financial charges | 65/66B | €2,374 | €3,472 | +€1,098 | +46.2% |
| Recurring financial charges | 65 | €2,374 | €3,472 | +€1,098 | +46.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,211 | -€21,472 | -€13,262 | -162% |
| Income taxes | 67/77 | €3,631 | €690 | -€2,941 | -81.0% |
| Profit (loss) for the period | 9904 | -€11,842 | -€22,162 | -€10,320 | -87.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,842 | -€22,162 | -€10,320 | -87.1% |
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 23 October 2026 via checked.be.