HORELCA: 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.
HORELCA
Largest movements
- Cash +€82,025
up €82,025 (+10.4%), from €785,768 to €867,794
mainly Net result for the year (+€61,929) and Depreciation (+€50,740)
- Deferred charges and accrued income +€46,726
up €46,726 (+635.2%), from €7,356 to €54,082
- Tangible fixed assets -€17,572
down €17,572 (-22.9%), from €76,723 to €59,151
- Receivables within one year -€14,119
down €14,119 (-3.6%), from €396,230 to €382,111
of which Trade receivables: -€20,398
- Reserves +€61,929
up €61,929 (+5.7%), from €1.1m to €1.2m
- Trade debts +€50,695
up €50,695 (+118.2%), from €42,888 to €93,583
- Debts after one year -€16,926
down €16,926 (-42.9%), from €39,495 to €22,569
- Gross operating margin -€33,545
down €33,545 (-5.1%), from €652,614 to €619,069
- Staff costs +€22,510
up €22,510 (+4.9%), from €462,219 to €484,729
- Taxes -€18,079
down €18,079 (-42.1%), from €42,930 to €24,851
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 | €1,267,440 | €1,364,500 | +€97,060 | +7.7% |
| Fixed assets | 21/28 | €78,085 | €60,513 | -€17,572 | -22.5% |
| Tangible fixed assets | 22/27 | €76,723 | €59,151 | -€17,572 | -22.9% |
| Furniture and vehicles | 24 | €76,723 | €59,151 | -€17,572 | -22.9% |
| Financial fixed assets | 28 | €1,362 | €1,362 | = | 0.0% |
| Current assets | 29/58 | €1,189,354 | €1,303,987 | +€114,633 | +9.6% |
| Amounts receivable within one year | 40/41 | €396,230 | €382,111 | -€14,119 | -3.6% |
| Trade receivables | 40 | €199,091 | €178,693 | -€20,398 | -10.2% |
| Other amounts receivable | 41 | €197,139 | €203,418 | +€6,279 | +3.2% |
| Cash at bank and in hand | 54/58 | €785,768 | €867,794 | +€82,025 | +10.4% |
| Deferred charges and accrued income | 490/1 | €7,356 | €54,082 | +€46,726 | +635.2% |
| Total equity and liabilities | 10/49 | €1,267,440 | €1,364,500 | +€97,060 | +7.7% |
| Equity | 10/15 | €1,108,565 | €1,170,493 | +€61,929 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,089,965 | €1,151,893 | +€61,929 | +5.7% |
| Distributable reserves | 133 | €1,089,965 | €1,151,893 | +€61,929 | +5.7% |
| Amounts payable | 17/49 | €158,875 | €194,006 | +€35,131 | +22.1% |
| Amounts payable after more than one year | 17 | €39,495 | €22,569 | -€16,926 | -42.9% |
| Financial debts | 170/4 | €39,495 | €22,569 | -€16,926 | -42.9% |
| Amounts payable within one year | 42/48 | €107,043 | €158,794 | +€51,751 | +48.3% |
| Current portion of amounts payable after more than one year | 42 | €16,926 | €16,926 | = | 0.0% |
| Trade debts | 44 | €42,888 | €93,583 | +€50,695 | +118.2% |
| Suppliers | 440/4 | €42,888 | €93,583 | +€50,695 | +118.2% |
| Taxes, remuneration and social security | 45 | €47,229 | €48,285 | +€1,055 | +2.2% |
| Remuneration and social security | 454/9 | €47,229 | €48,285 | +€1,055 | +2.2% |
| Accrued charges and deferred income | 492/3 | €12,337 | €12,644 | +€307 | +2.5% |
| Non-recurring operating income | 76A | €38,272 | €44,040 | +€5,768 | +15.1% |
| Remuneration, social security and pensions | 62 | €462,219 | €484,729 | +€22,510 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,770 | €50,740 | -€4,029 | -7.4% |
| Other operating charges | 640/8 | €3,327 | €3,801 | +€474 | +14.2% |
| Non-recurring operating charges | 66A | €15 | €1,425 | +€1,409 | +9204.4% |
| Gross operating margin | 9900 | €652,614 | €619,069 | -€33,545 | -5.1% |
| Operating profit (loss) | 9901 | €132,284 | €78,374 | -€53,909 | -40.8% |
| Financial income | 75/76B | €14,574 | €13,084 | -€1,490 | -10.2% |
| Recurring financial income | 75 | €14,574 | €13,084 | -€1,490 | -10.2% |
| Financial charges | 65/66B | €5,616 | €4,679 | -€937 | -16.7% |
| Recurring financial charges | 65 | €5,616 | €4,679 | -€937 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €141,242 | €86,780 | -€54,462 | -38.6% |
| Income taxes | 67/77 | €42,930 | €24,851 | -€18,079 | -42.1% |
| Profit (loss) for the period | 9904 | €98,312 | €61,929 | -€36,383 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,312 | €61,929 | -€36,383 | -37.0% |
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 7 October 2026 via checked.be.