HOREMANS: 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.
HOREMANS
Largest movements
- Receivables within one year -€32,447
down €32,447 (-31.8%), from €102,010 to €69,562
of which Trade receivables: -€32,463
- Tangible fixed assets -€30,913
down €30,913 (-5.9%), from €528,264 to €497,351
of which Land and buildings: -€28,486
- Deferred charges and accrued income -€29,312
no longer reported in 2025 (was €29,312)
- Profit (loss) carried forward -€126,782
down €126,782 (-137%), from -€92,653 to -€219,435
- Trade debts +€37,369
up €37,369 (+22.9%), from €162,870 to €200,240
- Debts after one year -€22,143
down €22,143 (-4.5%), from €494,976 to €472,834
- Short-term financial debts +€15,136
up €15,136 (+155%), from €9,744 to €24,881
- Gross operating margin -€34,592
down €34,592 (-73.2%), from €47,232 to €12,641
- Staff costs +€29,338
up €29,338 (+82.9%), from €35,406 to €64,744
- Financial charges -€1,280
down €1,280 (-3.4%), from €37,836 to €36,557
- Depreciation -€910
down €910 (-2.7%), from €33,262 to €32,352
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 | €688,234 | €596,207 | -€92,027 | -13.4% |
| Fixed assets | 21/28 | €528,264 | €497,351 | -€30,913 | -5.9% |
| Tangible fixed assets | 22/27 | €528,264 | €497,351 | -€30,913 | -5.9% |
| Land and buildings | 22 | €522,695 | €494,209 | -€28,486 | -5.4% |
| Plant, machinery and equipment | 23 | €4,437 | €2,747 | -€1,690 | -38.1% |
| Furniture and vehicles | 24 | €1,132 | €394 | -€738 | -65.2% |
| Current assets | 29/58 | €159,970 | €98,857 | -€61,113 | -38.2% |
| Stocks and contracts in progress | 3 | €28,078 | €28,078 | = | 0.0% |
| Stocks | 30/36 | €28,078 | €28,078 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €102,010 | €69,562 | -€32,447 | -31.8% |
| Trade receivables | 40 | €97,729 | €65,266 | -€32,463 | -33.2% |
| Other amounts receivable | 41 | €4,281 | €4,296 | +€16 | +0.4% |
| Current investments | 50/53 | €571 | - | -€571 | |
| Cash at bank and in hand | 54/58 | €0 | €1,216 | +€1,216 | |
| Deferred charges and accrued income | 490/1 | €29,312 | - | -€29,312 | |
| Total equity and liabilities | 10/49 | €688,234 | €596,207 | -€92,027 | -13.4% |
| Equity | 10/15 | -€72,202 | -€198,984 | -€126,782 | -176% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,653 | -€219,435 | -€126,782 | -137% |
| Amounts payable | 17/49 | €760,436 | €795,191 | +€34,755 | +4.6% |
| Amounts payable after more than one year | 17 | €494,976 | €472,834 | -€22,143 | -4.5% |
| Financial debts | 170/4 | €494,976 | €472,834 | -€22,143 | -4.5% |
| Amounts payable within one year | 42/48 | €261,945 | €320,408 | +€58,463 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €21,129 | €23,942 | +€2,812 | +13.3% |
| Financial debts | 43 | €9,744 | €24,881 | +€15,136 | +155% |
| Credit institutions | 430/8 | €9,744 | €24,881 | +€15,136 | +155% |
| Trade debts | 44 | €162,870 | €200,240 | +€37,369 | +22.9% |
| Suppliers | 440/4 | €162,870 | €200,240 | +€37,369 | +22.9% |
| Taxes, remuneration and social security | 45 | €12,732 | €18,883 | +€6,151 | +48.3% |
| Taxes | 450/3 | €12,732 | €18,883 | +€6,151 | +48.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €55,469 | €52,463 | -€3,006 | -5.4% |
| Accrued charges and deferred income | 492/3 | €3,515 | €1,950 | -€1,565 | -44.5% |
| Remuneration, social security and pensions | 62 | €35,406 | €64,744 | +€29,338 | +82.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,262 | €32,352 | -€910 | -2.7% |
| Other operating charges | 640/8 | €2,056 | €1,644 | -€413 | -20.1% |
| Gross operating margin | 9900 | €47,232 | €12,641 | -€34,592 | -73.2% |
| Operating profit (loss) | 9901 | -€23,492 | -€86,099 | -€62,607 | -267% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €37,836 | €36,557 | -€1,280 | -3.4% |
| Recurring financial charges | 65 | €37,836 | €36,557 | -€1,280 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | -€61,328 | -€122,656 | -€61,328 | -100.0% |
| Profit (loss) for the period | 9904 | -€61,328 | -€122,656 | -€61,328 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,328 | -€122,656 | -€61,328 | -100.0% |
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 16 October 2026 via checked.be.