HORENA: 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.
HORENA
Largest movements
- Tangible fixed assets -€90,152
down €90,152 (-11.3%), from €795,931 to €705,778
of which Plant, machinery and equipment: -€63,507
- Cash -€29,725
down €29,725 (-40.7%), from €73,072 to €43,347
mainly Net result for the year (-€108,150) and Trade debts (-€12,197)
- Profit (loss) carried forward -€108,150
down €108,150 (-5.6%), from -€1.9m to -€2.0m
- Trade debts -€12,197
down €12,197 (-96.1%), from €12,690 to €493
- Services and other goods -€9,730
down €9,730 (-48.6%), from €20,037 to €10,307
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 | €872,235 | €753,742 | -€118,493 | -13.6% |
| Fixed assets | 21/28 | €795,931 | €705,778 | -€90,152 | -11.3% |
| Tangible fixed assets | 22/27 | €795,931 | €705,778 | -€90,152 | -11.3% |
| Land and buildings | 22 | €291,023 | €264,378 | -€26,645 | -9.2% |
| Plant, machinery and equipment | 23 | €504,908 | €441,400 | -€63,507 | -12.6% |
| Current assets | 29/58 | €76,304 | €47,964 | -€28,341 | -37.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,232 | €4,617 | +€1,385 | +42.8% |
| Trade receivables | 40 | €2,805 | €4,501 | +€1,697 | +60.5% |
| Other amounts receivable | 41 | €428 | €116 | -€312 | -73.0% |
| Cash at bank and in hand | 54/58 | €73,072 | €43,347 | -€29,725 | -40.7% |
| Total equity and liabilities | 10/49 | €872,235 | €753,742 | -€118,493 | -13.6% |
| Equity | 10/15 | -€1,520,974 | -€1,629,124 | -€108,150 | -7.1% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,920,974 | -€2,029,124 | -€108,150 | -5.6% |
| Amounts payable | 17/49 | €2,393,209 | €2,382,866 | -€10,343 | -0.4% |
| Amounts payable after more than one year | 17 | €2,380,000 | €2,380,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,380,000 | €2,380,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,690 | €493 | -€12,197 | -96.1% |
| Trade debts | 44 | €12,690 | €493 | -€12,197 | -96.1% |
| Suppliers | 440/4 | €12,690 | €493 | -€12,197 | -96.1% |
| Accrued charges and deferred income | 492/3 | €519 | €2,373 | +€1,854 | +357.4% |
| Operating income | 70/76A | €0 | - | = | |
| Turnover | 70 | €0 | - | = | |
| Operating charges | 60/66A | €117,163 | €107,651 | -€9,511 | -8.1% |
| Goods for resale, raw materials and consumables | 60 | €0 | - | = | |
| Purchases | 600/8 | €0 | - | = | |
| Services and other goods | 61 | €20,037 | €10,307 | -€9,730 | -48.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,152 | €90,152 | = | 0.0% |
| Other operating charges | 640/8 | €6,974 | €7,192 | +€219 | +3.1% |
| Operating profit (loss) | 9901 | -€117,163 | -€107,651 | +€9,511 | +8.1% |
| Financial charges | 65/66B | €585 | €499 | -€86 | -14.7% |
| Recurring financial charges | 65 | €585 | €499 | -€86 | -14.7% |
| Debt charges | 650 | €20 | €20 | = | 0.0% |
| Other financial charges | 652/9 | €565 | €479 | -€86 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | -€117,747 | -€108,150 | +€9,597 | +8.2% |
| Profit (loss) for the period | 9904 | -€117,747 | -€108,150 | +€9,597 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€117,747 | -€108,150 | +€9,597 | +8.2% |
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.