HOREPE: 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.
HOREPE
Largest movements
- Cash +€224,485
up €224,485 (+261%), from €85,971 to €310,455
mainly Other debts (+€150,327) and Depreciation (+€120,948)
- Tangible fixed assets -€64,054
down €64,054 (-23.5%), from €272,913 to €208,860
of which Plant, machinery and equipment: -€46,361
- Other debts +€150,327
up €150,327 (+108%), from €139,192 to €289,519
- Debts after one year -€50,579
down €50,579 (-32.9%), from €153,667 to €103,088
- Reserves +€50,022
up €50,022 (+75.2%), from €66,543 to €116,565
- Trade debts +€11,604
up €11,604 (+18.9%), from €61,550 to €73,154
- Tax, wage and social debts -€8,092
down €8,092 (-20.0%), from €40,418 to €32,326
of which Taxes: -€4,341
- Staff costs -€25,138
down €25,138 (-13.5%), from €186,510 to €161,372
- Depreciation +€12,463
up €12,463 (+11.5%), from €108,485 to €120,948
- Taxes +€7,380
up €7,380 (+50.3%), from €14,664 to €22,045
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 | €531,764 | €688,228 | +€156,464 | +29.4% |
| Fixed assets | 21/28 | €309,146 | €241,092 | -€68,054 | -22.0% |
| Intangible fixed assets | 21 | €36,233 | €31,233 | -€5,000 | -13.8% |
| Tangible fixed assets | 22/27 | €272,913 | €208,860 | -€64,054 | -23.5% |
| Plant, machinery and equipment | 23 | €138,761 | €92,400 | -€46,361 | -33.4% |
| Furniture and vehicles | 24 | €106,117 | €67,404 | -€38,714 | -36.5% |
| Leasing and similar rights | 25 | €13,479 | €7,479 | -€6,000 | -44.5% |
| Other tangible fixed assets | 26 | €14,555 | €41,577 | +€27,021 | +186% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €222,618 | €447,136 | +€224,518 | +101% |
| Stocks and contracts in progress | 3 | €81,799 | €85,177 | +€3,378 | +4.1% |
| Stocks | 30/36 | €81,799 | €85,177 | +€3,378 | +4.1% |
| Amounts receivable within one year | 40/41 | €39,754 | €37,241 | -€2,512 | -6.3% |
| Trade receivables | 40 | €37,918 | €17,304 | -€20,614 | -54.4% |
| Other amounts receivable | 41 | €1,836 | €19,937 | +€18,102 | +986% |
| Cash at bank and in hand | 54/58 | €85,971 | €310,455 | +€224,485 | +261% |
| Deferred charges and accrued income | 490/1 | €15,095 | €14,262 | -€833 | -5.5% |
| Total equity and liabilities | 10/49 | €531,764 | €688,228 | +€156,464 | +29.4% |
| Equity | 10/15 | €86,543 | €136,565 | +€50,022 | +57.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €66,543 | €116,565 | +€50,022 | +75.2% |
| Distributable reserves | 133 | €66,543 | €116,565 | +€50,022 | +75.2% |
| Amounts payable | 17/49 | €445,221 | €551,663 | +€106,442 | +23.9% |
| Amounts payable after more than one year | 17 | €153,667 | €103,088 | -€50,579 | -32.9% |
| Financial debts | 170/4 | €153,667 | €103,088 | -€50,579 | -32.9% |
| Amounts payable within one year | 42/48 | €291,554 | €445,578 | +€154,024 | +52.8% |
| Current portion of amounts payable after more than one year | 42 | €50,394 | €50,579 | +€184 | +0.4% |
| Trade debts | 44 | €61,550 | €73,154 | +€11,604 | +18.9% |
| Suppliers | 440/4 | €61,550 | €73,154 | +€11,604 | +18.9% |
| Taxes, remuneration and social security | 45 | €40,418 | €32,326 | -€8,092 | -20.0% |
| Taxes | 450/3 | €18,785 | €14,443 | -€4,341 | -23.1% |
| Remuneration and social security | 454/9 | €21,633 | €17,883 | -€3,751 | -17.3% |
| Other amounts payable | 47/48 | €139,192 | €289,519 | +€150,327 | +108% |
| Accrued charges and deferred income | 492/3 | - | €2,997 | +€2,997 | |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €186,510 | €161,372 | -€25,138 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,485 | €120,948 | +€12,463 | +11.5% |
| Other operating charges | 640/8 | €5,604 | €6,443 | +€839 | +15.0% |
| Gross operating margin | 9900 | €367,941 | €367,100 | -€842 | -0.2% |
| Operating profit (loss) | 9901 | €67,342 | €78,336 | +€10,994 | +16.3% |
| Financial income | 75/76B | €434 | €185 | -€249 | -57.4% |
| Recurring financial income | 75 | €434 | €185 | -€249 | -57.4% |
| Financial charges | 65/66B | €7,229 | €6,454 | -€775 | -10.7% |
| Recurring financial charges | 65 | €7,229 | €6,454 | -€775 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €60,547 | €72,067 | +€11,520 | +19.0% |
| Income taxes | 67/77 | €14,664 | €22,045 | +€7,380 | +50.3% |
| Profit (loss) for the period | 9904 | €45,882 | €50,022 | +€4,140 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,882 | €50,022 | +€4,140 | +9.0% |
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 20 October 2026 via checked.be.