HOREST: what changed
What changed
HOREST
NACE 55.100, Hotels and similar accommodation
filed annual accounts (NBB)
Net result for the year
€104,290
2024 · €86,952+€17,339
Equity
€903,975
2024 · €799,684+€104,290
Cash
€61,872
2024 · €59,802+€2,069
Balance sheet total
€2.3m
2024 · €2.3m+€20,645
Largest movements
Assets
- Tangible fixed assets -€48,765
down €48,765 (-3.6%), from €1.3m to €1.3m
of which Land and buildings: -€30,644
- Receivables within one year +€44,539
up €44,539 (+19.3%), from €230,958 to €275,498
of which Other amounts receivable: +€24,738
Equity and liabilities
- Profit (loss) carried forward +€104,290
up €104,290 (+23.3%), from -€447,642 to -€343,351
- Tax, wage and social debts -€45,759
down €45,759 (-36.6%), from €124,944 to €79,185
of which Remuneration and social security: -€31,950
- Current portion of long-term debt +€28,086
up €28,086 (+61.4%), from €45,714 to €73,799
Income statement
- Turnover -€1.6m
no longer reported in 2025 (was €1.6m)
- Purchases and services -€737,367
no longer reported in 2025 (was €737,367)
- Gross operating margin +€30,028
up €30,028 (+3.4%), from €882,771 to €912,799
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€86,952
Gross operating margin
+€30,028
Staff costs
+€10,717
Depreciation
+€558
Write-downs
+€1,990
Other operating charges
-€11,041
Financial income
-€198
Financial charges
-€14,715
Result 2025
€104,290
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€14,884
Investment
-€8,209
Financing
-€4,605
Cash 2024
€59,802
From operations (derived)
+€14,884
Net result for the year
+€104,290
Depreciation
+€56,974
Stocks and contracts
-€17,526
Receivables within one year
-€44,539
Deferred charges and accrued income
-€5,275
Trade debts
-€11,553
Tax, wage and social debts
-€45,759
Other debts
-€21,727
Investment (derived)
-€8,209
Investment in fixed assets (net)
-€8,209
Financing
-€4,605
Debts after one year
-€22,840
Current portion of long-term debt
+€28,086
Short-term financial debts
-€9,851
Cash 2025
€61,872
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,313,623 | €2,334,268 | +€20,645 | +0.9% |
| Fixed assets | 21/28 | €1,548,460 | €1,499,695 | -€48,765 | -3.1% |
| Tangible fixed assets | 22/27 | €1,348,689 | €1,299,924 | -€48,765 | -3.6% |
| Land and buildings | 22 | €1,287,961 | €1,257,317 | -€30,644 | -2.4% |
| Plant, machinery and equipment | 23 | €43,144 | €31,139 | -€12,005 | -27.8% |
| Furniture and vehicles | 24 | €17,585 | €11,469 | -€6,116 | -34.8% |
| Financial fixed assets | 28 | €199,771 | €199,771 | = | 0.0% |
| Current assets | 29/58 | €765,163 | €834,573 | +€69,410 | +9.1% |
| Amounts receivable after more than one year | 29 | €443,570 | €443,570 | = | 0.0% |
| Other amounts receivable | 291 | €443,570 | €443,570 | = | 0.0% |
| Stocks and contracts in progress | 3 | €20,611 | €38,137 | +€17,526 | +85.0% |
| Stocks | 30/36 | €20,611 | €38,137 | +€17,526 | +85.0% |
| Amounts receivable within one year | 40/41 | €230,958 | €275,498 | +€44,539 | +19.3% |
| Trade receivables | 40 | €9,086 | €28,887 | +€19,801 | +218% |
| Other amounts receivable | 41 | €221,872 | €246,611 | +€24,738 | +11.1% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €59,802 | €61,872 | +€2,069 | +3.5% |
| Deferred charges and accrued income | 490/1 | €9,221 | €14,496 | +€5,275 | +57.2% |
| Total equity and liabilities | 10/49 | €2,313,623 | €2,334,268 | +€20,645 | +0.9% |
| Equity | 10/15 | €799,684 | €903,975 | +€104,290 | +13.0% |
| Contributions | 10/11 | €341,199 | €341,199 | = | 0.0% |
| Capital | 10 | €341,199 | €341,199 | = | 0.0% |
| Issued capital | 100 | €341,199 | €341,199 | = | 0.0% |
| Revaluation surpluses | 12 | €856,711 | €856,711 | = | 0.0% |
| Reserves | 13 | €49,416 | €49,416 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,416 | €49,416 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€447,642 | -€343,351 | +€104,290 | +23.3% |
| Amounts payable | 17/49 | €1,513,939 | €1,430,294 | -€83,645 | -5.5% |
| Amounts payable after more than one year | 17 | €1,245,524 | €1,222,684 | -€22,840 | -1.8% |
| Financial debts | 170/4 | €1,245,524 | €1,222,684 | -€22,840 | -1.8% |
| Amounts payable within one year | 42/48 | €268,415 | €207,610 | -€60,805 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €45,714 | €73,799 | +€28,086 | +61.4% |
| Financial debts | 43 | €9,851 | €0 | -€9,851 | -100% |
| Other loans | 439 | €9,851 | €0 | -€9,851 | -100% |
| Trade debts | 44 | €64,545 | €52,992 | -€11,553 | -17.9% |
| Suppliers | 440/4 | €64,545 | €52,992 | -€11,553 | -17.9% |
| Taxes, remuneration and social security | 45 | €124,944 | €79,185 | -€45,759 | -36.6% |
| Taxes | 450/3 | €20,679 | €6,870 | -€13,809 | -66.8% |
| Remuneration and social security | 454/9 | €104,264 | €72,315 | -€31,950 | -30.6% |
| Other amounts payable | 47/48 | €23,361 | €1,634 | -€21,727 | -93.0% |
| Turnover | 70 | €1,597,632 | - | -€1.6m | |
| Goods, raw materials, services and sundry goods | 60/61 | €737,367 | - | -€737,367 | |
| Remuneration, social security and pensions | 62 | €670,355 | €659,638 | -€10,717 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,532 | €56,974 | -€558 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,990 | €0 | -€1,990 | -100% |
| Other operating charges | 640/8 | €16,506 | €27,547 | +€11,041 | +66.9% |
| Gross operating margin | 9900 | €882,771 | €912,799 | +€30,028 | +3.4% |
| Operating profit (loss) | 9901 | €136,388 | €168,640 | +€32,252 | +23.6% |
| Financial income | 75/76B | €3,047 | €2,849 | -€198 | -6.5% |
| Recurring financial income | 75 | €3,047 | €2,849 | -€198 | -6.5% |
| Financial charges | 65/66B | €52,483 | €67,198 | +€14,715 | +28.0% |
| Recurring financial charges | 65 | €52,483 | €67,198 | +€14,715 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €86,952 | €104,290 | +€17,339 | +19.9% |
| Profit (loss) for the period | 9904 | €86,952 | €104,290 | +€17,339 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €86,952 | €104,290 | +€17,339 | +19.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.