HORESTRECA: 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.
HORESTRECA
Largest movements
- Tangible fixed assets +€724,238
up €724,238 (+62.9%), from €1.2m to €1.9m
of which Land and buildings: +€753,583
- Receivables within one year +€144,498
up €144,498 (+124.9%), from €115,652 to €260,150
of which Other amounts receivable: +€118,596
- Cash -€47,983
down €47,983 (-15.3%), from €313,742 to €265,759
mainly Investment in fixed assets (net) (-€759,143) and Receivables within one year (-€144,498)
- Debts after one year +€749,400
new in 2025: €749,400
- Reserves +€144,627
up €144,627 (+18.1%), from €800,334 to €944,961
of which Distributable reserves: +€144,627
- Tax, wage and social debts -€39,883
down €39,883 (-85.3%), from €46,775 to €6,893
of which Taxes: -€28,364
- Depreciation +€15,895
up €15,895 (+83.6%), from €19,010 to €34,906
- Gross operating margin +€12,690
up €12,690 (+5.0%), from €253,320 to €266,009
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 | €1,831,783 | €2,684,925 | +€853,142 | +46.6% |
| Fixed assets | 21/28 | €1,152,159 | €1,876,396 | +€724,238 | +62.9% |
| Tangible fixed assets | 22/27 | €1,152,159 | €1,876,396 | +€724,238 | +62.9% |
| Land and buildings | 22 | €1,034,124 | €1,787,706 | +€753,583 | +72.9% |
| Plant, machinery and equipment | 23 | €11,610 | €6,487 | -€5,123 | -44.1% |
| Furniture and vehicles | 24 | €106,425 | €82,203 | -€24,223 | -22.8% |
| Current assets | 29/58 | €679,624 | €808,529 | +€128,905 | +19.0% |
| Stocks and contracts in progress | 3 | €38,297 | €47,620 | +€9,323 | +24.3% |
| Stocks | 30/36 | €38,297 | €47,620 | +€9,323 | +24.3% |
| Amounts receivable within one year | 40/41 | €115,652 | €260,150 | +€144,498 | +124.9% |
| Trade receivables | 40 | €81,759 | €107,662 | +€25,903 | +31.7% |
| Other amounts receivable | 41 | €33,893 | €152,488 | +€118,596 | +349.9% |
| Current investments | 50/53 | €210,000 | €235,000 | +€25,000 | +11.9% |
| Cash at bank and in hand | 54/58 | €313,742 | €265,759 | -€47,983 | -15.3% |
| Deferred charges and accrued income | 490/1 | €1,934 | €0 | -€1,934 | -100.0% |
| Total equity and liabilities | 10/49 | €1,831,783 | €2,684,925 | +€853,142 | +46.6% |
| Equity | 10/15 | €1,756,705 | €1,901,332 | +€144,627 | +8.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €894,371 | €894,371 | = | 0.0% |
| Reserves | 13 | €800,334 | €944,961 | +€144,627 | +18.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €794,134 | €938,761 | +€144,627 | +18.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €75,078 | €783,593 | +€708,515 | +943.7% |
| Amounts payable after more than one year | 17 | - | €749,400 | +€749,400 | |
| Financial debts | 170/4 | - | €749,400 | +€749,400 | |
| Amounts payable within one year | 42/48 | €75,078 | €34,193 | -€40,885 | -54.5% |
| Trade debts | 44 | €11,683 | €7,111 | -€4,572 | -39.1% |
| Suppliers | 440/4 | €11,683 | €7,111 | -€4,572 | -39.1% |
| Advances received on contracts in progress | 46 | €16,620 | €20,189 | +€3,570 | +21.5% |
| Taxes, remuneration and social security | 45 | €46,775 | €6,893 | -€39,883 | -85.3% |
| Taxes | 450/3 | €35,257 | €6,893 | -€28,364 | -80.5% |
| Remuneration and social security | 454/9 | €11,518 | €0 | -€11,518 | -100.0% |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,010 | €34,906 | +€15,895 | +83.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €11,147 | €11,054 | -€93 | -0.8% |
| Gross operating margin | 9900 | €253,320 | €266,009 | +€12,690 | +5.0% |
| Operating profit (loss) | 9901 | €223,162 | €220,049 | -€3,113 | -1.4% |
| Financial income | 75/76B | €4,647 | €4,779 | +€132 | +2.8% |
| Recurring financial income | 75 | €4,647 | €4,779 | +€132 | +2.8% |
| Financial charges | 65/66B | €967 | €2,034 | +€1,067 | +110.3% |
| Recurring financial charges | 65 | €967 | €2,034 | +€1,067 | +110.3% |
| Profit (loss) for the period before taxes | 9903 | €226,841 | €222,793 | -€4,048 | -1.8% |
| Income taxes | 67/77 | €52,575 | €55,191 | +€2,616 | +5.0% |
| Profit (loss) for the period | 9904 | €174,266 | €167,602 | -€6,664 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €174,266 | €167,602 | -€6,664 | -3.8% |
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 10 October 2026 via checked.be.