HORREA: 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.
HORREA
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+23.2%), from €5.2m to €6.4m
of which Land and buildings: +€1.1m
- Deferred charges and accrued income +€98,648
up €98,648 (+1,008%), from €9,789 to €108,437
- Debts after one year +€643,761
up €643,761 (+16.4%), from €3.9m to €4.6m
of which Financial debts: +€651,001
- Other debts +€478,748
up €478,748 (+522%), from €91,745 to €570,494
- Profit (loss) carried forward -€473,759
down €473,759 (-57.7%), from -€821,008 to -€1.3m
- Short-term financial debts +€462,883
up €462,883 (+26.1%), from €1.8m to €2.2m
- Accrued charges and deferred income +€175,065
up €175,065 (+134%), from €130,522 to €305,587
- Depreciation +€48,405
up €48,405 (+18.4%), from €263,543 to €311,948
- Gross operating margin -€25,457
down €25,457 (-9.0%), from €282,289 to €256,832
- Other operating charges -€11,469
down €11,469 (-17.8%), from €64,434 to €52,966
- Financial charges +€9,253
up €9,253 (+2.6%), from €356,464 to €365,717
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 | €5,254,631 | €6,643,233 | +€1.4m | +26.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €5,216,882 | €6,430,047 | +€1.2m | +23.3% |
| Tangible fixed assets | 22/27 | €5,216,882 | €6,428,727 | +€1.2m | +23.2% |
| Land and buildings | 22 | €5,216,882 | €6,330,844 | +€1.1m | +21.4% |
| Plant, machinery and equipment | 23 | - | €97,883 | +€97,883 | |
| Financial fixed assets | 28 | - | €1,320 | +€1,320 | |
| Current assets | 29/58 | €37,748 | €213,186 | +€175,438 | +465% |
| Amounts receivable within one year | 40/41 | €27,959 | €45,647 | +€17,688 | +63.3% |
| Trade receivables | 40 | €25,786 | €42,400 | +€16,614 | +64.4% |
| Other amounts receivable | 41 | €2,173 | €3,248 | +€1,075 | +49.5% |
| Cash at bank and in hand | 54/58 | €0 | €59,102 | +€59,102 | |
| Deferred charges and accrued income | 490/1 | €9,789 | €108,437 | +€98,648 | +1,008% |
| Total equity and liabilities | 10/49 | €5,254,631 | €6,643,233 | +€1.4m | +26.4% |
| Equity | 10/15 | -€816,008 | -€1,289,767 | -€473,759 | -58.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€821,008 | -€1,294,767 | -€473,759 | -57.7% |
| Amounts payable | 17/49 | €6,070,639 | €7,933,000 | +€1.9m | +30.7% |
| Amounts payable after more than one year | 17 | €3,918,067 | €4,561,827 | +€643,761 | +16.4% |
| Financial debts | 170/4 | €3,910,272 | €4,561,272 | +€651,001 | +16.6% |
| Other amounts payable | 178/9 | €7,795 | €555 | -€7,240 | -92.9% |
| Amounts payable within one year | 42/48 | €2,022,051 | €3,065,587 | +€1.0m | +51.6% |
| Current portion of amounts payable after more than one year | 42 | €61,220 | €63,650 | +€2,431 | +4.0% |
| Financial debts | 43 | €1,776,171 | €2,239,054 | +€462,883 | +26.1% |
| Credit institutions | 430/8 | €1,776,171 | €2,239,054 | +€462,883 | +26.1% |
| Trade debts | 44 | €92,281 | €192,389 | +€100,108 | +108% |
| Suppliers | 440/4 | €92,281 | €192,389 | +€100,108 | +108% |
| Taxes, remuneration and social security | 45 | €634 | €0 | -€634 | -100% |
| Taxes | 450/3 | €634 | €0 | -€634 | -100% |
| Other amounts payable | 47/48 | €91,745 | €570,494 | +€478,748 | +522% |
| Accrued charges and deferred income | 492/3 | €130,522 | €305,587 | +€175,065 | +134% |
| Non-recurring operating income | 76A | - | €116 | +€116 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €263,543 | €311,948 | +€48,405 | +18.4% |
| Other operating charges | 640/8 | €64,434 | €52,966 | -€11,469 | -17.8% |
| Gross operating margin | 9900 | €282,289 | €256,832 | -€25,457 | -9.0% |
| Operating profit (loss) | 9901 | -€45,689 | -€108,082 | -€62,394 | -137% |
| Financial income | 75/76B | €64 | €40 | -€25 | -38.2% |
| Recurring financial income | 75 | €64 | €40 | -€25 | -38.2% |
| Financial charges | 65/66B | €356,464 | €365,717 | +€9,253 | +2.6% |
| Recurring financial charges | 65 | €356,464 | €365,717 | +€9,253 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | -€402,088 | -€473,759 | -€71,671 | -17.8% |
| Profit (loss) for the period | 9904 | -€402,088 | -€473,759 | -€71,671 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€402,088 | -€473,759 | -€71,671 | -17.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.