P&A HORESCA: 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.
P&A HORESCA
Largest movements
- Tangible fixed assets +€224,931
up €224,931 (+447%), from €50,364 to €275,295
of which Land and buildings: +€209,641
- Cash -€80,002
down €80,002 (-89.7%), from €89,171 to €9,169
mainly Investment in fixed assets (net) (-€242,340) and Stocks and contracts (-€30,700)
- Stocks and contracts +€30,700
up €30,700 (+66.1%), from €46,419 to €77,119
- Receivables within one year +€6,174
up €6,174 (+6.7%), from €92,012 to €98,186
of which Other amounts receivable: +€10,777
- Debts after one year +€118,925
up €118,925 (+165%), from €72,233 to €191,158
- Short-term financial debts +€30,000
new in 2025: €30,000
- Other debts +€25,250
new in 2025: €25,250
- Trade debts +€22,122
up €22,122 (+3,488%), from €634 to €22,756
- Profit (loss) carried forward -€18,460
down €18,460 (-544%), from -€3,393 to -€21,853
- Gross operating margin -€10,249
down €10,249 (-61.9%), from €16,564 to €6,315
- Financial charges +€5,377
up €5,377 (+185%), from €2,908 to €8,284
- Depreciation +€4,950
up €4,950 (+40.7%), from €12,159 to €17,108
- Financial income +€1,237
up €1,237 (+57.5%), from €2,150 to €3,387
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 | €278,465 | €460,568 | +€182,103 | +65.4% |
| Fixed assets | 21/28 | €50,864 | €276,095 | +€225,231 | +443% |
| Tangible fixed assets | 22/27 | €50,364 | €275,295 | +€224,931 | +447% |
| Land and buildings | 22 | - | €209,641 | +€209,641 | |
| Plant, machinery and equipment | 23 | €50,364 | €65,654 | +€15,290 | +30.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €500 | €800 | +€300 | +60.0% |
| Current assets | 29/58 | €227,601 | €184,474 | -€43,128 | -18.9% |
| Stocks and contracts in progress | 3 | €46,419 | €77,119 | +€30,700 | +66.1% |
| Stocks | 30/36 | €46,419 | €77,119 | +€30,700 | +66.1% |
| Amounts receivable within one year | 40/41 | €92,012 | €98,186 | +€6,174 | +6.7% |
| Trade receivables | 40 | €14,983 | €10,380 | -€4,603 | -30.7% |
| Other amounts receivable | 41 | €77,029 | €87,807 | +€10,777 | +14.0% |
| Cash at bank and in hand | 54/58 | €89,171 | €9,169 | -€80,002 | -89.7% |
| Total equity and liabilities | 10/49 | €278,465 | €460,568 | +€182,103 | +65.4% |
| Equity | 10/15 | €182,213 | €163,753 | -€18,460 | -10.1% |
| Contributions | 10/11 | €185,605 | €185,605 | = | 0.0% |
| Capital | 10 | €185,605 | €185,605 | = | 0.0% |
| Issued capital | 100 | €198,000 | €198,000 | = | 0.0% |
| Uncalled capital | 101 | €12,395 | €12,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,393 | -€21,853 | -€18,460 | -544% |
| Amounts payable | 17/49 | €96,253 | €296,816 | +€200,563 | +208% |
| Amounts payable after more than one year | 17 | €72,233 | €191,158 | +€118,925 | +165% |
| Financial debts | 170/4 | €72,233 | €191,158 | +€118,925 | +165% |
| Amounts payable within one year | 42/48 | €24,020 | €105,658 | +€81,638 | +340% |
| Current portion of amounts payable after more than one year | 42 | €22,432 | €27,306 | +€4,874 | +21.7% |
| Financial debts | 43 | - | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €634 | €22,756 | +€22,122 | +3,488% |
| Suppliers | 440/4 | €634 | €22,756 | +€22,122 | +3,488% |
| Taxes, remuneration and social security | 45 | €954 | €346 | -€607 | -63.7% |
| Taxes | 450/3 | €954 | €346 | -€607 | -63.7% |
| Other amounts payable | 47/48 | - | €25,250 | +€25,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,159 | €17,108 | +€4,950 | +40.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Non-recurring operating charges | 66A | - | €2,307 | +€2,307 | |
| Gross operating margin | 9900 | €16,564 | €6,315 | -€10,249 | -61.9% |
| Operating profit (loss) | 9901 | €3,956 | -€13,562 | -€17,518 | |
| Financial income | 75/76B | €2,150 | €3,387 | +€1,237 | +57.5% |
| Recurring financial income | 75 | €2,150 | €3,387 | +€1,237 | +57.5% |
| Financial charges | 65/66B | €2,908 | €8,284 | +€5,377 | +185% |
| Recurring financial charges | 65 | €2,908 | €8,284 | +€5,377 | +185% |
| Profit (loss) for the period before taxes | 9903 | €3,198 | -€18,460 | -€21,658 | |
| Profit (loss) for the period | 9904 | €3,198 | -€18,460 | -€21,658 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,198 | -€18,460 | -€21,658 |
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 17 October 2026 via checked.be.