SDR Horeca: 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.
SDR Horeca
Largest movements
- Tangible fixed assets +€34,094
up €34,094 (+227%), from €15,029 to €49,123
of which Furniture and vehicles: +€34,002
- Cash +€3,330
up €3,330 (+8.8%), from €38,030 to €41,360
mainly Other debts (+€41,805) and Debts after one year (+€36,711)
- Receivables within one year -€3,247
down €3,247 (-18.1%), from €17,922 to €14,675
of which Other amounts receivable: -€3,203
- Reserves -€46,225
down €46,225 (-43.3%), from €106,821 to €60,596
- Other debts +€41,805
new in 2025: €41,805
- Debts after one year +€36,711
new in 2025: €36,711
- Current portion of long-term debt +€9,044
up €9,044, from €0 to €9,044
- Trade debts -€2,995
down €2,995 (-32.6%), from €9,189 to €6,194
- Staff costs +€13,990
up €13,990 (+32.8%), from €42,612 to €56,602
- Gross operating margin -€4,926
down €4,926 (-7.3%), from €67,252 to €62,326
- Taxes -€4,710
down €4,710 (-94.9%), from €4,964 to €255
- Depreciation +€1,096
up €1,096 (+15.4%), from €7,114 to €8,211
- Other operating charges -€991
down €991 (-36.8%), from €2,693 to €1,702
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 | €131,109 | €167,320 | +€36,211 | +27.6% |
| Fixed assets | 21/28 | €15,029 | €49,123 | +€34,094 | +227% |
| Tangible fixed assets | 22/27 | €15,029 | €49,123 | +€34,094 | +227% |
| Plant, machinery and equipment | 23 | €2,327 | €786 | -€1,541 | -66.2% |
| Furniture and vehicles | 24 | €12,702 | €46,704 | +€34,002 | +268% |
| Other tangible fixed assets | 26 | - | €1,633 | +€1,633 | |
| Current assets | 29/58 | €116,080 | €118,197 | +€2,117 | +1.8% |
| Amounts receivable after more than one year | 29 | €52,816 | €52,816 | = | 0.0% |
| Other amounts receivable | 291 | €52,816 | €52,816 | = | 0.0% |
| Stocks and contracts in progress | 3 | €6,163 | €7,029 | +€866 | +14.0% |
| Stocks | 30/36 | €6,163 | €7,029 | +€866 | +14.0% |
| Amounts receivable within one year | 40/41 | €17,922 | €14,675 | -€3,247 | -18.1% |
| Trade receivables | 40 | €45 | €0 | -€45 | -100% |
| Other amounts receivable | 41 | €17,878 | €14,675 | -€3,203 | -17.9% |
| Cash at bank and in hand | 54/58 | €38,030 | €41,360 | +€3,330 | +8.8% |
| Deferred charges and accrued income | 490/1 | €1,148 | €2,317 | +€1,169 | +102% |
| Total equity and liabilities | 10/49 | €131,109 | €167,320 | +€36,211 | +27.6% |
| Equity | 10/15 | €113,021 | €66,796 | -€46,225 | -40.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €106,821 | €60,596 | -€46,225 | -43.3% |
| Distributable reserves | 133 | €106,821 | €60,596 | -€46,225 | -43.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €18,087 | €100,523 | +€82,436 | +456% |
| Amounts payable after more than one year | 17 | - | €36,711 | +€36,711 | |
| Financial debts | 170/4 | - | €36,711 | +€36,711 | |
| Amounts payable within one year | 42/48 | €18,087 | €63,812 | +€45,725 | +253% |
| Current portion of amounts payable after more than one year | 42 | €0 | €9,044 | +€9,044 | |
| Trade debts | 44 | €9,189 | €6,194 | -€2,995 | -32.6% |
| Suppliers | 440/4 | €9,189 | €6,194 | -€2,995 | -32.6% |
| Taxes, remuneration and social security | 45 | €8,899 | €6,769 | -€2,130 | -23.9% |
| Taxes | 450/3 | €73 | €91 | +€17 | +23.9% |
| Remuneration and social security | 454/9 | €8,826 | €6,678 | -€2,147 | -24.3% |
| Other amounts payable | 47/48 | - | €41,805 | +€41,805 | |
| Non-recurring operating income | 76A | - | €6,525 | +€6,525 | |
| Remuneration, social security and pensions | 62 | €42,612 | €56,602 | +€13,990 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,114 | €8,211 | +€1,096 | +15.4% |
| Other operating charges | 640/8 | €2,693 | €1,702 | -€991 | -36.8% |
| Non-recurring operating charges | 66A | €525 | €0 | -€525 | -100% |
| Gross operating margin | 9900 | €67,252 | €62,326 | -€4,926 | -7.3% |
| Operating profit (loss) | 9901 | €14,307 | -€4,189 | -€18,496 | |
| Financial income | 75/76B | €2,038 | €1,902 | -€135 | -6.6% |
| Recurring financial income | 75 | €2,038 | €1,902 | -€135 | -6.6% |
| Financial charges | 65/66B | €1,420 | €1,879 | +€458 | +32.3% |
| Recurring financial charges | 65 | €1,420 | €1,879 | +€458 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €14,924 | -€4,165 | -€19,089 | |
| Income taxes | 67/77 | €4,964 | €255 | -€4,710 | -94.9% |
| Profit (loss) for the period | 9904 | €9,960 | -€4,420 | -€14,380 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,960 | -€4,420 | -€14,380 |
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 27 October 2026 via checked.be.