SF 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.
SF HORECA
Largest movements
- Receivables within one year +€11,235
up €11,235 (+13.8%), from €81,299 to €92,533
of which Other amounts receivable: +€23,355
- Receivables after one year +€3,223
up €3,223 (+2.4%), from €132,837 to €136,060
of which Trade receivables: +€2,166
- Reserves +€25,186
up €25,186 (+14.7%), from €171,824 to €197,010
of which Distributable reserves: +€25,186
- Advances received -€8,095
down €8,095 (-32.1%), from €25,233 to €17,138
- Gross operating margin -€5,521
down €5,521 (-13.0%), from €42,319 to €36,798
- Other operating charges +€2,771
up €2,771 (+200%), from €1,382 to €4,153
- Taxes -€1,465
down €1,465 (-12.0%), from €12,222 to €10,757
- Financial income +€1,166
up €1,166 (+20.6%), from €5,669 to €6,836
- Depreciation -€1,087
down €1,087 (-52.9%), from €2,056 to €970
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 | €225,898 | €241,591 | +€15,693 | +6.9% |
| Fixed assets | 21/28 | - | €2,117 | +€2,117 | |
| Tangible fixed assets | 22/27 | - | €2,117 | +€2,117 | |
| Plant, machinery and equipment | 23 | - | €2,117 | +€2,117 | |
| Current assets | 29/58 | €225,898 | €239,474 | +€13,576 | +6.0% |
| Amounts receivable after more than one year | 29 | €132,837 | €136,060 | +€3,223 | +2.4% |
| Trade receivables | 290 | €96,266 | €98,432 | +€2,166 | +2.2% |
| Other amounts receivable | 291 | €36,570 | €37,627 | +€1,057 | +2.9% |
| Amounts receivable within one year | 40/41 | €81,299 | €92,533 | +€11,235 | +13.8% |
| Trade receivables | 40 | €26,307 | €14,188 | -€12,120 | -46.1% |
| Other amounts receivable | 41 | €54,991 | €78,346 | +€23,355 | +42.5% |
| Cash at bank and in hand | 54/58 | €10,949 | €10,211 | -€738 | -6.7% |
| Deferred charges and accrued income | 490/1 | €813 | €670 | -€143 | -17.6% |
| Total equity and liabilities | 10/49 | €225,898 | €241,591 | +€15,693 | +6.9% |
| Equity | 10/15 | €172,824 | €198,010 | +€25,186 | +14.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €171,824 | €197,010 | +€25,186 | +14.7% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €171,724 | €196,910 | +€25,186 | +14.7% |
| Amounts payable | 17/49 | €53,074 | €43,581 | -€9,493 | -17.9% |
| Amounts payable within one year | 42/48 | €53,074 | €43,581 | -€9,493 | -17.9% |
| Trade debts | 44 | €2,717 | €1,733 | -€985 | -36.2% |
| Suppliers | 440/4 | €2,717 | €1,733 | -€985 | -36.2% |
| Advances received on contracts in progress | 46 | €25,233 | €17,138 | -€8,095 | -32.1% |
| Taxes, remuneration and social security | 45 | €25,124 | €24,711 | -€414 | -1.6% |
| Taxes | 450/3 | €25,124 | €24,711 | -€414 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,056 | €970 | -€1,087 | -52.9% |
| Other operating charges | 640/8 | €1,382 | €4,153 | +€2,771 | +200% |
| Gross operating margin | 9900 | €42,319 | €36,798 | -€5,521 | -13.0% |
| Operating profit (loss) | 9901 | €38,881 | €31,676 | -€7,205 | -18.5% |
| Financial income | 75/76B | €5,669 | €6,836 | +€1,166 | +20.6% |
| Recurring financial income | 75 | €5,669 | €6,836 | +€1,166 | +20.6% |
| Financial charges | 65/66B | €1,563 | €2,569 | +€1,005 | +64.3% |
| Recurring financial charges | 65 | €1,563 | €2,569 | +€1,005 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | €42,987 | €35,943 | -€7,044 | -16.4% |
| Income taxes | 67/77 | €12,222 | €10,757 | -€1,465 | -12.0% |
| Profit (loss) for the period | 9904 | €30,765 | €25,186 | -€5,579 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,765 | €25,186 | -€5,579 | -18.1% |
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 13 October 2026 via checked.be.