THE PO HORECA: what changed
THE PO HORECA
Largest movements
- Tangible fixed assets +€69,001
up €69,001 (+748%), from €9,227 to €78,228
of which Plant, machinery and equipment: +€39,721
- Cash -€8,990
down €8,990 (-36.6%), from €24,596 to €15,606
mainly Investment in fixed assets (net) (-€75,206) and Contributions, distributions and other (-€44,628)
- Receivables within one year +€7,325
up €7,325 (+137%), from €5,350 to €12,675
of which Trade receivables: +€7,811
- Debts after one year +€45,253
new in 2025: €45,253
- Profit (loss) carried forward -€26,965
no longer reported in 2025 (was €26,965)
- Other debts +€26,528
new in 2025: €26,528
- Current portion of long-term debt +€20,036
new in 2025: €20,036
- Tax, wage and social debts -€6,000
down €6,000 (-64.1%), from €9,360 to €3,359
- Staff costs +€31,757
new in 2025: €31,757
- Gross operating margin +€26,768
up €26,768 (+69.6%), from €38,465 to €65,233
- Taxes -€6,035
down €6,035 (-67.1%), from €8,988 to €2,954
- Depreciation +€5,947
up €5,947 (+2,312%), from €257 to €6,204
- Financial charges +€4,594
up €4,594 (+303%), from €1,517 to €6,111
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,946 | €109,878 | +€66,933 | +156% |
| Fixed assets | 21/28 | €9,227 | €78,228 | +€69,001 | +748% |
| Tangible fixed assets | 22/27 | €9,227 | €78,228 | +€69,001 | +748% |
| Plant, machinery and equipment | 23 | €9,227 | €48,948 | +€39,721 | +430% |
| Furniture and vehicles | 24 | - | €22,380 | +€22,380 | |
| Assets under construction and advance payments | 27 | - | €6,900 | +€6,900 | |
| Current assets | 29/58 | €33,719 | €31,650 | -€2,069 | -6.1% |
| Stocks and contracts in progress | 3 | €3,773 | €3,369 | -€404 | -10.7% |
| Stocks | 30/36 | €3,773 | €3,369 | -€404 | -10.7% |
| Amounts receivable within one year | 40/41 | €5,350 | €12,675 | +€7,325 | +137% |
| Trade receivables | 40 | €78 | €7,889 | +€7,811 | +10,032% |
| Other amounts receivable | 41 | €5,272 | €4,786 | -€486 | -9.2% |
| Cash at bank and in hand | 54/58 | €24,596 | €15,606 | -€8,990 | -36.6% |
| Total equity and liabilities | 10/49 | €42,946 | €109,878 | +€66,933 | +156% |
| Equity | 10/15 | €28,965 | €2,000 | -€26,965 | -93.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,965 | - | -€26,965 | |
| Amounts payable | 17/49 | €13,981 | €107,878 | +€93,897 | +672% |
| Amounts payable after more than one year | 17 | - | €45,253 | +€45,253 | |
| Financial debts | 170/4 | - | €45,253 | +€45,253 | |
| Amounts payable within one year | 42/48 | €13,981 | €60,400 | +€46,419 | +332% |
| Current portion of amounts payable after more than one year | 42 | - | €20,036 | +€20,036 | |
| Trade debts | 44 | €4,622 | €10,477 | +€5,855 | +127% |
| Suppliers | 440/4 | €4,622 | €10,477 | +€5,855 | +127% |
| Taxes, remuneration and social security | 45 | €9,360 | €3,359 | -€6,000 | -64.1% |
| Taxes | 450/3 | €9,360 | €3,359 | -€6,000 | -64.1% |
| Other amounts payable | 47/48 | - | €26,528 | +€26,528 | |
| Accrued charges and deferred income | 492/3 | - | €2,225 | +€2,225 | |
| Remuneration, social security and pensions | 62 | - | €31,757 | +€31,757 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €257 | €6,204 | +€5,947 | +2,312% |
| Other operating charges | 640/8 | €776 | €706 | -€69 | -8.9% |
| Gross operating margin | 9900 | €38,465 | €65,233 | +€26,768 | +69.6% |
| Operating profit (loss) | 9901 | €37,432 | €26,565 | -€10,867 | -29.0% |
| Financial income | 75/76B | €38 | €163 | +€125 | +330% |
| Recurring financial income | 75 | €38 | €163 | +€125 | +330% |
| Financial charges | 65/66B | €1,517 | €6,111 | +€4,594 | +303% |
| Recurring financial charges | 65 | €1,517 | €6,111 | +€4,594 | +303% |
| Profit (loss) for the period before taxes | 9903 | €35,953 | €20,617 | -€15,336 | -42.7% |
| Income taxes | 67/77 | €8,988 | €2,954 | -€6,035 | -67.1% |
| Profit (loss) for the period | 9904 | €26,965 | €17,663 | -€9,301 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,965 | €17,663 | -€9,301 | -34.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.