BU MA SER: 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.
What changed
BU MA SER
NACE 46.341, Wholesale of wines and spirits
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€340,257
2024 · €33,128-€373,385
Equity
€6.4m
2024 · €6.9m-€540,257
Cash
€551,573
2024 · €944,734-€393,161
Balance sheet total
€11.3m
2024 · €12.1m-€831,225
Largest movements
Assets
- Receivables within one year -€500,526
down €500,526 (-23.6%), from €2.1m to €1.6m
of which Other amounts receivable: -€263,742
- Cash -€393,161
down €393,161 (-41.6%), from €944,734 to €551,573
mainly Trade debts (-€699,993) and Net result for the year (-€340,257)
Equity and liabilities
- Trade debts -€699,993
down €699,993 (-49.0%), from €1.4m to €729,388
- Profit (loss) carried forward -€540,257
down €540,257 (-8.8%), from €6.1m to €5.6m
- Accrued charges and deferred income +€439,467
up €439,467 (+152%), from €288,788 to €728,255
Income statement
- Turnover -€1.4m
down €1.4m (-12.9%), from €10.9m to €9.5m
- Goods and materials -€1.0m
down €1.0m (-12.3%), from €8.2m to €7.2m
of which Purchases: -€2.8m
- Services and other goods -€190,532
down €190,532 (-9.3%), from €2.1m to €1.9m
- Staff costs +€176,392
up €176,392 (+58.7%), from €300,545 to €476,937
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.
Result 2024
€33,128
Turnover
-€1.4m
Other operating income
-€26,830
Goods and materials
+€1.0m
Services and other goods
+€190,532
Staff costs
-€176,392
Depreciation
+€9,100
Write-downs
+€109,203
Provisions
+€44,259
Other operating charges
+€3,579
Financial income
-€70,302
Financial charges
-€93,306
Taxes
+€28,263
Result 2025
-€340,257
raises the resultlowers the result
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.
From operations
-€148,161
Investment
-€61,845
Financing
-€183,156
Cash 2024
€944,734
From operations (derived)
-€148,161
Net result for the year
-€340,257
Depreciation
+€26,137
Stocks and contracts
+€27,851
Receivables within one year
+€500,526
Deferred charges and accrued income
-€54,605
Provisions
-€38,166
Trade debts
-€699,993
Tax, wage and social debts
-€9,121
Accrued charges and deferred income
+€439,467
Investment (derived)
-€61,845
Investment in fixed assets (net)
-€61,845
Financing
-€183,156
Debts after one year
+€67,024
Current portion of long-term debt
-€95,694
Short-term financial debts
+€45,515
Contributions, distributions and other
-€200,000
Cash 2025
€551,573
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,082,617 | €11,251,392 | -€831,225 | -6.9% |
| Fixed assets | 21/28 | €56,319 | €92,026 | +€35,708 | +63.4% |
| Intangible fixed assets | 21 | €22,945 | €18,016 | -€4,930 | -21.5% |
| Tangible fixed assets | 22/27 | €30,182 | €70,819 | +€40,637 | +135% |
| Furniture and vehicles | 24 | €20,391 | €67,514 | +€47,123 | +231% |
| Leasing and similar rights | 25 | €6,085 | - | -€6,085 | |
| Other tangible fixed assets | 26 | €3,706 | €3,304 | -€402 | -10.8% |
| Financial fixed assets | 28 | €3,192 | €3,192 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,192 | €3,192 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,192 | €3,192 | = | 0.0% |
| Current assets | 29/58 | €12,026,298 | €11,159,365 | -€866,933 | -7.2% |
| Stocks and contracts in progress | 3 | €8,859,373 | €8,831,522 | -€27,851 | -0.3% |
| Stocks | 30/36 | €8,859,373 | €8,831,522 | -€27,851 | -0.3% |
| Raw materials and consumables | 30/31 | €539,278 | €476,278 | -€63,000 | -11.7% |
| Work in progress | 32 | €5,851,059 | €6,010,171 | +€159,112 | +2.7% |
| Goods purchased for resale | 34 | €2,469,037 | €2,345,073 | -€123,963 | -5.0% |
| Amounts receivable within one year | 40/41 | €2,118,323 | €1,617,797 | -€500,526 | -23.6% |
| Trade receivables | 40 | €1,713,131 | €1,476,346 | -€236,784 | -13.8% |
| Other amounts receivable | 41 | €405,192 | €141,450 | -€263,742 | -65.1% |
| Cash at bank and in hand | 54/58 | €944,734 | €551,573 | -€393,161 | -41.6% |
| Deferred charges and accrued income | 490/1 | €103,869 | €158,474 | +€54,605 | +52.6% |
| Total equity and liabilities | 10/49 | €12,082,617 | €11,251,392 | -€831,225 | -6.9% |
| Equity | 10/15 | €6,906,094 | €6,365,837 | -€540,257 | -7.8% |
| Contributions | 10/11 | €353,248 | €353,248 | = | 0.0% |
| Capital | 10 | €353,248 | €353,248 | = | 0.0% |
| Issued capital | 100 | €353,248 | €353,248 | = | 0.0% |
| Reserves | 13 | €444,593 | €444,593 | = | 0.0% |
| Non-distributable reserves | 130/1 | €35,325 | €35,325 | = | 0.0% |
| Legal reserve | 130 | €35,325 | €35,325 | = | 0.0% |
| Distributable reserves | 133 | €409,268 | €409,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,108,253 | €5,567,996 | -€540,257 | -8.8% |
| Provisions and deferred taxes | 16 | €38,316 | €150 | -€38,166 | -99.6% |
| Provisions for liabilities and charges | 160/5 | €38,316 | €150 | -€38,166 | -99.6% |
| Pensions and similar obligations | 160 | - | €150 | +€150 | |
| Other liabilities and charges | 164/5 | €38,316 | - | -€38,316 | |
| Amounts payable | 17/49 | €5,138,207 | €4,885,405 | -€252,802 | -4.9% |
| Amounts payable after more than one year | 17 | €27,514 | €94,538 | +€67,024 | +244% |
| Financial debts | 170/4 | €27,514 | €94,538 | +€67,024 | +244% |
| Leasing and similar obligations | 172 | €6,863 | - | -€6,863 | |
| Credit institutions | 173 | €20,651 | €94,538 | +€73,887 | +358% |
| Amounts payable within one year | 42/48 | €4,821,904 | €4,062,611 | -€759,293 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €225,441 | €129,747 | -€95,694 | -42.4% |
| Financial debts | 43 | €3,088,695 | €3,134,210 | +€45,515 | +1.5% |
| Credit institutions | 430/8 | €3,088,695 | €3,134,210 | +€45,515 | +1.5% |
| Trade debts | 44 | €1,429,381 | €729,388 | -€699,993 | -49.0% |
| Suppliers | 440/4 | €1,429,381 | €729,388 | -€699,993 | -49.0% |
| Taxes, remuneration and social security | 45 | €78,387 | €69,266 | -€9,121 | -11.6% |
| Taxes | 450/3 | €44,525 | €33,353 | -€11,172 | -25.1% |
| Remuneration and social security | 454/9 | €33,862 | €35,913 | +€2,051 | +6.1% |
| Accrued charges and deferred income | 492/3 | €288,788 | €728,255 | +€439,467 | +152% |
| Operating income | 70/76A | €11,016,070 | €9,580,323 | -€1.4m | -13.0% |
| Turnover | 70 | €10,932,691 | €9,523,774 | -€1.4m | -12.9% |
| Other operating income | 74 | €83,379 | €56,548 | -€26,830 | -32.2% |
| Operating charges | 60/66A | €10,758,955 | €9,561,247 | -€1.2m | -11.1% |
| Goods for resale, raw materials and consumables | 60 | €8,248,498 | €7,231,071 | -€1.0m | -12.3% |
| Purchases | 600/8 | €10,043,731 | €7,194,784 | -€2.8m | -28.4% |
| Change in stocks: decrease (increase) | 609 | -€1,795,234 | €36,286 | +€1.8m | |
| Services and other goods | 61 | €2,057,437 | €1,866,905 | -€190,532 | -9.3% |
| Remuneration, social security and pensions | 62 | €300,545 | €476,937 | +€176,392 | +58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,237 | €26,137 | -€9,100 | -25.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100,768 | -€8,435 | -€109,203 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €6,093 | -€38,166 | -€44,259 | |
| Other operating charges | 640/8 | €10,377 | €6,798 | -€3,579 | -34.5% |
| Operating profit (loss) | 9901 | €257,115 | €19,076 | -€238,040 | -92.6% |
| Financial income | 75/76B | €152,360 | €82,057 | -€70,302 | -46.1% |
| Recurring financial income | 75 | €152,360 | €82,057 | -€70,302 | -46.1% |
| Income from current assets | 751 | €168 | €1 | -€166 | -99.2% |
| Other financial income | 752/9 | €152,192 | €82,056 | -€70,136 | -46.1% |
| Financial charges | 65/66B | €346,613 | €439,918 | +€93,306 | +26.9% |
| Recurring financial charges | 65 | €346,613 | €439,918 | +€93,306 | +26.9% |
| Debt charges | 650 | €205,661 | €175,486 | -€30,175 | -14.7% |
| Other financial charges | 652/9 | €140,951 | €264,433 | +€123,481 | +87.6% |
| Profit (loss) for the period before taxes | 9903 | €62,862 | -€338,785 | -€401,648 | |
| Income taxes | 67/77 | €29,735 | €1,472 | -€28,263 | -95.0% |
| Taxes | 670/3 | €29,735 | €5,279 | -€24,456 | -82.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €3,807 | +€3,807 | |
| Profit (loss) for the period | 9904 | €33,128 | -€340,257 | -€373,385 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,128 | -€340,257 | -€373,385 |
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 26 October 2026 via checked.be.