M Horeca Group: 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.
M Horeca Group
Largest movements
- Tangible fixed assets +€102,038
up €102,038 (+408.9%), from €24,955 to €126,994
of which Land and buildings: +€85,022
- Receivables within one year +€32,886
up €32,886 (+34.7%), from €94,813 to €127,699
of which Other amounts receivable: +€32,090
- Cash -€23,583
down €23,583 (-93.4%), from €25,258 to €1,674
mainly Investment in fixed assets (net) (-€116,727) and Contributions, distributions and other (-€45,000)
- Debts after one year +€69,616
up €69,616 (+448.3%), from €15,528 to €85,144
- Trade debts +€21,786
up €21,786 (+140.0%), from €15,557 to €37,343
- Tax, wage and social debts +€13,309
up €13,309 (+98.6%), from €13,493 to €26,802
of which Remuneration and social security: +€10,038
- Current portion of long-term debt +€9,914
up €9,914 (+107.5%), from €9,227 to €19,141
- Reserves +€8,000
up €8,000 (+29.1%), from €27,500 to €35,500
- Staff costs +€48,798
up €48,798 (+751.6%), from €6,493 to €55,290
- Gross operating margin +€40,766
up €40,766 (+35.9%), from €113,618 to €154,384
- Other operating charges +€15,486
up €15,486 (+403.9%), from €3,834 to €19,320
- Financial charges +€6,502
up €6,502 (+116.5%), from €5,583 to €12,085
- Taxes -€5,725
down €5,725 (-50.0%), from €11,440 to €5,715
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.
Cash bridge derived
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 | €145,996 | €259,355 | +€113,358 | +77.6% |
| Fixed assets | 21/28 | €25,925 | €127,964 | +€102,038 | +393.6% |
| Tangible fixed assets | 22/27 | €24,955 | €126,994 | +€102,038 | +408.9% |
| Land and buildings | 22 | - | €85,022 | +€85,022 | |
| Plant, machinery and equipment | 23 | €7,210 | €8,922 | +€1,711 | +23.7% |
| Furniture and vehicles | 24 | €1,349 | €903 | -€446 | -33.1% |
| Leasing and similar rights | 25 | €16,396 | €32,146 | +€15,751 | +96.1% |
| Financial fixed assets | 28 | €970 | €970 | = | 0.0% |
| Current assets | 29/58 | €120,071 | €131,391 | +€11,320 | +9.4% |
| Stocks and contracts in progress | 3 | - | €690 | +€690 | |
| Stocks | 30/36 | - | €690 | +€690 | |
| Amounts receivable within one year | 40/41 | €94,813 | €127,699 | +€32,886 | +34.7% |
| Trade receivables | 40 | - | €797 | +€797 | |
| Other amounts receivable | 41 | €94,813 | €126,903 | +€32,090 | +33.8% |
| Cash at bank and in hand | 54/58 | €25,258 | €1,674 | -€23,583 | -93.4% |
| Deferred charges and accrued income | 490/1 | - | €1,327 | +€1,327 | |
| Total equity and liabilities | 10/49 | €145,996 | €259,355 | +€113,358 | +77.6% |
| Equity | 10/15 | €35,191 | €40,925 | +€5,734 | +16.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,500 | €35,500 | +€8,000 | +29.1% |
| Distributable reserves | 133 | €27,500 | €35,500 | +€8,000 | +29.1% |
| Profit (loss) carried forward | 14 | €2,691 | €425 | -€2,266 | -84.2% |
| Amounts payable | 17/49 | €110,805 | €218,429 | +€107,625 | +97.1% |
| Amounts payable after more than one year | 17 | €15,528 | €85,144 | +€69,616 | +448.3% |
| Financial debts | 170/4 | €15,528 | €85,144 | +€69,616 | +448.3% |
| Amounts payable within one year | 42/48 | €95,277 | €133,286 | +€38,009 | +39.9% |
| Current portion of amounts payable after more than one year | 42 | €9,227 | €19,141 | +€9,914 | +107.5% |
| Financial debts | 43 | €12,000 | €5,000 | -€7,000 | -58.3% |
| Credit institutions | 430/8 | €12,000 | €0 | -€12,000 | -100.0% |
| Other loans | 439 | - | €5,000 | +€5,000 | |
| Trade debts | 44 | €15,557 | €37,343 | +€21,786 | +140.0% |
| Suppliers | 440/4 | €15,557 | €37,343 | +€21,786 | +140.0% |
| Taxes, remuneration and social security | 45 | €13,493 | €26,802 | +€13,309 | +98.6% |
| Taxes | 450/3 | €11,974 | €15,245 | +€3,271 | +27.3% |
| Remuneration and social security | 454/9 | €1,518 | €11,557 | +€10,038 | +661.1% |
| Other amounts payable | 47/48 | €45,000 | €45,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €6,493 | €55,290 | +€48,798 | +751.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,648 | €14,689 | +€2,041 | +16.1% |
| Other operating charges | 640/8 | €3,834 | €19,320 | +€15,486 | +403.9% |
| Gross operating margin | 9900 | €113,618 | €154,384 | +€40,766 | +35.9% |
| Operating profit (loss) | 9901 | €90,644 | €65,085 | -€25,559 | -28.2% |
| Financial income | 75/76B | €1,570 | €3,449 | +€1,879 | +119.7% |
| Recurring financial income | 75 | €1,570 | €3,449 | +€1,879 | +119.7% |
| Financial charges | 65/66B | €5,583 | €12,085 | +€6,502 | +116.5% |
| Recurring financial charges | 65 | €5,583 | €12,085 | +€6,502 | +116.5% |
| Profit (loss) for the period before taxes | 9903 | €86,631 | €56,449 | -€30,182 | -34.8% |
| Income taxes | 67/77 | €11,440 | €5,715 | -€5,725 | -50.0% |
| Profit (loss) for the period | 9904 | €75,191 | €50,734 | -€24,457 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €75,191 | €50,734 | -€24,457 | -32.5% |
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 11 October 2026 via checked.be.