M's 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.
M's Horeca
Largest movements
- Cash +€1,370
up €1,370 (+18.8%), from €7,271 to €8,641
mainly Other debts (+€50,000) and Depreciation (+€11,274)
- Receivables within one year +€1,305
new in 2025: €1,305
- Tangible fixed assets +€1,210
up €1,210 (+3.0%), from €40,665 to €41,875
of which Furniture and vehicles: +€6,577
- Other debts +€50,000
up €50,000 (+30.1%), from €165,999 to €215,999
- Profit (loss) carried forward -€42,671
down €42,671 (-20.7%), from -€206,326 to -€248,997
- Debts after one year -€7,577
down €7,577 (-20.0%), from €37,856 to €30,279
- Tax, wage and social debts +€1,996
up €1,996 (+18.2%), from €10,939 to €12,936
of which Taxes: +€1,212
- Accrued charges and deferred income +€1,486
up €1,486 (+50.8%), from €2,925 to €4,411
- Gross operating margin +€15,284
up €15,284 (+30.5%), from €50,183 to €65,466
- Staff costs +€8,264
up €8,264 (+10.2%), from €81,161 to €89,425
- Depreciation -€2,796
down €2,796 (-19.9%), from €14,070 to €11,274
- Financial charges +€1,855
up €1,855 (+43.9%), from €4,229 to €6,085
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 | €50,122 | €54,395 | +€4,273 | +8.5% |
| Fixed assets | 21/28 | €40,665 | €41,875 | +€1,210 | +3.0% |
| Tangible fixed assets | 22/27 | €40,665 | €41,875 | +€1,210 | +3.0% |
| Plant, machinery and equipment | 23 | €3,969 | €5,038 | +€1,069 | +26.9% |
| Furniture and vehicles | 24 | €475 | €7,052 | +€6,577 | +1,385% |
| Other tangible fixed assets | 26 | €36,221 | €29,784 | -€6,437 | -17.8% |
| Current assets | 29/58 | €9,457 | €12,520 | +€3,064 | +32.4% |
| Stocks and contracts in progress | 3 | €2,054 | €2,443 | +€389 | +18.9% |
| Stocks | 30/36 | €2,054 | €2,443 | +€389 | +18.9% |
| Amounts receivable within one year | 40/41 | - | €1,305 | +€1,305 | |
| Trade receivables | 40 | - | €1,305 | +€1,305 | |
| Cash at bank and in hand | 54/58 | €7,271 | €8,641 | +€1,370 | +18.8% |
| Deferred charges and accrued income | 490/1 | €132 | €132 | = | 0.0% |
| Total equity and liabilities | 10/49 | €50,122 | €54,395 | +€4,273 | +8.5% |
| Equity | 10/15 | -€176,326 | -€218,997 | -€42,671 | -24.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€206,326 | -€248,997 | -€42,671 | -20.7% |
| Amounts payable | 17/49 | €226,447 | €273,392 | +€46,944 | +20.7% |
| Amounts payable after more than one year | 17 | €37,856 | €30,279 | -€7,577 | -20.0% |
| Financial debts | 170/4 | €37,856 | €30,279 | -€7,577 | -20.0% |
| Amounts payable within one year | 42/48 | €185,666 | €238,701 | +€53,035 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €7,448 | €7,577 | +€129 | +1.7% |
| Trade debts | 44 | €1,280 | €2,190 | +€910 | +71.1% |
| Suppliers | 440/4 | €1,280 | €2,190 | +€910 | +71.1% |
| Taxes, remuneration and social security | 45 | €10,939 | €12,936 | +€1,996 | +18.2% |
| Taxes | 450/3 | €2,586 | €3,798 | +€1,212 | +46.9% |
| Remuneration and social security | 454/9 | €8,353 | €9,138 | +€785 | +9.4% |
| Other amounts payable | 47/48 | €165,999 | €215,999 | +€50,000 | +30.1% |
| Accrued charges and deferred income | 492/3 | €2,925 | €4,411 | +€1,486 | +50.8% |
| Remuneration, social security and pensions | 62 | €81,161 | €89,425 | +€8,264 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,070 | €11,274 | -€2,796 | -19.9% |
| Other operating charges | 640/8 | €766 | €1,357 | +€591 | +77.2% |
| Gross operating margin | 9900 | €50,183 | €65,466 | +€15,284 | +30.5% |
| Operating profit (loss) | 9901 | -€45,815 | -€36,591 | +€9,224 | +20.1% |
| Financial income | 75/76B | €148 | €4 | -€144 | -97.3% |
| Recurring financial income | 75 | €148 | €4 | -€144 | -97.3% |
| Financial charges | 65/66B | €4,229 | €6,085 | +€1,855 | +43.9% |
| Recurring financial charges | 65 | €4,229 | €6,085 | +€1,855 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | -€49,896 | -€42,671 | +€7,225 | +14.5% |
| Profit (loss) for the period | 9904 | -€49,896 | -€42,671 | +€7,225 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,896 | -€42,671 | +€7,225 | +14.5% |
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 21 October 2026 via checked.be.