Master Distillers: 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.
Master Distillers
Largest movements
- Tangible fixed assets -€1,410
down €1,410 (-45.1%), from €3,124 to €1,714
- Cash -€771
down €771 (-13.0%), from €5,948 to €5,177
mainly Other debts (-€6,741) and Tax, wage and social debts (-€401)
- Stocks and contracts -€664
down €664 (-56.8%), from €1,169 to €505
- Receivables within one year -€622
down €622 (-19.2%), from €3,235 to €2,614
of which Trade receivables: -€660
- Other debts -€6,741
down €6,741 (-69.1%), from €9,760 to €3,019
- Profit (loss) carried forward +€3,756
up €3,756 (+90.3%), from -€4,159 to -€403
- Tax, wage and social debts -€401
down €401 (-24.4%), from €1,647 to €1,246
- Other operating charges -€1,175
down €1,175 (-58.4%), from €2,013 to €837
- Gross operating margin +€106
up €106 (+1.7%), from €6,278 to €6,384
- Depreciation +€74
up €74 (+5.6%), from €1,336 to €1,410
- Financial charges -€68
down €68 (-14.4%), from €476 to €408
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 | €13,549 | €10,177 | -€3,372 | -24.9% |
| Fixed assets | 21/28 | €3,124 | €1,714 | -€1,410 | -45.1% |
| Tangible fixed assets | 22/27 | €3,124 | €1,714 | -€1,410 | -45.1% |
| Plant, machinery and equipment | 23 | €3,124 | €1,714 | -€1,410 | -45.1% |
| Current assets | 29/58 | €10,425 | €8,463 | -€1,962 | -18.8% |
| Stocks and contracts in progress | 3 | €1,169 | €505 | -€664 | -56.8% |
| Stocks | 30/36 | €1,169 | €505 | -€664 | -56.8% |
| Amounts receivable within one year | 40/41 | €3,235 | €2,614 | -€622 | -19.2% |
| Trade receivables | 40 | €1,500 | €840 | -€660 | -44.0% |
| Other amounts receivable | 41 | €1,735 | €1,774 | +€38 | +2.2% |
| Cash at bank and in hand | 54/58 | €5,948 | €5,177 | -€771 | -13.0% |
| Deferred charges and accrued income | 490/1 | €73 | €168 | +€95 | +130% |
| Total equity and liabilities | 10/49 | €13,549 | €10,177 | -€3,372 | -24.9% |
| Equity | 10/15 | €2,141 | €5,897 | +€3,756 | +175% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,159 | -€403 | +€3,756 | +90.3% |
| Amounts payable | 17/49 | €11,408 | €4,281 | -€7,128 | -62.5% |
| Amounts payable within one year | 42/48 | €11,408 | €4,281 | -€7,128 | -62.5% |
| Trade debts | 44 | €1 | €16 | +€15 | +1,100% |
| Suppliers | 440/4 | €1 | €16 | +€15 | +1,100% |
| Taxes, remuneration and social security | 45 | €1,647 | €1,246 | -€401 | -24.4% |
| Taxes | 450/3 | €1,647 | €1,246 | -€401 | -24.4% |
| Other amounts payable | 47/48 | €9,760 | €3,019 | -€6,741 | -69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,336 | €1,410 | +€74 | +5.6% |
| Other operating charges | 640/8 | €2,013 | €837 | -€1,175 | -58.4% |
| Gross operating margin | 9900 | €6,278 | €6,384 | +€106 | +1.7% |
| Operating profit (loss) | 9901 | €2,930 | €4,137 | +€1,207 | +41.2% |
| Financial income | 75/76B | €19 | €27 | +€8 | +42.0% |
| Recurring financial income | 75 | €19 | €27 | +€8 | +42.0% |
| Financial charges | 65/66B | €476 | €408 | -€68 | -14.4% |
| Recurring financial charges | 65 | €476 | €408 | -€68 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €2,472 | €3,756 | +€1,284 | +51.9% |
| Profit (loss) for the period | 9904 | €2,472 | €3,756 | +€1,284 | +51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,472 | €3,756 | +€1,284 | +51.9% |
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 29 October 2026 via checked.be.