MASTER FOOD: 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 FOOD
Largest movements
- Stocks and contracts +€54,732
up €54,732 (+177%), from €31,003 to €85,735
- Tangible fixed assets +€29,611
up €29,611 (+77.6%), from €38,144 to €67,754
of which Plant, machinery and equipment: +€33,480
- Receivables within one year +€24,790
up €24,790 (+359%), from €6,906 to €31,696
of which Trade receivables: +€24,574
- Cash -€2,897
down €2,897 (-29.2%), from €9,913 to €7,015
mainly Stocks and contracts (-€54,732) and Investment in fixed assets (net) (-€45,922)
- Deferred charges and accrued income -€2,104
down €2,104 (-75.3%), from €2,796 to €692
- Other debts +€89,997
up €89,997 (+131%), from €68,502 to €158,499
- Profit (loss) carried forward -€34,328
down €34,328 (-50.3%), from -€68,190 to -€102,518
- Debts after one year +€29,318
up €29,318 (+246%), from €11,942 to €41,260
- Current portion of long-term debt +€11,657
up €11,657 (+160%), from €7,281 to €18,938
- Trade debts +€8,305
up €8,305 (+19.3%), from €42,921 to €51,226
- Gross operating margin +€56,667
up €56,667 (+140%), from €40,454 to €97,121
- Staff costs +€38,563
up €38,563 (+67.1%), from €57,478 to €96,042
- Financial charges +€7,731
up €7,731 (+166%), from €4,664 to €12,395
- Depreciation +€7,082
up €7,082 (+76.7%), from €9,230 to €16,311
- Other operating charges +€4,056
up €4,056 (+162%), from €2,504 to €6,560
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 | €88,761 | €192,893 | +€104,132 | +117% |
| Fixed assets | 21/28 | €38,144 | €67,754 | +€29,611 | +77.6% |
| Tangible fixed assets | 22/27 | €38,144 | €67,754 | +€29,611 | +77.6% |
| Plant, machinery and equipment | 23 | €7,898 | €41,379 | +€33,480 | +424% |
| Furniture and vehicles | 24 | €30,245 | €26,376 | -€3,870 | -12.8% |
| Current assets | 29/58 | €50,617 | €125,138 | +€74,521 | +147% |
| Stocks and contracts in progress | 3 | €31,003 | €85,735 | +€54,732 | +177% |
| Stocks | 30/36 | €31,003 | €85,735 | +€54,732 | +177% |
| Amounts receivable within one year | 40/41 | €6,906 | €31,696 | +€24,790 | +359% |
| Trade receivables | 40 | €4,960 | €29,533 | +€24,574 | +495% |
| Other amounts receivable | 41 | €1,947 | €2,163 | +€216 | +11.1% |
| Cash at bank and in hand | 54/58 | €9,913 | €7,015 | -€2,897 | -29.2% |
| Deferred charges and accrued income | 490/1 | €2,796 | €692 | -€2,104 | -75.3% |
| Total equity and liabilities | 10/49 | €88,761 | €192,893 | +€104,132 | +117% |
| Equity | 10/15 | -€65,690 | -€100,018 | -€34,328 | -52.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,190 | -€102,518 | -€34,328 | -50.3% |
| Amounts payable | 17/49 | €154,451 | €292,911 | +€138,459 | +89.6% |
| Amounts payable after more than one year | 17 | €11,942 | €41,260 | +€29,318 | +246% |
| Financial debts | 170/4 | €11,942 | €41,260 | +€29,318 | +246% |
| Amounts payable within one year | 42/48 | €137,310 | €246,451 | +€109,142 | +79.5% |
| Current portion of amounts payable after more than one year | 42 | €7,281 | €18,938 | +€11,657 | +160% |
| Trade debts | 44 | €42,921 | €51,226 | +€8,305 | +19.3% |
| Suppliers | 440/4 | €42,921 | €51,226 | +€8,305 | +19.3% |
| Taxes, remuneration and social security | 45 | €18,605 | €17,788 | -€818 | -4.4% |
| Taxes | 450/3 | €5,470 | €1,535 | -€3,935 | -71.9% |
| Remuneration and social security | 454/9 | €13,135 | €16,252 | +€3,117 | +23.7% |
| Other amounts payable | 47/48 | €68,502 | €158,499 | +€89,997 | +131% |
| Accrued charges and deferred income | 492/3 | €5,200 | €5,200 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €57,478 | €96,042 | +€38,563 | +67.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,230 | €16,311 | +€7,082 | +76.7% |
| Other operating charges | 640/8 | €2,504 | €6,560 | +€4,056 | +162% |
| Gross operating margin | 9900 | €40,454 | €97,121 | +€56,667 | +140% |
| Operating profit (loss) | 9901 | -€28,758 | -€21,792 | +€6,966 | +24.2% |
| Financial income | 75/76B | €152 | - | -€152 | |
| Recurring financial income | 75 | €152 | - | -€152 | |
| Financial charges | 65/66B | €4,664 | €12,395 | +€7,731 | +166% |
| Recurring financial charges | 65 | €4,664 | €12,395 | +€7,731 | +166% |
| Profit (loss) for the period before taxes | 9903 | -€33,270 | -€34,187 | -€917 | -2.8% |
| Income taxes | 67/77 | €64 | €141 | +€77 | +120% |
| Profit (loss) for the period | 9904 | -€33,334 | -€34,328 | -€994 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,334 | -€34,328 | -€994 | -3.0% |
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 14 October 2026 via checked.be.