MASTER WINEMAKERS: what changed
Two fiscal 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 WINEMAKERS
Largest movements
- Receivables within one year -€159,343
down €159,343 (-26.9%), from €592,149 to €432,806
of which Trade receivables: -€155,784
- Cash -€32,661
down €32,661 (-8.3%), from €394,603 to €361,942
mainly Trade debts (-€172,017) and Net result for the year (-€16,635)
- Trade debts -€172,017
down €172,017 (-21.4%), from €803,187 to €631,170
- Reserves -€16,635
down €16,635 (-10.9%), from €152,166 to €135,531
of which Distributable reserves: -€16,635
- Gross operating margin -€42,154
down €42,154, from €25,963 to -€16,192
- Other operating charges -€3,318
down €3,318 (-88.2%), from €3,762 to €444
- Write-downs +€2,130
up €2,130, from -€2,130 to €0
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 | €986,752 | €794,748 | -€192,004 | -19.5% |
| Current assets | 29/58 | €986,752 | €794,748 | -€192,004 | -19.5% |
| Amounts receivable within one year | 40/41 | €592,149 | €432,806 | -€159,343 | -26.9% |
| Trade receivables | 40 | €582,590 | €426,806 | -€155,784 | -26.7% |
| Other amounts receivable | 41 | €9,559 | €6,000 | -€3,559 | -37.2% |
| Cash at bank and in hand | 54/58 | €394,603 | €361,942 | -€32,661 | -8.3% |
| Total equity and liabilities | 10/49 | €986,752 | €794,748 | -€192,004 | -19.5% |
| Equity | 10/15 | €173,166 | €156,531 | -€16,635 | -9.6% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €152,166 | €135,531 | -€16,635 | -10.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €152,166 | €135,531 | -€16,635 | -10.9% |
| Amounts payable | 17/49 | €813,586 | €638,217 | -€175,369 | -21.6% |
| Amounts payable within one year | 42/48 | €813,586 | €638,217 | -€175,369 | -21.6% |
| Trade debts | 44 | €803,187 | €631,170 | -€172,017 | -21.4% |
| Suppliers | 440/4 | €803,187 | €631,170 | -€172,017 | -21.4% |
| Taxes, remuneration and social security | 45 | €10,399 | €7,047 | -€3,352 | -32.2% |
| Taxes | 450/3 | €10,399 | €7,047 | -€3,352 | -32.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,130 | €0 | +€2,130 | |
| Other operating charges | 640/8 | €3,762 | €444 | -€3,318 | -88.2% |
| Gross operating margin | 9900 | €25,963 | -€16,192 | -€42,154 | |
| Operating profit (loss) | 9901 | €24,331 | -€16,636 | -€40,967 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €0 | -€1 | -€1 | |
| Recurring financial charges | 65 | €0 | -€1 | -€1 | |
| Profit (loss) for the period before taxes | 9903 | €24,332 | -€16,635 | -€40,967 | |
| Profit (loss) for the period | 9904 | €24,332 | -€16,635 | -€40,967 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,332 | -€16,635 | -€40,967 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.