Masterwines: 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.
Masterwines
Largest movements
- Stocks and contracts +€59,633
up €59,633 (+35.5%), from €167,994 to €227,626
- Tangible fixed assets -€8,324
down €8,324 (-10.3%), from €81,096 to €72,771
of which Land and buildings: -€6,477
- Receivables within one year -€6,042
down €6,042 (-5.9%), from €103,054 to €97,012
of which Trade receivables: -€6,070
- Intangible fixed assets -€5,000
down €5,000 (-48.0%), from €10,425 to €5,425
- Debts after one year +€28,066
up €28,066 (+41.8%), from €67,220 to €95,286
- Tax, wage and social debts -€20,407
down €20,407 (-47.6%), from €42,847 to €22,440
of which Remuneration and social security: -€10,341
- Trade debts +€17,735
up €17,735 (+39.5%), from €44,919 to €62,655
- Profit (loss) carried forward +€11,519
up €11,519 (+22.6%), from -€50,974 to -€39,455
- Short-term financial debts -€9,611
down €9,611 (-4.6%), from €209,611 to €200,000
- Gross operating margin +€22,758
up €22,758 (+79.5%), from €28,633 to €51,391
- Write-downs -€10,728
no longer reported in 2025 (was €10,728)
- Financial charges -€8,967
down €8,967 (-35.5%), from €25,244 to €16,277
- Staff costs -€8,206
down €8,206 (-48.0%), from €17,104 to €8,898
- Depreciation -€753
down €753 (-5.3%), from €14,077 to €13,324
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 | €368,861 | €410,536 | +€41,675 | +11.3% |
| Fixed assets | 21/28 | €91,920 | €78,446 | -€13,474 | -14.7% |
| Intangible fixed assets | 21 | €10,425 | €5,425 | -€5,000 | -48.0% |
| Tangible fixed assets | 22/27 | €81,096 | €72,771 | -€8,324 | -10.3% |
| Land and buildings | 22 | €75,152 | €68,676 | -€6,477 | -8.6% |
| Plant, machinery and equipment | 23 | €5,191 | €3,854 | -€1,337 | -25.8% |
| Furniture and vehicles | 24 | €752 | €242 | -€510 | -67.8% |
| Financial fixed assets | 28 | €400 | €250 | -€150 | -37.5% |
| Current assets | 29/58 | €276,941 | €332,090 | +€55,149 | +19.9% |
| Stocks and contracts in progress | 3 | €167,994 | €227,626 | +€59,633 | +35.5% |
| Stocks | 30/36 | €167,994 | €227,626 | +€59,633 | +35.5% |
| Amounts receivable within one year | 40/41 | €103,054 | €97,012 | -€6,042 | -5.9% |
| Trade receivables | 40 | €100,372 | €94,303 | -€6,070 | -6.0% |
| Other amounts receivable | 41 | €2,681 | €2,709 | +€28 | +1.0% |
| Cash at bank and in hand | 54/58 | €5,402 | €6,831 | +€1,428 | +26.4% |
| Deferred charges and accrued income | 490/1 | €491 | €621 | +€130 | +26.4% |
| Total equity and liabilities | 10/49 | €368,861 | €410,536 | +€41,675 | +11.3% |
| Equity | 10/15 | -€31,600 | -€20,080 | +€11,519 | +36.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €774 | €774 | = | 0.0% |
| Non-distributable reserves | 130/1 | €774 | €774 | = | 0.0% |
| Reserves not available under the articles | 1311 | €774 | €774 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,974 | -€39,455 | +€11,519 | +22.6% |
| Amounts payable | 17/49 | €400,461 | €430,616 | +€30,155 | +7.5% |
| Amounts payable after more than one year | 17 | €67,220 | €95,286 | +€28,066 | +41.8% |
| Financial debts | 170/4 | €67,220 | €95,286 | +€28,066 | +41.8% |
| Amounts payable within one year | 42/48 | €333,241 | €335,331 | +€2,090 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €11,498 | €17,499 | +€6,001 | +52.2% |
| Financial debts | 43 | €209,611 | €200,000 | -€9,611 | -4.6% |
| Credit institutions | 430/8 | €209,611 | €200,000 | -€9,611 | -4.6% |
| Trade debts | 44 | €44,919 | €62,655 | +€17,735 | +39.5% |
| Suppliers | 440/4 | €44,919 | €62,655 | +€17,735 | +39.5% |
| Taxes, remuneration and social security | 45 | €42,847 | €22,440 | -€20,407 | -47.6% |
| Taxes | 450/3 | €31,877 | €21,811 | -€10,066 | -31.6% |
| Remuneration and social security | 454/9 | €10,970 | €629 | -€10,341 | -94.3% |
| Other amounts payable | 47/48 | €24,366 | €32,737 | +€8,371 | +34.4% |
| Remuneration, social security and pensions | 62 | €17,104 | €8,898 | -€8,206 | -48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,077 | €13,324 | -€753 | -5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,728 | - | -€10,728 | |
| Other operating charges | 640/8 | €1,335 | €1,373 | +€38 | +2.8% |
| Gross operating margin | 9900 | €28,633 | €51,391 | +€22,758 | +79.5% |
| Operating profit (loss) | 9901 | -€14,612 | €27,795 | +€42,407 | |
| Financial income | 75/76B | €4 | €1 | -€3 | -73.3% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -73.3% |
| Financial charges | 65/66B | €25,244 | €16,277 | -€8,967 | -35.5% |
| Recurring financial charges | 65 | €25,244 | €16,277 | -€8,967 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | -€39,851 | €11,519 | +€51,371 | |
| Income taxes | 67/77 | €140 | - | -€140 | |
| Profit (loss) for the period | 9904 | -€39,991 | €11,519 | +€51,510 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,991 | €11,519 | +€51,510 |
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 10 October 2026 via checked.be.