MS 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.
MS HORECA
Largest movements
- Tangible fixed assets -€31,363
down €31,363 (-43.7%), from €71,820 to €40,457
of which Leasing and similar rights: -€39,968
- Intangible fixed assets +€22,013
up €22,013 (+3655.2%), from €602 to €22,615
- Stocks and contracts +€2,052
up €2,052 (+74.6%), from €2,752 to €4,805
- Deferred charges and accrued income -€1,810
no longer reported in 2025 (was €1,810)
- Other debts -€23,781
down €23,781 (-64.0%), from €37,153 to €13,372
- Current portion of long-term debt -€16,062
down €16,062 (-82.7%), from €19,422 to €3,360
- Debts after one year +€15,305
up €15,305 (+169.6%), from €9,025 to €24,330
- Tax, wage and social debts +€10,315
up €10,315 (+201.9%), from €5,110 to €15,425
of which Remuneration and social security: +€9,884
- Accrued charges and deferred income +€7,545
up €7,545 (+796.7%), from €947 to €8,492
- Staff costs +€42,515
up €42,515 (+785.0%), from €5,416 to €47,931
- Gross operating margin +€21,063
up €21,063 (+30.1%), from €69,994 to €91,057
- Financial charges +€7,805
up €7,805 (+329.8%), from €2,367 to €10,172
- Other operating charges +€4,757
up €4,757 (+131.3%), from €3,622 to €8,379
- Taxes -€2,811
down €2,811 (-87.7%), from €3,204 to €393
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 | €85,247 | €76,215 | -€9,032 | -10.6% |
| Fixed assets | 21/28 | €72,423 | €63,073 | -€9,350 | -12.9% |
| Intangible fixed assets | 21 | €602 | €22,615 | +€22,013 | +3655.2% |
| Tangible fixed assets | 22/27 | €71,820 | €40,457 | -€31,363 | -43.7% |
| Land and buildings | 22 | €7,344 | €9,629 | +€2,285 | +31.1% |
| Plant, machinery and equipment | 23 | €6,274 | €7,975 | +€1,700 | +27.1% |
| Furniture and vehicles | 24 | €17,072 | €21,965 | +€4,893 | +28.7% |
| Leasing and similar rights | 25 | €39,968 | - | -€39,968 | |
| Other tangible fixed assets | 26 | €1,163 | €888 | -€275 | -23.6% |
| Current assets | 29/58 | €12,824 | €13,142 | +€317 | +2.5% |
| Stocks and contracts in progress | 3 | €2,752 | €4,805 | +€2,052 | +74.6% |
| Stocks | 30/36 | €2,752 | €4,805 | +€2,052 | +74.6% |
| Amounts receivable within one year | 40/41 | €1,331 | €792 | -€539 | -40.5% |
| Trade receivables | 40 | €478 | €792 | +€314 | +65.8% |
| Other amounts receivable | 41 | €853 | - | -€853 | |
| Cash at bank and in hand | 54/58 | €6,932 | €7,545 | +€613 | +8.8% |
| Deferred charges and accrued income | 490/1 | €1,810 | - | -€1,810 | |
| Total equity and liabilities | 10/49 | €85,247 | €76,215 | -€9,032 | -10.6% |
| Equity | 10/15 | €3,714 | -€2,148 | -€5,862 | |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,286 | -€13,148 | -€5,862 | -80.4% |
| Amounts payable | 17/49 | €81,533 | €78,362 | -€3,171 | -3.9% |
| Amounts payable after more than one year | 17 | €9,025 | €24,330 | +€15,305 | +169.6% |
| Financial debts | 170/4 | €9,025 | €24,330 | +€15,305 | +169.6% |
| Amounts payable within one year | 42/48 | €71,561 | €45,541 | -€26,021 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €19,422 | €3,360 | -€16,062 | -82.7% |
| Trade debts | 44 | €9,876 | €13,384 | +€3,507 | +35.5% |
| Suppliers | 440/4 | €9,876 | €13,384 | +€3,507 | +35.5% |
| Taxes, remuneration and social security | 45 | €5,110 | €15,425 | +€10,315 | +201.9% |
| Taxes | 450/3 | €4,912 | €5,343 | +€431 | +8.8% |
| Remuneration and social security | 454/9 | €198 | €10,082 | +€9,884 | +4988.7% |
| Other amounts payable | 47/48 | €37,153 | €13,372 | -€23,781 | -64.0% |
| Accrued charges and deferred income | 492/3 | €947 | €8,492 | +€7,545 | +796.7% |
| Non-recurring operating income | 76A | €2,689 | €4,337 | +€1,649 | +61.3% |
| Remuneration, social security and pensions | 62 | €5,416 | €47,931 | +€42,515 | +785.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,727 | €30,143 | -€1,584 | -5.0% |
| Other operating charges | 640/8 | €3,622 | €8,379 | +€4,757 | +131.3% |
| Gross operating margin | 9900 | €69,994 | €91,057 | +€21,063 | +30.1% |
| Operating profit (loss) | 9901 | €29,229 | €4,603 | -€24,626 | -84.3% |
| Financial income | 75/76B | - | €100 | +€100 | |
| Recurring financial income | 75 | - | €100 | +€100 | |
| Financial charges | 65/66B | €2,367 | €10,172 | +€7,805 | +329.8% |
| Recurring financial charges | 65 | €2,367 | €10,172 | +€7,805 | +329.8% |
| Profit (loss) for the period before taxes | 9903 | €26,862 | -€5,469 | -€32,331 | |
| Income taxes | 67/77 | €3,204 | €393 | -€2,811 | -87.7% |
| Profit (loss) for the period | 9904 | €23,658 | -€5,862 | -€29,520 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,658 | -€5,862 | -€29,520 |
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.