MW 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.
MW Horeca
Largest movements
- Deferred charges and accrued income +€33,066
up €33,066 (+110%), from €29,986 to €63,053
- Cash -€20,590
down €20,590 (-62.4%), from €32,999 to €12,408
mainly Deferred charges and accrued income (-€33,066) and Other debts (-€28,267)
- Receivables within one year -€10,199
down €10,199 (-44.0%), from €23,177 to €12,979
of which Other amounts receivable: -€10,039
- Tangible fixed assets -€9,032
down €9,032 (-51.0%), from €17,714 to €8,683
of which Other tangible fixed assets: -€7,429
- Stocks and contracts -€2,849
down €2,849 (-20.2%), from €14,077 to €11,228
- Other debts -€28,267
down €28,267 (-36.2%), from €78,048 to €49,780
- Reserves +€7,527
new in 2025: €7,527
- Profit (loss) carried forward +€6,323
no longer reported in 2025 (was -€6,323)
- Tax, wage and social debts +€4,665
up €4,665 (+90.8%), from €5,139 to €9,804
of which Remuneration and social security: +€3,850
- Gross operating margin +€12,705
up €12,705 (+11.7%), from €108,387 to €121,092
- Other operating charges +€6,809
up €6,809 (+4,107%), from €166 to €6,975
- Staff costs -€5,220
down €5,220 (-5.2%), from €100,740 to €95,520
- Depreciation -€2,311
down €2,311 (-36.7%), from €6,291 to €3,980
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 | €119,129 | €108,350 | -€10,778 | -9.0% |
| Fixed assets | 21/28 | €18,889 | €8,683 | -€10,206 | -54.0% |
| Intangible fixed assets | 21 | €1,174 | €0 | -€1,174 | -100% |
| Tangible fixed assets | 22/27 | €17,714 | €8,683 | -€9,032 | -51.0% |
| Plant, machinery and equipment | 23 | €6,923 | €5,320 | -€1,603 | -23.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €10,791 | €3,362 | -€7,429 | -68.8% |
| Current assets | 29/58 | €100,240 | €99,668 | -€572 | -0.6% |
| Stocks and contracts in progress | 3 | €14,077 | €11,228 | -€2,849 | -20.2% |
| Stocks | 30/36 | €14,077 | €11,228 | -€2,849 | -20.2% |
| Amounts receivable within one year | 40/41 | €23,177 | €12,979 | -€10,199 | -44.0% |
| Trade receivables | 40 | €268 | €108 | -€159 | -59.5% |
| Other amounts receivable | 41 | €22,910 | €12,870 | -€10,039 | -43.8% |
| Cash at bank and in hand | 54/58 | €32,999 | €12,408 | -€20,590 | -62.4% |
| Deferred charges and accrued income | 490/1 | €29,986 | €63,053 | +€33,066 | +110% |
| Total equity and liabilities | 10/49 | €119,129 | €108,350 | -€10,778 | -9.0% |
| Equity | 10/15 | €31,027 | €44,877 | +€13,850 | +44.6% |
| Contributions | 10/11 | €37,350 | €37,350 | = | 0.0% |
| Reserves | 13 | - | €7,527 | +€7,527 | |
| Distributable reserves | 133 | - | €7,527 | +€7,527 | |
| Profit (loss) carried forward | 14 | -€6,323 | - | +€6,323 | |
| Amounts payable | 17/49 | €88,102 | €63,474 | -€24,628 | -28.0% |
| Amounts payable within one year | 42/48 | €87,502 | €63,474 | -€24,028 | -27.5% |
| Trade debts | 44 | €4,315 | €3,889 | -€426 | -9.9% |
| Suppliers | 440/4 | €4,315 | €3,889 | -€426 | -9.9% |
| Taxes, remuneration and social security | 45 | €5,139 | €9,804 | +€4,665 | +90.8% |
| Taxes | 450/3 | €115 | €929 | +€814 | +708% |
| Remuneration and social security | 454/9 | €5,024 | €8,875 | +€3,850 | +76.6% |
| Other amounts payable | 47/48 | €78,048 | €49,780 | -€28,267 | -36.2% |
| Accrued charges and deferred income | 492/3 | €600 | - | -€600 | |
| Remuneration, social security and pensions | 62 | €100,740 | €95,520 | -€5,220 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,291 | €3,980 | -€2,311 | -36.7% |
| Other operating charges | 640/8 | €166 | €6,975 | +€6,809 | +4,107% |
| Gross operating margin | 9900 | €108,387 | €121,092 | +€12,705 | +11.7% |
| Operating profit (loss) | 9901 | €1,189 | €14,616 | +€13,427 | +1,129% |
| Financial income | 75/76B | €18 | €3 | -€15 | -81.4% |
| Recurring financial income | 75 | €18 | €3 | -€15 | -81.4% |
| Financial charges | 65/66B | €722 | €770 | +€48 | +6.6% |
| Recurring financial charges | 65 | €722 | €770 | +€48 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €486 | €13,850 | +€13,364 | +2,752% |
| Profit (loss) for the period | 9904 | €486 | €13,850 | +€13,364 | +2,752% |
| Profit (loss) for the period to be appropriated | 9905 | €486 | €13,850 | +€13,364 | +2,752% |
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 23 October 2026 via checked.be.