Charles De Munter: 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.
Charles De Munter
Largest movements
- Cash +€87,922
up €87,922 (+110%), from €80,247 to €168,169
mainly Net result for the year (+€75,927) and Depreciation (+€55,051)
- Tangible fixed assets -€40,621
down €40,621 (-4.9%), from €829,057 to €788,436
of which Land and buildings: -€39,608
- Receivables within one year -€13,115
down €13,115 (-4.7%), from €280,705 to €267,590
of which Trade receivables: -€18,133
- Profit (loss) carried forward +€61,616
up €61,616 (+104%), from €59,308 to €120,924
- Other debts +€45,000
new in 2025: €45,000
- Reserves -€30,690
down €30,690 (-4.6%), from €663,124 to €632,434
of which Tax-exempt reserves: -€30,690
- Trade debts -€29,000
down €29,000 (-64.6%), from €44,925 to €15,925
- Gross operating margin +€32,151
up €32,151 (+27.9%), from €115,363 to €147,514
- Other operating charges +€6,833
up €6,833 (+104%), from €6,572 to €13,405
- Financial income -€6,230
down €6,230 (-43.2%), from €14,410 to €8,180
- Depreciation +€6,020
up €6,020 (+12.3%), from €49,031 to €55,051
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 | €1,197,329 | €1,232,376 | +€35,047 | +2.9% |
| Fixed assets | 21/28 | €829,057 | €788,436 | -€40,621 | -4.9% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €829,057 | €788,436 | -€40,621 | -4.9% |
| Land and buildings | 22 | €824,268 | €784,660 | -€39,608 | -4.8% |
| Plant, machinery and equipment | 23 | €4,789 | €3,776 | -€1,013 | -21.1% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Leasing and similar rights | 25 | - | €0 | = | |
| Current assets | 29/58 | €368,272 | €443,940 | +€75,668 | +20.5% |
| Amounts receivable within one year | 40/41 | €280,705 | €267,590 | -€13,115 | -4.7% |
| Trade receivables | 40 | €25,481 | €7,348 | -€18,133 | -71.2% |
| Other amounts receivable | 41 | €255,224 | €260,242 | +€5,018 | +2.0% |
| Cash at bank and in hand | 54/58 | €80,247 | €168,169 | +€87,922 | +110% |
| Deferred charges and accrued income | 490/1 | €7,320 | €8,180 | +€860 | +11.7% |
| Total equity and liabilities | 10/49 | €1,197,329 | €1,232,376 | +€35,047 | +2.9% |
| Equity | 10/15 | €994,894 | €1,025,821 | +€30,927 | +3.1% |
| Contributions | 10/11 | €272,462 | €272,462 | +€0 | 0.0% |
| Contributions outside capital | 11 | €272,462 | €272,462 | +€0 | 0.0% |
| Share premium | 1100/10 | €272,462 | €272,462 | +€0 | 0.0% |
| Reserves | 13 | €663,124 | €632,434 | -€30,690 | -4.6% |
| Non-distributable reserves | 130/1 | €26,543 | €26,543 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €26,543 | €26,543 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €401,581 | €370,891 | -€30,690 | -7.6% |
| Distributable reserves | 133 | €235,000 | €235,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,308 | €120,924 | +€61,616 | +104% |
| Provisions and deferred taxes | 16 | €133,860 | €123,630 | -€10,230 | -7.6% |
| Deferred taxes | 168 | €133,860 | €123,630 | -€10,230 | -7.6% |
| Amounts payable | 17/49 | €68,575 | €82,925 | +€14,350 | +20.9% |
| Amounts payable within one year | 42/48 | €68,575 | €82,925 | +€14,350 | +20.9% |
| Trade debts | 44 | €44,925 | €15,925 | -€29,000 | -64.6% |
| Suppliers | 440/4 | €44,925 | €15,925 | -€29,000 | -64.6% |
| Taxes, remuneration and social security | 45 | €23,650 | €22,000 | -€1,650 | -7.0% |
| Taxes | 450/3 | €23,650 | €22,000 | -€1,650 | -7.0% |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,031 | €55,051 | +€6,020 | +12.3% |
| Other operating charges | 640/8 | €6,572 | €13,405 | +€6,833 | +104% |
| Gross operating margin | 9900 | €115,363 | €147,514 | +€32,151 | +27.9% |
| Operating profit (loss) | 9901 | €59,760 | €79,058 | +€19,298 | +32.3% |
| Financial income | 75/76B | €14,410 | €8,180 | -€6,230 | -43.2% |
| Recurring financial income | 75 | €14,410 | €8,180 | -€6,230 | -43.2% |
| Financial charges | 65/66B | €1,772 | €920 | -€852 | -48.1% |
| Recurring financial charges | 65 | €1,772 | €920 | -€852 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | €72,398 | €86,318 | +€13,920 | +19.2% |
| Transfer from deferred taxes | 780 | €10,230 | €10,230 | -€0 | 0.0% |
| Income taxes | 67/77 | €20,000 | €20,621 | +€621 | +3.1% |
| Profit (loss) for the period | 9904 | €62,628 | €75,927 | +€13,299 | +21.2% |
| Transfer from tax-exempt reserves | 789 | €30,690 | €30,690 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,318 | €106,617 | +€13,299 | +14.3% |
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 20 October 2026 via checked.be.