De Munnynck: 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.
De Munnynck
Largest movements
- Financial fixed assets +€94,417
up €94,417 (+6011.5%), from €1,571 to €95,987
- Cash -€65,949
down €65,949 (-42.8%), from €153,973 to €88,024
mainly Investment in fixed assets (net) (-€103,212) and Contributions, distributions and other (-€56,008)
- Receivables within one year +€30,717
up €30,717 (+104.4%), from €29,421 to €60,138
of which Trade receivables: +€26,771
- Other debts +€33,058
up €33,058 (+603.3%), from €5,479 to €38,538
- Trade debts +€15,480
up €15,480 (+82.5%), from €18,764 to €34,244
- Reserves +€8,539
up €8,539 (+5.7%), from €149,126 to €157,666
- Debts after one year -€6,174
down €6,174 (-59.7%), from €10,345 to €4,171
- Tax, wage and social debts +€5,582
up €5,582 (+27.4%), from €20,396 to €25,979
of which Taxes: +€5,582
- Other operating charges -€187,309
down €187,309 (-99.2%), from €188,730 to €1,421
- Gross operating margin -€35,544
down €35,544 (-24.5%), from €144,949 to €109,404
- Write-downs -€5,644
down €5,644 (-100.0%), from €5,644 to €0
- Depreciation -€2,245
down €2,245 (-17.8%), from €12,645 to €10,400
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 | €225,107 | €283,256 | +€58,149 | +25.8% |
| Fixed assets | 21/28 | €23,917 | €116,729 | +€92,812 | +388.1% |
| Tangible fixed assets | 22/27 | €22,346 | €20,742 | -€1,605 | -7.2% |
| Furniture and vehicles | 24 | €15,178 | €12,946 | -€2,232 | -14.7% |
| Other tangible fixed assets | 26 | €7,169 | €7,796 | +€628 | +8.8% |
| Financial fixed assets | 28 | €1,571 | €95,987 | +€94,417 | +6011.5% |
| Current assets | 29/58 | €201,190 | €166,527 | -€34,663 | -17.2% |
| Amounts receivable within one year | 40/41 | €29,421 | €60,138 | +€30,717 | +104.4% |
| Trade receivables | 40 | €28,236 | €55,007 | +€26,771 | +94.8% |
| Other amounts receivable | 41 | €1,185 | €5,131 | +€3,946 | +332.9% |
| Current investments | 50/53 | €838 | €843 | +€6 | +0.7% |
| Cash at bank and in hand | 54/58 | €153,973 | €88,024 | -€65,949 | -42.8% |
| Deferred charges and accrued income | 490/1 | €16,958 | €17,522 | +€564 | +3.3% |
| Total equity and liabilities | 10/49 | €225,107 | €283,256 | +€58,149 | +25.8% |
| Equity | 10/15 | €155,326 | €163,866 | +€8,539 | +5.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €149,126 | €157,666 | +€8,539 | +5.7% |
| Distributable reserves | 133 | €149,126 | €157,666 | +€8,539 | +5.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,781 | €119,391 | +€49,609 | +71.1% |
| Amounts payable after more than one year | 17 | €10,345 | €4,171 | -€6,174 | -59.7% |
| Financial debts | 170/4 | €10,345 | €4,171 | -€6,174 | -59.7% |
| Amounts payable within one year | 42/48 | €55,800 | €113,353 | +€57,554 | +103.1% |
| Current portion of amounts payable after more than one year | 42 | €6,079 | €6,174 | +€95 | +1.6% |
| Financial debts | 43 | €5,081 | €8,419 | +€3,338 | +65.7% |
| Credit institutions | 430/8 | €5,081 | €8,419 | +€3,338 | +65.7% |
| Trade debts | 44 | €18,764 | €34,244 | +€15,480 | +82.5% |
| Suppliers | 440/4 | €18,764 | €34,244 | +€15,480 | +82.5% |
| Taxes, remuneration and social security | 45 | €20,396 | €25,979 | +€5,582 | +27.4% |
| Taxes | 450/3 | €20,396 | €25,979 | +€5,582 | +27.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,479 | €38,538 | +€33,058 | +603.3% |
| Accrued charges and deferred income | 492/3 | €3,637 | €1,866 | -€1,770 | -48.7% |
| Non-recurring operating income | 76A | €6,712 | €0 | -€6,712 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,645 | €10,400 | -€2,245 | -17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,644 | €0 | -€5,644 | -100.0% |
| Other operating charges | 640/8 | €188,730 | €1,421 | -€187,309 | -99.2% |
| Gross operating margin | 9900 | €144,949 | €109,404 | -€35,544 | -24.5% |
| Operating profit (loss) | 9901 | -€62,070 | €97,583 | +€159,653 | |
| Financial income | 75/76B | €0 | €43 | +€43 | |
| Recurring financial income | 75 | €0 | €43 | +€43 | |
| Financial charges | 65/66B | €7,701 | €6,854 | -€847 | -11.0% |
| Recurring financial charges | 65 | €7,701 | €6,854 | -€847 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | -€69,771 | €90,772 | +€160,543 | |
| Income taxes | 67/77 | €26,150 | €26,225 | +€75 | +0.3% |
| Profit (loss) for the period | 9904 | -€95,921 | €64,547 | +€160,468 | |
| Profit (loss) for the period to be appropriated | 9905 | -€95,921 | €64,547 | +€160,468 |
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 8 October 2026 via checked.be.