De Munter: 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 Munter
Largest movements
- Receivables within one year -€8,699
down €8,699 (-7.6%), from €114,217 to €105,517
of which Other amounts receivable: -€16,532
- Cash +€2,561
up €2,561 (+88.5%), from €2,895 to €5,455
mainly Net result for the year (+€171,279) and Receivables within one year (+€8,699)
- Profit (loss) carried forward +€217,555
up €217,555 (+33.4%), from -€651,160 to -€433,605
- Debts after one year -€100,000
down €100,000 (-28.0%), from €356,948 to €256,948
- Other debts -€78,504
down €78,504 (-91.1%), from €86,219 to €7,715
- Reserves -€46,276
down €46,276 (-85.2%), from €54,319 to €8,043
of which Distributable reserves: -€46,276
- Gross operating margin +€134,786
up €134,786 (+352.7%), from €38,219 to €173,005
- Depreciation -€3,908
down €3,908 (-80.1%), from €4,878 to €970
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 | €156,423 | €149,236 | -€7,187 | -4.6% |
| Fixed assets | 21/28 | €14,769 | €14,300 | -€470 | -3.2% |
| Tangible fixed assets | 22/27 | €2,042 | €1,572 | -€470 | -23.0% |
| Furniture and vehicles | 24 | €2,042 | €1,572 | -€470 | -23.0% |
| Financial fixed assets | 28 | €12,727 | €12,727 | = | 0.0% |
| Current assets | 29/58 | €141,654 | €134,936 | -€6,718 | -4.7% |
| Stocks and contracts in progress | 3 | €23,963 | €23,963 | = | 0.0% |
| Stocks | 30/36 | €23,963 | €23,963 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €114,217 | €105,517 | -€8,699 | -7.6% |
| Trade receivables | 40 | €3,867 | €11,700 | +€7,833 | +202.5% |
| Other amounts receivable | 41 | €110,350 | €93,817 | -€16,532 | -15.0% |
| Cash at bank and in hand | 54/58 | €2,895 | €5,455 | +€2,561 | +88.5% |
| Deferred charges and accrued income | 490/1 | €579 | €0 | -€579 | -100.0% |
| Total equity and liabilities | 10/49 | €156,423 | €149,236 | -€7,187 | -4.6% |
| Equity | 10/15 | -€286,974 | -€115,695 | +€171,279 | +59.7% |
| Contributions | 10/11 | €309,867 | €309,867 | = | 0.0% |
| Capital | 10 | €309,867 | €309,867 | = | 0.0% |
| Issued capital | 100 | €309,867 | €309,867 | = | 0.0% |
| Reserves | 13 | €54,319 | €8,043 | -€46,276 | -85.2% |
| Non-distributable reserves | 130/1 | €8,043 | €8,043 | = | 0.0% |
| Legal reserve | 130 | €8,043 | €8,043 | = | 0.0% |
| Distributable reserves | 133 | €46,276 | €0 | -€46,276 | -100.0% |
| Profit (loss) carried forward | 14 | -€651,160 | -€433,605 | +€217,555 | +33.4% |
| Amounts payable | 17/49 | €443,397 | €264,931 | -€178,466 | -40.2% |
| Amounts payable after more than one year | 17 | €356,948 | €256,948 | -€100,000 | -28.0% |
| Financial debts | 170/4 | €356,948 | €256,948 | -€100,000 | -28.0% |
| Amounts payable within one year | 42/48 | €86,449 | €7,983 | -€78,466 | -90.8% |
| Trade debts | 44 | €230 | €268 | +€38 | +16.5% |
| Suppliers | 440/4 | €230 | €268 | +€38 | +16.5% |
| Other amounts payable | 47/48 | €86,219 | €7,715 | -€78,504 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,878 | €970 | -€3,908 | -80.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €387 | €482 | +€94 | +24.4% |
| Gross operating margin | 9900 | €38,219 | €173,005 | +€134,786 | +352.7% |
| Operating profit (loss) | 9901 | €32,954 | €171,553 | +€138,600 | +420.6% |
| Financial income | 75/76B | €64 | €0 | -€64 | -100.0% |
| Recurring financial income | 75 | €64 | €0 | -€64 | -100.0% |
| Financial charges | 65/66B | €131 | €275 | +€144 | +109.5% |
| Recurring financial charges | 65 | €131 | €275 | +€144 | +109.5% |
| Profit (loss) for the period before taxes | 9903 | €32,886 | €171,279 | +€138,392 | +420.8% |
| Profit (loss) for the period | 9904 | €32,886 | €171,279 | +€138,392 | +420.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,886 | €171,279 | +€138,392 | +420.8% |
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 5 October 2026 via checked.be.