De Munter - De Waele: 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.
De Munter - De Waele
Largest movements
- Cash +€205,548
up €205,548 (+28.7%), from €715,551 to €921,099
mainly Net result for the year (+€297,479) and Depreciation (+€149,896)
- Intangible fixed assets -€96,890
down €96,890 (-12.5%), from €775,120 to €678,230
- Tangible fixed assets -€24,300
down €24,300 (-10.6%), from €230,224 to €205,924
of which Plant, machinery and equipment: -€28,022
- Reserves +€297,479
up €297,479 (+51.6%), from €576,124 to €873,603
- Tax, wage and social debts -€107,838
down €107,838 (-49.5%), from €217,889 to €110,051
of which Taxes: -€114,378
- Debts after one year -€89,230
down €89,230 (-9.8%), from €908,079 to €818,850
- Gross operating margin +€73,712
up €73,712 (+12.0%), from €615,171 to €688,883
- Taxes +€22,995
up €22,995 (+20.8%), from €110,344 to €133,339
- Depreciation +€9,712
up €9,712 (+6.9%), from €140,184 to €149,896
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 | €2,213,896 | €2,321,914 | +€108,018 | +4.9% |
| Fixed assets | 21/28 | €1,005,344 | €884,154 | -€121,190 | -12.1% |
| Intangible fixed assets | 21 | €775,120 | €678,230 | -€96,890 | -12.5% |
| Tangible fixed assets | 22/27 | €230,224 | €205,924 | -€24,300 | -10.6% |
| Land and buildings | 22 | €17,347 | €12,904 | -€4,443 | -25.6% |
| Plant, machinery and equipment | 23 | €163,138 | €135,116 | -€28,022 | -17.2% |
| Furniture and vehicles | 24 | €49,739 | €57,904 | +€8,165 | +16.4% |
| Current assets | 29/58 | €1,208,552 | €1,437,760 | +€229,208 | +19.0% |
| Amounts receivable after more than one year | 29 | €261 | €261 | = | 0.0% |
| Other amounts receivable | 291 | €261 | €261 | = | 0.0% |
| Stocks and contracts in progress | 3 | €280,489 | €293,377 | +€12,888 | +4.6% |
| Stocks | 30/36 | €280,489 | €293,377 | +€12,888 | +4.6% |
| Amounts receivable within one year | 40/41 | €180,642 | €186,439 | +€5,797 | +3.2% |
| Trade receivables | 40 | €180,030 | €182,373 | +€2,343 | +1.3% |
| Other amounts receivable | 41 | €612 | €4,066 | +€3,454 | +564% |
| Cash at bank and in hand | 54/58 | €715,551 | €921,099 | +€205,548 | +28.7% |
| Deferred charges and accrued income | 490/1 | €31,610 | €36,585 | +€4,975 | +15.7% |
| Total equity and liabilities | 10/49 | €2,213,896 | €2,321,914 | +€108,018 | +4.9% |
| Equity | 10/15 | €586,124 | €883,603 | +€297,479 | +50.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €576,124 | €873,603 | +€297,479 | +51.6% |
| Distributable reserves | 133 | €576,124 | €873,603 | +€297,479 | +51.6% |
| Amounts payable | 17/49 | €1,627,771 | €1,438,310 | -€189,461 | -11.6% |
| Amounts payable after more than one year | 17 | €908,079 | €818,850 | -€89,230 | -9.8% |
| Financial debts | 170/4 | €908,079 | €818,850 | -€89,230 | -9.8% |
| Amounts payable within one year | 42/48 | €709,720 | €610,648 | -€99,072 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €85,649 | €88,730 | +€3,080 | +3.6% |
| Trade debts | 44 | €378,485 | €382,589 | +€4,103 | +1.1% |
| Suppliers | 440/4 | €378,485 | €382,589 | +€4,103 | +1.1% |
| Taxes, remuneration and social security | 45 | €217,889 | €110,051 | -€107,838 | -49.5% |
| Taxes | 450/3 | €208,867 | €94,489 | -€114,378 | -54.8% |
| Remuneration and social security | 454/9 | €9,022 | €15,562 | +€6,540 | +72.5% |
| Other amounts payable | 47/48 | €27,696 | €29,279 | +€1,582 | +5.7% |
| Accrued charges and deferred income | 492/3 | €9,972 | €8,813 | -€1,159 | -11.6% |
| Remuneration, social security and pensions | 62 | €69,989 | €69,682 | -€307 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,184 | €149,896 | +€9,712 | +6.9% |
| Other operating charges | 640/8 | €728 | €1,868 | +€1,139 | +156% |
| Gross operating margin | 9900 | €615,171 | €688,883 | +€73,712 | +12.0% |
| Operating profit (loss) | 9901 | €404,269 | €467,438 | +€63,168 | +15.6% |
| Financial income | 75/76B | €0 | €4,941 | +€4,941 | +12,353,075% |
| Recurring financial income | 75 | €0 | €4,941 | +€4,941 | +12,353,075% |
| Financial charges | 65/66B | €45,946 | €41,561 | -€4,384 | -9.5% |
| Recurring financial charges | 65 | €45,946 | €41,561 | -€4,384 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €358,324 | €430,818 | +€72,494 | +20.2% |
| Income taxes | 67/77 | €110,344 | €133,339 | +€22,995 | +20.8% |
| Profit (loss) for the period | 9904 | €247,980 | €297,479 | +€49,499 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €247,980 | €297,479 | +€49,499 | +20.0% |
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 26 October 2026 via checked.be.