DR. DE MUNCK: 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.
DR. DE MUNCK
Largest movements
- Current investments -€25,501
down €25,501 (-7.4%), from €346,150 to €320,649
- Reserves -€32,800
down €32,800 (-7.9%), from €412,711 to €379,911
- Gross operating margin -€21,648
down €21,648 (-35.6%), from €60,800 to €39,152
- Financial income -€11,121
down €11,121 (-52.1%), from €21,354 to €10,233
- Taxes -€8,293
down €8,293 (-38.2%), from €21,733 to €13,440
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 | €423,520 | €391,001 | -€32,519 | -7.7% |
| Fixed assets | 21/28 | €7,497 | €6,574 | -€923 | -12.3% |
| Tangible fixed assets | 22/27 | €7,497 | €6,574 | -€923 | -12.3% |
| Furniture and vehicles | 24 | €1,012 | €89 | -€923 | -91.2% |
| Other tangible fixed assets | 26 | €6,485 | €6,485 | = | 0.0% |
| Current assets | 29/58 | €416,023 | €384,427 | -€31,596 | -7.6% |
| Amounts receivable within one year | 40/41 | €184 | €1,058 | +€874 | +475.0% |
| Other amounts receivable | 41 | €184 | €1,058 | +€874 | +475.0% |
| Current investments | 50/53 | €346,150 | €320,649 | -€25,501 | -7.4% |
| Cash at bank and in hand | 54/58 | €51,619 | €47,896 | -€3,723 | -7.2% |
| Deferred charges and accrued income | 490/1 | €18,070 | €14,824 | -€3,246 | -18.0% |
| Total equity and liabilities | 10/49 | €423,520 | €391,001 | -€32,519 | -7.7% |
| Equity | 10/15 | €418,911 | €386,111 | -€32,800 | -7.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €412,711 | €379,911 | -€32,800 | -7.9% |
| Distributable reserves | 133 | €412,711 | €379,911 | -€32,800 | -7.9% |
| Amounts payable | 17/49 | €4,609 | €4,890 | +€281 | +6.1% |
| Amounts payable within one year | 42/48 | €4,609 | €3,421 | -€1,188 | -25.8% |
| Trade debts | 44 | €1,724 | €2,471 | +€747 | +43.3% |
| Suppliers | 440/4 | €1,724 | €2,471 | +€747 | +43.3% |
| Taxes, remuneration and social security | 45 | €2,885 | €770 | -€2,115 | -73.3% |
| Taxes | 450/3 | €2,885 | €770 | -€2,115 | -73.3% |
| Other amounts payable | 47/48 | - | €180 | +€180 | |
| Accrued charges and deferred income | 492/3 | - | €1,469 | +€1,469 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,158 | €923 | -€235 | -20.3% |
| Other operating charges | 640/8 | €608 | €464 | -€144 | -23.7% |
| Gross operating margin | 9900 | €60,800 | €39,152 | -€21,648 | -35.6% |
| Operating profit (loss) | 9901 | €59,034 | €37,765 | -€21,269 | -36.0% |
| Financial income | 75/76B | €21,354 | €10,233 | -€11,121 | -52.1% |
| Recurring financial income | 75 | €21,354 | €10,233 | -€11,121 | -52.1% |
| Financial charges | 65/66B | €3,228 | €3,710 | +€482 | +14.9% |
| Recurring financial charges | 65 | €3,228 | €3,710 | +€482 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €77,160 | €44,288 | -€32,872 | -42.6% |
| Income taxes | 67/77 | €21,733 | €13,440 | -€8,293 | -38.2% |
| Profit (loss) for the period | 9904 | €55,427 | €30,848 | -€24,579 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,427 | €30,848 | -€24,579 | -44.3% |
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 6 October 2026 via checked.be.