Dr. Munters: 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. Munters
Largest movements
- Receivables within one year -€202,136
down €202,136 (-25.3%), from €800,222 to €598,086
of which Other amounts receivable: -€202,136
- Tangible fixed assets -€51,773
down €51,773 (-10.0%), from €517,823 to €466,050
of which Furniture and vehicles: -€37,044
- Reserves -€210,296
down €210,296 (-32.3%), from €651,353 to €441,057
of which Distributable reserves: -€210,296
- Debts after one year -€65,958
down €65,958 (-15.9%), from €416,102 to €350,144
- Current portion of long-term debt +€17,493
up €17,493 (+28.7%), from €60,965 to €78,458
- Gross operating margin +€50,512
up €50,512 (+21.9%), from €230,756 to €281,269
- Depreciation +€13,657
up €13,657 (+34.7%), from €39,355 to €53,012
- Taxes +€10,647
up €10,647 (+21.6%), from €49,305 to €59,952
- Financial charges +€6,067
up €6,067 (+29.4%), from €20,618 to €26,686
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 | €1,321,248 | €1,065,995 | -€255,253 | -19.3% |
| Fixed assets | 21/28 | €519,473 | €467,700 | -€51,773 | -10.0% |
| Tangible fixed assets | 22/27 | €517,823 | €466,050 | -€51,773 | -10.0% |
| Land and buildings | 22 | €391,266 | €376,854 | -€14,413 | -3.7% |
| Plant, machinery and equipment | 23 | €2,167 | €1,850 | -€317 | -14.6% |
| Furniture and vehicles | 24 | €124,389 | €87,346 | -€37,044 | -29.8% |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €801,775 | €598,295 | -€203,480 | -25.4% |
| Amounts receivable within one year | 40/41 | €800,222 | €598,086 | -€202,136 | -25.3% |
| Trade receivables | 40 | €2,700 | €2,700 | = | 0.0% |
| Other amounts receivable | 41 | €797,522 | €595,386 | -€202,136 | -25.3% |
| Cash at bank and in hand | 54/58 | €1,117 | €209 | -€909 | -81.3% |
| Deferred charges and accrued income | 490/1 | €435 | - | -€435 | |
| Total equity and liabilities | 10/49 | €1,321,248 | €1,065,995 | -€255,253 | -19.3% |
| Equity | 10/15 | €732,941 | €525,646 | -€207,295 | -28.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €651,353 | €441,057 | -€210,296 | -32.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,137 | €26,137 | = | 0.0% |
| Distributable reserves | 133 | €623,216 | €412,920 | -€210,296 | -33.7% |
| Profit (loss) carried forward | 14 | €69,188 | €72,189 | +€3,001 | +4.3% |
| Amounts payable | 17/49 | €588,306 | €540,349 | -€47,958 | -8.2% |
| Amounts payable after more than one year | 17 | €416,102 | €350,144 | -€65,958 | -15.9% |
| Financial debts | 170/4 | €416,102 | €350,144 | -€65,958 | -15.9% |
| Amounts payable within one year | 42/48 | €172,205 | €190,205 | +€18,001 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €60,965 | €78,458 | +€17,493 | +28.7% |
| Financial debts | 43 | €17,050 | €19,667 | +€2,617 | +15.4% |
| Credit institutions | 430/8 | €17,050 | €19,667 | +€2,617 | +15.4% |
| Trade debts | 44 | €12,000 | €6,016 | -€5,984 | -49.9% |
| Suppliers | 440/4 | €12,000 | €6,016 | -€5,984 | -49.9% |
| Taxes, remuneration and social security | 45 | €82,190 | €86,064 | +€3,874 | +4.7% |
| Taxes | 450/3 | €82,190 | €86,064 | +€3,874 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,355 | €53,012 | +€13,657 | +34.7% |
| Other operating charges | 640/8 | €6,334 | €5,242 | -€1,093 | -17.3% |
| Non-recurring operating charges | 66A | €2,281 | - | -€2,281 | |
| Gross operating margin | 9900 | €230,756 | €281,269 | +€50,512 | +21.9% |
| Operating profit (loss) | 9901 | €182,786 | €223,015 | +€40,229 | +22.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | +900.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +900.0% |
| Financial charges | 65/66B | €20,618 | €26,686 | +€6,067 | +29.4% |
| Recurring financial charges | 65 | €20,618 | €26,686 | +€6,067 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €162,168 | €196,329 | +€34,161 | +21.1% |
| Income taxes | 67/77 | €49,305 | €59,952 | +€10,647 | +21.6% |
| Profit (loss) for the period | 9904 | €112,863 | €136,377 | +€23,514 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €112,863 | €136,377 | +€23,514 | +20.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.