HUGIN & MUNIN: 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.
HUGIN & MUNIN
Largest movements
- Cash +€145,306
up €145,306 (+632%), from €22,985 to €168,291
mainly Net result for the year (+€142,127) and Other debts (+€60,159)
- Receivables within one year +€26,686
up €26,686 (+79.9%), from €33,385 to €60,071
of which Trade receivables: +€23,335
- Tangible fixed assets -€25,176
down €25,176 (-4.1%), from €615,896 to €590,720
of which Land and buildings: -€21,964
- Reserves +€82,127
up €82,127 (+52.6%), from €156,207 to €238,334
- Other debts +€60,159
up €60,159 (+4,029%), from €1,493 to €61,652
- Debts after one year -€27,440
down €27,440 (-5.9%), from €467,213 to €439,774
- Tax, wage and social debts +€15,211
up €15,211 (+85.4%), from €17,807 to €33,018
- Trade debts +€13,720
up €13,720 (+970%), from €1,414 to €15,133
- Gross operating margin +€124,534
up €124,534 (+115%), from €108,143 to €232,677
- Taxes +€35,927
up €35,927 (+198%), from €18,101 to €54,028
- Depreciation -€4,873
down €4,873 (-16.2%), from €30,049 to €25,176
- Other operating charges -€4,368
down €4,368 (-55.6%), from €7,863 to €3,494
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 | €676,387 | €820,135 | +€143,748 | +21.3% |
| Fixed assets | 21/28 | €615,896 | €590,720 | -€25,176 | -4.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €615,896 | €590,720 | -€25,176 | -4.1% |
| Land and buildings | 22 | €589,817 | €567,853 | -€21,964 | -3.7% |
| Plant, machinery and equipment | 23 | €8,404 | €7,076 | -€1,328 | -15.8% |
| Furniture and vehicles | 24 | €5,592 | €4,334 | -€1,258 | -22.5% |
| Leasing and similar rights | 25 | €626 | - | -€626 | |
| Other tangible fixed assets | 26 | €11,458 | €11,458 | = | 0.0% |
| Current assets | 29/58 | €60,491 | €229,416 | +€168,924 | +279% |
| Amounts receivable within one year | 40/41 | €33,385 | €60,071 | +€26,686 | +79.9% |
| Trade receivables | 40 | €33,037 | €56,372 | +€23,335 | +70.6% |
| Other amounts receivable | 41 | €348 | €3,699 | +€3,351 | +962% |
| Cash at bank and in hand | 54/58 | €22,985 | €168,291 | +€145,306 | +632% |
| Deferred charges and accrued income | 490/1 | €4,121 | €1,054 | -€3,067 | -74.4% |
| Total equity and liabilities | 10/49 | €676,387 | €820,135 | +€143,748 | +21.3% |
| Equity | 10/15 | €162,407 | €244,534 | +€82,127 | +50.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €156,207 | €238,334 | +€82,127 | +52.6% |
| Distributable reserves | 133 | €156,207 | €238,334 | +€82,127 | +52.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €513,981 | €575,601 | +€61,621 | +12.0% |
| Amounts payable after more than one year | 17 | €467,213 | €439,774 | -€27,440 | -5.9% |
| Financial debts | 170/4 | €467,213 | €439,774 | -€27,440 | -5.9% |
| Amounts payable within one year | 42/48 | €46,767 | €135,828 | +€89,060 | +190% |
| Current portion of amounts payable after more than one year | 42 | €26,053 | €26,024 | -€29 | -0.1% |
| Trade debts | 44 | €1,414 | €15,133 | +€13,720 | +970% |
| Suppliers | 440/4 | €1,414 | €15,133 | +€13,720 | +970% |
| Taxes, remuneration and social security | 45 | €17,807 | €33,018 | +€15,211 | +85.4% |
| Taxes | 450/3 | €17,807 | €33,018 | +€15,211 | +85.4% |
| Other amounts payable | 47/48 | €1,493 | €61,652 | +€60,159 | +4,029% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,049 | €25,176 | -€4,873 | -16.2% |
| Other operating charges | 640/8 | €7,863 | €3,494 | -€4,368 | -55.6% |
| Non-recurring operating charges | 66A | - | €138 | +€138 | |
| Gross operating margin | 9900 | €108,143 | €232,677 | +€124,534 | +115% |
| Operating profit (loss) | 9901 | €70,231 | €203,868 | +€133,637 | +190% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €8,237 | €7,713 | -€523 | -6.4% |
| Recurring financial charges | 65 | €8,237 | €7,713 | -€523 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €61,994 | €196,155 | +€134,161 | +216% |
| Income taxes | 67/77 | €18,101 | €54,028 | +€35,927 | +198% |
| Profit (loss) for the period | 9904 | €43,893 | €142,127 | +€98,234 | +224% |
| Profit (loss) for the period to be appropriated | 9905 | €43,893 | €142,127 | +€98,234 | +224% |
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 25 October 2026 via checked.be.