Kurt Munsters: 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.
Kurt Munsters
Largest movements
- Cash +€25,834
up €25,834 (+8.4%), from €306,947 to €332,782
mainly Net result for the year (+€27,918) and Depreciation (+€14,857)
- Receivables within one year -€10,707
down €10,707 (-55.3%), from €19,370 to €8,663
of which Trade receivables: -€10,096
- Other debts +€13,187
up €13,187 (+57.1%), from €23,102 to €36,289
- Gross operating margin -€55,863
down €55,863 (-50.5%), from €110,580 to €54,717
- Taxes -€16,634
down €16,634 (-61.5%), from €27,065 to €10,431
- Depreciation +€2,086
up €2,086 (+16.3%), from €12,772 to €14,857
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €371,338 | €383,074 | +€11,736 | +3.2% |
| Fixed assets | 21/28 | €43,128 | €39,427 | -€3,701 | -8.6% |
| Tangible fixed assets | 22/27 | €43,128 | €39,427 | -€3,701 | -8.6% |
| Plant, machinery and equipment | 23 | €1,935 | €5,359 | +€3,424 | +177% |
| Furniture and vehicles | 24 | €39,133 | €32,251 | -€6,882 | -17.6% |
| Other tangible fixed assets | 26 | €2,060 | €1,818 | -€243 | -11.8% |
| Current assets | 29/58 | €328,210 | €343,647 | +€15,437 | +4.7% |
| Amounts receivable within one year | 40/41 | €19,370 | €8,663 | -€10,707 | -55.3% |
| Trade receivables | 40 | €16,324 | €6,227 | -€10,096 | -61.9% |
| Other amounts receivable | 41 | €3,046 | €2,435 | -€611 | -20.1% |
| Cash at bank and in hand | 54/58 | €306,947 | €332,782 | +€25,834 | +8.4% |
| Deferred charges and accrued income | 490/1 | €1,893 | €2,202 | +€310 | +16.4% |
| Total equity and liabilities | 10/49 | €371,338 | €383,074 | +€11,736 | +3.2% |
| Equity | 10/15 | €336,393 | €338,622 | +€2,229 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €317,793 | €320,022 | +€2,229 | +0.7% |
| Distributable reserves | 133 | €317,793 | €320,022 | +€2,229 | +0.7% |
| Amounts payable | 17/49 | €34,945 | €44,452 | +€9,507 | +27.2% |
| Amounts payable within one year | 42/48 | €34,945 | €44,202 | +€9,257 | +26.5% |
| Trade debts | 44 | €1,167 | €896 | -€271 | -23.2% |
| Suppliers | 440/4 | €1,167 | €896 | -€271 | -23.2% |
| Taxes, remuneration and social security | 45 | €10,676 | €7,018 | -€3,659 | -34.3% |
| Taxes | 450/3 | €8,876 | €5,218 | -€3,659 | -41.2% |
| Remuneration and social security | 454/9 | €1,800 | €1,800 | = | 0.0% |
| Other amounts payable | 47/48 | €23,102 | €36,289 | +€13,187 | +57.1% |
| Accrued charges and deferred income | 492/3 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,772 | €14,857 | +€2,086 | +16.3% |
| Other operating charges | 640/8 | €688 | €843 | +€155 | +22.5% |
| Gross operating margin | 9900 | €110,580 | €54,717 | -€55,863 | -50.5% |
| Operating profit (loss) | 9901 | €97,120 | €39,016 | -€58,104 | -59.8% |
| Financial income | 75/76B | €1,116 | €111 | -€1,005 | -90.1% |
| Recurring financial income | 75 | €1,116 | €111 | -€1,005 | -90.1% |
| Financial charges | 65/66B | €595 | €779 | +€184 | +30.9% |
| Recurring financial charges | 65 | €595 | €779 | +€184 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €97,642 | €38,349 | -€59,293 | -60.7% |
| Income taxes | 67/77 | €27,065 | €10,431 | -€16,634 | -61.5% |
| Profit (loss) for the period | 9904 | €70,577 | €27,918 | -€42,659 | -60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €70,577 | €27,918 | -€42,659 | -60.4% |
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.