MUNA EXPRESS: 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.
MUNA EXPRESS
Largest movements
- Cash -€24,271
down €24,271 (-62.2%), from €39,017 to €14,746
mainly Investment in fixed assets (net) (-€29,243) and Net result for the year (-€8,169)
- Tangible fixed assets +€21,574
up €21,574 (+331.8%), from €6,502 to €28,076
- Receivables within one year +€2,265
up €2,265 (+2.0%), from €114,106 to €116,371
of which Other amounts receivable: +€22,173
- Profit (loss) carried forward -€8,169
down €8,169 (-8.6%), from €94,541 to €86,372
- Debts after one year +€7,976
up €7,976 (+28.0%), from €28,438 to €36,414
- Tax, wage and social debts -€4,471
down €4,471 (-81.0%), from €5,520 to €1,049
of which Remuneration and social security: -€3,247
- Trade debts +€2,335
up €2,335 (+59.7%), from €3,910 to €6,246
- Short-term financial debts +€1,897
up €1,897 (+23.3%), from €8,147 to €10,045
of which Other loans: +€1,279
- Gross operating margin -€22,174
down €22,174 (-48.8%), from €45,424 to €23,250
- Depreciation -€12,172
down €12,172 (-61.3%), from €19,841 to €7,669
- Financial income -€2,583
down €2,583 (-50.3%), from €5,134 to €2,551
- Staff costs -€770
down €770 (-3.8%), from €20,237 to €19,467
- Other operating charges +€457
up €457 (+21.6%), from €2,121 to €2,579
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 | €160,124 | €159,693 | -€431 | -0.3% |
| Fixed assets | 21/28 | €7,002 | €28,576 | +€21,574 | +308.1% |
| Tangible fixed assets | 22/27 | €6,502 | €28,076 | +€21,574 | +331.8% |
| Furniture and vehicles | 24 | €6,502 | €28,076 | +€21,574 | +331.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €153,122 | €131,117 | -€22,005 | -14.4% |
| Amounts receivable within one year | 40/41 | €114,106 | €116,371 | +€2,265 | +2.0% |
| Trade receivables | 40 | €24,110 | €4,203 | -€19,907 | -82.6% |
| Other amounts receivable | 41 | €89,996 | €112,168 | +€22,173 | +24.6% |
| Cash at bank and in hand | 54/58 | €39,017 | €14,746 | -€24,271 | -62.2% |
| Total equity and liabilities | 10/49 | €160,124 | €159,693 | -€431 | -0.3% |
| Equity | 10/15 | €114,109 | €105,940 | -€8,169 | -7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €968 | €968 | = | 0.0% |
| Non-distributable reserves | 130/1 | €968 | €968 | = | 0.0% |
| Reserves not available under the articles | 1311 | €968 | €968 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,541 | €86,372 | -€8,169 | -8.6% |
| Amounts payable | 17/49 | €46,015 | €53,753 | +€7,738 | +16.8% |
| Amounts payable after more than one year | 17 | €28,438 | €36,414 | +€7,976 | +28.0% |
| Financial debts | 170/4 | €28,438 | €36,414 | +€7,976 | +28.0% |
| Amounts payable within one year | 42/48 | €17,577 | €17,339 | -€238 | -1.4% |
| Financial debts | 43 | €8,147 | €10,045 | +€1,897 | +23.3% |
| Credit institutions | 430/8 | €8,147 | €8,766 | +€618 | +7.6% |
| Other loans | 439 | - | €1,279 | +€1,279 | |
| Trade debts | 44 | €3,910 | €6,246 | +€2,335 | +59.7% |
| Suppliers | 440/4 | €3,910 | €6,246 | +€2,335 | +59.7% |
| Taxes, remuneration and social security | 45 | €5,520 | €1,049 | -€4,471 | -81.0% |
| Taxes | 450/3 | €2,117 | €893 | -€1,224 | -57.8% |
| Remuneration and social security | 454/9 | €3,403 | €156 | -€3,247 | -95.4% |
| Remuneration, social security and pensions | 62 | €20,237 | €19,467 | -€770 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,841 | €7,669 | -€12,172 | -61.3% |
| Other operating charges | 640/8 | €2,121 | €2,579 | +€457 | +21.6% |
| Gross operating margin | 9900 | €45,424 | €23,250 | -€22,174 | -48.8% |
| Operating profit (loss) | 9901 | €3,225 | -€6,465 | -€9,689 | |
| Financial income | 75/76B | €5,134 | €2,551 | -€2,583 | -50.3% |
| Recurring financial income | 75 | €5,134 | €2,551 | -€2,583 | -50.3% |
| Financial charges | 65/66B | €290 | €458 | +€168 | +57.8% |
| Recurring financial charges | 65 | €290 | €458 | +€168 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | €8,069 | -€4,372 | -€12,441 | |
| Income taxes | 67/77 | €3,678 | €3,797 | +€120 | +3.3% |
| Profit (loss) for the period | 9904 | €4,391 | -€8,169 | -€12,561 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,391 | -€8,169 | -€12,561 |
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 3 October 2026 via checked.be.