MUNACO: 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.
MUNACO
Largest movements
- Tangible fixed assets -€19,875
down €19,875 (-32.6%), from €60,885 to €41,010
of which Furniture and vehicles: -€18,303
- Receivables within one year -€5,997
down €5,997 (-58.5%), from €10,258 to €4,261
of which Other amounts receivable: -€6,216
- Deferred charges and accrued income +€3,139
up €3,139 (+127%), from €2,480 to €5,618
- Stocks and contracts +€2,983
up €2,983 (+3.2%), from €92,560 to €95,542
- Cash +€1,899
up €1,899 (+108%), from €1,752 to €3,651
mainly Depreciation (+€21,073) and Receivables within one year (+€5,997)
- Debts after one year -€24,419
down €24,419 (-39.9%), from €61,266 to €36,847
- Trade debts +€4,603
up €4,603 (+25.5%), from €18,039 to €22,642
- Reserves +€3,998
up €3,998 (+6.6%), from €60,355 to €64,353
- Short-term financial debts -€3,828
no longer reported in 2025 (was €3,828)
- Tax, wage and social debts +€2,252
up €2,252 (+261%), from €865 to €3,117
of which Taxes: +€1,452
- Other operating charges -€1,152
down €1,152 (-78.1%), from €1,475 to €323
- Taxes +€504
up €504 (+53.1%), from €949 to €1,452
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 | €167,934 | €150,082 | -€17,852 | -10.6% |
| Fixed assets | 21/28 | €60,885 | €41,010 | -€19,875 | -32.6% |
| Tangible fixed assets | 22/27 | €60,885 | €41,010 | -€19,875 | -32.6% |
| Plant, machinery and equipment | 23 | €2,217 | €1,727 | -€490 | -22.1% |
| Furniture and vehicles | 24 | €56,318 | €38,016 | -€18,303 | -32.5% |
| Other tangible fixed assets | 26 | €2,350 | €1,267 | -€1,083 | -46.1% |
| Current assets | 29/58 | €107,049 | €109,072 | +€2,023 | +1.9% |
| Stocks and contracts in progress | 3 | €92,560 | €95,542 | +€2,983 | +3.2% |
| Stocks | 30/36 | €92,560 | €95,542 | +€2,983 | +3.2% |
| Amounts receivable within one year | 40/41 | €10,258 | €4,261 | -€5,997 | -58.5% |
| Trade receivables | 40 | €36 | €255 | +€219 | +610% |
| Other amounts receivable | 41 | €10,222 | €4,006 | -€6,216 | -60.8% |
| Cash at bank and in hand | 54/58 | €1,752 | €3,651 | +€1,899 | +108% |
| Deferred charges and accrued income | 490/1 | €2,480 | €5,618 | +€3,139 | +127% |
| Total equity and liabilities | 10/49 | €167,934 | €150,082 | -€17,852 | -10.6% |
| Equity | 10/15 | €60,355 | €64,353 | +€3,998 | +6.6% |
| Reserves | 13 | €60,355 | €64,353 | +€3,998 | +6.6% |
| Distributable reserves | 133 | €60,355 | €64,353 | +€3,998 | +6.6% |
| Amounts payable | 17/49 | €107,579 | €85,729 | -€21,850 | -20.3% |
| Amounts payable after more than one year | 17 | €61,266 | €36,847 | -€24,419 | -39.9% |
| Financial debts | 170/4 | €61,266 | €36,847 | -€24,419 | -39.9% |
| Amounts payable within one year | 42/48 | €46,313 | €48,882 | +€2,570 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €23,581 | €23,123 | -€458 | -1.9% |
| Financial debts | 43 | €3,828 | - | -€3,828 | |
| Credit institutions | 430/8 | €3,828 | - | -€3,828 | |
| Trade debts | 44 | €18,039 | €22,642 | +€4,603 | +25.5% |
| Suppliers | 440/4 | €18,039 | €22,642 | +€4,603 | +25.5% |
| Taxes, remuneration and social security | 45 | €865 | €3,117 | +€2,252 | +261% |
| Taxes | 450/3 | €865 | €2,317 | +€1,452 | +168% |
| Remuneration and social security | 454/9 | - | €800 | +€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,251 | €21,073 | -€178 | -0.8% |
| Other operating charges | 640/8 | €1,475 | €323 | -€1,152 | -78.1% |
| Gross operating margin | 9900 | €35,130 | €35,378 | +€248 | +0.7% |
| Operating profit (loss) | 9901 | €12,404 | €13,982 | +€1,578 | +12.7% |
| Financial income | 75/76B | €188 | €311 | +€123 | +65.5% |
| Recurring financial income | 75 | €188 | €311 | +€123 | +65.5% |
| Financial charges | 65/66B | €8,668 | €8,842 | +€175 | +2.0% |
| Recurring financial charges | 65 | €8,668 | €8,842 | +€175 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €3,924 | €5,450 | +€1,526 | +38.9% |
| Income taxes | 67/77 | €949 | €1,452 | +€504 | +53.1% |
| Profit (loss) for the period | 9904 | €2,975 | €3,998 | +€1,022 | +34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,975 | €3,998 | +€1,022 | +34.4% |
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 14 October 2026 via checked.be.