MUNCK: 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.
MUNCK
Largest movements
- Tangible fixed assets -€20,027
down €20,027 (-19.2%), from €104,087 to €84,061
of which Plant, machinery and equipment: -€11,438
- Stocks and contracts -€10,220
down €10,220 (-41.9%), from €24,410 to €14,190
- Receivables within one year +€7,353
up €7,353 (+215.7%), from €3,408 to €10,762
- Cash -€2,140
down €2,140 (-99.9%), from €2,141 to €1
mainly Net result for the year (-€79,784) and Accrued charges and deferred income (-€69,954)
- Debts after one year +€101,668
up €101,668 (+130.6%), from €77,842 to €179,510
of which Other amounts payable: +€113,228
- Profit (loss) carried forward -€79,784
down €79,784 (-61.0%), from -€130,896 to -€210,680
- Accrued charges and deferred income -€69,954
down €69,954 (-93.0%), from €75,255 to €5,301
- Trade debts +€25,102
up €25,102 (+3508.1%), from €716 to €25,817
- Other debts -€9,620
down €9,620 (-16.5%), from €58,440 to €48,821
- Staff costs -€276,333
down €276,333 (-49.7%), from €555,446 to €279,114
- Gross operating margin -€227,063
down €227,063 (-49.6%), from €457,645 to €230,582
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 | €142,235 | €116,946 | -€25,289 | -17.8% |
| Fixed assets | 21/28 | €112,275 | €91,992 | -€20,283 | -18.1% |
| Intangible fixed assets | 21 | €988 | €732 | -€256 | -25.9% |
| Tangible fixed assets | 22/27 | €104,087 | €84,061 | -€20,027 | -19.2% |
| Land and buildings | 22 | €34,852 | €32,810 | -€2,042 | -5.9% |
| Plant, machinery and equipment | 23 | €42,393 | €30,955 | -€11,438 | -27.0% |
| Furniture and vehicles | 24 | €26,843 | €20,296 | -€6,547 | -24.4% |
| Financial fixed assets | 28 | €7,200 | €7,200 | = | 0.0% |
| Current assets | 29/58 | €29,959 | €24,953 | -€5,006 | -16.7% |
| Stocks and contracts in progress | 3 | €24,410 | €14,190 | -€10,220 | -41.9% |
| Stocks | 30/36 | €24,410 | €14,190 | -€10,220 | -41.9% |
| Amounts receivable within one year | 40/41 | €3,408 | €10,762 | +€7,353 | +215.7% |
| Trade receivables | 40 | €3,408 | €10,762 | +€7,353 | +215.7% |
| Cash at bank and in hand | 54/58 | €2,141 | €1 | -€2,140 | -99.9% |
| Total equity and liabilities | 10/49 | €142,235 | €116,946 | -€25,289 | -17.8% |
| Equity | 10/15 | -€125,896 | -€205,680 | -€79,784 | -63.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€130,896 | -€210,680 | -€79,784 | -61.0% |
| Amounts payable | 17/49 | €268,131 | €322,626 | +€54,495 | +20.3% |
| Amounts payable after more than one year | 17 | €77,842 | €179,510 | +€101,668 | +130.6% |
| Financial debts | 170/4 | €41,655 | €30,094 | -€11,561 | -27.8% |
| Other amounts payable | 178/9 | €36,188 | €149,416 | +€113,228 | +312.9% |
| Amounts payable within one year | 42/48 | €115,034 | €137,815 | +€22,781 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €11,045 | €19,106 | +€8,061 | +73.0% |
| Financial debts | 43 | - | €6,379 | +€6,379 | |
| Credit institutions | 430/8 | - | €6,379 | +€6,379 | |
| Trade debts | 44 | €716 | €25,817 | +€25,102 | +3508.1% |
| Suppliers | 440/4 | €716 | €25,817 | +€25,102 | +3508.1% |
| Taxes, remuneration and social security | 45 | €44,832 | €37,692 | -€7,140 | -15.9% |
| Taxes | 450/3 | €20,514 | €16,735 | -€3,779 | -18.4% |
| Remuneration and social security | 454/9 | €24,319 | €20,957 | -€3,362 | -13.8% |
| Other amounts payable | 47/48 | €58,440 | €48,821 | -€9,620 | -16.5% |
| Accrued charges and deferred income | 492/3 | €75,255 | €5,301 | -€69,954 | -93.0% |
| Remuneration, social security and pensions | 62 | €555,446 | €279,114 | -€276,333 | -49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,079 | €22,129 | +€50 | +0.2% |
| Other operating charges | 640/8 | €1,990 | €2,750 | +€759 | +38.2% |
| Gross operating margin | 9900 | €457,645 | €230,582 | -€227,063 | -49.6% |
| Operating profit (loss) | 9901 | -€121,870 | -€73,410 | +€48,460 | +39.8% |
| Financial income | 75/76B | €81 | €30 | -€51 | -62.8% |
| Recurring financial income | 75 | €81 | €30 | -€51 | -62.8% |
| Financial charges | 65/66B | €9,107 | €6,079 | -€3,029 | -33.3% |
| Recurring financial charges | 65 | €9,107 | €6,079 | -€3,029 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | -€130,896 | -€79,459 | +€51,437 | +39.3% |
| Income taxes | 67/77 | - | €325 | +€325 | |
| Profit (loss) for the period | 9904 | -€130,896 | -€79,784 | +€51,112 | +39.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€130,896 | -€79,784 | +€51,112 | +39.0% |
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 2 October 2026 via checked.be.