MUNDARE: 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.
MUNDARE
Largest movements
- Current investments -€300,000
down €300,000 (-100%), from €300,000 to €0
- Receivables within one year +€206,526
up €206,526 (+590%), from €35,000 to €241,526
of which Other amounts receivable: +€180,104
- Tangible fixed assets -€160,394
down €160,394 (-5.3%), from €3.0m to €2.9m
of which Land and buildings: -€169,274
- Cash +€126,896
up €126,896 (+53.9%), from €235,386 to €362,283
mainly Current investments (+€300,000) and Investment in fixed assets (net) (+€111,766)
- Stocks and contracts +€51,936
new in 2025: €51,936
- Reserves -€100,646
down €100,646 (-4.6%), from €2.2m to €2.1m
of which Tax-exempt reserves: -€122,507
- Provisions -€38,375
down €38,375 (-43.0%), from €89,150 to €50,775
- Gross operating margin -€386,223
down €386,223 (-80.9%), from €477,137 to €90,914
- Other operating charges -€28,060
down €28,060 (-50.3%), from €55,829 to €27,769
- Depreciation -€19,458
down €19,458 (-28.6%), from €68,086 to €48,628
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 | €3,607,652 | €3,519,017 | -€88,635 | -2.5% |
| Fixed assets | 21/28 | €3,013,545 | €2,853,151 | -€160,394 | -5.3% |
| Tangible fixed assets | 22/27 | €3,013,545 | €2,853,151 | -€160,394 | -5.3% |
| Land and buildings | 22 | €3,013,545 | €2,844,271 | -€169,274 | -5.6% |
| Furniture and vehicles | 24 | - | €8,880 | +€8,880 | |
| Current assets | 29/58 | €594,107 | €665,866 | +€71,760 | +12.1% |
| Stocks and contracts in progress | 3 | - | €51,936 | +€51,936 | |
| Stocks | 30/36 | - | €51,936 | +€51,936 | |
| Amounts receivable within one year | 40/41 | €35,000 | €241,526 | +€206,526 | +590% |
| Trade receivables | 40 | - | €26,423 | +€26,423 | |
| Other amounts receivable | 41 | €35,000 | €215,104 | +€180,104 | +515% |
| Current investments | 50/53 | €300,000 | €0 | -€300,000 | -100% |
| Cash at bank and in hand | 54/58 | €235,386 | €362,283 | +€126,896 | +53.9% |
| Deferred charges and accrued income | 490/1 | €23,720 | €10,121 | -€13,599 | -57.3% |
| Total equity and liabilities | 10/49 | €3,607,652 | €3,519,017 | -€88,635 | -2.5% |
| Equity | 10/15 | €3,503,930 | €3,403,284 | -€100,646 | -2.9% |
| Contributions | 10/11 | €1,301,479 | €1,301,479 | = | 0.0% |
| Capital | 10 | €1,301,479 | €1,301,479 | = | 0.0% |
| Issued capital | 100 | €1,301,479 | €1,301,479 | = | 0.0% |
| Reserves | 13 | €2,202,451 | €2,101,806 | -€100,646 | -4.6% |
| Non-distributable reserves | 130/1 | €130,148 | €130,148 | = | 0.0% |
| Legal reserve | 130 | €130,148 | €130,148 | = | 0.0% |
| Tax-exempt reserves | 132 | €329,165 | €206,657 | -€122,507 | -37.2% |
| Distributable reserves | 133 | €1,743,139 | €1,765,001 | +€21,862 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €89,150 | €50,775 | -€38,375 | -43.0% |
| Deferred taxes | 168 | €89,150 | €50,775 | -€38,375 | -43.0% |
| Amounts payable | 17/49 | €14,572 | €64,958 | +€50,386 | +346% |
| Amounts payable within one year | 42/48 | €12,718 | €63,590 | +€50,872 | +400% |
| Trade debts | 44 | €2,453 | €37,339 | +€34,886 | +1,422% |
| Suppliers | 440/4 | €2,453 | €37,339 | +€34,886 | +1,422% |
| Taxes, remuneration and social security | 45 | €4,212 | €17,388 | +€13,176 | +313% |
| Taxes | 450/3 | €4,212 | €17,388 | +€13,176 | +313% |
| Other amounts payable | 47/48 | €6,052 | €8,862 | +€2,810 | +46.4% |
| Accrued charges and deferred income | 492/3 | €1,854 | €1,369 | -€485 | -26.2% |
| Non-recurring operating income | 76A | €367,496 | €11,246 | -€356,251 | -96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,086 | €48,628 | -€19,458 | -28.6% |
| Other operating charges | 640/8 | €55,829 | €27,769 | -€28,060 | -50.3% |
| Gross operating margin | 9900 | €477,137 | €90,914 | -€386,223 | -80.9% |
| Operating profit (loss) | 9901 | €353,222 | €14,517 | -€338,705 | -95.9% |
| Financial income | 75/76B | €7,152 | €6,522 | -€630 | -8.8% |
| Recurring financial income | 75 | €7,152 | €6,522 | -€630 | -8.8% |
| Financial charges | 65/66B | €111 | €640 | +€530 | +477% |
| Recurring financial charges | 65 | €111 | €640 | +€530 | +477% |
| Profit (loss) for the period before taxes | 9903 | €360,263 | €20,398 | -€339,865 | -94.3% |
| Transfer from deferred taxes | 780 | - | €1,138 | +€1,138 | |
| Income taxes | 67/77 | €6,104 | €10,472 | +€4,368 | +71.6% |
| Profit (loss) for the period | 9904 | €354,160 | €11,065 | -€343,095 | -96.9% |
| Transfer from tax-exempt reserves | 789 | €14,763 | €10,797 | -€3,966 | -26.9% |
| Transfer to tax-exempt reserves | 689 | €356,600 | €0 | -€356,600 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €12,323 | €21,862 | +€9,539 | +77.4% |
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.