Mundero: 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.
Mundero
Largest movements
- Receivables within one year +€685,424
up €685,424 (+2067.9%), from €33,146 to €718,570
of which Trade receivables: +€351,499
- Deferred charges and accrued income -€222,323
down €222,323 (-87.2%), from €254,813 to €32,490
- Current investments +€143,720
up €143,720 (+7.3%), from €2.0m to €2.1m
- Cash +€102,861
up €102,861 (+10.5%), from €979,573 to €1.1m
mainly Net result for the year (+€899,384) and Advances received (+€322,033)
- Advances received +€322,033
up €322,033 (+21.4%), from €1.5m to €1.8m
- Reserves +€320,900
up €320,900 (+20.3%), from €1.6m to €1.9m
of which Distributable reserves: +€320,900
- Other debts +€185,000
up €185,000 (+459.8%), from €40,238 to €225,238
- Tax, wage and social debts -€78,656
down €78,656 (-32.3%), from €243,209 to €164,554
of which Taxes: -€95,781
- Accrued charges and deferred income -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Gross operating margin +€355,143
up €355,143 (+20.9%), from €1.7m to €2.1m
- Staff costs +€240,134
up €240,134 (+46.4%), from €517,113 to €757,247
- Taxes +€58,081
up €58,081 (+16.9%), from €343,099 to €401,180
- Financial income -€53,986
down €53,986 (-49.6%), from €108,854 to €54,868
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 | €3,478,479 | €4,163,262 | +€684,783 | +19.7% |
| Fixed assets | 21/28 | €240,233 | €215,333 | -€24,900 | -10.4% |
| Intangible fixed assets | 21 | €15,047 | €4,111 | -€10,935 | -72.7% |
| Tangible fixed assets | 22/27 | €93,615 | €75,697 | -€17,918 | -19.1% |
| Furniture and vehicles | 24 | €93,615 | €75,697 | -€17,918 | -19.1% |
| Financial fixed assets | 28 | €131,571 | €135,525 | +€3,954 | +3.0% |
| Current assets | 29/58 | €3,238,246 | €3,947,929 | +€709,683 | +21.9% |
| Amounts receivable within one year | 40/41 | €33,146 | €718,570 | +€685,424 | +2067.9% |
| Trade receivables | 40 | €9,567 | €361,066 | +€351,499 | +3674.1% |
| Other amounts receivable | 41 | €23,579 | €357,504 | +€333,925 | +1416.2% |
| Current investments | 50/53 | €1,970,714 | €2,114,433 | +€143,720 | +7.3% |
| Cash at bank and in hand | 54/58 | €979,573 | €1,082,435 | +€102,861 | +10.5% |
| Deferred charges and accrued income | 490/1 | €254,813 | €32,490 | -€222,323 | -87.2% |
| Total equity and liabilities | 10/49 | €3,478,479 | €4,163,262 | +€684,783 | +19.7% |
| Equity | 10/15 | €1,602,237 | €1,923,137 | +€320,900 | +20.0% |
| Contributions | 10/11 | €22,880 | €22,880 | = | 0.0% |
| Reserves | 13 | €1,579,357 | €1,900,257 | +€320,900 | +20.3% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €273,650 | €273,650 | = | 0.0% |
| Distributable reserves | 133 | €1,301,707 | €1,622,607 | +€320,900 | +24.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,876,241 | €2,240,125 | +€363,884 | +19.4% |
| Amounts payable within one year | 42/48 | €1,816,241 | €2,240,125 | +€423,884 | +23.3% |
| Trade debts | 44 | €31,368 | €26,875 | -€4,493 | -14.3% |
| Suppliers | 440/4 | €31,368 | €26,875 | -€4,493 | -14.3% |
| Advances received on contracts in progress | 46 | €1,501,425 | €1,823,458 | +€322,033 | +21.4% |
| Taxes, remuneration and social security | 45 | €243,209 | €164,554 | -€78,656 | -32.3% |
| Taxes | 450/3 | €185,719 | €89,938 | -€95,781 | -51.6% |
| Remuneration and social security | 454/9 | €57,491 | €74,616 | +€17,125 | +29.8% |
| Other amounts payable | 47/48 | €40,238 | €225,238 | +€185,000 | +459.8% |
| Accrued charges and deferred income | 492/3 | €60,000 | €0 | -€60,000 | -100.0% |
| Non-recurring operating income | 76A | - | €1,653 | +€1,653 | |
| Remuneration, social security and pensions | 62 | €517,113 | €757,247 | +€240,134 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,835 | €37,746 | +€11,911 | +46.1% |
| Other operating charges | 640/8 | €12,623 | €11,063 | -€1,560 | -12.4% |
| Gross operating margin | 9900 | €1,700,467 | €2,055,610 | +€355,143 | +20.9% |
| Operating profit (loss) | 9901 | €1,144,896 | €1,249,554 | +€104,658 | +9.1% |
| Financial income | 75/76B | €108,854 | €54,868 | -€53,986 | -49.6% |
| Recurring financial income | 75 | €108,854 | €54,868 | -€53,986 | -49.6% |
| Financial charges | 65/66B | €4,776 | €3,858 | -€918 | -19.2% |
| Recurring financial charges | 65 | €4,776 | €3,858 | -€918 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €1,248,974 | €1,300,564 | +€51,590 | +4.1% |
| Income taxes | 67/77 | €343,099 | €401,180 | +€58,081 | +16.9% |
| Profit (loss) for the period | 9904 | €905,875 | €899,384 | -€6,491 | -0.7% |
| Transfer to tax-exempt reserves | 689 | €273,650 | €0 | -€273,650 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €632,225 | €899,384 | +€267,159 | +42.3% |
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 4 October 2026 via checked.be.