MUNFUS: 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.
MUNFUS
Largest movements
- Receivables within one year -€29,584
down €29,584 (-61.9%), from €47,758 to €18,174
of which Trade receivables: -€33,953
- Tangible fixed assets -€13,692
down €13,692 (-21.8%), from €62,931 to €49,239
of which Furniture and vehicles: -€10,081
- Cash -€11,789
down €11,789 (-16.0%), from €73,519 to €61,729
mainly Net result for the year (-€66,326) and Receivables after one year (-€4,957)
- Profit (loss) carried forward -€66,326
down €66,326 (-855.7%), from -€7,752 to -€74,078
- Other debts +€20,904
up €20,904 (+7.3%), from €287,347 to €308,250
- Gross operating margin -€106,417
down €106,417, from €53,410 to -€53,007
- Financial income +€14,279
up €14,279 (+427.5%), from €3,340 to €17,620
- Depreciation +€4,170
up €4,170 (+43.8%), from €9,522 to €13,692
- Taxes -€938
down €938 (-85.9%), from €1,091 to €154
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 | €506,300 | €459,751 | -€46,549 | -9.2% |
| Fixed assets | 21/28 | €62,931 | €49,239 | -€13,692 | -21.8% |
| Tangible fixed assets | 22/27 | €62,931 | €49,239 | -€13,692 | -21.8% |
| Plant, machinery and equipment | 23 | €18,792 | €15,180 | -€3,612 | -19.2% |
| Furniture and vehicles | 24 | €44,139 | €34,058 | -€10,081 | -22.8% |
| Current assets | 29/58 | €443,369 | €410,512 | -€32,857 | -7.4% |
| Amounts receivable after more than one year | 29 | €172,000 | €176,957 | +€4,957 | +2.9% |
| Trade receivables | 290 | €172,000 | €176,957 | +€4,957 | +2.9% |
| Amounts receivable within one year | 40/41 | €47,758 | €18,174 | -€29,584 | -61.9% |
| Trade receivables | 40 | €38,392 | €4,439 | -€33,953 | -88.4% |
| Other amounts receivable | 41 | €9,366 | €13,735 | +€4,369 | +46.6% |
| Current investments | 50/53 | €150,092 | €153,651 | +€3,559 | +2.4% |
| Cash at bank and in hand | 54/58 | €73,519 | €61,729 | -€11,789 | -16.0% |
| Total equity and liabilities | 10/49 | €506,300 | €459,751 | -€46,549 | -9.2% |
| Equity | 10/15 | €200,830 | €134,504 | -€66,326 | -33.0% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €153,581 | €153,581 | = | 0.0% |
| Distributable reserves | 133 | €153,581 | €153,581 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,752 | -€74,078 | -€66,326 | -855.7% |
| Amounts payable | 17/49 | €305,470 | €325,247 | +€19,777 | +6.5% |
| Amounts payable within one year | 42/48 | €291,749 | €311,028 | +€19,280 | +6.6% |
| Financial debts | 43 | - | €182 | +€182 | |
| Credit institutions | 430/8 | - | €182 | +€182 | |
| Trade debts | 44 | €965 | €586 | -€380 | -39.3% |
| Suppliers | 440/4 | €965 | €586 | -€380 | -39.3% |
| Taxes, remuneration and social security | 45 | €3,437 | €2,010 | -€1,427 | -41.5% |
| Taxes | 450/3 | €3,437 | €2,010 | -€1,427 | -41.5% |
| Other amounts payable | 47/48 | €287,347 | €308,250 | +€20,904 | +7.3% |
| Accrued charges and deferred income | 492/3 | €13,721 | €14,219 | +€498 | +3.6% |
| Non-recurring operating income | 76A | €3,518 | - | -€3,518 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,522 | €13,692 | +€4,170 | +43.8% |
| Other operating charges | 640/8 | €2,670 | €2,855 | +€185 | +6.9% |
| Gross operating margin | 9900 | €53,410 | -€53,007 | -€106,417 | |
| Operating profit (loss) | 9901 | €41,218 | -€69,554 | -€110,773 | |
| Financial income | 75/76B | €3,340 | €17,620 | +€14,279 | +427.5% |
| Recurring financial income | 75 | €3,340 | €17,620 | +€14,279 | +427.5% |
| Financial charges | 65/66B | €13,725 | €14,238 | +€512 | +3.7% |
| Recurring financial charges | 65 | €13,725 | €14,238 | +€512 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €30,833 | -€66,172 | -€97,006 | |
| Income taxes | 67/77 | €1,091 | €154 | -€938 | -85.9% |
| Profit (loss) for the period | 9904 | €29,742 | -€66,326 | -€96,068 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,742 | -€66,326 | -€96,068 |
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 11 October 2026 via checked.be.