MUNIN: what changed
What changed
MUNIN
NACE 33.200, Installation of industrial machinery and equipment
filed annual accounts (NBB)
Net result for the year
€18,185
2024 · €11,406+€6,779
Equity
€86,657
2024 · €68,471+€18,185
Cash
€1,354
2024 · €1,823-€469
Balance sheet total
€193,082
2024 · €199,213-€6,131
Largest movements
Assets
- Current investments -€3,200
down €3,200 (-26.3%), from €12,146 to €8,946
Equity and liabilities
- Reserves +€18,185
up €18,185 (+29.2%), from €62,271 to €80,457
- Other debts -€12,355
down €12,355 (-26.5%), from €46,699 to €34,344
- Debts after one year -€8,017
down €8,017 (-12.3%), from €65,205 to €57,188
- Short-term financial debts -€2,793
down €2,793 (-89.9%), from €3,106 to €313
Income statement
- Financial charges -€10,132
down €10,132 (-63.1%), from €16,053 to €5,921
- Gross operating margin -€4,606
down €4,606 (-10.2%), from €45,067 to €40,462
- Depreciation -€1,626
down €1,626 (-19.7%), from €8,264 to €6,638
- Other operating charges +€910
up €910 (+61.7%), from €1,475 to €2,385
- Taxes -€538
down €538 (-6.8%), from €7,870 to €7,332
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€11,406
Gross operating margin
-€4,606
Depreciation
+€1,626
Other operating charges
-€910
Financial income
-€1
Financial charges
+€10,132
Taxes
+€538
Result 2025
€18,185
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€11,822
Investment
-€1,806
Financing
-€10,484
Cash 2024
€1,823
From operations (derived)
+€11,822
Net result for the year
+€18,185
Depreciation
+€6,638
Receivables within one year
+€866
Deferred charges and accrued income
-€36
Trade debts
-€830
Tax, wage and social debts
-€647
Other debts
-€12,355
Investment (derived)
-€1,806
Investment in fixed assets (net)
-€5,006
Current investments
+€3,200
Financing
-€10,484
Debts after one year
-€8,017
Current portion of long-term debt
+€325
Short-term financial debts
-€2,793
Cash 2025
€1,354
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €199,213 | €193,082 | -€6,131 | -3.1% |
| Fixed assets | 21/28 | €156,098 | €154,466 | -€1,632 | -1.0% |
| Tangible fixed assets | 22/27 | €156,098 | €154,466 | -€1,632 | -1.0% |
| Land and buildings | 22 | €137,040 | €133,879 | -€3,162 | -2.3% |
| Plant, machinery and equipment | 23 | €4,941 | €3,839 | -€1,102 | -22.3% |
| Furniture and vehicles | 24 | €2,008 | €6,442 | +€4,433 | +221% |
| Other tangible fixed assets | 26 | €12,108 | €10,307 | -€1,801 | -14.9% |
| Current assets | 29/58 | €43,114 | €38,615 | -€4,499 | -10.4% |
| Amounts receivable within one year | 40/41 | €28,451 | €27,585 | -€866 | -3.0% |
| Trade receivables | 40 | €22,458 | €23,335 | +€877 | +3.9% |
| Other amounts receivable | 41 | €5,993 | €4,250 | -€1,743 | -29.1% |
| Current investments | 50/53 | €12,146 | €8,946 | -€3,200 | -26.3% |
| Cash at bank and in hand | 54/58 | €1,823 | €1,354 | -€469 | -25.7% |
| Deferred charges and accrued income | 490/1 | €695 | €731 | +€36 | +5.2% |
| Total equity and liabilities | 10/49 | €199,213 | €193,082 | -€6,131 | -3.1% |
| Equity | 10/15 | €68,471 | €86,657 | +€18,185 | +26.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €62,271 | €80,457 | +€18,185 | +29.2% |
| Distributable reserves | 133 | €62,271 | €80,457 | +€18,185 | +29.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €130,741 | €106,425 | -€24,316 | -18.6% |
| Amounts payable after more than one year | 17 | €65,205 | €57,188 | -€8,017 | -12.3% |
| Financial debts | 170/4 | €65,205 | €57,188 | -€8,017 | -12.3% |
| Amounts payable within one year | 42/48 | €65,537 | €49,237 | -€16,300 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €7,691 | €8,017 | +€325 | +4.2% |
| Financial debts | 43 | €3,106 | €313 | -€2,793 | -89.9% |
| Credit institutions | 430/8 | €3,106 | €313 | -€2,793 | -89.9% |
| Trade debts | 44 | €1,423 | €593 | -€830 | -58.3% |
| Suppliers | 440/4 | €1,423 | €593 | -€830 | -58.3% |
| Taxes, remuneration and social security | 45 | €6,617 | €5,970 | -€647 | -9.8% |
| Taxes | 450/3 | €6,617 | €5,970 | -€647 | -9.8% |
| Other amounts payable | 47/48 | €46,699 | €34,344 | -€12,355 | -26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,264 | €6,638 | -€1,626 | -19.7% |
| Other operating charges | 640/8 | €1,475 | €2,385 | +€910 | +61.7% |
| Gross operating margin | 9900 | €45,067 | €40,462 | -€4,606 | -10.2% |
| Operating profit (loss) | 9901 | €35,328 | €31,438 | -€3,890 | -11.0% |
| Financial income | 75/76B | €1 | €0 | -€1 | -95.4% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -95.4% |
| Financial charges | 65/66B | €16,053 | €5,921 | -€10,132 | -63.1% |
| Recurring financial charges | 65 | €16,053 | €5,921 | -€10,132 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | €19,276 | €25,518 | +€6,242 | +32.4% |
| Income taxes | 67/77 | €7,870 | €7,332 | -€538 | -6.8% |
| Profit (loss) for the period | 9904 | €11,406 | €18,185 | +€6,779 | +59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,406 | €18,185 | +€6,779 | +59.4% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.