Munis: 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.
Munis
Largest movements
- Cash -€17,936
down €17,936 (-87.7%), from €20,446 to €2,510
mainly Investment in fixed assets (net) (-€11,229) and Receivables within one year (-€8,633)
- Tangible fixed assets +€10,160
up €10,160 (+258.7%), from €3,927 to €14,087
of which Other tangible fixed assets: +€7,320
- Receivables within one year +€8,633
up €8,633 (+11.3%), from €76,485 to €85,117
of which Trade receivables: +€5,557
- Tax, wage and social debts -€6,936
down €6,936 (-44.8%), from €15,495 to €8,559
- Reserves +€5,894
up €5,894 (+4.3%), from €135,641 to €141,536
- Trade debts +€3,001
up €3,001 (+244.1%), from €1,229 to €4,230
- Financial charges +€56,950
up €56,950 (+2225.8%), from €2,559 to €59,509
- Taxes -€12,779
down €12,779 (-74.1%), from €17,248 to €4,469
- Gross operating margin -€4,980
down €4,980 (-6.4%), from €78,161 to €73,181
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 | €155,510 | €156,327 | +€817 | +0.5% |
| Fixed assets | 21/28 | €4,958 | €14,637 | +€9,679 | +195.2% |
| Tangible fixed assets | 22/27 | €3,927 | €14,087 | +€10,160 | +258.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | - | €2,840 | +€2,840 | |
| Other tangible fixed assets | 26 | €3,927 | €11,247 | +€7,320 | +186.4% |
| Financial fixed assets | 28 | €1,031 | €550 | -€481 | -46.7% |
| Current assets | 29/58 | €150,552 | €141,690 | -€8,862 | -5.9% |
| Amounts receivable after more than one year | 29 | €52,780 | €52,780 | = | 0.0% |
| Other amounts receivable | 291 | €52,780 | €52,780 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €76,485 | €85,117 | +€8,633 | +11.3% |
| Trade receivables | 40 | €15,913 | €21,470 | +€5,557 | +34.9% |
| Other amounts receivable | 41 | €60,572 | €63,648 | +€3,076 | +5.1% |
| Cash at bank and in hand | 54/58 | €20,446 | €2,510 | -€17,936 | -87.7% |
| Deferred charges and accrued income | 490/1 | €841 | €1,283 | +€441 | +52.4% |
| Total equity and liabilities | 10/49 | €155,510 | €156,327 | +€817 | +0.5% |
| Equity | 10/15 | €137,641 | €143,536 | +€5,894 | +4.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €135,641 | €141,536 | +€5,894 | +4.3% |
| Distributable reserves | 133 | €135,641 | €141,536 | +€5,894 | +4.3% |
| Amounts payable | 17/49 | €17,869 | €12,791 | -€5,078 | -28.4% |
| Amounts payable within one year | 42/48 | €17,869 | €12,791 | -€5,078 | -28.4% |
| Financial debts | 43 | €1,144 | €2 | -€1,142 | -99.8% |
| Credit institutions | 430/8 | €1,144 | €2 | -€1,142 | -99.8% |
| Trade debts | 44 | €1,229 | €4,230 | +€3,001 | +244.1% |
| Suppliers | 440/4 | €1,229 | €4,230 | +€3,001 | +244.1% |
| Taxes, remuneration and social security | 45 | €15,495 | €8,559 | -€6,936 | -44.8% |
| Taxes | 450/3 | €15,495 | €8,559 | -€6,936 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,173 | €1,550 | +€377 | +32.2% |
| Other operating charges | 640/8 | €1,663 | €1,759 | +€96 | +5.8% |
| Gross operating margin | 9900 | €78,161 | €73,181 | -€4,980 | -6.4% |
| Operating profit (loss) | 9901 | €75,325 | €69,872 | -€5,453 | -7.2% |
| Financial income | 75/76B | €780 | €0 | -€780 | -100.0% |
| Recurring financial income | 75 | €780 | €0 | -€780 | -100.0% |
| Financial charges | 65/66B | €2,559 | €59,509 | +€56,950 | +2225.8% |
| Recurring financial charges | 65 | €2,559 | €59,509 | +€56,950 | +2225.8% |
| Profit (loss) for the period before taxes | 9903 | €73,547 | €10,363 | -€63,183 | -85.9% |
| Income taxes | 67/77 | €17,248 | €4,469 | -€12,779 | -74.1% |
| Profit (loss) for the period | 9904 | €56,299 | €5,894 | -€50,404 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €56,299 | €5,894 | -€50,404 | -89.5% |
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 8 October 2026 via checked.be.