MUNK: 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.
MUNK
Largest movements
- Cash +€20,971
up €20,971 (+40.4%), from €51,911 to €72,882
mainly Net result for the year (+€23,390) and Depreciation (+€808)
- Profit (loss) carried forward +€22,557
up €22,557 (+47.7%), from €47,302 to €69,859
- Tax, wage and social debts -€3,131
down €3,131 (-23.8%), from €13,170 to €10,039
- Gross operating margin -€12,906
down €12,906 (-29.3%), from €44,015 to €31,108
- Taxes -€2,647
down €2,647 (-30.2%), from €8,757 to €6,110
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 | €62,041 | €82,385 | +€20,344 | +32.8% |
| Fixed assets | 21/28 | €1,418 | €610 | -€808 | -57.0% |
| Tangible fixed assets | 22/27 | €1,418 | €610 | -€808 | -57.0% |
| Furniture and vehicles | 24 | €1,418 | €610 | -€808 | -57.0% |
| Current assets | 29/58 | €60,623 | €81,775 | +€21,152 | +34.9% |
| Amounts receivable within one year | 40/41 | €8,712 | €8,892 | +€180 | +2.1% |
| Trade receivables | 40 | €8,712 | €8,892 | +€180 | +2.1% |
| Cash at bank and in hand | 54/58 | €51,911 | €72,882 | +€20,971 | +40.4% |
| Total equity and liabilities | 10/49 | €62,041 | €82,385 | +€20,344 | +32.8% |
| Equity | 10/15 | €47,402 | €69,959 | +€22,557 | +47.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,302 | €69,859 | +€22,557 | +47.7% |
| Amounts payable | 17/49 | €14,639 | €12,426 | -€2,213 | -15.1% |
| Amounts payable within one year | 42/48 | €14,639 | €12,426 | -€2,213 | -15.1% |
| Trade debts | 44 | €635 | €1,013 | +€378 | +59.5% |
| Suppliers | 440/4 | €635 | €1,013 | +€378 | +59.5% |
| Taxes, remuneration and social security | 45 | €13,170 | €10,039 | -€3,131 | -23.8% |
| Taxes | 450/3 | €13,170 | €10,039 | -€3,131 | -23.8% |
| Other amounts payable | 47/48 | €833 | €1,373 | +€540 | +64.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €808 | €808 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €610 | +€223 | +57.5% |
| Gross operating margin | 9900 | €44,015 | €31,108 | -€12,906 | -29.3% |
| Operating profit (loss) | 9901 | €42,820 | €29,691 | -€13,129 | -30.7% |
| Financial charges | 65/66B | €39 | €190 | +€151 | +387.6% |
| Recurring financial charges | 65 | €39 | €190 | +€151 | +387.6% |
| Profit (loss) for the period before taxes | 9903 | €42,781 | €29,500 | -€13,280 | -31.0% |
| Income taxes | 67/77 | €8,757 | €6,110 | -€2,647 | -30.2% |
| Profit (loss) for the period | 9904 | €34,023 | €23,390 | -€10,633 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,023 | €23,390 | -€10,633 | -31.3% |
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 1 October 2026 via checked.be.