MUNO: 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.
What changed
MUNO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€437,485
2024 · €525,414-€87,929
Equity
€9.5m
2024 · €9.0m+€419,485
Cash
€69,120
2024 · €17,007+€52,113
Balance sheet total
€20.1m
2024 · €11.3m+€8.8m
Largest movements
Assets
- Receivables within one year +€7.9m
up €7.9m (+953.1%), from €823,821 to €8.7m
of which Other amounts receivable: +€7.7m
- Financial fixed assets +€583,275
up €583,275 (+5.6%), from €10.4m to €10.9m
of which Affiliated companies: +€581,775
- Tangible fixed assets +€306,731
up €306,731 (+846.5%), from €36,237 to €342,968
of which Furniture and vehicles: +€258,881
Equity and liabilities
- Other debts +€8.5m
up €8.5m (+85104.5%), from €10,000 to €8.5m
- Short-term financial debts -€669,291
down €669,291 (-94.2%), from €710,417 to €41,126
- Tax, wage and social debts +€626,526
up €626,526 (+811.2%), from €77,232 to €703,758
of which Remuneration and social security: +€544,697
- Reserves +€419,485
up €419,485 (+77.3%), from €542,407 to €961,892
- Debts after one year -€333,219
down €333,219 (-31.4%), from €1.1m to €727,502
Income statement
- Turnover +€1.0m
up €1.0m (+217.1%), from €472,350 to €1.5m
- Staff costs +€724,237
up €724,237 (+208.5%), from €347,351 to €1.1m
- Services and other goods +€367,898
up €367,898 (+410.3%), from €89,667 to €457,565
- Financial charges +€74,244
up €74,244 (+109.1%), from €68,037 to €142,281
- Financial income +€70,091
up €70,091 (+12.2%), from €573,981 to €644,072
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.
Result 2024
€525,414
Turnover
+€1.0m
Other operating income
+€14,238
Goods and materials
-€2,921
Services and other goods
-€367,898
Staff costs
-€724,237
Depreciation
-€29,389
Other operating charges
-€3,164
Other operating items
-€1
Financial income
+€70,091
Financial charges
-€74,244
Other financial items
+€1
Taxes
+€4,075
Result 2025
€437,485
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.
From operations
+€1.9m
Investment
-€929,076
Financing
-€938,455
Cash 2024
€17,007
From operations (derived)
+€1.9m
Net result for the year
+€437,485
Depreciation
+€39,069
Receivables within one year
-€7.9m
Smaller working-capital items
-€9,291
Trade debts
+€167,433
Tax, wage and social debts
+€626,526
Other debts
+€8.5m
Investment (derived)
-€929,076
Investment in fixed assets (net)
-€929,076
Financing
-€938,455
Debts after one year
-€333,219
Current portion of long-term debt
+€82,055
Short-term financial debts
-€669,291
Contributions, distributions and other
-€18,000
Not broken down
+€1
Cash 2025
€69,120
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,254,791 | €20,060,235 | +€8.8m | +78.2% |
| Fixed assets | 21/28 | €10,386,946 | €11,276,953 | +€890,007 | +8.6% |
| Tangible fixed assets | 22/27 | €36,237 | €342,968 | +€306,731 | +846.5% |
| Furniture and vehicles | 24 | €36,237 | €295,118 | +€258,881 | +714.4% |
| Leasing and similar rights | 25 | - | €31,680 | +€31,680 | |
| Other tangible fixed assets | 26 | - | €16,170 | +€16,170 | |
| Financial fixed assets | 28 | €10,350,710 | €10,933,985 | +€583,275 | +5.6% |
| Affiliated companies | 280/1 | €10,350,710 | €10,932,485 | +€581,775 | +5.6% |
| Participating interests | 280 | €10,350,710 | €10,132,485 | -€218,225 | -2.1% |
| Amounts receivable | 281 | - | €800,000 | +€800,000 | |
| Other financial fixed assets | 284/8 | - | €1,500 | +€1,500 | |
| Amounts receivable and cash guarantees | 285/8 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €867,844 | €8,783,282 | +€7.9m | +912.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €823,821 | €8,675,849 | +€7.9m | +953.1% |
| Trade receivables | 40 | €0 | €130,558 | +€130,558 | |
| Other amounts receivable | 41 | €823,821 | €8,545,291 | +€7.7m | +937.3% |
| Cash at bank and in hand | 54/58 | €17,007 | €69,120 | +€52,113 | +306.4% |
| Deferred charges and accrued income | 490/1 | €27,017 | €38,313 | +€11,296 | +41.8% |
| Total equity and liabilities | 10/49 | €11,254,791 | €20,060,235 | +€8.8m | +78.2% |
| Equity | 10/15 | €9,030,999 | €9,450,484 | +€419,485 | +4.6% |
| Contributions | 10/11 | €8,488,592 | €8,488,592 | -€0 | 0.0% |
| Reserves | 13 | €542,407 | €961,892 | +€419,485 | +77.3% |
| Distributable reserves | 133 | €542,407 | €961,892 | +€419,485 | +77.3% |
| Amounts payable | 17/49 | €2,223,791 | €10,609,751 | +€8.4m | +377.1% |
| Amounts payable after more than one year | 17 | €1,060,721 | €727,502 | -€333,219 | -31.4% |
| Financial debts | 170/4 | €1,060,721 | €727,502 | -€333,219 | -31.4% |
| Leasing and similar obligations | 172 | - | €20,350 | +€20,350 | |
| Credit institutions | 173 | €1,060,721 | €707,152 | -€353,569 | -33.3% |
| Amounts payable within one year | 42/48 | €1,163,070 | €9,880,244 | +€8.7m | +749.5% |
| Current portion of amounts payable after more than one year | 42 | €353,570 | €435,625 | +€82,055 | +23.2% |
| Financial debts | 43 | €710,417 | €41,126 | -€669,291 | -94.2% |
| Credit institutions | 430/8 | €710,417 | €41,126 | -€669,291 | -94.2% |
| Trade debts | 44 | €11,852 | €179,284 | +€167,433 | +1412.8% |
| Suppliers | 440/4 | €11,852 | €179,284 | +€167,433 | +1412.8% |
| Taxes, remuneration and social security | 45 | €77,232 | €703,758 | +€626,526 | +811.2% |
| Taxes | 450/3 | €12,132 | €93,961 | +€81,829 | +674.5% |
| Remuneration and social security | 454/9 | €65,100 | €609,797 | +€544,697 | +836.7% |
| Other amounts payable | 47/48 | €10,000 | €8,520,450 | +€8.5m | +85104.5% |
| Accrued charges and deferred income | 492/3 | €0 | €2,005 | +€2,005 | |
| Operating income | 70/76A | €478,151 | €1,517,908 | +€1.0m | +217.5% |
| Turnover | 70 | €472,350 | €1,497,869 | +€1.0m | +217.1% |
| Other operating income | 74 | €5,801 | €20,039 | +€14,238 | +245.5% |
| Operating charges | 60/66A | €448,772 | €1,576,380 | +€1.1m | +251.3% |
| Goods for resale, raw materials and consumables | 60 | €458 | €3,379 | +€2,921 | +637.4% |
| Purchases | 600/8 | €458 | €3,379 | +€2,921 | +637.4% |
| Services and other goods | 61 | €89,667 | €457,565 | +€367,898 | +410.3% |
| Remuneration, social security and pensions | 62 | €347,351 | €1,071,588 | +€724,237 | +208.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,680 | €39,069 | +€29,389 | +303.6% |
| Other operating charges | 640/8 | €1,615 | €4,779 | +€3,164 | +195.8% |
| Operating profit (loss) | 9901 | €29,379 | -€58,473 | -€87,852 | |
| Financial income | 75/76B | €573,981 | €644,072 | +€70,091 | +12.2% |
| Recurring financial income | 75 | €573,981 | €644,072 | +€70,091 | +12.2% |
| Income from financial fixed assets | 750 | €500,000 | €500,000 | = | 0.0% |
| Income from current assets | 751 | €73,965 | €144,019 | +€70,054 | +94.7% |
| Other financial income | 752/9 | €16 | €54 | +€38 | +237.9% |
| Financial charges | 65/66B | €68,037 | €142,281 | +€74,244 | +109.1% |
| Recurring financial charges | 65 | €68,037 | €142,281 | +€74,244 | +109.1% |
| Debt charges | 650 | €49,460 | €140,806 | +€91,346 | +184.7% |
| Other financial charges | 652/9 | €18,578 | €1,475 | -€17,103 | -92.1% |
| Profit (loss) for the period before taxes | 9903 | €535,323 | €443,319 | -€92,004 | -17.2% |
| Income taxes | 67/77 | €9,909 | €5,834 | -€4,075 | -41.1% |
| Taxes | 670/3 | €9,909 | €5,834 | -€4,075 | -41.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €525,414 | €437,485 | -€87,929 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €525,414 | €437,485 | -€87,929 | -16.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.