Munros: 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.
Munros
Largest movements
- Cash -€16,863
down €16,863 (-58.0%), from €29,095 to €12,232
mainly Net result for the year (-€45,313) and Stocks and contracts (-€8,080)
- Stocks and contracts +€8,080
up €8,080 (+11.7%), from €68,788 to €76,868
- Receivables within one year +€5,559
up €5,559 (+13.3%), from €41,845 to €47,404
- Profit (loss) carried forward -€45,313
down €45,313 (-71.2%), from €63,640 to €18,327
- Trade debts +€39,562
up €39,562 (+274.1%), from €14,432 to €53,994
- Other debts +€9,301
up €9,301 (+32.7%), from €28,419 to €37,719
- Debts after one year -€5,839
down €5,839 (-92.2%), from €6,330 to €491
- Gross operating margin -€47,992
down €47,992, from €4,671 to -€43,321
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €143,921 | €141,599 | -€2,322 | -1.6% |
| Fixed assets | 21/28 | €917 | €656 | -€262 | -28.5% |
| Tangible fixed assets | 22/27 | €292 | €31 | -€262 | -89.4% |
| Furniture and vehicles | 24 | €292 | €31 | -€262 | -89.4% |
| Financial fixed assets | 28 | €625 | €625 | = | 0.0% |
| Current assets | 29/58 | €143,004 | €140,943 | -€2,061 | -1.4% |
| Stocks and contracts in progress | 3 | €68,788 | €76,868 | +€8,080 | +11.7% |
| Stocks | 30/36 | €68,788 | €76,868 | +€8,080 | +11.7% |
| Amounts receivable within one year | 40/41 | €41,845 | €47,404 | +€5,559 | +13.3% |
| Trade receivables | 40 | €41,845 | €47,404 | +€5,559 | +13.3% |
| Cash at bank and in hand | 54/58 | €29,095 | €12,232 | -€16,863 | -58.0% |
| Deferred charges and accrued income | 490/1 | €3,275 | €4,438 | +€1,163 | +35.5% |
| Total equity and liabilities | 10/49 | €143,921 | €141,599 | -€2,322 | -1.6% |
| Equity | 10/15 | €84,100 | €38,787 | -€45,313 | -53.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,640 | €18,327 | -€45,313 | -71.2% |
| Amounts payable | 17/49 | €59,821 | €102,812 | +€42,991 | +71.9% |
| Amounts payable after more than one year | 17 | €6,330 | €491 | -€5,839 | -92.2% |
| Financial debts | 170/4 | €6,330 | €491 | -€5,839 | -92.2% |
| Amounts payable within one year | 42/48 | €53,491 | €102,321 | +€48,830 | +91.3% |
| Current portion of amounts payable after more than one year | 42 | €5,361 | €5,839 | +€478 | +8.9% |
| Trade debts | 44 | €14,432 | €53,994 | +€39,562 | +274.1% |
| Suppliers | 440/4 | €14,432 | €53,994 | +€39,562 | +274.1% |
| Taxes, remuneration and social security | 45 | €5,280 | €4,769 | -€511 | -9.7% |
| Taxes | 450/3 | €5,192 | €2,393 | -€2,799 | -53.9% |
| Remuneration and social security | 454/9 | €88 | €2,376 | +€2,288 | +2600.0% |
| Other amounts payable | 47/48 | €28,419 | €37,719 | +€9,301 | +32.7% |
| Non-recurring operating income | 76A | - | €323 | +€323 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €262 | €262 | = | 0.0% |
| Other operating charges | 640/8 | €503 | €407 | -€96 | -19.1% |
| Gross operating margin | 9900 | €4,671 | -€43,321 | -€47,992 | |
| Operating profit (loss) | 9901 | €3,906 | -€43,990 | -€47,896 | |
| Financial income | 75/76B | €197 | €213 | +€15 | +7.8% |
| Recurring financial income | 75 | €197 | €213 | +€15 | +7.8% |
| Financial charges | 65/66B | €1,106 | €1,537 | +€430 | +38.9% |
| Recurring financial charges | 65 | €1,106 | €1,537 | +€430 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | €2,997 | -€45,313 | -€48,311 | |
| Profit (loss) for the period | 9904 | €2,997 | -€45,313 | -€48,311 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,997 | -€45,313 | -€48,311 |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.