MUNTOR: what changed
Two financial 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.
MUNTOR
Largest movements
- Receivables after one year -€120,000
down €120,000 (-100%), from €120,000 to €0
- Tangible fixed assets +€74,239
up €74,239 (+683%), from €10,869 to €85,107
of which Furniture and vehicles: +€74,239
- Cash +€36,497
up €36,497 (+55.7%), from €65,487 to €101,984
mainly Net result for the year (+€123,231) and Receivables after one year (+€120,000)
- Receivables within one year -€9,548
down €9,548 (-19.9%), from €47,879 to €38,330
of which Other amounts receivable: -€15,088
- Deferred charges and accrued income -€6,937
down €6,937 (-30.0%), from €23,087 to €16,150
- Reserves -€35,934
down €35,934 (-11.0%), from €328,121 to €292,188
- Tax, wage and social debts +€8,228
up €8,228 (+26.5%), from €31,037 to €39,265
- Gross operating margin +€18,678
up €18,678 (+11.5%), from €161,953 to €180,631
- Depreciation +€4,797
up €4,797 (+161%), from €2,971 to €7,768
- Taxes +€2,642
up €2,642 (+5.3%), from €49,544 to €52,186
- Financial income -€2,054
down €2,054 (-32.4%), from €6,342 to €4,288
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.
Derived cash bridge
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 | €367,322 | €341,572 | -€25,750 | -7.0% |
| Fixed assets | 21/28 | €10,869 | €85,107 | +€74,239 | +683% |
| Tangible fixed assets | 22/27 | €10,869 | €85,107 | +€74,239 | +683% |
| Furniture and vehicles | 24 | €7,669 | €81,907 | +€74,239 | +968% |
| Other tangible fixed assets | 26 | €3,200 | €3,200 | = | 0.0% |
| Current assets | 29/58 | €356,453 | €256,464 | -€99,989 | -28.1% |
| Amounts receivable after more than one year | 29 | €120,000 | €0 | -€120,000 | -100% |
| Other amounts receivable | 291 | €120,000 | €0 | -€120,000 | -100% |
| Amounts receivable within one year | 40/41 | €47,879 | €38,330 | -€9,548 | -19.9% |
| Trade receivables | 40 | €25,867 | €31,406 | +€5,540 | +21.4% |
| Other amounts receivable | 41 | €22,012 | €6,924 | -€15,088 | -68.5% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,487 | €101,984 | +€36,497 | +55.7% |
| Deferred charges and accrued income | 490/1 | €23,087 | €16,150 | -€6,937 | -30.0% |
| Total equity and liabilities | 10/49 | €367,322 | €341,572 | -€25,750 | -7.0% |
| Equity | 10/15 | €334,321 | €298,388 | -€35,934 | -10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €328,121 | €292,188 | -€35,934 | -11.0% |
| Distributable reserves | 133 | €328,121 | €292,188 | -€35,934 | -11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €33,000 | €43,184 | +€10,184 | +30.9% |
| Amounts payable within one year | 42/48 | €33,000 | €43,184 | +€10,184 | +30.9% |
| Trade debts | 44 | €1,963 | €3,919 | +€1,956 | +99.6% |
| Suppliers | 440/4 | €1,963 | €3,919 | +€1,956 | +99.6% |
| Taxes, remuneration and social security | 45 | €31,037 | €39,265 | +€8,228 | +26.5% |
| Taxes | 450/3 | €31,037 | €39,265 | +€8,228 | +26.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €7,207 | +€7,207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,971 | €7,768 | +€4,797 | +161% |
| Other operating charges | 640/8 | €1,183 | €1,520 | +€337 | +28.5% |
| Gross operating margin | 9900 | €161,953 | €180,631 | +€18,678 | +11.5% |
| Operating profit (loss) | 9901 | €157,798 | €171,343 | +€13,545 | +8.6% |
| Financial income | 75/76B | €6,342 | €4,288 | -€2,054 | -32.4% |
| Recurring financial income | 75 | €6,342 | €4,288 | -€2,054 | -32.4% |
| Financial charges | 65/66B | €288 | €214 | -€74 | -25.8% |
| Recurring financial charges | 65 | €288 | €214 | -€74 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €163,852 | €175,417 | +€11,565 | +7.1% |
| Income taxes | 67/77 | €49,544 | €52,186 | +€2,642 | +5.3% |
| Profit (loss) for the period | 9904 | €114,308 | €123,231 | +€8,923 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €114,308 | €123,231 | +€8,923 | +7.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.