MUNVI: 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.
MUNVI
Largest movements
- Cash +€55,591
up €55,591 (+103%), from €53,833 to €109,424
mainly Net result for the year (+€94,022) and Short-term financial debts (+€36,402)
- Receivables within one year +€23,537
up €23,537 (+18.8%), from €125,213 to €148,750
of which Trade receivables: +€15,948
- Tangible fixed assets -€17,615
down €17,615 (-19.3%), from €91,256 to €73,641
of which Plant, machinery and equipment: -€15,618
- Deferred charges and accrued income +€4,850
up €4,850 (+213%), from €2,274 to €7,123
- Reserves +€50,732
up €50,732 (+117%), from €43,289 to €94,022
- Short-term financial debts +€36,402
new in 2025: €36,402
- Trade debts -€13,797
down €13,797 (-32.6%), from €42,312 to €28,515
- Other debts -€10,951
down €10,951 (-7.2%), from €151,453 to €140,502
- Accrued charges and deferred income +€5,000
new in 2025: €5,000
- Gross operating margin +€118,190
up €118,190 (+29.7%), from €397,885 to €516,075
- Staff costs +€37,355
up €37,355 (+11.4%), from €326,792 to €364,147
- Taxes +€24,870
up €24,870 (+254%), from €9,791 to €34,660
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 | €279,438 | €347,526 | +€68,089 | +24.4% |
| Fixed assets | 21/28 | €91,256 | €73,641 | -€17,615 | -19.3% |
| Tangible fixed assets | 22/27 | €91,256 | €73,641 | -€17,615 | -19.3% |
| Land and buildings | 22 | €38,038 | €35,910 | -€2,128 | -5.6% |
| Plant, machinery and equipment | 23 | €40,941 | €25,323 | -€15,618 | -38.1% |
| Furniture and vehicles | 24 | €12,276 | €12,407 | +€131 | +1.1% |
| Current assets | 29/58 | €188,182 | €273,886 | +€85,704 | +45.5% |
| Stocks and contracts in progress | 3 | €6,862 | €8,588 | +€1,725 | +25.1% |
| Stocks | 30/36 | €6,862 | €8,588 | +€1,725 | +25.1% |
| Amounts receivable within one year | 40/41 | €125,213 | €148,750 | +€23,537 | +18.8% |
| Trade receivables | 40 | €2,974 | €18,922 | +€15,948 | +536% |
| Other amounts receivable | 41 | €122,239 | €129,828 | +€7,590 | +6.2% |
| Cash at bank and in hand | 54/58 | €53,833 | €109,424 | +€55,591 | +103% |
| Deferred charges and accrued income | 490/1 | €2,274 | €7,123 | +€4,850 | +213% |
| Total equity and liabilities | 10/49 | €279,438 | €347,526 | +€68,089 | +24.4% |
| Equity | 10/15 | €53,289 | €104,022 | +€50,732 | +95.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €43,289 | €94,022 | +€50,732 | +117% |
| Distributable reserves | 133 | €43,289 | €94,022 | +€50,732 | +117% |
| Amounts payable | 17/49 | €226,148 | €243,505 | +€17,356 | +7.7% |
| Amounts payable within one year | 42/48 | €226,148 | €238,505 | +€12,356 | +5.5% |
| Financial debts | 43 | - | €36,402 | +€36,402 | |
| Credit institutions | 430/8 | - | €36,402 | +€36,402 | |
| Trade debts | 44 | €42,312 | €28,515 | -€13,797 | -32.6% |
| Suppliers | 440/4 | €42,312 | €28,515 | -€13,797 | -32.6% |
| Taxes, remuneration and social security | 45 | €32,384 | €33,087 | +€703 | +2.2% |
| Taxes | 450/3 | €18,081 | €20,873 | +€2,792 | +15.4% |
| Remuneration and social security | 454/9 | €14,303 | €12,214 | -€2,089 | -14.6% |
| Other amounts payable | 47/48 | €151,453 | €140,502 | -€10,951 | -7.2% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €326,792 | €364,147 | +€37,355 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,357 | €18,062 | -€1,295 | -6.7% |
| Other operating charges | 640/8 | €4,121 | €3,967 | -€154 | -3.7% |
| Non-recurring operating charges | 66A | €1,193 | - | -€1,193 | |
| Gross operating margin | 9900 | €397,885 | €516,075 | +€118,190 | +29.7% |
| Operating profit (loss) | 9901 | €46,422 | €129,899 | +€83,477 | +180% |
| Financial income | 75/76B | €0 | €100 | +€100 | +995,000% |
| Recurring financial income | 75 | €0 | €100 | +€100 | +995,000% |
| Financial charges | 65/66B | €878 | €1,317 | +€439 | +49.9% |
| Recurring financial charges | 65 | €878 | €1,317 | +€439 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | €45,544 | €128,682 | +€83,138 | +183% |
| Income taxes | 67/77 | €9,791 | €34,660 | +€24,870 | +254% |
| Profit (loss) for the period | 9904 | €35,754 | €94,022 | +€58,268 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €35,754 | €94,022 | +€58,268 | +163% |
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.