MUNZURO: 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.
MUNZURO
Largest movements
- Cash +€11,781
up €11,781 (+269.5%), from €4,372 to €16,152
mainly Net result for the year (+€10,389) and Depreciation (+€3,311)
- Stocks and contracts -€3,168
down €3,168 (-58.7%), from €5,398 to €2,230
- Tangible fixed assets +€1,514
up €1,514 (+12.8%), from €11,868 to €13,383
of which Other tangible fixed assets: +€3,859
- Profit (loss) carried forward +€10,389
up €10,389 (+61.1%), from €16,994 to €27,384
- Trade debts -€2,112
down €2,112 (-16.3%), from €12,936 to €10,824
- Tax, wage and social debts +€1,605
up €1,605 (+30.8%), from €5,217 to €6,823
of which Taxes: +€3,150
- Gross operating margin +€44,143
up €44,143 (+43.0%), from €102,566 to €146,710
- Staff costs +€38,681
up €38,681 (+43.8%), from €88,358 to €127,039
- Taxes +€3,587
up €3,587 (+2649.0%), from €135 to €3,722
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 | €56,507 | €66,360 | +€9,853 | +17.4% |
| Fixed assets | 21/28 | €14,868 | €16,383 | +€1,514 | +10.2% |
| Tangible fixed assets | 22/27 | €11,868 | €13,383 | +€1,514 | +12.8% |
| Plant, machinery and equipment | 23 | €4,357 | €3,076 | -€1,281 | -29.4% |
| Furniture and vehicles | 24 | €2,999 | €1,935 | -€1,064 | -35.5% |
| Other tangible fixed assets | 26 | €4,513 | €8,372 | +€3,859 | +85.5% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €41,639 | €49,978 | +€8,339 | +20.0% |
| Stocks and contracts in progress | 3 | €5,398 | €2,230 | -€3,168 | -58.7% |
| Stocks | 30/36 | €5,398 | €2,230 | -€3,168 | -58.7% |
| Amounts receivable within one year | 40/41 | €27,834 | €27,729 | -€105 | -0.4% |
| Trade receivables | 40 | €7,291 | €9,356 | +€2,065 | +28.3% |
| Other amounts receivable | 41 | €20,543 | €18,373 | -€2,170 | -10.6% |
| Cash at bank and in hand | 54/58 | €4,372 | €16,152 | +€11,781 | +269.5% |
| Deferred charges and accrued income | 490/1 | €4,035 | €3,866 | -€169 | -4.2% |
| Total equity and liabilities | 10/49 | €56,507 | €66,360 | +€9,853 | +17.4% |
| Equity | 10/15 | €37,454 | €47,844 | +€10,389 | +27.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,994 | €27,384 | +€10,389 | +61.1% |
| Amounts payable | 17/49 | €19,052 | €18,517 | -€536 | -2.8% |
| Amounts payable within one year | 42/48 | €18,903 | €18,397 | -€506 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €750 | €750 | = | 0.0% |
| Trade debts | 44 | €12,936 | €10,824 | -€2,112 | -16.3% |
| Suppliers | 440/4 | €12,936 | €10,824 | -€2,112 | -16.3% |
| Taxes, remuneration and social security | 45 | €5,217 | €6,823 | +€1,605 | +30.8% |
| Taxes | 450/3 | €427 | €3,576 | +€3,150 | +738.3% |
| Remuneration and social security | 454/9 | €4,791 | €3,246 | -€1,544 | -32.2% |
| Accrued charges and deferred income | 492/3 | €150 | €120 | -€30 | -19.8% |
| Remuneration, social security and pensions | 62 | €88,358 | €127,039 | +€38,681 | +43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,249 | €3,311 | +€1,063 | +47.3% |
| Other operating charges | 640/8 | €1,341 | €848 | -€493 | -36.7% |
| Gross operating margin | 9900 | €102,566 | €146,710 | +€44,143 | +43.0% |
| Operating profit (loss) | 9901 | €10,618 | €15,511 | +€4,892 | +46.1% |
| Financial income | 75/76B | - | €235 | +€235 | |
| Recurring financial income | 75 | - | €235 | +€235 | |
| Financial charges | 65/66B | €1,870 | €1,634 | -€236 | -12.6% |
| Recurring financial charges | 65 | €1,870 | €1,634 | -€236 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €8,749 | €14,112 | +€5,363 | +61.3% |
| Income taxes | 67/77 | €135 | €3,722 | +€3,587 | +2649.0% |
| Profit (loss) for the period | 9904 | €8,613 | €10,389 | +€1,776 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,613 | €10,389 | +€1,776 | +20.6% |
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 11 October 2026 via checked.be.