STEPHANIE DE MUNCK: 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.
STEPHANIE DE MUNCK
Largest movements
- Tangible fixed assets -€41,243
down €41,243 (-11.2%), from €367,679 to €326,437
of which Land and buildings: -€28,187
- Receivables within one year -€14,717
down €14,717 (-67.9%), from €21,680 to €6,962
of which Trade receivables: -€18,501
- Profit (loss) carried forward -€47,811
down €47,811 (-10.4%), from €461,525 to €413,714
- Gross operating margin -€36,067
down €36,067, from €31,323 to -€4,744
- Depreciation +€11,092
up €11,092 (+36.8%), from €30,150 to €41,243
- Financial income -€2,220
down €2,220 (-82.5%), from €2,691 to €471
- Other operating charges +€2,130
new in 2025: €2,130
- Financial charges -€609
down €609, from €575 to -€34
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 | €495,708 | €437,178 | -€58,530 | -11.8% |
| Fixed assets | 21/28 | €370,275 | €329,033 | -€41,243 | -11.1% |
| Tangible fixed assets | 22/27 | €367,679 | €326,437 | -€41,243 | -11.2% |
| Land and buildings | 22 | €310,097 | €281,910 | -€28,187 | -9.1% |
| Plant, machinery and equipment | 23 | €1 | €1 | = | 0.0% |
| Furniture and vehicles | 24 | €37,581 | €24,525 | -€13,056 | -34.7% |
| Other tangible fixed assets | 26 | €20,000 | €20,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,596 | €2,596 | = | 0.0% |
| Current assets | 29/58 | €125,432 | €108,145 | -€17,287 | -13.8% |
| Amounts receivable within one year | 40/41 | €21,680 | €6,962 | -€14,717 | -67.9% |
| Trade receivables | 40 | €19,886 | €1,385 | -€18,501 | -93.0% |
| Other amounts receivable | 41 | €1,793 | €5,577 | +€3,784 | +211% |
| Cash at bank and in hand | 54/58 | €103,604 | €99,930 | -€3,674 | -3.5% |
| Deferred charges and accrued income | 490/1 | €149 | €1,253 | +€1,104 | +741% |
| Total equity and liabilities | 10/49 | €495,708 | €437,178 | -€58,530 | -11.8% |
| Equity | 10/15 | €484,145 | €436,334 | -€47,811 | -9.9% |
| Reserves | 13 | €22,620 | €22,620 | = | 0.0% |
| Distributable reserves | 133 | €22,620 | €22,620 | = | 0.0% |
| Profit (loss) carried forward | 14 | €461,525 | €413,714 | -€47,811 | -10.4% |
| Amounts payable | 17/49 | €11,563 | €844 | -€10,719 | -92.7% |
| Amounts payable within one year | 42/48 | €11,563 | €844 | -€10,719 | -92.7% |
| Current portion of amounts payable after more than one year | 42 | €3,325 | - | -€3,325 | |
| Financial debts | 43 | €1,926 | €784 | -€1,141 | -59.3% |
| Credit institutions | 430/8 | €1,926 | €784 | -€1,141 | -59.3% |
| Taxes, remuneration and social security | 45 | €2,592 | €60 | -€2,532 | -97.7% |
| Taxes | 450/3 | €2,592 | €60 | -€2,532 | -97.7% |
| Other amounts payable | 47/48 | €3,720 | - | -€3,720 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,150 | €41,243 | +€11,092 | +36.8% |
| Other operating charges | 640/8 | - | €2,130 | +€2,130 | |
| Gross operating margin | 9900 | €31,323 | -€4,744 | -€36,067 | |
| Operating profit (loss) | 9901 | €1,172 | -€48,117 | -€49,289 | |
| Financial income | 75/76B | €2,691 | €471 | -€2,220 | -82.5% |
| Recurring financial income | 75 | €2,691 | €471 | -€2,220 | -82.5% |
| Financial charges | 65/66B | €575 | -€34 | -€609 | |
| Recurring financial charges | 65 | €575 | -€34 | -€609 | |
| Profit (loss) for the period before taxes | 9903 | €3,288 | -€47,611 | -€50,900 | |
| Income taxes | 67/77 | €196 | €200 | +€4 | +1.9% |
| Profit (loss) for the period | 9904 | €3,092 | -€47,811 | -€50,904 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,092 | -€47,811 | -€50,904 |
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 1 November 2026 via checked.be.