'T MUNCKENEI: 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.
'T MUNCKENEI
Largest movements
- Receivables within one year +€516,989
up €516,989 (+11.2%), from €4.6m to €5.1m
of which Trade receivables: +€566,464
- Stocks and contracts +€395,704
up €395,704 (+74.4%), from €532,194 to €927,897
- Cash -€186,516
down €186,516 (-48.7%), from €383,360 to €196,844
mainly Receivables within one year (-€516,989) and Stocks and contracts (-€395,704)
- Receivables after one year -€78,600
down €78,600 (-75.7%), from €103,800 to €25,200
of which Other amounts receivable: -€75,000
- Trade debts +€997,026
up €997,026 (+23.0%), from €4.3m to €5.3m
- Reserves -€181,764
down €181,764 (-25.9%), from €702,373 to €520,608
of which Distributable reserves: -€181,764
- Debts after one year -€111,673
down €111,673 (-14.9%), from €749,610 to €637,936
- Gross operating margin -€553,313
down €553,313 (-30.3%), from €1.8m to €1.3m
- Staff costs +€188,282
up €188,282 (+18.1%), from €1.0m to €1.2m
- Taxes -€94,909
down €94,909 (-99.0%), from €95,846 to €937
- Financial charges -€24,310
down €24,310 (-44.3%), from €54,853 to €30,542
- Depreciation +€18,511
up €18,511 (+11.2%), from €164,770 to €183,281
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 | €6,793,038 | €7,461,759 | +€668,721 | +9.8% |
| Fixed assets | 21/28 | €1,160,045 | €1,181,831 | +€21,786 | +1.9% |
| Tangible fixed assets | 22/27 | €1,159,940 | €1,181,726 | +€21,786 | +1.9% |
| Land and buildings | 22 | €59,367 | €58,932 | -€435 | -0.7% |
| Plant, machinery and equipment | 23 | €1,023,658 | €1,024,107 | +€449 | 0.0% |
| Furniture and vehicles | 24 | €47,249 | €46,977 | -€272 | -0.6% |
| Leasing and similar rights | 25 | €29,667 | €51,710 | +€22,044 | +74.3% |
| Financial fixed assets | 28 | €104 | €104 | = | 0.0% |
| Current assets | 29/58 | €5,632,993 | €6,279,928 | +€646,935 | +11.5% |
| Amounts receivable after more than one year | 29 | €103,800 | €25,200 | -€78,600 | -75.7% |
| Trade receivables | 290 | €28,800 | €25,200 | -€3,600 | -12.5% |
| Other amounts receivable | 291 | €75,000 | €0 | -€75,000 | -100.0% |
| Stocks and contracts in progress | 3 | €532,194 | €927,897 | +€395,704 | +74.4% |
| Stocks | 30/36 | €532,194 | €927,897 | +€395,704 | +74.4% |
| Amounts receivable within one year | 40/41 | €4,604,350 | €5,121,339 | +€516,989 | +11.2% |
| Trade receivables | 40 | €4,456,614 | €5,023,079 | +€566,464 | +12.7% |
| Other amounts receivable | 41 | €147,736 | €98,260 | -€49,476 | -33.5% |
| Cash at bank and in hand | 54/58 | €383,360 | €196,844 | -€186,516 | -48.7% |
| Deferred charges and accrued income | 490/1 | €9,290 | €8,648 | -€642 | -6.9% |
| Total equity and liabilities | 10/49 | €6,793,038 | €7,461,759 | +€668,721 | +9.8% |
| Equity | 10/15 | €1,030,530 | €848,765 | -€181,764 | -17.6% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €702,373 | €520,608 | -€181,764 | -25.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €702,373 | €520,608 | -€181,764 | -25.9% |
| Profit (loss) carried forward | 14 | €103,157 | €103,157 | = | 0.0% |
| Amounts payable | 17/49 | €5,762,508 | €6,612,993 | +€850,485 | +14.8% |
| Amounts payable after more than one year | 17 | €749,610 | €637,936 | -€111,673 | -14.9% |
| Financial debts | 170/4 | €749,610 | €637,936 | -€111,673 | -14.9% |
| Amounts payable within one year | 42/48 | €5,012,899 | €5,975,057 | +€962,158 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €244,961 | €210,091 | -€34,870 | -14.2% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €4,333,054 | €5,330,080 | +€997,026 | +23.0% |
| Suppliers | 440/4 | €4,333,054 | €5,330,080 | +€997,026 | +23.0% |
| Taxes, remuneration and social security | 45 | €128,343 | €148,095 | +€19,752 | +15.4% |
| Taxes | 450/3 | €267 | €3,343 | +€3,076 | +1151.8% |
| Remuneration and social security | 454/9 | €128,076 | €144,752 | +€16,676 | +13.0% |
| Other amounts payable | 47/48 | €56,541 | €36,791 | -€19,750 | -34.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,041,031 | €1,229,313 | +€188,282 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,770 | €183,281 | +€18,511 | +11.2% |
| Other operating charges | 640/8 | €5,995 | €10,519 | +€4,524 | +75.5% |
| Gross operating margin | 9900 | €1,824,164 | €1,270,851 | -€553,313 | -30.3% |
| Operating profit (loss) | 9901 | €612,369 | -€152,261 | -€764,630 | |
| Financial income | 75/76B | €865 | €1,976 | +€1,112 | +128.6% |
| Recurring financial income | 75 | €865 | €1,976 | +€1,112 | +128.6% |
| Financial charges | 65/66B | €54,853 | €30,542 | -€24,310 | -44.3% |
| Recurring financial charges | 65 | €54,853 | €30,542 | -€24,310 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | €558,381 | -€180,827 | -€739,208 | |
| Income taxes | 67/77 | €95,846 | €937 | -€94,909 | -99.0% |
| Profit (loss) for the period | 9904 | €462,534 | -€181,764 | -€644,299 | |
| Profit (loss) for the period to be appropriated | 9905 | €462,534 | -€181,764 | -€644,299 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.