C. MONTEBELLO: 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.
C. MONTEBELLO
Largest movements
- Stocks and contracts +€146,636
up €146,636 (+99.7%), from €147,037 to €293,673
- Receivables within one year +€110,364
up €110,364 (+43.3%), from €255,142 to €365,505
of which Other amounts receivable: +€109,524
- Tangible fixed assets +€13,649
up €13,649 (+88.8%), from €15,363 to €29,012
of which Furniture and vehicles: +€16,518
- Trade debts +€239,761
up €239,761 (+108.9%), from €220,165 to €459,926
- Short-term financial debts +€31,347
up €31,347 (+13.2%), from €238,287 to €269,634
- Profit (loss) carried forward +€16,888
up €16,888 (+24.1%), from -€70,161 to -€53,273
- Accrued charges and deferred income -€14,600
no longer reported in 2025 (was €14,600)
- Gross operating margin +€119,051
up €119,051, from -€87,554 to €31,497
- Financial charges -€17,287
down €17,287 (-98.7%), from €17,520 to €234
- Depreciation +€2,784
up €2,784 (+34.9%), from €7,975 to €10,759
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 | €472,356 | €742,086 | +€269,730 | +57.1% |
| Fixed assets | 21/28 | €15,805 | €29,454 | +€13,649 | +86.4% |
| Tangible fixed assets | 22/27 | €15,363 | €29,012 | +€13,649 | +88.8% |
| Plant, machinery and equipment | 23 | €6,867 | €3,998 | -€2,869 | -41.8% |
| Furniture and vehicles | 24 | €8,496 | €25,013 | +€16,518 | +194.4% |
| Financial fixed assets | 28 | €442 | €442 | = | 0.0% |
| Current assets | 29/58 | €456,551 | €712,632 | +€256,081 | +56.1% |
| Stocks and contracts in progress | 3 | €147,037 | €293,673 | +€146,636 | +99.7% |
| Stocks | 30/36 | €147,037 | €293,673 | +€146,636 | +99.7% |
| Amounts receivable within one year | 40/41 | €255,142 | €365,505 | +€110,364 | +43.3% |
| Trade receivables | 40 | €22,324 | €23,164 | +€839 | +3.8% |
| Other amounts receivable | 41 | €232,817 | €342,342 | +€109,524 | +47.0% |
| Cash at bank and in hand | 54/58 | €54,373 | €53,134 | -€1,238 | -2.3% |
| Deferred charges and accrued income | 490/1 | - | €320 | +€320 | |
| Total equity and liabilities | 10/49 | €472,356 | €742,086 | +€269,730 | +57.1% |
| Equity | 10/15 | -€49,701 | -€32,813 | +€16,888 | +34.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,161 | -€53,273 | +€16,888 | +24.1% |
| Amounts payable | 17/49 | €522,058 | €774,900 | +€252,842 | +48.4% |
| Amounts payable after more than one year | 17 | €6,866 | €3,400 | -€3,465 | -50.5% |
| Financial debts | 170/4 | €6,866 | €3,400 | -€3,465 | -50.5% |
| Amounts payable within one year | 42/48 | €500,592 | €771,499 | +€270,907 | +54.1% |
| Current portion of amounts payable after more than one year | 42 | €3,465 | €3,465 | = | 0.0% |
| Financial debts | 43 | €238,287 | €269,634 | +€31,347 | +13.2% |
| Credit institutions | 430/8 | €238,287 | €269,634 | +€31,347 | +13.2% |
| Trade debts | 44 | €220,165 | €459,926 | +€239,761 | +108.9% |
| Suppliers | 440/4 | €220,165 | €459,926 | +€239,761 | +108.9% |
| Taxes, remuneration and social security | 45 | €1,784 | €1,784 | = | 0.0% |
| Taxes | 450/3 | €1,784 | €1,784 | = | 0.0% |
| Other amounts payable | 47/48 | €36,892 | €36,690 | -€201 | -0.5% |
| Accrued charges and deferred income | 492/3 | €14,600 | - | -€14,600 | |
| Remuneration, social security and pensions | 62 | €340 | - | -€340 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,975 | €10,759 | +€2,784 | +34.9% |
| Other operating charges | 640/8 | €4,427 | €3,617 | -€810 | -18.3% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | -€87,554 | €31,497 | +€119,051 | |
| Operating profit (loss) | 9901 | -€100,295 | €17,122 | +€117,417 | |
| Financial charges | 65/66B | €17,520 | €234 | -€17,287 | -98.7% |
| Recurring financial charges | 65 | €17,520 | €234 | -€17,287 | -98.7% |
| Profit (loss) for the period before taxes | 9903 | -€117,816 | €16,888 | +€134,704 | |
| Profit (loss) for the period | 9904 | -€117,816 | €16,888 | +€134,704 | |
| Profit (loss) for the period to be appropriated | 9905 | -€117,816 | €16,888 | +€134,704 |
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 10 October 2026 via checked.be.