Frank Montag: 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.
Frank Montag
Largest movements
- Tangible fixed assets +€280,168
up €280,168 (+4.5%), from €6.2m to €6.4m
of which Land and buildings: +€290,053
- Cash +€121,828
up €121,828 (+374%), from €32,613 to €154,442
mainly Net result for the year (+€1.8m) and Depreciation (+€248,112)
- Reserves +€1.8m
up €1.8m (+58.1%), from €3.1m to €4.9m
of which Distributable reserves: +€1.8m
- Other debts -€985,866
down €985,866 (-86.6%), from €1.1m to €152,425
- Short-term financial debts -€475,374
down €475,374 (-42.2%), from €1.1m to €650,000
- Tax, wage and social debts +€177,847
up €177,847 (+352%), from €50,495 to €228,342
- Accrued charges and deferred income -€112,544
down €112,544 (-88.3%), from €127,465 to €14,922
- Taxes +€187,780
up €187,780 (+28.1%), from €669,002 to €856,781
- Financial charges -€151,247
down €151,247 (-69.9%), from €216,477 to €65,230
- Gross operating margin -€80,177
down €80,177 (-2.6%), from €3.1m to €3.0m
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 | €6,221,085 | €6,647,477 | +€426,392 | +6.9% |
| Fixed assets | 21/28 | €6,163,883 | €6,444,051 | +€280,168 | +4.5% |
| Tangible fixed assets | 22/27 | €6,163,883 | €6,444,051 | +€280,168 | +4.5% |
| Land and buildings | 22 | €6,002,143 | €6,292,196 | +€290,053 | +4.8% |
| Plant, machinery and equipment | 23 | €1,646 | €1,277 | -€369 | -22.4% |
| Furniture and vehicles | 24 | €160,094 | €150,577 | -€9,517 | -5.9% |
| Current assets | 29/58 | €57,202 | €203,427 | +€146,225 | +256% |
| Amounts receivable within one year | 40/41 | €11,866 | €31,908 | +€20,042 | +169% |
| Other amounts receivable | 41 | €11,866 | €31,908 | +€20,042 | +169% |
| Cash at bank and in hand | 54/58 | €32,613 | €154,442 | +€121,828 | +374% |
| Deferred charges and accrued income | 490/1 | €12,722 | €17,077 | +€4,355 | +34.2% |
| Total equity and liabilities | 10/49 | €6,221,085 | €6,647,477 | +€426,392 | +6.9% |
| Equity | 10/15 | €3,304,961 | €5,106,732 | +€1.8m | +54.5% |
| Contributions | 10/11 | €403,000 | €403,000 | = | 0.0% |
| Contributions outside capital | 11 | €403,000 | €403,000 | = | 0.0% |
| Share premium | 1100/10 | €403,000 | €403,000 | = | 0.0% |
| Reserves | 13 | €3,099,228 | €4,900,997 | +€1.8m | +58.1% |
| Tax-exempt reserves | 132 | €804,228 | €778,887 | -€25,340 | -3.2% |
| Distributable reserves | 133 | €2,295,000 | €4,122,110 | +€1.8m | +79.6% |
| Profit (loss) carried forward | 14 | -€197,266 | -€197,266 | +€1 | 0.0% |
| Provisions and deferred taxes | 16 | €268,076 | €259,629 | -€8,447 | -3.2% |
| Deferred taxes | 168 | €268,076 | €259,629 | -€8,447 | -3.2% |
| Amounts payable | 17/49 | €2,648,047 | €1,281,117 | -€1.4m | -51.6% |
| Amounts payable after more than one year | 17 | €2,300 | €2,300 | = | 0.0% |
| Other amounts payable | 178/9 | €2,300 | €2,300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,518,282 | €1,263,895 | -€1.3m | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €126,801 | €202,536 | +€75,735 | +59.7% |
| Financial debts | 43 | €1,125,374 | €650,000 | -€475,374 | -42.2% |
| Credit institutions | 430/8 | €1,125,374 | €650,000 | -€475,374 | -42.2% |
| Trade debts | 44 | €77,321 | €30,593 | -€46,729 | -60.4% |
| Suppliers | 440/4 | €77,321 | €30,593 | -€46,729 | -60.4% |
| Taxes, remuneration and social security | 45 | €50,495 | €228,342 | +€177,847 | +352% |
| Taxes | 450/3 | €50,495 | €228,342 | +€177,847 | +352% |
| Other amounts payable | 47/48 | €1,138,291 | €152,425 | -€985,866 | -86.6% |
| Accrued charges and deferred income | 492/3 | €127,465 | €14,922 | -€112,544 | -88.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,865 | €248,112 | +€26,247 | +11.8% |
| Other operating charges | 640/8 | €21,377 | €22,040 | +€663 | +3.1% |
| Gross operating margin | 9900 | €3,065,663 | €2,985,486 | -€80,177 | -2.6% |
| Operating profit (loss) | 9901 | €2,822,421 | €2,715,334 | -€107,086 | -3.8% |
| Financial income | 75/76B | €1,263 | €0 | -€1,263 | -100.0% |
| Recurring financial income | 75 | €1,263 | €0 | -€1,263 | -100.0% |
| Financial charges | 65/66B | €216,477 | €65,230 | -€151,247 | -69.9% |
| Recurring financial charges | 65 | €216,477 | €65,230 | -€151,247 | -69.9% |
| Profit (loss) for the period before taxes | 9903 | €2,607,207 | €2,650,105 | +€42,898 | +1.6% |
| Transfer from deferred taxes | 780 | €8,447 | €8,447 | = | 0.0% |
| Income taxes | 67/77 | €669,002 | €856,781 | +€187,780 | +28.1% |
| Profit (loss) for the period | 9904 | €1,946,652 | €1,801,770 | -€144,882 | -7.4% |
| Transfer from tax-exempt reserves | 789 | €25,340 | €25,340 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,971,993 | €1,827,111 | -€144,882 | -7.3% |
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 29 October 2026 via checked.be.