JOHAN MONTALVO: what changed
JOHAN MONTALVO
Largest movements
- Tangible fixed assets +€35,291
new in 2025: €35,291
of which Furniture and vehicles: +€32,910
- Cash -€13,905
down €13,905 (-63.6%), from €21,854 to €7,949
mainly Investment in fixed assets (net) (-€39,350) and Receivables within one year (-€4,192)
- Deferred charges and accrued income -€6,129
down €6,129 (-92.1%), from €6,654 to €525
- Receivables within one year +€4,192
up €4,192 (+922%), from €455 to €4,647
- Profit (loss) carried forward +€23,617
up €23,617 (+126%), from €18,708 to €42,324
- Other debts -€4,177
down €4,177 (-84.5%), from €4,940 to €763
- Gross operating margin +€15,790
up €15,790 (+84.0%), from €18,803 to €34,593
- Depreciation +€4,059
new in 2025: €4,059
- Taxes +€1,762
up €1,762 (+38.8%), from €4,545 to €6,308
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,963 | €48,413 | +€19,449 | +67.2% |
| Fixed assets | 21/28 | - | €35,291 | +€35,291 | |
| Tangible fixed assets | 22/27 | - | €35,291 | +€35,291 | |
| Plant, machinery and equipment | 23 | - | €2,381 | +€2,381 | |
| Furniture and vehicles | 24 | - | €32,910 | +€32,910 | |
| Current assets | 29/58 | €28,963 | €13,122 | -€15,842 | -54.7% |
| Amounts receivable within one year | 40/41 | €455 | €4,647 | +€4,192 | +922% |
| Other amounts receivable | 41 | €455 | €4,647 | +€4,192 | +922% |
| Cash at bank and in hand | 54/58 | €21,854 | €7,949 | -€13,905 | -63.6% |
| Deferred charges and accrued income | 490/1 | €6,654 | €525 | -€6,129 | -92.1% |
| Total equity and liabilities | 10/49 | €28,963 | €48,413 | +€19,449 | +67.2% |
| Equity | 10/15 | €21,708 | €45,324 | +€23,617 | +109% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,708 | €42,324 | +€23,617 | +126% |
| Amounts payable | 17/49 | €7,255 | €3,088 | -€4,167 | -57.4% |
| Amounts payable within one year | 42/48 | €7,255 | €3,088 | -€4,167 | -57.4% |
| Trade debts | 44 | €65 | €75 | +€10 | +15.0% |
| Suppliers | 440/4 | €65 | €75 | +€10 | +15.0% |
| Taxes, remuneration and social security | 45 | €2,250 | €2,250 | = | 0.0% |
| Taxes | 450/3 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €4,940 | €763 | -€4,177 | -84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,059 | +€4,059 | |
| Other operating charges | 640/8 | €387 | €562 | +€175 | +45.1% |
| Gross operating margin | 9900 | €18,803 | €34,593 | +€15,790 | +84.0% |
| Operating profit (loss) | 9901 | €18,416 | €29,972 | +€11,556 | +62.7% |
| Financial charges | 65/66B | €93 | €48 | -€45 | -48.4% |
| Recurring financial charges | 65 | €93 | €48 | -€45 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €18,323 | €29,924 | +€11,601 | +63.3% |
| Income taxes | 67/77 | €4,545 | €6,308 | +€1,762 | +38.8% |
| Profit (loss) for the period | 9904 | €13,778 | €23,617 | +€9,839 | +71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,778 | €23,617 | +€9,839 | +71.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.