MONA LISA: 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.
MONA LISA
Largest movements
- Receivables within one year -€306,842
down €306,842 (-42.6%), from €719,748 to €412,906
of which Trade receivables: -€309,675
- Cash +€169,145
up €169,145 (+554%), from €30,549 to €199,694
mainly Receivables within one year (+€306,842) and Current portion of long-term debt (+€133,186)
- Stocks and contracts -€50,476
down €50,476 (-40.5%), from €124,762 to €74,286
- Trade debts -€187,428
down €187,428 (-67.3%), from €278,427 to €90,999
- Current portion of long-term debt +€133,186
new in 2025: €133,186
- Short-term financial debts -€123,087
no longer reported in 2025 (was €123,087)
- Tax, wage and social debts -€15,670
down €15,670 (-27.6%), from €56,748 to €41,079
of which Remuneration and social security: -€17,437
- Gross operating margin -€57,790
down €57,790 (-6.7%), from €863,009 to €805,219
- Financial income +€27,975
up €27,975 (+21,787%), from €128 to €28,103
of which Non-recurring financial income: +€28,000
- Staff costs -€24,185
down €24,185 (-3.1%), from €789,939 to €765,754
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 | €911,236 | €718,156 | -€193,080 | -21.2% |
| Fixed assets | 21/28 | €33,050 | €29,695 | -€3,355 | -10.2% |
| Tangible fixed assets | 22/27 | €32,745 | €29,390 | -€3,355 | -10.2% |
| Furniture and vehicles | 24 | €21,214 | €20,626 | -€589 | -2.8% |
| Other tangible fixed assets | 26 | €11,531 | €8,764 | -€2,766 | -24.0% |
| Financial fixed assets | 28 | €305 | €305 | = | 0.0% |
| Current assets | 29/58 | €878,186 | €688,461 | -€189,725 | -21.6% |
| Stocks and contracts in progress | 3 | €124,762 | €74,286 | -€50,476 | -40.5% |
| Contracts in progress | 37 | €124,762 | €74,286 | -€50,476 | -40.5% |
| Amounts receivable within one year | 40/41 | €719,748 | €412,906 | -€306,842 | -42.6% |
| Trade receivables | 40 | €692,773 | €383,098 | -€309,675 | -44.7% |
| Other amounts receivable | 41 | €26,975 | €29,808 | +€2,833 | +10.5% |
| Cash at bank and in hand | 54/58 | €30,549 | €199,694 | +€169,145 | +554% |
| Deferred charges and accrued income | 490/1 | €3,128 | €1,575 | -€1,553 | -49.6% |
| Total equity and liabilities | 10/49 | €911,236 | €718,156 | -€193,080 | -21.2% |
| Equity | 10/15 | €443,734 | €445,209 | +€1,474 | +0.3% |
| Contributions | 10/11 | €500,092 | €500,092 | = | 0.0% |
| Reserves | 13 | €12,992 | €12,992 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,992 | €12,992 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,992 | €12,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,350 | -€67,875 | +€1,474 | +2.1% |
| Amounts payable | 17/49 | €467,502 | €272,948 | -€194,555 | -41.6% |
| Amounts payable within one year | 42/48 | €467,461 | €272,948 | -€194,514 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | - | €133,186 | +€133,186 | |
| Financial debts | 43 | €123,087 | - | -€123,087 | |
| Credit institutions | 430/8 | €123,087 | - | -€123,087 | |
| Trade debts | 44 | €278,427 | €90,999 | -€187,428 | -67.3% |
| Suppliers | 440/4 | €278,427 | €90,999 | -€187,428 | -67.3% |
| Taxes, remuneration and social security | 45 | €56,748 | €41,079 | -€15,670 | -27.6% |
| Taxes | 450/3 | €5,833 | €7,600 | +€1,768 | +30.3% |
| Remuneration and social security | 454/9 | €50,916 | €33,478 | -€17,437 | -34.2% |
| Other amounts payable | 47/48 | €9,199 | €7,683 | -€1,516 | -16.5% |
| Accrued charges and deferred income | 492/3 | €41 | - | -€41 | |
| Remuneration, social security and pensions | 62 | €789,939 | €765,754 | -€24,185 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,104 | €16,324 | +€4,219 | +34.9% |
| Other operating charges | 640/8 | €37,356 | €39,206 | +€1,850 | +5.0% |
| Non-recurring operating charges | 66A | - | €1,597 | +€1,597 | |
| Gross operating margin | 9900 | €863,009 | €805,219 | -€57,790 | -6.7% |
| Operating profit (loss) | 9901 | €23,610 | -€17,662 | -€41,272 | |
| Financial income | 75/76B | €128 | €28,103 | +€27,975 | +21,787% |
| Recurring financial income | 75 | €128 | €103 | -€26 | -19.9% |
| Non-recurring financial income | 76B | - | €28,000 | +€28,000 | |
| Financial charges | 65/66B | €7,084 | €8,775 | +€1,692 | +23.9% |
| Recurring financial charges | 65 | €7,029 | €8,775 | +€1,746 | +24.8% |
| Non-recurring financial charges | 66B | €54 | - | -€54 | |
| Profit (loss) for the period before taxes | 9903 | €16,655 | €1,666 | -€14,989 | -90.0% |
| Income taxes | 67/77 | €385 | €192 | -€193 | -50.2% |
| Profit (loss) for the period | 9904 | €16,270 | €1,474 | -€14,796 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,270 | €1,474 | -€14,796 | -90.9% |
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 22 October 2026 via checked.be.