MONADEL: 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.
MONADEL
Largest movements
- Receivables within one year +€20,169
up €20,169 (+4.7%), from €432,989 to €453,158
of which Other amounts receivable: +€25,114
- Cash +€19,880
up €19,880 (+526.9%), from €3,773 to €23,653
mainly Net result for the year (+€65,644) and Tax, wage and social debts (+€27,142)
- Reserves +€65,450
up €65,450 (+19.9%), from €329,570 to €395,020
of which Distributable reserves: +€65,450
- Tax, wage and social debts +€27,142
up €27,142 (+89.7%), from €30,263 to €57,405
- Other debts -€20,000
down €20,000 (-50.0%), from €40,000 to €20,000
- Trade debts -€13,161
no longer reported in 2025 (was €13,161)
- Short-term financial debts -€11,723
no longer reported in 2025 (was €11,723)
of which Credit institutions: -€11,600
- Financial charges +€4,190
up €4,190 (+260.5%), from €1,608 to €5,798
- Taxes -€2,028
down €2,028 (-6.8%), from €29,831 to €27,803
- Gross operating margin +€2,008
up €2,008 (+2.0%), from €101,324 to €103,333
- Depreciation +€1,884
up €1,884 (+102.9%), from €1,831 to €3,715
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 | €651,638 | €689,567 | +€37,930 | +5.8% |
| Fixed assets | 21/28 | €6,559 | €4,714 | -€1,844 | -28.1% |
| Tangible fixed assets | 22/27 | €6,359 | €4,514 | -€1,844 | -29.0% |
| Furniture and vehicles | 24 | €2,593 | €2,749 | +€156 | +6.0% |
| Other tangible fixed assets | 26 | €3,765 | €1,765 | -€2,000 | -53.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €645,079 | €684,853 | +€39,774 | +6.2% |
| Amounts receivable after more than one year | 29 | €206,912 | €206,912 | = | 0.0% |
| Other amounts receivable | 291 | €206,912 | €206,912 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €432,989 | €453,158 | +€20,169 | +4.7% |
| Trade receivables | 40 | €11,739 | €6,793 | -€4,945 | -42.1% |
| Other amounts receivable | 41 | €421,250 | €446,364 | +€25,114 | +6.0% |
| Cash at bank and in hand | 54/58 | €3,773 | €23,653 | +€19,880 | +526.9% |
| Deferred charges and accrued income | 490/1 | €1,405 | €1,130 | -€275 | -19.6% |
| Total equity and liabilities | 10/49 | €651,638 | €689,567 | +€37,930 | +5.8% |
| Equity | 10/15 | €542,667 | €608,311 | +€65,644 | +12.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €329,570 | €395,020 | +€65,450 | +19.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €327,710 | €393,160 | +€65,450 | +20.0% |
| Profit (loss) carried forward | 14 | €200,697 | €200,891 | +€194 | +0.1% |
| Amounts payable | 17/49 | €108,971 | €81,257 | -€27,714 | -25.4% |
| Amounts payable within one year | 42/48 | €108,971 | €81,257 | -€27,714 | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €13,824 | €3,852 | -€9,973 | -72.1% |
| Financial debts | 43 | €11,723 | - | -€11,723 | |
| Credit institutions | 430/8 | €11,600 | - | -€11,600 | |
| Other loans | 439 | €123 | - | -€123 | |
| Trade debts | 44 | €13,161 | - | -€13,161 | |
| Suppliers | 440/4 | €13,161 | - | -€13,161 | |
| Taxes, remuneration and social security | 45 | €30,263 | €57,405 | +€27,142 | +89.7% |
| Taxes | 450/3 | €30,263 | €57,405 | +€27,142 | +89.7% |
| Other amounts payable | 47/48 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Non-recurring operating income | 76A | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,831 | €3,715 | +€1,884 | +102.9% |
| Other operating charges | 640/8 | €592 | €400 | -€192 | -32.5% |
| Gross operating margin | 9900 | €101,324 | €103,333 | +€2,008 | +2.0% |
| Operating profit (loss) | 9901 | €98,901 | €99,218 | +€317 | +0.3% |
| Financial income | 75/76B | €1 | €28 | +€27 | +2961.1% |
| Recurring financial income | 75 | €1 | €28 | +€27 | +2961.1% |
| Financial charges | 65/66B | €1,608 | €5,798 | +€4,190 | +260.5% |
| Recurring financial charges | 65 | €1,608 | €5,798 | +€4,190 | +260.5% |
| Profit (loss) for the period before taxes | 9903 | €97,294 | €93,447 | -€3,847 | -4.0% |
| Income taxes | 67/77 | €29,831 | €27,803 | -€2,028 | -6.8% |
| Profit (loss) for the period | 9904 | €67,463 | €65,644 | -€1,819 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €67,463 | €65,644 | -€1,819 | -2.7% |
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.