MONARD E.: 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.
MONARD E.
Largest movements
- Current investments +€317,922
up €317,922 (+17.9%), from €1.8m to €2.1m
- Cash -€310,977
down €310,977 (-90.5%), from €343,710 to €32,732
mainly Current investments (-€317,922) and Investment in fixed assets (net) (-€61,961)
- Deferred charges and accrued income +€55,094
up €55,094 (+4534.0%), from €1,215 to €56,309
- Tangible fixed assets +€47,274
up €47,274 (+358.1%), from €13,201 to €60,475
of which Furniture and vehicles: +€44,460
- Receivables within one year +€40,886
up €40,886 (+34.8%), from €117,587 to €158,473
of which Other amounts receivable: +€67,332
- Reserves +€176,137
up €176,137 (+8.1%), from €2.2m to €2.3m
of which Distributable reserves: +€314,637
- Other debts -€40,209
down €40,209 (-100.0%), from €40,209 to €0
- Financial income +€128,898
up €128,898 (+73.3%), from €175,869 to €304,767
of which Financial income: +€128,898
- Gross operating margin -€127,692
down €127,692, from €88,117 to -€39,575
- Financial charges -€12,016
down €12,016, from €8,521 to -€3,495
- Taxes +€6,218
up €6,218 (+17.0%), from €36,505 to €42,724
- Depreciation +€4,921
up €4,921 (+50.4%), from €9,766 to €14,687
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 | €2,247,992 | €2,398,191 | +€150,198 | +6.7% |
| Fixed assets | 21/28 | €13,201 | €60,475 | +€47,274 | +358.1% |
| Tangible fixed assets | 22/27 | €13,201 | €60,475 | +€47,274 | +358.1% |
| Plant, machinery and equipment | 23 | €5,655 | €4,442 | -€1,213 | -21.4% |
| Furniture and vehicles | 24 | €7,546 | €52,006 | +€44,460 | +589.2% |
| Other tangible fixed assets | 26 | - | €4,027 | +€4,027 | |
| Current assets | 29/58 | €2,234,792 | €2,337,716 | +€102,924 | +4.6% |
| Amounts receivable within one year | 40/41 | €117,587 | €158,473 | +€40,886 | +34.8% |
| Trade receivables | 40 | €112,587 | €86,141 | -€26,446 | -23.5% |
| Other amounts receivable | 41 | €5,000 | €72,332 | +€67,332 | +1346.6% |
| Current investments | 50/53 | €1,772,280 | €2,090,202 | +€317,922 | +17.9% |
| Cash at bank and in hand | 54/58 | €343,710 | €32,732 | -€310,977 | -90.5% |
| Deferred charges and accrued income | 490/1 | €1,215 | €56,309 | +€55,094 | +4534.0% |
| Total equity and liabilities | 10/49 | €2,247,992 | €2,398,191 | +€150,198 | +6.7% |
| Equity | 10/15 | €2,176,825 | €2,352,962 | +€176,137 | +8.1% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €2,164,225 | €2,340,362 | +€176,137 | +8.1% |
| Non-distributable reserves | 130/1 | €138,500 | €0 | -€138,500 | -100.0% |
| Reserves not available under the articles | 1311 | €138,500 | €0 | -€138,500 | -100.0% |
| Distributable reserves | 133 | €2,025,725 | €2,340,362 | +€314,637 | +15.5% |
| Amounts payable | 17/49 | €71,168 | €45,229 | -€25,939 | -36.4% |
| Amounts payable within one year | 42/48 | €71,168 | €45,229 | -€25,939 | -36.4% |
| Trade debts | 44 | €8,026 | €1,550 | -€6,475 | -80.7% |
| Suppliers | 440/4 | €8,026 | €1,550 | -€6,475 | -80.7% |
| Taxes, remuneration and social security | 45 | €22,933 | €43,679 | +€20,746 | +90.5% |
| Taxes | 450/3 | €17,354 | €39,764 | +€22,410 | +129.1% |
| Remuneration and social security | 454/9 | €5,579 | €3,914 | -€1,664 | -29.8% |
| Other amounts payable | 47/48 | €40,209 | €0 | -€40,209 | -100.0% |
| Remuneration, social security and pensions | 62 | €31,270 | €32,075 | +€805 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,766 | €14,687 | +€4,921 | +50.4% |
| Other operating charges | 640/8 | €4,880 | €3,064 | -€1,816 | -37.2% |
| Gross operating margin | 9900 | €88,117 | -€39,575 | -€127,692 | |
| Operating profit (loss) | 9901 | €42,201 | -€89,401 | -€131,603 | |
| Financial income | 75/76B | €175,869 | €304,767 | +€128,898 | +73.3% |
| Recurring financial income | 75 | €175,869 | €304,767 | +€128,898 | +73.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,521 | -€3,495 | -€12,016 | |
| Recurring financial charges | 65 | €8,521 | -€3,495 | -€12,016 | |
| Profit (loss) for the period before taxes | 9903 | €209,549 | €218,860 | +€9,311 | +4.4% |
| Income taxes | 67/77 | €36,505 | €42,724 | +€6,218 | +17.0% |
| Profit (loss) for the period | 9904 | €173,044 | €176,137 | +€3,093 | +1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €173,044 | €176,137 | +€3,093 | +1.8% |
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 28 September 2026 via checked.be.