Monarti: 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.
What changed
Monarti
NACE 46.392, Non-specialised wholesale
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€370,543
2024 · €270,972+€99,571
Equity
€1.0m
2024 · €768,546+€252,896
Cash
€119,154
2024 · €111,625+€7,528
Balance sheet total
€3.1m
2024 · €2.5m+€553,768
Largest movements
Assets
- Stocks and contracts +€352,143
up €352,143 (+40.2%), from €875,485 to €1.2m
- Receivables within one year +€138,003
up €138,003 (+15.1%), from €913,042 to €1.1m
of which Trade receivables: +€123,929
- Financial fixed assets +€100,000
up €100,000 (+4,000%), from €2,500 to €102,500
- Tangible fixed assets -€45,809
down €45,809 (-9.1%), from €505,018 to €459,209
of which Leasing and similar rights: -€49,873
Equity and liabilities
- Reserves +€252,896
up €252,896 (+32.9%), from €767,546 to €1.0m
of which Distributable reserves: +€252,896
- Trade debts +€155,285
up €155,285 (+19.4%), from €801,822 to €957,107
- Short-term financial debts +€73,737
up €73,737 (+20.7%), from €356,091 to €429,828
- Debts after one year +€56,241
up €56,241 (+14.3%), from €393,055 to €449,296
Income statement
- Gross operating margin +€95,442
up €95,442 (+14.3%), from €668,825 to €764,267
- Taxes +€34,667
up €34,667 (+24.3%), from €142,826 to €177,494
- Staff costs +€23,618
up €23,618 (+53.2%), from €44,433 to €68,052
- Other operating charges +€10,471
up €10,471 (+68.0%), from €15,406 to €25,877
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.
Result 2024
€270,972
Gross operating margin
+€95,442
Staff costs
-€23,618
Depreciation
+€1,349
Write-downs
+€3,550
Other operating charges
-€10,471
Other operating items
+€61,496
Financial income
+€1,003
Financial charges
+€5,488
Taxes
-€34,667
Result 2025
€370,543
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€114,912
Investment
-€137,722
Financing
+€30,339
Cash 2024
€111,625
From operations (derived)
+€114,912
Net result for the year
+€370,543
Depreciation
+€89,020
Stocks and contracts
-€352,143
Receivables within one year
-€138,003
Deferred charges and accrued income
-€7,392
Trade debts
+€155,285
Tax, wage and social debts
+€5,364
Advances received
-€8,242
Smaller working-capital items
+€478
Investment (derived)
-€137,722
Investment in fixed assets (net)
-€137,722
Financing
+€30,339
Debts after one year
+€56,241
Current portion of long-term debt
+€18,007
Short-term financial debts
+€73,737
Contributions, distributions and other
-€117,647
Cash 2025
€119,154
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,516,697 | €3,070,465 | +€553,768 | +22.0% |
| Fixed assets | 21/28 | €526,313 | €575,015 | +€48,702 | +9.3% |
| Intangible fixed assets | 21 | €18,795 | €13,306 | -€5,489 | -29.2% |
| Tangible fixed assets | 22/27 | €505,018 | €459,209 | -€45,809 | -9.1% |
| Land and buildings | 22 | €274,380 | €274,380 | = | 0.0% |
| Plant, machinery and equipment | 23 | €27,037 | €28,756 | +€1,719 | +6.4% |
| Furniture and vehicles | 24 | €22,252 | €11,043 | -€11,210 | -50.4% |
| Leasing and similar rights | 25 | €134,229 | €84,356 | -€49,873 | -37.2% |
| Other tangible fixed assets | 26 | €47,120 | €60,674 | +€13,554 | +28.8% |
| Financial fixed assets | 28 | €2,500 | €102,500 | +€100,000 | +4,000% |
| Current assets | 29/58 | €1,990,383 | €2,495,450 | +€505,066 | +25.4% |
| Amounts receivable after more than one year | 29 | €78,173 | €78,173 | = | 0.0% |
| Trade receivables | 290 | €78,173 | €78,173 | = | 0.0% |
| Stocks and contracts in progress | 3 | €875,485 | €1,227,628 | +€352,143 | +40.2% |
| Stocks | 30/36 | €875,485 | €1,227,628 | +€352,143 | +40.2% |
| Amounts receivable within one year | 40/41 | €913,042 | €1,051,045 | +€138,003 | +15.1% |
| Trade receivables | 40 | €862,132 | €986,061 | +€123,929 | +14.4% |
| Other amounts receivable | 41 | €50,910 | €64,984 | +€14,074 | +27.6% |
| Cash at bank and in hand | 54/58 | €111,625 | €119,154 | +€7,528 | +6.7% |
| Deferred charges and accrued income | 490/1 | €12,058 | €19,450 | +€7,392 | +61.3% |
| Total equity and liabilities | 10/49 | €2,516,697 | €3,070,465 | +€553,768 | +22.0% |
| Equity | 10/15 | €768,546 | €1,021,443 | +€252,896 | +32.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €767,546 | €1,020,443 | +€252,896 | +32.9% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €748,796 | €1,001,693 | +€252,896 | +33.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,748,150 | €2,049,022 | +€300,872 | +17.2% |
| Amounts payable after more than one year | 17 | €393,055 | €449,296 | +€56,241 | +14.3% |
| Financial debts | 170/4 | €393,055 | €449,296 | +€56,241 | +14.3% |
| Amounts payable within one year | 42/48 | €1,355,096 | €1,599,578 | +€244,482 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €75,884 | €93,891 | +€18,007 | +23.7% |
| Financial debts | 43 | €356,091 | €429,828 | +€73,737 | +20.7% |
| Credit institutions | 430/8 | €356,091 | €429,828 | +€73,737 | +20.7% |
| Trade debts | 44 | €801,822 | €957,107 | +€155,285 | +19.4% |
| Suppliers | 440/4 | €801,822 | €957,107 | +€155,285 | +19.4% |
| Advances received on contracts in progress | 46 | €14,149 | €5,908 | -€8,242 | -58.2% |
| Taxes, remuneration and social security | 45 | €106,770 | €112,134 | +€5,364 | +5.0% |
| Taxes | 450/3 | €98,210 | €95,252 | -€2,958 | -3.0% |
| Remuneration and social security | 454/9 | €8,560 | €16,882 | +€8,322 | +97.2% |
| Other amounts payable | 47/48 | €380 | €710 | +€330 | +86.9% |
| Accrued charges and deferred income | 492/3 | - | €148 | +€148 | |
| Non-recurring operating income | 76A | €39,295 | €0 | -€39,295 | -100% |
| Remuneration, social security and pensions | 62 | €44,433 | €68,052 | +€23,618 | +53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,369 | €89,020 | -€1,349 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,070 | -€1,479 | -€3,550 | |
| Other operating charges | 640/8 | €15,406 | €25,877 | +€10,471 | +68.0% |
| Non-recurring operating charges | 66A | €61,496 | €0 | -€61,496 | -100% |
| Gross operating margin | 9900 | €668,825 | €764,267 | +€95,442 | +14.3% |
| Operating profit (loss) | 9901 | €455,051 | €582,798 | +€127,747 | +28.1% |
| Financial income | 75/76B | €3,428 | €4,431 | +€1,003 | +29.3% |
| Recurring financial income | 75 | €3,428 | €4,431 | +€1,003 | +29.3% |
| Financial charges | 65/66B | €44,679 | €39,191 | -€5,488 | -12.3% |
| Recurring financial charges | 65 | €44,679 | €39,191 | -€5,488 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €413,799 | €548,037 | +€134,239 | +32.4% |
| Income taxes | 67/77 | €142,826 | €177,494 | +€34,667 | +24.3% |
| Profit (loss) for the period | 9904 | €270,972 | €370,543 | +€99,571 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €270,972 | €370,543 | +€99,571 | +36.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.