MONELLO: 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.
MONELLO
Largest movements
- Cash +€486,264
up €486,264 (+93.7%), from €519,077 to €1.0m
mainly Net result for the year (+€377,254) and Depreciation (+€161,702)
- Tangible fixed assets -€145,555
down €145,555 (-5.1%), from €2.8m to €2.7m
of which Land and buildings: -€127,167
- Financial fixed assets -€129,973
down €129,973 (-100.0%), from €129,973 to €0
- Reserves +€377,254
up €377,254 (+56.3%), from €670,128 to €1.0m
of which Tax-exempt reserves: +€210,500
- Debts after one year -€176,823
down €176,823 (-9.0%), from €2.0m to €1.8m
of which Financial debts: -€176,823
- Current portion of long-term debt -€46,711
down €46,711 (-20.9%), from €223,534 to €176,823
- Gross operating margin +€55,380
up €55,380 (+7.5%), from €740,966 to €796,346
- Financial charges +€36,223
up €36,223 (+70.9%), from €51,067 to €87,289
of which Non-recurring financial charges: +€29,973
- Depreciation +€13,409
up €13,409 (+9.0%), from €148,293 to €161,702
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 | €3,516,488 | €3,693,461 | +€176,973 | +5.0% |
| Fixed assets | 21/28 | €2,959,802 | €2,684,273 | -€275,529 | -9.3% |
| Tangible fixed assets | 22/27 | €2,829,828 | €2,684,273 | -€145,555 | -5.1% |
| Land and buildings | 22 | €2,737,738 | €2,610,570 | -€127,167 | -4.6% |
| Plant, machinery and equipment | 23 | - | €2,658 | +€2,658 | |
| Furniture and vehicles | 24 | €92,090 | €71,044 | -€21,046 | -22.9% |
| Financial fixed assets | 28 | €129,973 | €0 | -€129,973 | -100.0% |
| Current assets | 29/58 | €556,687 | €1,009,188 | +€452,502 | +81.3% |
| Amounts receivable within one year | 40/41 | €36,527 | €2,647 | -€33,880 | -92.8% |
| Trade receivables | 40 | €33,880 | €0 | -€33,880 | -100.0% |
| Other amounts receivable | 41 | €2,647 | €2,647 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €519,077 | €1,005,342 | +€486,264 | +93.7% |
| Deferred charges and accrued income | 490/1 | €1,082 | €1,199 | +€117 | +10.8% |
| Total equity and liabilities | 10/49 | €3,516,488 | €3,693,461 | +€176,973 | +5.0% |
| Equity | 10/15 | €941,423 | €1,318,677 | +€377,254 | +40.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €670,128 | €1,047,382 | +€377,254 | +56.3% |
| Tax-exempt reserves | 132 | €357,850 | €568,350 | +€210,500 | +58.8% |
| Distributable reserves | 133 | €312,278 | €479,032 | +€166,754 | +53.4% |
| Profit (loss) carried forward | 14 | €252,703 | €252,703 | = | 0.0% |
| Amounts payable | 17/49 | €2,575,065 | €2,374,783 | -€200,282 | -7.8% |
| Amounts payable after more than one year | 17 | €1,965,581 | €1,788,757 | -€176,823 | -9.0% |
| Financial debts | 170/4 | €1,962,938 | €1,786,115 | -€176,823 | -9.0% |
| Other amounts payable | 178/9 | €2,643 | €2,643 | = | 0.0% |
| Amounts payable within one year | 42/48 | €601,984 | €578,526 | -€23,458 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €223,534 | €176,823 | -€46,711 | -20.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €11,255 | €564 | -€10,691 | -95.0% |
| Suppliers | 440/4 | €11,255 | €564 | -€10,691 | -95.0% |
| Taxes, remuneration and social security | 45 | €139,583 | €156,205 | +€16,623 | +11.9% |
| Taxes | 450/3 | €139,583 | €156,205 | +€16,623 | +11.9% |
| Other amounts payable | 47/48 | €227,612 | €244,933 | +€17,320 | +7.6% |
| Accrued charges and deferred income | 492/3 | €7,500 | €7,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,293 | €161,702 | +€13,409 | +9.0% |
| Other operating charges | 640/8 | €18,269 | €13,456 | -€4,813 | -26.3% |
| Gross operating margin | 9900 | €740,966 | €796,346 | +€55,380 | +7.5% |
| Operating profit (loss) | 9901 | €574,405 | €621,189 | +€46,783 | +8.1% |
| Financial income | 75/76B | €3,588 | €0 | -€3,588 | -100.0% |
| Recurring financial income | 75 | €3,588 | €0 | -€3,588 | -100.0% |
| Financial charges | 65/66B | €51,067 | €87,289 | +€36,223 | +70.9% |
| Recurring financial charges | 65 | €51,067 | €57,316 | +€6,249 | +12.2% |
| Non-recurring financial charges | 66B | - | €29,973 | +€29,973 | |
| Profit (loss) for the period before taxes | 9903 | €526,926 | €533,899 | +€6,973 | +1.3% |
| Income taxes | 67/77 | €149,012 | €156,645 | +€7,633 | +5.1% |
| Profit (loss) for the period | 9904 | €377,914 | €377,254 | -€659 | -0.2% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €210,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €167,414 | €166,754 | -€659 | -0.4% |
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 5 October 2026 via checked.be.