MONHOR: 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.
MONHOR
Largest movements
- Tangible fixed assets +€181,109
up €181,109 (+76.7%), from €236,166 to €417,275
of which Other tangible fixed assets: +€147,220
- Receivables within one year +€8,389
up €8,389 (+17.0%), from €49,456 to €57,846
of which Trade receivables: +€8,272
- Cash -€6,225
down €6,225 (-12.0%), from €51,693 to €45,468
mainly Investment in fixed assets (net) (-€232,148) and Contributions, distributions and other (-€25,000)
- Debts after one year +€105,648
up €105,648 (+395%), from €26,749 to €132,397
- Other debts +€83,822
up €83,822 (+98.1%), from €85,445 to €169,267
- Trade debts -€16,342
down €16,342 (-22.0%), from €74,404 to €58,063
- Current portion of long-term debt +€14,460
up €14,460 (+77.6%), from €18,646 to €33,106
- Tax, wage and social debts -€7,399
down €7,399 (-13.6%), from €54,467 to €47,068
of which Taxes: -€12,245
- Gross operating margin -€46,880
down €46,880 (-9.5%), from €494,250 to €447,370
- Financial charges +€11,679
up €11,679, from -€3,306 to €8,373
- Taxes -€6,099
down €6,099 (-24.5%), from €24,885 to €18,787
- Depreciation +€5,994
up €5,994 (+13.3%), from €45,046 to €51,040
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 | €352,228 | €536,410 | +€184,182 | +52.3% |
| Fixed assets | 21/28 | €236,166 | €417,275 | +€181,109 | +76.7% |
| Tangible fixed assets | 22/27 | €236,166 | €417,275 | +€181,109 | +76.7% |
| Plant, machinery and equipment | 23 | €42,244 | €42,379 | +€135 | +0.3% |
| Furniture and vehicles | 24 | - | €36,179 | +€36,179 | |
| Other tangible fixed assets | 26 | €191,497 | €338,717 | +€147,220 | +76.9% |
| Assets under construction and advance payments | 27 | €2,425 | €0 | -€2,425 | -100% |
| Current assets | 29/58 | €116,062 | €119,136 | +€3,074 | +2.6% |
| Stocks and contracts in progress | 3 | €9,261 | €10,991 | +€1,730 | +18.7% |
| Stocks | 30/36 | €9,261 | €10,991 | +€1,730 | +18.7% |
| Amounts receivable within one year | 40/41 | €49,456 | €57,846 | +€8,389 | +17.0% |
| Trade receivables | 40 | €14,456 | €22,728 | +€8,272 | +57.2% |
| Other amounts receivable | 41 | €35,000 | €35,117 | +€117 | +0.3% |
| Cash at bank and in hand | 54/58 | €51,693 | €45,468 | -€6,225 | -12.0% |
| Deferred charges and accrued income | 490/1 | €5,653 | €4,831 | -€822 | -14.5% |
| Total equity and liabilities | 10/49 | €352,228 | €536,410 | +€184,182 | +52.3% |
| Equity | 10/15 | €92,509 | €94,187 | +€1,679 | +1.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,859 | €26,537 | +€1,679 | +6.8% |
| Amounts payable | 17/49 | €259,719 | €442,223 | +€182,504 | +70.3% |
| Amounts payable after more than one year | 17 | €26,749 | €132,397 | +€105,648 | +395% |
| Financial debts | 170/4 | €26,749 | €132,397 | +€105,648 | +395% |
| Amounts payable within one year | 42/48 | €232,963 | €307,504 | +€74,541 | +32.0% |
| Current portion of amounts payable after more than one year | 42 | €18,646 | €33,106 | +€14,460 | +77.6% |
| Trade debts | 44 | €74,404 | €58,063 | -€16,342 | -22.0% |
| Suppliers | 440/4 | €74,404 | €58,063 | -€16,342 | -22.0% |
| Taxes, remuneration and social security | 45 | €54,467 | €47,068 | -€7,399 | -13.6% |
| Taxes | 450/3 | €13,485 | €1,240 | -€12,245 | -90.8% |
| Remuneration and social security | 454/9 | €40,983 | €45,828 | +€4,846 | +11.8% |
| Other amounts payable | 47/48 | €85,445 | €169,267 | +€83,822 | +98.1% |
| Accrued charges and deferred income | 492/3 | €8 | €2,322 | +€2,314 | +29,036% |
| Non-recurring operating income | 76A | €7,920 | €3,776 | -€4,145 | -52.3% |
| Remuneration, social security and pensions | 62 | €341,235 | €338,760 | -€2,475 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,046 | €51,040 | +€5,994 | +13.3% |
| Other operating charges | 640/8 | €1,568 | €2,850 | +€1,282 | +81.8% |
| Non-recurring operating charges | 66A | €13,907 | €969 | -€12,938 | -93.0% |
| Gross operating margin | 9900 | €494,250 | €447,370 | -€46,880 | -9.5% |
| Operating profit (loss) | 9901 | €92,494 | €53,751 | -€38,743 | -41.9% |
| Financial income | 75/76B | €568 | €87 | -€481 | -84.6% |
| Recurring financial income | 75 | €568 | €87 | -€481 | -84.6% |
| Financial charges | 65/66B | -€3,306 | €8,373 | +€11,679 | |
| Recurring financial charges | 65 | -€3,306 | €8,373 | +€11,679 | |
| Profit (loss) for the period before taxes | 9903 | €96,368 | €45,465 | -€50,903 | -52.8% |
| Income taxes | 67/77 | €24,885 | €18,787 | -€6,099 | -24.5% |
| Profit (loss) for the period | 9904 | €71,483 | €26,679 | -€44,804 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,483 | €26,679 | -€44,804 | -62.7% |
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 13 October 2026 via checked.be.