MONIN-DONNEZ: 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.
MONIN-DONNEZ
Largest movements
- Receivables within one year +€460,016
up €460,016 (+472%), from €97,369 to €557,385
of which Other amounts receivable: +€521,787
- Tangible fixed assets +€356,079
up €356,079 (+55.8%), from €637,768 to €993,847
of which Land and buildings: +€354,728
- Cash -€29,934
down €29,934 (-41.0%), from €72,988 to €43,054
mainly Receivables within one year (-€460,016) and Investment in fixed assets (net) (-€424,662)
- Debts after one year +€974,256
up €974,256 (+3,784%), from €25,744 to €1.0m
- Reserves -€73,900
down €73,900 (-14.1%), from €524,013 to €450,113
of which Distributable reserves: -€57,256
- Trade debts -€61,768
down €61,768 (-94.6%), from €65,268 to €3,500
- Other debts -€42,398
down €42,398 (-31.0%), from €136,749 to €94,351
- Financial charges +€42,995
up €42,995 (+104%), from €41,350 to €84,346
of which Financial charges: +€43,130
- Depreciation +€12,604
up €12,604 (+22.5%), from €55,978 to €68,583
- Gross operating margin -€2,427
down €2,427 (-2.9%), from €84,135 to €81,707
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 | €823,559 | €1,612,504 | +€788,946 | +95.8% |
| Fixed assets | 21/28 | €637,768 | €993,847 | +€356,079 | +55.8% |
| Tangible fixed assets | 22/27 | €637,768 | €993,847 | +€356,079 | +55.8% |
| Land and buildings | 22 | €636,229 | €990,957 | +€354,728 | +55.8% |
| Furniture and vehicles | 24 | €1,539 | €2,890 | +€1,351 | +87.8% |
| Current assets | 29/58 | €185,791 | €618,658 | +€432,867 | +233% |
| Amounts receivable within one year | 40/41 | €97,369 | €557,385 | +€460,016 | +472% |
| Trade receivables | 40 | €95,965 | €34,194 | -€61,771 | -64.4% |
| Other amounts receivable | 41 | €1,404 | €523,191 | +€521,787 | +37,164% |
| Current investments | 50/53 | €14,237 | €17,003 | +€2,766 | +19.4% |
| Cash at bank and in hand | 54/58 | €72,988 | €43,054 | -€29,934 | -41.0% |
| Deferred charges and accrued income | 490/1 | €1,198 | €1,215 | +€18 | +1.5% |
| Total equity and liabilities | 10/49 | €823,559 | €1,612,504 | +€788,946 | +95.8% |
| Equity | 10/15 | €530,211 | €456,310 | -€73,900 | -13.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €524,013 | €450,113 | -€73,900 | -14.1% |
| Tax-exempt reserves | 132 | €142,960 | €126,315 | -€16,645 | -11.6% |
| Distributable reserves | 133 | €381,053 | €323,798 | -€57,256 | -15.0% |
| Provisions and deferred taxes | 16 | €35,740 | €31,579 | -€4,161 | -11.6% |
| Deferred taxes | 168 | €35,740 | €31,579 | -€4,161 | -11.6% |
| Amounts payable | 17/49 | €257,608 | €1,124,615 | +€867,007 | +337% |
| Amounts payable after more than one year | 17 | €25,744 | €1,000,000 | +€974,256 | +3,784% |
| Financial debts | 170/4 | €25,744 | €1,000,000 | +€974,256 | +3,784% |
| Amounts payable within one year | 42/48 | €223,714 | €109,150 | -€114,564 | -51.2% |
| Current portion of amounts payable after more than one year | 42 | €20,466 | €10,307 | -€10,159 | -49.6% |
| Trade debts | 44 | €65,268 | €3,500 | -€61,768 | -94.6% |
| Suppliers | 440/4 | €65,268 | €3,500 | -€61,768 | -94.6% |
| Taxes, remuneration and social security | 45 | €1,231 | €992 | -€239 | -19.4% |
| Taxes | 450/3 | €1,231 | €992 | -€239 | -19.4% |
| Other amounts payable | 47/48 | €136,749 | €94,351 | -€42,398 | -31.0% |
| Accrued charges and deferred income | 492/3 | €8,149 | €15,465 | +€7,315 | +89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,978 | €68,583 | +€12,604 | +22.5% |
| Other operating charges | 640/8 | €6,090 | €6,913 | +€822 | +13.5% |
| Non-recurring operating charges | 66A | - | €83 | +€83 | |
| Gross operating margin | 9900 | €84,135 | €81,707 | -€2,427 | -2.9% |
| Operating profit (loss) | 9901 | €22,066 | €6,129 | -€15,937 | -72.2% |
| Financial income | 75/76B | €137 | €155 | +€18 | +13.1% |
| Recurring financial income | 75 | €137 | €155 | +€18 | +13.1% |
| Financial charges | 65/66B | €41,350 | €84,346 | +€42,995 | +104% |
| Recurring financial charges | 65 | €41,216 | €84,346 | +€43,130 | +105% |
| Non-recurring financial charges | 66B | €134 | - | -€134 | |
| Profit (loss) for the period before taxes | 9903 | -€19,147 | -€78,062 | -€58,914 | -308% |
| Transfer from deferred taxes | 780 | €4,161 | €4,161 | = | 0.0% |
| Income taxes | 67/77 | €592 | - | -€592 | |
| Profit (loss) for the period | 9904 | -€15,578 | -€73,900 | -€58,322 | -374% |
| Transfer from tax-exempt reserves | 789 | €16,645 | €16,645 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,066 | -€57,256 | -€58,322 |
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 1 November 2026 via checked.be.