MONO-TONE: 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.
MONO-TONE
Largest movements
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Tangible fixed assets -€121,803
down €121,803 (-29.4%), from €413,902 to €292,099
of which Land and buildings: -€137,198
- Receivables within one year -€53,680
down €53,680 (-51.0%), from €105,193 to €51,513
of which Trade receivables: -€60,477
- Cash +€35,649
up €35,649 (+26.1%), from €136,636 to €172,286
mainly Current investments (+€150,000) and Investment in fixed assets (net) (+€70,695)
- Stocks and contracts +€25,627
new in 2025: €25,627
- Contributions -€200,000
down €200,000 (-98.0%), from €204,000 to €4,000
- Other debts -€128,502
down €128,502 (-83.0%), from €154,736 to €26,235
- Reserves +€61,084
up €61,084 (+17.1%), from €356,225 to €417,309
- Trade debts +€22,507
up €22,507 (+142%), from €15,895 to €38,402
- Debts after one year -€19,489
down €19,489 (-100%), from €19,489 to €0
- Gross operating margin +€40,866
up €40,866 (+41.7%), from €97,906 to €138,772
- Depreciation -€18,358
down €18,358 (-29.0%), from €63,250 to €44,892
- Taxes +€9,451
up €9,451 (+117%), from €8,108 to €17,559
- Other operating charges +€7,453
up €7,453 (+127%), from €5,869 to €13,322
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 | €811,578 | €548,674 | -€262,903 | -32.4% |
| Fixed assets | 21/28 | €414,202 | €298,615 | -€115,587 | -27.9% |
| Intangible fixed assets | 21 | - | €5,916 | +€5,916 | |
| Tangible fixed assets | 22/27 | €413,902 | €292,099 | -€121,803 | -29.4% |
| Land and buildings | 22 | €393,117 | €255,919 | -€137,198 | -34.9% |
| Plant, machinery and equipment | 23 | €15,843 | €32,347 | +€16,504 | +104% |
| Furniture and vehicles | 24 | €4,942 | €3,833 | -€1,109 | -22.4% |
| Financial fixed assets | 28 | €300 | €600 | +€300 | +100% |
| Current assets | 29/58 | €397,375 | €250,059 | -€147,316 | -37.1% |
| Stocks and contracts in progress | 3 | - | €25,627 | +€25,627 | |
| Stocks | 30/36 | - | €25,627 | +€25,627 | |
| Amounts receivable within one year | 40/41 | €105,193 | €51,513 | -€53,680 | -51.0% |
| Trade receivables | 40 | €88,217 | €27,739 | -€60,477 | -68.6% |
| Other amounts receivable | 41 | €16,976 | €23,773 | +€6,797 | +40.0% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €136,636 | €172,286 | +€35,649 | +26.1% |
| Deferred charges and accrued income | 490/1 | €5,546 | €634 | -€4,912 | -88.6% |
| Total equity and liabilities | 10/49 | €811,578 | €548,674 | -€262,903 | -32.4% |
| Equity | 10/15 | €560,225 | €421,309 | -€138,916 | -24.8% |
| Contributions | 10/11 | €204,000 | €4,000 | -€200,000 | -98.0% |
| Reserves | 13 | €356,225 | €417,309 | +€61,084 | +17.1% |
| Distributable reserves | 133 | €356,225 | €417,309 | +€61,084 | +17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €251,353 | €127,365 | -€123,987 | -49.3% |
| Amounts payable after more than one year | 17 | €19,489 | €0 | -€19,489 | -100% |
| Financial debts | 170/4 | €19,489 | €0 | -€19,489 | -100% |
| Amounts payable within one year | 42/48 | €204,492 | €86,316 | -€118,176 | -57.8% |
| Current portion of amounts payable after more than one year | 42 | €29,009 | €19,489 | -€9,519 | -32.8% |
| Trade debts | 44 | €15,895 | €38,402 | +€22,507 | +142% |
| Suppliers | 440/4 | €15,895 | €38,402 | +€22,507 | +142% |
| Taxes, remuneration and social security | 45 | €4,852 | €2,190 | -€2,662 | -54.9% |
| Taxes | 450/3 | €4,852 | €2,190 | -€2,662 | -54.9% |
| Other amounts payable | 47/48 | €154,736 | €26,235 | -€128,502 | -83.0% |
| Accrued charges and deferred income | 492/3 | €27,371 | €41,049 | +€13,678 | +50.0% |
| Non-recurring operating income | 76A | €0 | €102,875 | +€102,875 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,250 | €44,892 | -€18,358 | -29.0% |
| Other operating charges | 640/8 | €5,869 | €13,322 | +€7,453 | +127% |
| Non-recurring operating charges | 66A | €1,766 | €0 | -€1,766 | -100% |
| Gross operating margin | 9900 | €97,906 | €138,772 | +€40,866 | +41.7% |
| Operating profit (loss) | 9901 | €27,021 | €80,558 | +€53,538 | +198% |
| Financial income | 75/76B | €1,245 | €924 | -€321 | -25.8% |
| Recurring financial income | 75 | €1,245 | €924 | -€321 | -25.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €895 | €979 | +€84 | +9.4% |
| Recurring financial charges | 65 | €895 | €979 | +€84 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €27,371 | €80,503 | +€53,132 | +194% |
| Income taxes | 67/77 | €8,108 | €17,559 | +€9,451 | +117% |
| Profit (loss) for the period | 9904 | €19,263 | €62,944 | +€43,681 | +227% |
| Profit (loss) for the period to be appropriated | 9905 | €19,263 | €62,944 | +€43,681 | +227% |
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 15 October 2026 via checked.be.