MONRAD: 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.
MONRAD
Largest movements
- Cash +€180,378
up €180,378 (+19.1%), from €942,277 to €1.1m
mainly Net result for the year (+€192,503) and Receivables within one year (+€39,942)
- Receivables within one year -€39,942
down €39,942 (-72.4%), from €55,153 to €15,211
- Reserves +€150,000
up €150,000 (+22.8%), from €656,860 to €806,860
- Other debts -€30,000
down €30,000 (-50.0%), from €60,000 to €30,000
- Profit (loss) carried forward +€12,503
up €12,503 (+6.6%), from €188,728 to €201,231
- Turnover +€94,901
up €94,901 (+23.7%), from €400,460 to €495,362
- Gross operating margin +€93,958
up €93,958 (+51.9%), from €181,007 to €274,965
- Taxes +€30,409
up €30,409 (+60.8%), from €49,992 to €80,401
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 | €998,086 | €1,142,056 | +€143,970 | +14.4% |
| Fixed assets | 21/28 | €538 | €4,067 | +€3,529 | +656.6% |
| Tangible fixed assets | 22/27 | - | €3,529 | +€3,529 | |
| Furniture and vehicles | 24 | - | €1,611 | +€1,611 | |
| Other tangible fixed assets | 26 | - | €1,918 | +€1,918 | |
| Financial fixed assets | 28 | €538 | €538 | = | 0.0% |
| Current assets | 29/58 | €997,548 | €1,137,989 | +€140,441 | +14.1% |
| Amounts receivable within one year | 40/41 | €55,153 | €15,211 | -€39,942 | -72.4% |
| Other amounts receivable | 41 | €55,153 | €15,211 | -€39,942 | -72.4% |
| Cash at bank and in hand | 54/58 | €942,277 | €1,122,655 | +€180,378 | +19.1% |
| Deferred charges and accrued income | 490/1 | €118 | €122 | +€4 | +3.4% |
| Total equity and liabilities | 10/49 | €998,086 | €1,142,056 | +€143,970 | +14.4% |
| Equity | 10/15 | €864,188 | €1,026,691 | +€162,503 | +18.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €656,860 | €806,860 | +€150,000 | +22.8% |
| Distributable reserves | 133 | €656,860 | €806,860 | +€150,000 | +22.8% |
| Profit (loss) carried forward | 14 | €188,728 | €201,231 | +€12,503 | +6.6% |
| Amounts payable | 17/49 | €133,897 | €115,365 | -€18,533 | -13.8% |
| Amounts payable within one year | 42/48 | €133,855 | €115,320 | -€18,534 | -13.8% |
| Trade debts | 44 | €4,863 | €4,927 | +€64 | +1.3% |
| Suppliers | 440/4 | €4,863 | €4,927 | +€64 | +1.3% |
| Taxes, remuneration and social security | 45 | €68,992 | €80,393 | +€11,401 | +16.5% |
| Taxes | 450/3 | €68,992 | €80,393 | +€11,401 | +16.5% |
| Other amounts payable | 47/48 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Accrued charges and deferred income | 492/3 | €43 | €45 | +€2 | +4.6% |
| Turnover | 70 | €400,460 | €495,362 | +€94,901 | +23.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €242,897 | €242,078 | -€819 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €398 | +€398 | |
| Other operating charges | 640/8 | €2,388 | €1,501 | -€888 | -37.2% |
| Gross operating margin | 9900 | €181,007 | €274,965 | +€93,958 | +51.9% |
| Operating profit (loss) | 9901 | €178,619 | €273,067 | +€94,448 | +52.9% |
| Financial income | 75/76B | €933 | €923 | -€10 | -1.1% |
| Recurring financial income | 75 | €933 | €923 | -€10 | -1.1% |
| Financial charges | 65/66B | €738 | €1,086 | +€348 | +47.1% |
| Recurring financial charges | 65 | €738 | €1,086 | +€348 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | €178,814 | €272,904 | +€94,089 | +52.6% |
| Income taxes | 67/77 | €49,992 | €80,401 | +€30,409 | +60.8% |
| Profit (loss) for the period | 9904 | €128,822 | €192,503 | +€63,680 | +49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €128,822 | €192,503 | +€63,680 | +49.4% |
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 12 October 2026 via checked.be.