MONTAGE CEUSTERS: 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.
MONTAGE CEUSTERS
Largest movements
- Receivables within one year +€29,601
up €29,601 (+118%), from €25,092 to €54,692
of which Trade receivables: +€39,062
- Stocks and contracts -€24,008
down €24,008 (-43.3%), from €55,501 to €31,492
of which Stocks: -€14,283
- Cash -€22,513
down €22,513 (-12.0%), from €187,032 to €164,520
mainly Contributions, distributions and other (-€133,484) and Receivables within one year (-€29,601)
- Tangible fixed assets -€12,916
down €12,916 (-71.7%), from €18,023 to €5,107
of which Plant, machinery and equipment: -€8,594
- Deferred charges and accrued income -€4,946
down €4,946 (-100%), from €4,946 to €0
- Reserves -€50,697
down €50,697 (-19.5%), from €259,766 to €209,069
of which Distributable reserves: -€50,697
- Tax, wage and social debts +€19,042
up €19,042 (+201%), from €9,469 to €28,511
of which Taxes: +€21,941
- Trade debts -€3,126
down €3,126 (-20.6%), from €15,154 to €12,027
- Gross operating margin +€104,857
up €104,857 (+164%), from €64,023 to €168,880
- Staff costs -€25,105
down €25,105 (-31.5%), from €79,577 to €54,472
- Taxes +€18,242
up €18,242 (+5,117%), from €357 to €18,598
- Depreciation -€11,670
down €11,670 (-52.5%), from €22,230 to €10,559
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 | €290,594 | €255,812 | -€34,782 | -12.0% |
| Fixed assets | 21/28 | €18,023 | €5,107 | -€12,916 | -71.7% |
| Tangible fixed assets | 22/27 | €18,023 | €5,107 | -€12,916 | -71.7% |
| Land and buildings | 22 | €3,644 | €2,428 | -€1,216 | -33.4% |
| Plant, machinery and equipment | 23 | €11,072 | €2,477 | -€8,594 | -77.6% |
| Furniture and vehicles | 24 | €3,308 | €202 | -€3,106 | -93.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Current assets | 29/58 | €272,571 | €250,705 | -€21,866 | -8.0% |
| Stocks and contracts in progress | 3 | €55,501 | €31,492 | -€24,008 | -43.3% |
| Stocks | 30/36 | €45,776 | €31,492 | -€14,283 | -31.2% |
| Contracts in progress | 37 | €9,725 | €0 | -€9,725 | -100% |
| Amounts receivable within one year | 40/41 | €25,092 | €54,692 | +€29,601 | +118% |
| Trade receivables | 40 | €12,301 | €51,364 | +€39,062 | +318% |
| Other amounts receivable | 41 | €12,791 | €3,329 | -€9,462 | -74.0% |
| Cash at bank and in hand | 54/58 | €187,032 | €164,520 | -€22,513 | -12.0% |
| Deferred charges and accrued income | 490/1 | €4,946 | €0 | -€4,946 | -100% |
| Total equity and liabilities | 10/49 | €290,594 | €255,812 | -€34,782 | -12.0% |
| Equity | 10/15 | €265,971 | €215,274 | -€50,697 | -19.1% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €259,766 | €209,069 | -€50,697 | -19.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €257,906 | €207,209 | -€50,697 | -19.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,623 | €40,538 | +€15,915 | +64.6% |
| Amounts payable within one year | 42/48 | €24,623 | €40,538 | +€15,915 | +64.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €15,154 | €12,027 | -€3,126 | -20.6% |
| Suppliers | 440/4 | €15,154 | €12,027 | -€3,126 | -20.6% |
| Taxes, remuneration and social security | 45 | €9,469 | €28,511 | +€19,042 | +201% |
| Taxes | 450/3 | €147 | €22,088 | +€21,941 | +14,912% |
| Remuneration and social security | 454/9 | €9,322 | €6,422 | -€2,899 | -31.1% |
| Non-recurring operating income | 76A | - | €10,040 | +€10,040 | |
| Remuneration, social security and pensions | 62 | €79,577 | €54,472 | -€25,105 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,230 | €10,559 | -€11,670 | -52.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,089 | €0 | -€1,089 | -100% |
| Other operating charges | 640/8 | €2,321 | €1,379 | -€941 | -40.6% |
| Gross operating margin | 9900 | €64,023 | €168,880 | +€104,857 | +164% |
| Operating profit (loss) | 9901 | -€41,193 | €102,470 | +€143,663 | |
| Financial income | 75/76B | €1,151 | €811 | -€340 | -29.6% |
| Recurring financial income | 75 | €1,151 | €811 | -€340 | -29.6% |
| Financial charges | 65/66B | €2,740 | €1,897 | -€843 | -30.8% |
| Recurring financial charges | 65 | €2,740 | €1,897 | -€843 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | -€42,782 | €101,384 | +€144,166 | |
| Income taxes | 67/77 | €357 | €18,598 | +€18,242 | +5,117% |
| Profit (loss) for the period | 9904 | -€43,138 | €82,786 | +€125,925 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,138 | €82,786 | +€125,925 |
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 19 October 2026 via checked.be.