Montana Group: what changed
Montana Group
Largest movements
- Cash -€80,973
down €80,973 (-41.9%), from €193,035 to €112,062
mainly Trade debts (-€79,198) and Accrued charges and deferred income (-€73,379)
- Receivables within one year -€55,777
down €55,777 (-76.1%), from €73,306 to €17,529
of which Trade receivables: -€30,563
- Intangible fixed assets +€9,460
new in 2025: €9,460
- Trade debts -€79,198
down €79,198 (-86.9%), from €91,151 to €11,953
- Accrued charges and deferred income -€73,379
down €73,379 (-100%), from €73,379 to €0
- Reserves +€20,000
up €20,000 (+57.1%), from €35,000 to €55,000
- Other debts +€6,791
up €6,791 (+756%), from €898 to €7,689
- Tax, wage and social debts -€6,355
down €6,355 (-33.3%), from €19,092 to €12,738
of which Taxes: -€8,315
- Gross operating margin +€27,529
up €27,529 (+45.2%), from €60,969 to €88,498
- Staff costs +€9,581
up €9,581 (+47.9%), from €19,981 to €29,561
- Financial charges +€5,609
up €5,609 (+3,293%), from €170 to €5,779
- Depreciation +€2,424
up €2,424 (+272%), from €891 to €3,315
- Taxes +€1,897
up €1,897 (+13.7%), from €13,878 to €15,775
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €270,494 | €142,054 | -€128,441 | -47.5% |
| Fixed assets | 21/28 | €3,643 | €12,153 | +€8,510 | +234% |
| Intangible fixed assets | 21 | - | €9,460 | +€9,460 | |
| Tangible fixed assets | 22/27 | €3,643 | €2,693 | -€950 | -26.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,643 | €2,693 | -€950 | -26.1% |
| Current assets | 29/58 | €266,851 | €129,901 | -€136,950 | -51.3% |
| Amounts receivable within one year | 40/41 | €73,306 | €17,529 | -€55,777 | -76.1% |
| Trade receivables | 40 | €46,776 | €16,212 | -€30,563 | -65.3% |
| Other amounts receivable | 41 | €26,530 | €1,317 | -€25,214 | -95.0% |
| Cash at bank and in hand | 54/58 | €193,035 | €112,062 | -€80,973 | -41.9% |
| Deferred charges and accrued income | 490/1 | €510 | €310 | -€201 | -39.3% |
| Total equity and liabilities | 10/49 | €270,494 | €142,054 | -€128,441 | -47.5% |
| Equity | 10/15 | €85,973 | €109,674 | +€23,701 | +27.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €35,000 | €55,000 | +€20,000 | +57.1% |
| Distributable reserves | 133 | €35,000 | €55,000 | +€20,000 | +57.1% |
| Profit (loss) carried forward | 14 | €30,973 | €34,674 | +€3,701 | +11.9% |
| Amounts payable | 17/49 | €184,522 | €32,380 | -€152,142 | -82.5% |
| Amounts payable within one year | 42/48 | €111,142 | €32,380 | -€78,762 | -70.9% |
| Trade debts | 44 | €91,151 | €11,953 | -€79,198 | -86.9% |
| Suppliers | 440/4 | €91,151 | €11,953 | -€79,198 | -86.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €19,092 | €12,738 | -€6,355 | -33.3% |
| Taxes | 450/3 | €17,169 | €8,855 | -€8,315 | -48.4% |
| Remuneration and social security | 454/9 | €1,923 | €3,883 | +€1,960 | +102% |
| Other amounts payable | 47/48 | €898 | €7,689 | +€6,791 | +756% |
| Accrued charges and deferred income | 492/3 | €73,379 | €0 | -€73,379 | -100% |
| Remuneration, social security and pensions | 62 | €19,981 | €29,561 | +€9,581 | +47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €891 | €3,315 | +€2,424 | +272% |
| Other operating charges | 640/8 | €408 | €413 | +€6 | +1.4% |
| Gross operating margin | 9900 | €60,969 | €88,498 | +€27,529 | +45.2% |
| Operating profit (loss) | 9901 | €39,689 | €55,208 | +€15,519 | +39.1% |
| Financial income | 75/76B | €569 | €47 | -€522 | -91.7% |
| Recurring financial income | 75 | €569 | €47 | -€522 | -91.7% |
| Financial charges | 65/66B | €170 | €5,779 | +€5,609 | +3,293% |
| Recurring financial charges | 65 | €170 | €5,779 | +€5,609 | +3,293% |
| Profit (loss) for the period before taxes | 9903 | €40,087 | €49,476 | +€9,388 | +23.4% |
| Income taxes | 67/77 | €13,878 | €15,775 | +€1,897 | +13.7% |
| Profit (loss) for the period | 9904 | €26,210 | €33,701 | +€7,491 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,210 | €33,701 | +€7,491 | +28.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.