MONTARO: 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.
MONTARO
Largest movements
- Tangible fixed assets +€71,104
up €71,104 (+212%), from €33,581 to €104,685
of which Leasing and similar rights: +€72,535
- Receivables within one year +€31,108
up €31,108 (+22.6%), from €137,948 to €169,056
of which Trade receivables: +€25,926
- Cash -€4,904
down €4,904 (-3.4%), from €144,195 to €139,292
mainly Investment in fixed assets (net) (-€86,491) and Other debts (-€69,155)
- Trade debts +€123,980
up €123,980 (+211%), from €58,875 to €182,855
- Other debts -€69,155
down €69,155 (-27.8%), from €248,801 to €179,646
- Debts after one year +€53,720
up €53,720 (+1,313%), from €4,091 to €57,811
- Profit (loss) carried forward -€20,417
down €20,417 (-26.2%), from -€77,919 to -€98,335
- Current portion of long-term debt +€8,774
up €8,774 (+91.9%), from €9,547 to €18,321
- Staff costs -€48,677
no longer reported in 2025 (was €48,677)
- Gross operating margin -€47,759
down €47,759 (-99.6%), from €47,938 to €180
- Financial charges -€7,081
down €7,081 (-83.6%), from €8,475 to €1,394
- Depreciation +€3,207
up €3,207 (+26.3%), from €12,180 to €15,387
- Other operating charges +€2,124
up €2,124 (+104%), from €2,046 to €4,170
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 | €393,551 | €487,712 | +€94,161 | +23.9% |
| Fixed assets | 21/28 | €58,081 | €129,185 | +€71,104 | +122% |
| Tangible fixed assets | 22/27 | €33,581 | €104,685 | +€71,104 | +212% |
| Plant, machinery and equipment | 23 | €17,107 | €13,180 | -€3,927 | -23.0% |
| Furniture and vehicles | 24 | €16,474 | €18,969 | +€2,495 | +15.1% |
| Leasing and similar rights | 25 | - | €72,535 | +€72,535 | |
| Financial fixed assets | 28 | €24,500 | €24,500 | = | 0.0% |
| Current assets | 29/58 | €335,470 | €358,528 | +€23,058 | +6.9% |
| Stocks and contracts in progress | 3 | €44,840 | €41,390 | -€3,450 | -7.7% |
| Stocks | 30/36 | €44,840 | €41,390 | -€3,450 | -7.7% |
| Amounts receivable within one year | 40/41 | €137,948 | €169,056 | +€31,108 | +22.6% |
| Trade receivables | 40 | €123,278 | €149,204 | +€25,926 | +21.0% |
| Other amounts receivable | 41 | €14,670 | €19,852 | +€5,182 | +35.3% |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €144,195 | €139,292 | -€4,904 | -3.4% |
| Deferred charges and accrued income | 490/1 | €3,486 | €3,789 | +€303 | +8.7% |
| Total equity and liabilities | 10/49 | €393,551 | €487,712 | +€94,161 | +23.9% |
| Equity | 10/15 | €66,997 | €46,580 | -€20,417 | -30.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €125,915 | €125,915 | = | 0.0% |
| Distributable reserves | 133 | €125,915 | €125,915 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,919 | -€98,335 | -€20,417 | -26.2% |
| Amounts payable | 17/49 | €326,554 | €441,132 | +€114,578 | +35.1% |
| Amounts payable after more than one year | 17 | €4,091 | €57,811 | +€53,720 | +1,313% |
| Financial debts | 170/4 | €4,091 | €57,811 | +€53,720 | +1,313% |
| Amounts payable within one year | 42/48 | €322,464 | €383,321 | +€60,858 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €9,547 | €18,321 | +€8,774 | +91.9% |
| Trade debts | 44 | €58,875 | €182,855 | +€123,980 | +211% |
| Suppliers | 440/4 | €58,875 | €182,855 | +€123,980 | +211% |
| Taxes, remuneration and social security | 45 | €5,241 | €2,500 | -€2,741 | -52.3% |
| Taxes | 450/3 | €1,736 | - | -€1,736 | |
| Remuneration and social security | 454/9 | €3,505 | €2,500 | -€1,005 | -28.7% |
| Other amounts payable | 47/48 | €248,801 | €179,646 | -€69,155 | -27.8% |
| Non-recurring operating income | 76A | €29,651 | - | -€29,651 | |
| Remuneration, social security and pensions | 62 | €48,677 | - | -€48,677 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,180 | €15,387 | +€3,207 | +26.3% |
| Other operating charges | 640/8 | €2,046 | €4,170 | +€2,124 | +104% |
| Non-recurring operating charges | 66A | €54,583 | - | -€54,583 | |
| Gross operating margin | 9900 | €47,938 | €180 | -€47,759 | -99.6% |
| Operating profit (loss) | 9901 | -€69,546 | -€19,377 | +€50,169 | +72.1% |
| Financial income | 75/76B | €133 | €413 | +€279 | +209% |
| Recurring financial income | 75 | €133 | €413 | +€279 | +209% |
| Financial charges | 65/66B | €8,475 | €1,394 | -€7,081 | -83.6% |
| Recurring financial charges | 65 | €8,475 | €1,394 | -€7,081 | -83.6% |
| Profit (loss) for the period before taxes | 9903 | -€77,888 | -€20,358 | +€57,530 | +73.9% |
| Income taxes | 67/77 | €31 | €59 | +€28 | +89.0% |
| Profit (loss) for the period | 9904 | -€77,919 | -€20,417 | +€57,502 | +73.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,919 | -€20,417 | +€57,502 | +73.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.