MONTBORON: what changed
Two fiscal 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.
MONTBORON
Largest movements
- Current investments +€100,000
up €100,000 (+23.3%), from €430,001 to €530,000
- Receivables within one year +€24,648
up €24,648 (+9.7%), from €253,171 to €277,819
of which Trade receivables: +€27,097
- Cash -€14,201
down €14,201 (-4.5%), from €317,062 to €302,861
mainly Contributions, distributions and other (-€108,000) and Current investments (-€100,000)
- Reserves +€94,799
up €94,799 (+11.2%), from €847,460 to €942,259
- Other debts +€90,850
up €90,850 (+429.2%), from €21,166 to €112,016
- Short-term financial debts -€45,908
down €45,908 (-66.7%), from €68,864 to €22,956
- Tax, wage and social debts -€17,069
down €17,069 (-40.3%), from €42,327 to €25,258
- Gross operating margin +€39,122
up €39,122 (+15.2%), from €258,028 to €297,150
- Taxes +€10,573
up €10,573 (+13.0%), from €81,450 to €92,023
- Financial income -€3,987
down €3,987 (-60.2%), from €6,623 to €2,636
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 | €1,022,280 | €1,143,739 | +€121,459 | +11.9% |
| Fixed assets | 21/28 | €21,758 | €32,661 | +€10,903 | +50.1% |
| Tangible fixed assets | 22/27 | €11,758 | €22,661 | +€10,903 | +92.7% |
| Land and buildings | 22 | €1,089 | €5,800 | +€4,711 | +432.5% |
| Furniture and vehicles | 24 | €10,668 | €16,860 | +€6,192 | +58.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €1,000,523 | €1,111,079 | +€110,556 | +11.0% |
| Amounts receivable within one year | 40/41 | €253,171 | €277,819 | +€24,648 | +9.7% |
| Trade receivables | 40 | €250,703 | €277,800 | +€27,097 | +10.8% |
| Other amounts receivable | 41 | €2,468 | €19 | -€2,449 | -99.2% |
| Current investments | 50/53 | €430,001 | €530,000 | +€100,000 | +23.3% |
| Cash at bank and in hand | 54/58 | €317,062 | €302,861 | -€14,201 | -4.5% |
| Deferred charges and accrued income | 490/1 | €289 | €398 | +€110 | +37.9% |
| Total equity and liabilities | 10/49 | €1,022,280 | €1,143,739 | +€121,459 | +11.9% |
| Equity | 10/15 | €885,992 | €980,791 | +€94,799 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €847,460 | €942,259 | +€94,799 | +11.2% |
| Distributable reserves | 133 | €847,460 | €942,259 | +€94,799 | +11.2% |
| Profit (loss) carried forward | 14 | €19,932 | €19,932 | = | 0.0% |
| Amounts payable | 17/49 | €136,288 | €162,949 | +€26,660 | +19.6% |
| Amounts payable within one year | 42/48 | €136,288 | €162,949 | +€26,660 | +19.6% |
| Financial debts | 43 | €68,864 | €22,956 | -€45,908 | -66.7% |
| Other loans | 439 | €68,864 | €22,956 | -€45,908 | -66.7% |
| Trade debts | 44 | €3,933 | €2,719 | -€1,214 | -30.9% |
| Suppliers | 440/4 | €3,933 | €2,719 | -€1,214 | -30.9% |
| Taxes, remuneration and social security | 45 | €42,327 | €25,258 | -€17,069 | -40.3% |
| Taxes | 450/3 | €42,327 | €25,258 | -€17,069 | -40.3% |
| Other amounts payable | 47/48 | €21,166 | €112,016 | +€90,850 | +429.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,940 | €2,860 | +€920 | +47.4% |
| Other operating charges | 640/8 | €372 | €326 | -€46 | -12.4% |
| Gross operating margin | 9900 | €258,028 | €297,150 | +€39,122 | +15.2% |
| Operating profit (loss) | 9901 | €255,716 | €293,964 | +€38,248 | +15.0% |
| Financial income | 75/76B | €6,623 | €2,636 | -€3,987 | -60.2% |
| Recurring financial income | 75 | €6,623 | €2,636 | -€3,987 | -60.2% |
| Financial charges | 65/66B | €1,798 | €1,779 | -€19 | -1.1% |
| Recurring financial charges | 65 | €1,798 | €1,779 | -€19 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €260,542 | €294,822 | +€34,280 | +13.2% |
| Income taxes | 67/77 | €81,450 | €92,023 | +€10,573 | +13.0% |
| Profit (loss) for the period | 9904 | €179,093 | €202,799 | +€23,706 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €179,093 | €202,799 | +€23,706 | +13.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.