Montefiore: 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.
What changed
Montefiore
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€181,793
2024 · €164,914+€16,880
Equity
€2.1m
2024 · €1.9m+€181,793
Cash
€131,982
2024 · €146,949-€14,967
Balance sheet total
€5.2m
2024 · €5.3m-€136,354
Largest movements
Assets
- Tangible fixed assets -€127,954
down €127,954 (-5.0%), from €2.6m to €2.4m
Equity and liabilities
- Debts after one year -€264,589
down €264,589 (-9.6%), from €2.8m to €2.5m
- Reserves +€181,793
up €181,793 (+46.6%), from €389,719 to €571,513
of which Distributable reserves: +€172,704
Income statement
- Gross operating margin +€22,781
up €22,781 (+6.1%), from €371,338 to €394,119
- Taxes +€5,627
up €5,627 (+10.2%), from €54,971 to €60,598
- Financial charges -€5,382
down €5,382 (-10.5%), from €51,457 to €46,074
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.
Result 2024
€164,914
Gross operating margin
+€22,781
Staff costs
+€39
Other operating charges
-€1,590
Other operating items
-€4,105
Financial income
-€0
Financial charges
+€5,382
Taxes
-€5,627
Result 2025
€181,793
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.
From operations
+€253,220
Investment
€0
Financing
-€268,187
Cash 2024
€146,949
From operations (derived)
+€253,220
Net result for the year
+€181,793
Depreciation
+€127,954
Receivables within one year
-€6,565
Deferred charges and accrued income
-€1
Trade debts
-€19,625
Tax, wage and social debts
+€5,281
Other debts
-€35,616
Financing
-€268,187
Debts after one year
-€264,589
Current portion of long-term debt
+€2,373
Short-term financial debts
-€5,970
Cash 2025
€131,982
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,305,124 | €5,168,770 | -€136,354 | -2.6% |
| Fixed assets | 21/28 | €2,561,030 | €2,433,076 | -€127,954 | -5.0% |
| Tangible fixed assets | 22/27 | €2,560,759 | €2,432,805 | -€127,954 | -5.0% |
| Land and buildings | 22 | €2,560,759 | €2,432,805 | -€127,954 | -5.0% |
| Financial fixed assets | 28 | €272 | €272 | = | 0.0% |
| Current assets | 29/58 | €2,744,094 | €2,735,693 | -€8,401 | -0.3% |
| Amounts receivable after more than one year | 29 | €2,500,000 | €2,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,500,000 | €2,500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €47,029 | €53,595 | +€6,565 | +14.0% |
| Trade receivables | 40 | €24,394 | €29,164 | +€4,769 | +19.6% |
| Other amounts receivable | 41 | €22,635 | €24,431 | +€1,796 | +7.9% |
| Cash at bank and in hand | 54/58 | €146,949 | €131,982 | -€14,967 | -10.2% |
| Deferred charges and accrued income | 490/1 | €50,116 | €50,117 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €5,305,124 | €5,168,770 | -€136,354 | -2.6% |
| Equity | 10/15 | €1,946,719 | €2,128,513 | +€181,793 | +9.3% |
| Contributions | 10/11 | €1,557,000 | €1,557,000 | = | 0.0% |
| Capital | 10 | €1,557,000 | €1,557,000 | = | 0.0% |
| Issued capital | 100 | €1,557,000 | €1,557,000 | = | 0.0% |
| Reserves | 13 | €389,719 | €571,513 | +€181,793 | +46.6% |
| Non-distributable reserves | 130/1 | €48,514 | €57,604 | +€9,090 | +18.7% |
| Legal reserve | 130 | €48,514 | €57,604 | +€9,090 | +18.7% |
| Tax-exempt reserves | 132 | €14,204 | €14,204 | = | 0.0% |
| Distributable reserves | 133 | €327,001 | €499,704 | +€172,704 | +52.8% |
| Amounts payable | 17/49 | €3,358,405 | €3,040,257 | -€318,148 | -9.5% |
| Amounts payable after more than one year | 17 | €2,758,975 | €2,494,385 | -€264,589 | -9.6% |
| Financial debts | 170/4 | €2,758,975 | €2,494,385 | -€264,589 | -9.6% |
| Amounts payable within one year | 42/48 | €599,430 | €545,871 | -€53,558 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €262,216 | €264,589 | +€2,373 | +0.9% |
| Financial debts | 43 | €23,645 | €17,675 | -€5,970 | -25.3% |
| Credit institutions | 430/8 | €23,645 | €17,675 | -€5,970 | -25.3% |
| Trade debts | 44 | €121,907 | €102,281 | -€19,625 | -16.1% |
| Suppliers | 440/4 | €121,907 | €102,281 | -€19,625 | -16.1% |
| Taxes, remuneration and social security | 45 | €18,384 | €23,664 | +€5,281 | +28.7% |
| Taxes | 450/3 | €18,384 | €23,664 | +€5,281 | +28.7% |
| Other amounts payable | 47/48 | €173,278 | €137,662 | -€35,616 | -20.6% |
| Remuneration, social security and pensions | 62 | €39 | €0 | -€39 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,954 | €127,954 | = | 0.0% |
| Other operating charges | 640/8 | €22,004 | €23,594 | +€1,590 | +7.2% |
| Non-recurring operating charges | 66A | - | €4,105 | +€4,105 | |
| Gross operating margin | 9900 | €371,338 | €394,119 | +€22,781 | +6.1% |
| Operating profit (loss) | 9901 | €221,341 | €238,465 | +€17,124 | +7.7% |
| Financial income | 75/76B | €50,000 | €50,000 | -€0 | 0.0% |
| Recurring financial income | 75 | €50,000 | €50,000 | -€0 | 0.0% |
| Financial charges | 65/66B | €51,457 | €46,074 | -€5,382 | -10.5% |
| Recurring financial charges | 65 | €51,457 | €46,074 | -€5,382 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €219,885 | €242,391 | +€22,506 | +10.2% |
| Income taxes | 67/77 | €54,971 | €60,598 | +€5,627 | +10.2% |
| Profit (loss) for the period | 9904 | €164,914 | €181,793 | +€16,880 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €164,914 | €181,793 | +€16,880 | +10.2% |
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 5 October 2026 via checked.be.