Montem: 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.
Montem
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+278.8%), from €625,322 to €2.4m
- Tangible fixed assets -€799,127
no longer reported in 2025 (was €799,127)
- Cash +€58,302
up €58,302 (+189.9%), from €30,702 to €89,004
mainly Investment in fixed assets (net) (+€799,127) and Debts after one year (+€698,237)
- Debts after one year +€698,237
up €698,237 (+26.4%), from €2.6m to €3.3m
of which Financial debts: +€1.3m
- Accrued charges and deferred income +€107,514
up €107,514 (+1512.0%), from €7,111 to €114,625
- Reserves +€97,897
up €97,897 (+169.8%), from €57,670 to €155,567
- Other debts +€82,400
up €82,400 (+1124.1%), from €7,330 to €89,730
- Gross operating margin +€311,609
up €311,609, from -€7,513 to €304,096
- Financial charges +€98,333
up €98,333 (+280.2%), from €35,100 to €133,433
- Financial income -€92,881
down €92,881 (-81.8%), from €113,598 to €20,717
- Other operating charges +€39,452
up €39,452 (+573.2%), from €6,883 to €46,335
- Taxes +€35,280
up €35,280 (+297.3%), from €11,868 to €47,149
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 | €2,743,704 | €3,743,719 | +€1.0m | +36.4% |
| Fixed assets | 21/28 | €2,055,224 | €1,256,098 | -€799,127 | -38.9% |
| Tangible fixed assets | 22/27 | €799,127 | - | -€799,127 | |
| Land and buildings | 22 | €799,127 | - | -€799,127 | |
| Financial fixed assets | 28 | €1,256,098 | €1,256,098 | = | 0.0% |
| Current assets | 29/58 | €688,479 | €2,487,621 | +€1.8m | +261.3% |
| Stocks and contracts in progress | 3 | €625,322 | €2,369,006 | +€1.7m | +278.8% |
| Stocks | 30/36 | €625,322 | €2,369,006 | +€1.7m | +278.8% |
| Amounts receivable within one year | 40/41 | €5,632 | €29,612 | +€23,980 | +425.8% |
| Other amounts receivable | 41 | €5,632 | €29,612 | +€23,980 | +425.8% |
| Cash at bank and in hand | 54/58 | €30,702 | €89,004 | +€58,302 | +189.9% |
| Deferred charges and accrued income | 490/1 | €26,823 | - | -€26,823 | |
| Total equity and liabilities | 10/49 | €2,743,704 | €3,743,719 | +€1.0m | +36.4% |
| Equity | 10/15 | €76,270 | €174,167 | +€97,897 | +128.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,670 | €155,567 | +€97,897 | +169.8% |
| Distributable reserves | 133 | €57,670 | €155,567 | +€97,897 | +169.8% |
| Amounts payable | 17/49 | €2,667,434 | €3,569,552 | +€902,119 | +33.8% |
| Amounts payable after more than one year | 17 | €2,649,812 | €3,348,048 | +€698,237 | +26.4% |
| Financial debts | 170/4 | €2,031,873 | €3,333,048 | +€1.3m | +64.0% |
| Other amounts payable | 178/9 | €617,939 | €15,000 | -€602,939 | -97.6% |
| Amounts payable within one year | 42/48 | €10,511 | €106,879 | +€96,368 | +916.8% |
| Taxes, remuneration and social security | 45 | €3,181 | €17,149 | +€13,968 | +439.1% |
| Taxes | 450/3 | €3,181 | €17,149 | +€13,968 | +439.1% |
| Other amounts payable | 47/48 | €7,330 | €89,730 | +€82,400 | +1124.1% |
| Accrued charges and deferred income | 492/3 | €7,111 | €114,625 | +€107,514 | +1512.0% |
| Other operating charges | 640/8 | €6,883 | €46,335 | +€39,452 | +573.2% |
| Non-recurring operating charges | 66A | €13,500 | - | -€13,500 | |
| Gross operating margin | 9900 | -€7,513 | €304,096 | +€311,609 | |
| Operating profit (loss) | 9901 | -€27,895 | €257,762 | +€285,657 | |
| Financial income | 75/76B | €113,598 | €20,717 | -€92,881 | -81.8% |
| Recurring financial income | 75 | €113,598 | €20,717 | -€92,881 | -81.8% |
| Financial charges | 65/66B | €35,100 | €133,433 | +€98,333 | +280.2% |
| Recurring financial charges | 65 | €35,100 | €133,433 | +€98,333 | +280.2% |
| Profit (loss) for the period before taxes | 9903 | €50,603 | €145,046 | +€94,442 | +186.6% |
| Income taxes | 67/77 | €11,868 | €47,149 | +€35,280 | +297.3% |
| Profit (loss) for the period | 9904 | €38,735 | €97,897 | +€59,162 | +152.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,735 | €97,897 | +€59,162 | +152.7% |
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 8 October 2026 via checked.be.