MONTES: 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.
MONTES
Largest movements
- Current investments +€111,000
up €111,000 (+69.8%), from €159,000 to €270,000
- Cash +€53,562
up €53,562 (+419.6%), from €12,764 to €66,326
mainly Net result for the year (+€166,308) and Depreciation (+€13,450)
- Tangible fixed assets -€13,450
down €13,450 (-24.0%), from €56,058 to €42,609
of which Furniture and vehicles: -€13,450
- Receivables within one year +€8,754
up €8,754 (+33.2%), from €26,333 to €35,086
of which Trade receivables: +€9,107
- Reserves +€166,308
up €166,308 (+108.7%), from €152,959 to €319,267
- Debts after one year -€10,062
down €10,062 (-36.9%), from €27,279 to €17,217
- Gross operating margin +€22,788
up €22,788 (+10.1%), from €225,919 to €248,707
- Staff costs +€15,355
new in 2025: €15,355
- Depreciation -€6,156
down €6,156 (-31.4%), from €19,606 to €13,450
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 | €254,167 | €415,678 | +€161,510 | +63.5% |
| Fixed assets | 21/28 | €56,058 | €42,609 | -€13,450 | -24.0% |
| Tangible fixed assets | 22/27 | €56,058 | €42,609 | -€13,450 | -24.0% |
| Land and buildings | 22 | €8,415 | €8,415 | = | 0.0% |
| Furniture and vehicles | 24 | €47,643 | €34,194 | -€13,450 | -28.2% |
| Current assets | 29/58 | €198,109 | €373,069 | +€174,960 | +88.3% |
| Amounts receivable within one year | 40/41 | €26,333 | €35,086 | +€8,754 | +33.2% |
| Trade receivables | 40 | €25,979 | €35,086 | +€9,107 | +35.1% |
| Other amounts receivable | 41 | €354 | - | -€354 | |
| Current investments | 50/53 | €159,000 | €270,000 | +€111,000 | +69.8% |
| Cash at bank and in hand | 54/58 | €12,764 | €66,326 | +€53,562 | +419.6% |
| Deferred charges and accrued income | 490/1 | €12 | €1,657 | +€1,645 | +13765.9% |
| Total equity and liabilities | 10/49 | €254,167 | €415,678 | +€161,510 | +63.5% |
| Equity | 10/15 | €157,959 | €324,267 | +€166,308 | +105.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €152,959 | €319,267 | +€166,308 | +108.7% |
| Distributable reserves | 133 | €152,959 | €319,267 | +€166,308 | +108.7% |
| Amounts payable | 17/49 | €96,208 | €91,411 | -€4,798 | -5.0% |
| Amounts payable after more than one year | 17 | €27,279 | €17,217 | -€10,062 | -36.9% |
| Financial debts | 170/4 | €27,279 | €17,217 | -€10,062 | -36.9% |
| Amounts payable within one year | 42/48 | €68,930 | €74,194 | +€5,264 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €9,866 | €10,062 | +€196 | +2.0% |
| Trade debts | 44 | - | €271 | +€271 | |
| Suppliers | 440/4 | - | €271 | +€271 | |
| Taxes, remuneration and social security | 45 | €50,182 | €54,273 | +€4,090 | +8.2% |
| Taxes | 450/3 | €50,182 | €52,198 | +€2,016 | +4.0% |
| Remuneration and social security | 454/9 | - | €2,075 | +€2,075 | |
| Other amounts payable | 47/48 | €8,882 | €9,588 | +€706 | +8.0% |
| Remuneration, social security and pensions | 62 | - | €15,355 | +€15,355 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,606 | €13,450 | -€6,156 | -31.4% |
| Other operating charges | 640/8 | €3,097 | €2,495 | -€602 | -19.4% |
| Gross operating margin | 9900 | €225,919 | €248,707 | +€22,788 | +10.1% |
| Operating profit (loss) | 9901 | €203,217 | €217,407 | +€14,190 | +7.0% |
| Financial income | 75/76B | €1,714 | €3,053 | +€1,339 | +78.1% |
| Recurring financial income | 75 | €1,714 | €3,053 | +€1,339 | +78.1% |
| Financial charges | 65/66B | €1,275 | €1,274 | -€1 | -0.1% |
| Recurring financial charges | 65 | €1,275 | €1,274 | -€1 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €203,656 | €219,186 | +€15,530 | +7.6% |
| Income taxes | 67/77 | €50,697 | €52,878 | +€2,181 | +4.3% |
| Profit (loss) for the period | 9904 | €152,959 | €166,308 | +€13,349 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €152,959 | €166,308 | +€13,349 | +8.7% |
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 3 October 2026 via checked.be.