MONTRA: 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.
MONTRA
Largest movements
- Receivables within one year -€182,817
down €182,817 (-61.0%), from €299,682 to €116,865
of which Trade receivables: -€188,736
- Cash +€102,797
up €102,797 (+24.1%), from €426,692 to €529,489
mainly Receivables within one year (+€182,817) and Net result for the year (+€110,993)
- Tangible fixed assets -€59,447
down €59,447 (-25.5%), from €232,958 to €173,511
of which Furniture and vehicles: -€29,753
- Trade debts -€117,971
down €117,971 (-49.1%), from €240,152 to €122,181
- Reserves +€107,752
up €107,752 (+17.0%), from €633,845 to €741,597
- Tax, wage and social debts -€54,555
down €54,555 (-53.9%), from €101,238 to €46,683
of which Taxes: -€54,762
- Debts after one year -€47,528
down €47,528 (-36.3%), from €130,936 to €83,408
- Other debts -€34,744
down €34,744 (-31.6%), from €109,817 to €75,073
- Gross operating margin -€78,087
down €78,087 (-18.1%), from €431,513 to €353,426
- Taxes -€40,856
down €40,856 (-42.8%), from €95,537 to €54,681
- Other operating charges +€35,907
up €35,907 (+1,218%), from €2,948 to €38,855
- Depreciation +€10,743
up €10,743 (+20.2%), from €53,284 to €64,027
- Financial income -€6,902
down €6,902 (-70.7%), from €9,759 to €2,856
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 | €1,260,457 | €1,117,802 | -€142,655 | -11.3% |
| Fixed assets | 21/28 | €256,658 | €187,381 | -€69,278 | -27.0% |
| Tangible fixed assets | 22/27 | €232,958 | €173,511 | -€59,447 | -25.5% |
| Land and buildings | 22 | €26,279 | €22,267 | -€4,012 | -15.3% |
| Plant, machinery and equipment | 23 | €2,933 | €2,636 | -€297 | -10.1% |
| Furniture and vehicles | 24 | €116,514 | €86,761 | -€29,753 | -25.5% |
| Leasing and similar rights | 25 | €65,916 | €38,563 | -€27,353 | -41.5% |
| Other tangible fixed assets | 26 | €21,316 | €23,284 | +€1,968 | +9.2% |
| Financial fixed assets | 28 | €23,700 | €13,869 | -€9,831 | -41.5% |
| Current assets | 29/58 | €1,003,798 | €930,421 | -€73,377 | -7.3% |
| Stocks and contracts in progress | 3 | €258,075 | €266,491 | +€8,417 | +3.3% |
| Stocks | 30/36 | €258,075 | €266,491 | +€8,417 | +3.3% |
| Amounts receivable within one year | 40/41 | €299,682 | €116,865 | -€182,817 | -61.0% |
| Trade receivables | 40 | €299,682 | €110,945 | -€188,736 | -63.0% |
| Other amounts receivable | 41 | - | €5,919 | +€5,919 | |
| Cash at bank and in hand | 54/58 | €426,692 | €529,489 | +€102,797 | +24.1% |
| Deferred charges and accrued income | 490/1 | €19,350 | €17,576 | -€1,774 | -9.2% |
| Total equity and liabilities | 10/49 | €1,260,457 | €1,117,802 | -€142,655 | -11.3% |
| Equity | 10/15 | €628,647 | €736,399 | +€107,752 | +17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €633,845 | €741,597 | +€107,752 | +17.0% |
| Distributable reserves | 133 | €633,845 | €741,597 | +€107,752 | +17.0% |
| Profit (loss) carried forward | 14 | -€23,798 | -€23,798 | = | 0.0% |
| Amounts payable | 17/49 | €631,809 | €381,402 | -€250,407 | -39.6% |
| Amounts payable after more than one year | 17 | €130,936 | €83,408 | -€47,528 | -36.3% |
| Financial debts | 170/4 | €130,936 | €83,408 | -€47,528 | -36.3% |
| Amounts payable within one year | 42/48 | €500,873 | €291,466 | -€209,408 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €49,666 | €47,528 | -€2,138 | -4.3% |
| Trade debts | 44 | €240,152 | €122,181 | -€117,971 | -49.1% |
| Suppliers | 440/4 | €240,152 | €122,181 | -€117,971 | -49.1% |
| Taxes, remuneration and social security | 45 | €101,238 | €46,683 | -€54,555 | -53.9% |
| Taxes | 450/3 | €92,094 | €37,332 | -€54,762 | -59.5% |
| Remuneration and social security | 454/9 | €9,144 | €9,351 | +€207 | +2.3% |
| Other amounts payable | 47/48 | €109,817 | €75,073 | -€34,744 | -31.6% |
| Accrued charges and deferred income | 492/3 | - | €6,528 | +€6,528 | |
| Non-recurring operating income | 76A | €7,692 | - | -€7,692 | |
| Remuneration, social security and pensions | 62 | €71,758 | €75,390 | +€3,632 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,284 | €64,027 | +€10,743 | +20.2% |
| Other operating charges | 640/8 | €2,948 | €38,855 | +€35,907 | +1,218% |
| Non-recurring operating charges | 66A | €277 | €0 | -€277 | -100% |
| Gross operating margin | 9900 | €431,513 | €353,426 | -€78,087 | -18.1% |
| Operating profit (loss) | 9901 | €303,246 | €175,154 | -€128,092 | -42.2% |
| Financial income | 75/76B | €9,759 | €2,856 | -€6,902 | -70.7% |
| Recurring financial income | 75 | €9,759 | €2,856 | -€6,902 | -70.7% |
| Financial charges | 65/66B | €15,748 | €12,337 | -€3,411 | -21.7% |
| Recurring financial charges | 65 | €15,748 | €12,337 | -€3,411 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €297,257 | €165,674 | -€131,583 | -44.3% |
| Income taxes | 67/77 | €95,537 | €54,681 | -€40,856 | -42.8% |
| Profit (loss) for the period | 9904 | €201,720 | €110,993 | -€90,728 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €201,720 | €110,993 | -€90,728 | -45.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.