Montreal Development: 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.
Montreal Development
Largest movements
- Stocks and contracts -€2.2m
down €2.2m (-40.5%), from €5.5m to €3.3m
of which Stocks: -€1.9m
- Receivables within one year +€1.0m
up €1.0m (+479%), from €211,406 to €1.2m
of which Other amounts receivable: +€896,941
- Cash -€660,665
down €660,665 (-58.3%), from €1.1m to €472,640
mainly Advances received (-€2.5m) and Receivables within one year (-€1.0m)
- Deferred charges and accrued income +€401,864
up €401,864 (+11,249%), from €3,573 to €405,436
- Financial fixed assets -€250,000
down €250,000 (-48.9%), from €510,800 to €260,800
- Advances received -€2.5m
down €2.5m (-100%), from €2.5m to €0
- Debts after one year +€1.8m
up €1.8m (+473%), from €370,000 to €2.1m
- Accrued charges and deferred income -€491,685
down €491,685 (-100%), from €491,685 to €0
- Trade debts +€466,331
up €466,331 (+148%), from €314,659 to €780,990
- Short-term financial debts -€450,000
down €450,000 (-31.0%), from €1.5m to €1.0m
of which Other loans: -€1.2m
- Financial charges -€63,431
down €63,431 (-41.3%), from €153,524 to €90,093
- Gross operating margin -€40,315
down €40,315 (-13.6%), from €296,340 to €256,025
- Other operating charges +€21,178
up €21,178 (+1,193%), from €1,775 to €22,953
- Staff costs -€4,778
down €4,778 (-3.8%), from €125,892 to €121,114
- Depreciation +€4,185
up €4,185 (+139%), from €3,010 to €7,195
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 | €7,389,198 | €5,689,558 | -€1.7m | -23.0% |
| Fixed assets | 21/28 | €529,127 | €306,991 | -€222,136 | -42.0% |
| Tangible fixed assets | 22/27 | €18,327 | €46,191 | +€27,864 | +152% |
| Plant, machinery and equipment | 23 | €8,570 | €7,228 | -€1,342 | -15.7% |
| Furniture and vehicles | 24 | €5,984 | €35,190 | +€29,206 | +488% |
| Other tangible fixed assets | 26 | €3,774 | €3,774 | = | 0.0% |
| Financial fixed assets | 28 | €510,800 | €260,800 | -€250,000 | -48.9% |
| Current assets | 29/58 | €6,860,070 | €5,382,566 | -€1.5m | -21.5% |
| Amounts receivable after more than one year | 29 | €5,774 | €5,774 | = | 0.0% |
| Other amounts receivable | 291 | €5,774 | €5,774 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5,506,012 | €3,274,676 | -€2.2m | -40.5% |
| Stocks | 30/36 | €1,905,692 | €6,250 | -€1.9m | -99.7% |
| Contracts in progress | 37 | €3,600,321 | €3,268,426 | -€331,895 | -9.2% |
| Amounts receivable within one year | 40/41 | €211,406 | €1,224,040 | +€1.0m | +479% |
| Trade receivables | 40 | €62,822 | €178,515 | +€115,693 | +184% |
| Other amounts receivable | 41 | €148,584 | €1,045,525 | +€896,941 | +604% |
| Cash at bank and in hand | 54/58 | €1,133,306 | €472,640 | -€660,665 | -58.3% |
| Deferred charges and accrued income | 490/1 | €3,573 | €405,436 | +€401,864 | +11,249% |
| Total equity and liabilities | 10/49 | €7,389,198 | €5,689,558 | -€1.7m | -23.0% |
| Equity | 10/15 | €435,795 | €220,223 | -€215,572 | -49.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €373,795 | €158,223 | -€215,572 | -57.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €367,595 | €152,023 | -€215,572 | -58.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,953,403 | €5,469,335 | -€1.5m | -21.3% |
| Amounts payable after more than one year | 17 | €370,000 | €2,120,000 | +€1.8m | +473% |
| Financial debts | 170/4 | €370,000 | €2,120,000 | +€1.8m | +473% |
| Amounts payable within one year | 42/48 | €6,091,718 | €3,349,335 | -€2.7m | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Financial debts | 43 | €1,450,000 | €1,000,000 | -€450,000 | -31.0% |
| Credit institutions | 430/8 | €300,000 | €1,000,000 | +€700,000 | +233% |
| Other loans | 439 | €1,150,000 | €0 | -€1.2m | -100% |
| Trade debts | 44 | €314,659 | €780,990 | +€466,331 | +148% |
| Suppliers | 440/4 | €314,659 | €780,990 | +€466,331 | +148% |
| Advances received on contracts in progress | 46 | €2,510,021 | €0 | -€2.5m | -100% |
| Taxes, remuneration and social security | 45 | €215,668 | €92,328 | -€123,339 | -57.2% |
| Taxes | 450/3 | €202,791 | €78,277 | -€124,514 | -61.4% |
| Remuneration and social security | 454/9 | €12,876 | €14,051 | +€1,175 | +9.1% |
| Other amounts payable | 47/48 | €1,451,370 | €1,376,017 | -€75,353 | -5.2% |
| Accrued charges and deferred income | 492/3 | €491,685 | €0 | -€491,685 | -100% |
| Remuneration, social security and pensions | 62 | €125,892 | €121,114 | -€4,778 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,010 | €7,195 | +€4,185 | +139% |
| Other operating charges | 640/8 | €1,775 | €22,953 | +€21,178 | +1,193% |
| Gross operating margin | 9900 | €296,340 | €256,025 | -€40,315 | -13.6% |
| Operating profit (loss) | 9901 | €165,663 | €104,763 | -€60,900 | -36.8% |
| Financial income | 75/76B | €2,937 | €3,708 | +€771 | +26.2% |
| Recurring financial income | 75 | €2,937 | €3,708 | +€771 | +26.2% |
| Financial charges | 65/66B | €153,524 | €90,093 | -€63,431 | -41.3% |
| Recurring financial charges | 65 | €153,524 | €90,093 | -€63,431 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €15,077 | €18,377 | +€3,301 | +21.9% |
| Income taxes | 67/77 | €11,040 | €10,675 | -€365 | -3.3% |
| Profit (loss) for the period | 9904 | €4,036 | €7,702 | +€3,666 | +90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,036 | €7,702 | +€3,666 | +90.8% |
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 19 October 2026 via checked.be.