MONTROSE: 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.
MONTROSE
Largest movements
- Receivables within one year +€229,021
up €229,021 (+15,013%), from €1,525 to €230,547
of which Other amounts receivable: +€229,954
- Cash -€53,483
down €53,483 (-71.3%), from €74,985 to €21,502
mainly Receivables within one year (-€229,021) and Current portion of long-term debt (-€31,929)
- Deferred charges and accrued income -€10,118
down €10,118 (-68.6%), from €14,739 to €4,621
- Debts after one year +€109,018
up €109,018 (+153%), from €71,092 to €180,110
- Reserves +€92,590
up €92,590 (+4,630%), from €2,000 to €94,590
- Current portion of long-term debt -€31,929
down €31,929 (-75.2%), from €42,479 to €10,551
- Profit (loss) carried forward -€20,560
down €20,560 (-100%), from €20,560 to €0
- Tax, wage and social debts +€18,267
up €18,267 (+210%), from €8,714 to €26,980
- Gross operating margin +€56,721
up €56,721 (+80.7%), from €70,322 to €127,043
- Taxes +€18,247
up €18,247 (+209%), from €8,734 to €26,980
- Depreciation -€18,020
down €18,020 (-94.3%), from €19,113 to €1,093
- Financial charges +€4,125
up €4,125 (+64.6%), from €6,389 to €10,513
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 | €185,943 | €350,271 | +€164,328 | +88.4% |
| Fixed assets | 21/28 | €94,693 | €93,601 | -€1,093 | -1.2% |
| Tangible fixed assets | 22/27 | €94,693 | €93,601 | -€1,093 | -1.2% |
| Land and buildings | 22 | €91,356 | €91,356 | = | 0.0% |
| Plant, machinery and equipment | 23 | €107 | - | -€107 | |
| Other tangible fixed assets | 26 | €3,231 | €2,245 | -€986 | -30.5% |
| Current assets | 29/58 | €91,250 | €256,670 | +€165,421 | +181% |
| Amounts receivable within one year | 40/41 | €1,525 | €230,547 | +€229,021 | +15,013% |
| Trade receivables | 40 | €1,479 | €547 | -€932 | -63.0% |
| Other amounts receivable | 41 | €47 | €230,000 | +€229,954 | +494,524% |
| Cash at bank and in hand | 54/58 | €74,985 | €21,502 | -€53,483 | -71.3% |
| Deferred charges and accrued income | 490/1 | €14,739 | €4,621 | -€10,118 | -68.6% |
| Total equity and liabilities | 10/49 | €185,943 | €350,271 | +€164,328 | +88.4% |
| Equity | 10/15 | €42,560 | €114,590 | +€72,030 | +169% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €94,590 | +€92,590 | +4,630% |
| Distributable reserves | 133 | €2,000 | €94,590 | +€92,590 | +4,630% |
| Profit (loss) carried forward | 14 | €20,560 | €0 | -€20,560 | -100% |
| Amounts payable | 17/49 | €143,383 | €235,681 | +€92,297 | +64.4% |
| Amounts payable after more than one year | 17 | €71,092 | €180,110 | +€109,018 | +153% |
| Financial debts | 170/4 | €71,092 | €180,110 | +€109,018 | +153% |
| Amounts payable within one year | 42/48 | €72,291 | €55,210 | -€17,081 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €42,479 | €10,551 | -€31,929 | -75.2% |
| Trade debts | 44 | €21,099 | €16,891 | -€4,207 | -19.9% |
| Suppliers | 440/4 | €21,099 | €16,891 | -€4,207 | -19.9% |
| Taxes, remuneration and social security | 45 | €8,714 | €26,980 | +€18,267 | +210% |
| Taxes | 450/3 | €8,714 | €26,980 | +€18,267 | +210% |
| Other amounts payable | 47/48 | - | €788 | +€788 | |
| Accrued charges and deferred income | 492/3 | - | €361 | +€361 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,113 | €1,093 | -€18,020 | -94.3% |
| Other operating charges | 640/8 | €16,071 | €16,426 | +€355 | +2.2% |
| Gross operating margin | 9900 | €70,322 | €127,043 | +€56,721 | +80.7% |
| Operating profit (loss) | 9901 | €35,138 | €109,524 | +€74,386 | +212% |
| Financial income | 75/76B | €92 | - | -€92 | |
| Recurring financial income | 75 | €92 | - | -€92 | |
| Financial charges | 65/66B | €6,389 | €10,513 | +€4,125 | +64.6% |
| Recurring financial charges | 65 | €6,389 | €10,513 | +€4,125 | +64.6% |
| Profit (loss) for the period before taxes | 9903 | €28,842 | €99,011 | +€70,169 | +243% |
| Income taxes | 67/77 | €8,734 | €26,980 | +€18,247 | +209% |
| Profit (loss) for the period | 9904 | €20,108 | €72,030 | +€51,922 | +258% |
| Profit (loss) for the period to be appropriated | 9905 | €20,108 | €72,030 | +€51,922 | +258% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.