MONTSERRAT: 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.
MONTSERRAT
Largest movements
- Tangible fixed assets -€367,127
down €367,127 (-8.7%), from €4.2m to €3.9m
of which Plant, machinery and equipment: -€227,800
- Cash +€242,344
up €242,344 (+52.6%), from €461,020 to €703,364
mainly Depreciation (+€600,592) and Net result for the year (+€220,361)
- Stocks and contracts -€165,098
down €165,098 (-12.4%), from €1.3m to €1.2m
- Short-term financial debts -€250,000
down €250,000 (-20.8%), from €1.2m to €950,000
- Reserves +€201,105
up €201,105 (+18.6%), from €1.1m to €1.3m
of which Distributable reserves: +€220,000
- Trade debts -€133,067
down €133,067 (-22.8%), from €582,629 to €449,561
- Tax, wage and social debts +€95,529
up €95,529 (+430%), from €22,209 to €117,737
of which Taxes: +€87,166
- Current portion of long-term debt -€88,177
down €88,177 (-13.6%), from €649,180 to €561,002
- Gross operating margin +€162,035
up €162,035 (+12.4%), from €1.3m to €1.5m
- Financial charges +€44,175
up €44,175 (+20.5%), from €215,033 to €259,208
- Depreciation +€41,439
up €41,439 (+7.4%), from €559,153 to €600,592
- Taxes +€37,836
up €37,836 (+84.6%), from €44,704 to €82,541
- Staff costs +€33,769
up €33,769 (+12.2%), from €277,176 to €310,945
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 | €7,081,871 | €6,866,351 | -€215,520 | -3.0% |
| Fixed assets | 21/28 | €4,325,677 | €3,972,259 | -€353,419 | -8.2% |
| Intangible fixed assets | 21 | €3,259 | €16,967 | +€13,709 | +421% |
| Tangible fixed assets | 22/27 | €4,229,511 | €3,862,383 | -€367,127 | -8.7% |
| Land and buildings | 22 | €1,456,656 | €1,386,505 | -€70,151 | -4.8% |
| Plant, machinery and equipment | 23 | €2,192,814 | €1,965,014 | -€227,800 | -10.4% |
| Furniture and vehicles | 24 | €46,934 | €30,498 | -€16,436 | -35.0% |
| Leasing and similar rights | 25 | €533,107 | €480,367 | -€52,740 | -9.9% |
| Financial fixed assets | 28 | €92,908 | €92,908 | = | 0.0% |
| Current assets | 29/58 | €2,756,194 | €2,894,092 | +€137,899 | +5.0% |
| Stocks and contracts in progress | 3 | €1,326,634 | €1,161,536 | -€165,098 | -12.4% |
| Stocks | 30/36 | €1,326,634 | €1,161,536 | -€165,098 | -12.4% |
| Amounts receivable within one year | 40/41 | €940,774 | €1,003,430 | +€62,656 | +6.7% |
| Trade receivables | 40 | €885,126 | €989,135 | +€104,009 | +11.8% |
| Other amounts receivable | 41 | €55,648 | €14,295 | -€41,353 | -74.3% |
| Cash at bank and in hand | 54/58 | €461,020 | €703,364 | +€242,344 | +52.6% |
| Deferred charges and accrued income | 490/1 | €27,765 | €25,761 | -€2,004 | -7.2% |
| Total equity and liabilities | 10/49 | €7,081,871 | €6,866,351 | -€215,520 | -3.0% |
| Equity | 10/15 | €1,312,838 | €1,514,304 | +€201,466 | +15.3% |
| Contributions | 10/11 | €230,000 | €230,000 | = | 0.0% |
| Reserves | 13 | €1,082,520 | €1,283,625 | +€201,105 | +18.6% |
| Non-distributable reserves | 130/1 | €23,000 | €23,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,000 | €23,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €286,520 | €267,625 | -€18,895 | -6.6% |
| Distributable reserves | 133 | €773,000 | €993,000 | +€220,000 | +28.5% |
| Profit (loss) carried forward | 14 | €318 | €679 | +€361 | +113% |
| Provisions and deferred taxes | 16 | €94,473 | €88,174 | -€6,298 | -6.7% |
| Deferred taxes | 168 | €94,473 | €88,174 | -€6,298 | -6.7% |
| Amounts payable | 17/49 | €5,674,560 | €5,263,872 | -€410,688 | -7.2% |
| Amounts payable after more than one year | 17 | €3,150,681 | €3,111,314 | -€39,367 | -1.2% |
| Financial debts | 170/4 | €3,150,681 | €3,111,314 | -€39,367 | -1.2% |
| Amounts payable within one year | 42/48 | €2,523,879 | €2,152,558 | -€371,321 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €649,180 | €561,002 | -€88,177 | -13.6% |
| Financial debts | 43 | €1,200,000 | €950,000 | -€250,000 | -20.8% |
| Credit institutions | 430/8 | €1,200,000 | €950,000 | -€250,000 | -20.8% |
| Trade debts | 44 | €582,629 | €449,561 | -€133,067 | -22.8% |
| Suppliers | 440/4 | €582,629 | €449,561 | -€133,067 | -22.8% |
| Taxes, remuneration and social security | 45 | €22,209 | €117,737 | +€95,529 | +430% |
| Taxes | 450/3 | €2,853 | €90,019 | +€87,166 | +3,055% |
| Remuneration and social security | 454/9 | €19,355 | €27,718 | +€8,363 | +43.2% |
| Other amounts payable | 47/48 | €69,863 | €74,258 | +€4,395 | +6.3% |
| Remuneration, social security and pensions | 62 | €277,176 | €310,945 | +€33,769 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €559,153 | €600,592 | +€41,439 | +7.4% |
| Other operating charges | 640/8 | €31,426 | €32,379 | +€953 | +3.0% |
| Gross operating margin | 9900 | €1,307,199 | €1,469,234 | +€162,035 | +12.4% |
| Operating profit (loss) | 9901 | €439,443 | €525,317 | +€85,874 | +19.5% |
| Financial income | 75/76B | €27,324 | €11,599 | -€15,725 | -57.5% |
| Recurring financial income | 75 | €27,324 | €11,599 | -€15,725 | -57.5% |
| Financial charges | 65/66B | €215,033 | €259,208 | +€44,175 | +20.5% |
| Recurring financial charges | 65 | €215,033 | €259,208 | +€44,175 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €251,734 | €277,708 | +€25,974 | +10.3% |
| Transfer from deferred taxes | 780 | €25,193 | €25,193 | = | 0.0% |
| Income taxes | 67/77 | €44,704 | €82,541 | +€37,836 | +84.6% |
| Profit (loss) for the period | 9904 | €232,223 | €220,361 | -€11,862 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €232,223 | €220,361 | -€11,862 | -5.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.