MONTUSI: 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.
MONTUSI
Largest movements
- Tangible fixed assets -€128,755
down €128,755 (-4.6%), from €2.8m to €2.7m
of which Land and buildings: -€121,466
- Other debts -€197,806
down €197,806 (-17.4%), from €1.1m to €940,315
- Financial income +€87,176
up €87,176 (+116%), from €75,140 to €162,316
of which Financial income: +€99,408
- Depreciation -€11,643
down €11,643 (-6.3%), from €184,009 to €172,366
- Gross operating margin -€3,659
down €3,659 (-10.5%), from €34,829 to €31,170
- Other operating charges -€392
down €392 (-3.5%), from €11,081 to €10,689
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 | €12,531,095 | €12,337,386 | -€193,709 | -1.5% |
| Fixed assets | 21/28 | €12,447,338 | €12,318,583 | -€128,755 | -1.0% |
| Tangible fixed assets | 22/27 | €2,826,548 | €2,697,793 | -€128,755 | -4.6% |
| Land and buildings | 22 | €2,792,506 | €2,671,040 | -€121,466 | -4.3% |
| Other tangible fixed assets | 26 | €34,041 | €26,753 | -€7,289 | -21.4% |
| Financial fixed assets | 28 | €9,620,790 | €9,620,790 | = | 0.0% |
| Current assets | 29/58 | €83,757 | €18,803 | -€64,954 | -77.6% |
| Amounts receivable within one year | 40/41 | €58 | €112 | +€53 | +91.5% |
| Other amounts receivable | 41 | €58 | €112 | +€53 | +91.5% |
| Cash at bank and in hand | 54/58 | €68,907 | €2,858 | -€66,049 | -95.9% |
| Deferred charges and accrued income | 490/1 | €14,792 | €15,834 | +€1,042 | +7.0% |
| Total equity and liabilities | 10/49 | €12,531,095 | €12,337,386 | -€193,709 | -1.5% |
| Equity | 10/15 | €11,304,666 | €11,320,946 | +€16,280 | +0.1% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Capital | 10 | €130,000 | €130,000 | = | 0.0% |
| Issued capital | 100 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €11,174,666 | €11,190,946 | +€16,280 | +0.1% |
| Non-distributable reserves | 130/1 | €13,000 | €13,000 | = | 0.0% |
| Legal reserve | 130 | €13,000 | €13,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €243,901 | €225,994 | -€17,907 | -7.3% |
| Distributable reserves | 133 | €10,917,765 | €10,951,952 | +€34,187 | +0.3% |
| Provisions and deferred taxes | 16 | €81,300 | €75,331 | -€5,969 | -7.3% |
| Deferred taxes | 168 | €81,300 | €75,331 | -€5,969 | -7.3% |
| Amounts payable | 17/49 | €1,145,128 | €941,109 | -€204,019 | -17.8% |
| Amounts payable within one year | 42/48 | €1,145,128 | €941,109 | -€204,019 | -17.8% |
| Trade debts | 44 | €7,007 | €794 | -€6,213 | -88.7% |
| Suppliers | 440/4 | €7,007 | €794 | -€6,213 | -88.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,138,121 | €940,315 | -€197,806 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,009 | €172,366 | -€11,643 | -6.3% |
| Other operating charges | 640/8 | €11,081 | €10,689 | -€392 | -3.5% |
| Gross operating margin | 9900 | €34,829 | €31,170 | -€3,659 | -10.5% |
| Operating profit (loss) | 9901 | -€160,261 | -€151,885 | +€8,376 | +5.2% |
| Financial income | 75/76B | €75,140 | €162,316 | +€87,176 | +116% |
| Recurring financial income | 75 | €62,908 | €162,316 | +€99,408 | +158% |
| Non-recurring financial income | 76B | €12,232 | €0 | -€12,232 | -100% |
| Financial charges | 65/66B | €34 | €120 | +€86 | +252% |
| Recurring financial charges | 65 | €34 | €120 | +€86 | +252% |
| Profit (loss) for the period before taxes | 9903 | -€85,155 | €10,311 | +€95,466 | |
| Transfer from deferred taxes | 780 | €5,969 | €5,969 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€79,186 | €16,280 | +€95,466 | |
| Transfer from tax-exempt reserves | 789 | €17,907 | €17,907 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,279 | €34,187 | +€95,466 |
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 16 October 2026 via checked.be.