MONU VOEDING: what changed
Two fiscal 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.
MONU VOEDING
Largest movements
- Tangible fixed assets +€105,178
up €105,178 (+13.1%), from €800,794 to €905,972
of which Furniture and vehicles: +€79,227
- Cash +€59,539
up €59,539 (+15.8%), from €377,521 to €437,060
mainly Net result for the year (+€207,499) and Depreciation (+€107,330)
- Reserves +€202,499
up €202,499 (+32.5%), from €622,406 to €824,905
of which Distributable reserves: +€202,499
- Short-term financial debts +€100,000
new in 2025: €100,000
- Tax, wage and social debts -€94,797
down €94,797 (-61.9%), from €153,107 to €58,310
of which Taxes: -€81,446
- Debts after one year -€21,164
down €21,164 (-5.7%), from €373,015 to €351,851
- Gross operating margin +€86,962
up €86,962 (+14.2%), from €613,677 to €700,639
- Depreciation +€59,378
up €59,378 (+123.8%), from €47,952 to €107,330
- Staff costs -€24,875
down €24,875 (-8.8%), from €281,342 to €256,467
- Taxes +€15,010
up €15,010 (+17.5%), from €85,944 to €100,953
- Financial charges +€11,119
up €11,119 (+109.7%), from €10,137 to €21,257
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.
Cash bridge derived
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 | €1,252,979 | €1,428,901 | +€175,922 | +14.0% |
| Fixed assets | 21/28 | €807,265 | €912,185 | +€104,920 | +13.0% |
| Intangible fixed assets | 21 | €258 | - | -€258 | |
| Tangible fixed assets | 22/27 | €800,794 | €905,972 | +€105,178 | +13.1% |
| Land and buildings | 22 | €634,010 | €684,769 | +€50,759 | +8.0% |
| Plant, machinery and equipment | 23 | €141,971 | €116,509 | -€25,462 | -17.9% |
| Furniture and vehicles | 24 | €6,944 | €86,171 | +€79,227 | +1140.9% |
| Other tangible fixed assets | 26 | €17,869 | €18,523 | +€654 | +3.7% |
| Financial fixed assets | 28 | €6,213 | €6,213 | = | 0.0% |
| Current assets | 29/58 | €445,714 | €516,716 | +€71,002 | +15.9% |
| Stocks and contracts in progress | 3 | €26,530 | €30,725 | +€4,195 | +15.8% |
| Stocks | 30/36 | €26,530 | €30,725 | +€4,195 | +15.8% |
| Amounts receivable within one year | 40/41 | €37,538 | €45,566 | +€8,029 | +21.4% |
| Trade receivables | 40 | €28,114 | €20,126 | -€7,988 | -28.4% |
| Other amounts receivable | 41 | €9,424 | €25,440 | +€16,017 | +170.0% |
| Cash at bank and in hand | 54/58 | €377,521 | €437,060 | +€59,539 | +15.8% |
| Deferred charges and accrued income | 490/1 | €4,125 | €3,365 | -€760 | -18.4% |
| Total equity and liabilities | 10/49 | €1,252,979 | €1,428,901 | +€175,922 | +14.0% |
| Equity | 10/15 | €658,631 | €861,130 | +€202,499 | +30.7% |
| Contributions | 10/11 | €36,225 | €36,225 | = | 0.0% |
| Reserves | 13 | €622,406 | €824,905 | +€202,499 | +32.5% |
| Non-distributable reserves | 130/1 | €3,623 | €3,623 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,623 | €3,623 | = | 0.0% |
| Distributable reserves | 133 | €618,783 | €821,283 | +€202,499 | +32.7% |
| Amounts payable | 17/49 | €594,348 | €567,771 | -€26,578 | -4.5% |
| Amounts payable after more than one year | 17 | €373,015 | €351,851 | -€21,164 | -5.7% |
| Financial debts | 170/4 | €373,015 | €351,851 | -€21,164 | -5.7% |
| Amounts payable within one year | 42/48 | €219,345 | €215,014 | -€4,331 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €20,368 | €21,164 | +€797 | +3.9% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €22,275 | €11,873 | -€10,402 | -46.7% |
| Suppliers | 440/4 | €22,275 | €11,873 | -€10,402 | -46.7% |
| Taxes, remuneration and social security | 45 | €153,107 | €58,310 | -€94,797 | -61.9% |
| Taxes | 450/3 | €114,800 | €33,354 | -€81,446 | -70.9% |
| Remuneration and social security | 454/9 | €38,307 | €24,955 | -€13,351 | -34.9% |
| Other amounts payable | 47/48 | €23,596 | €23,667 | +€71 | +0.3% |
| Accrued charges and deferred income | 492/3 | €1,988 | €906 | -€1,082 | -54.4% |
| Remuneration, social security and pensions | 62 | €281,342 | €256,467 | -€24,875 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,952 | €107,330 | +€59,378 | +123.8% |
| Other operating charges | 640/8 | €6,078 | €7,740 | +€1,662 | +27.3% |
| Gross operating margin | 9900 | €613,677 | €700,639 | +€86,962 | +14.2% |
| Operating profit (loss) | 9901 | €278,304 | €329,101 | +€50,797 | +18.3% |
| Financial income | 75/76B | €44 | €608 | +€564 | +1268.9% |
| Recurring financial income | 75 | €44 | €608 | +€564 | +1268.9% |
| Financial charges | 65/66B | €10,137 | €21,257 | +€11,119 | +109.7% |
| Recurring financial charges | 65 | €10,137 | €21,257 | +€11,119 | +109.7% |
| Profit (loss) for the period before taxes | 9903 | €268,211 | €308,453 | +€40,241 | +15.0% |
| Income taxes | 67/77 | €85,944 | €100,953 | +€15,010 | +17.5% |
| Profit (loss) for the period | 9904 | €182,268 | €207,499 | +€25,232 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €182,268 | €207,499 | +€25,232 | +13.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.