MS - Montage: 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.
MS - Montage
Largest movements
- Receivables within one year +€394,799
up €394,799 (+93.5%), from €422,463 to €817,262
of which Other amounts receivable: +€308,074
- Cash +€90,832
new in 2025: €90,832
mainly Net result for the year (+€340,652) and Tax, wage and social debts (+€191,062)
- Reserves +€340,652
up €340,652 (+89.2%), from €381,960 to €722,613
- Tax, wage and social debts +€191,062
up €191,062 (+545%), from €35,060 to €226,121
of which Taxes: +€177,653
- Accrued charges and deferred income -€17,311
no longer reported in 2025 (was €17,311)
- Trade debts -€12,724
down €12,724 (-55.5%), from €22,942 to €10,217
- Gross operating margin +€395,397
up €395,397 (+132%), from €298,430 to €693,827
- Taxes +€143,699
up €143,699 (+428%), from €33,604 to €177,304
- Staff costs -€29,480
down €29,480 (-20.2%), from €146,139 to €116,659
- Other operating charges +€11,809
up €11,809 (+49.5%), from €23,859 to €35,668
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 | €481,955 | €966,275 | +€484,319 | +100% |
| Fixed assets | 21/28 | €44,386 | €36,272 | -€8,115 | -18.3% |
| Tangible fixed assets | 22/27 | €44,386 | €36,272 | -€8,115 | -18.3% |
| Land and buildings | 22 | €12,046 | €10,653 | -€1,393 | -11.6% |
| Plant, machinery and equipment | 23 | €17,145 | €10,889 | -€6,256 | -36.5% |
| Furniture and vehicles | 24 | €15,196 | €14,730 | -€466 | -3.1% |
| Current assets | 29/58 | €437,569 | €930,003 | +€492,434 | +113% |
| Stocks and contracts in progress | 3 | €9,504 | €9,504 | = | 0.0% |
| Stocks | 30/36 | €9,504 | €9,504 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €422,463 | €817,262 | +€394,799 | +93.5% |
| Trade receivables | 40 | €69,688 | €156,413 | +€86,726 | +124% |
| Other amounts receivable | 41 | €352,775 | €660,849 | +€308,074 | +87.3% |
| Cash at bank and in hand | 54/58 | - | €90,832 | +€90,832 | |
| Deferred charges and accrued income | 490/1 | €5,602 | €12,405 | +€6,803 | +121% |
| Total equity and liabilities | 10/49 | €481,955 | €966,275 | +€484,319 | +100% |
| Equity | 10/15 | €384,460 | €725,113 | +€340,652 | +88.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €381,960 | €722,613 | +€340,652 | +89.2% |
| Distributable reserves | 133 | €381,960 | €722,613 | +€340,652 | +89.2% |
| Amounts payable | 17/49 | €97,495 | €241,162 | +€143,667 | +147% |
| Amounts payable after more than one year | 17 | €4,824 | - | -€4,824 | |
| Financial debts | 170/4 | €4,824 | - | -€4,824 | |
| Amounts payable within one year | 42/48 | €75,360 | €241,162 | +€165,802 | +220% |
| Current portion of amounts payable after more than one year | 42 | €8,144 | €4,824 | -€3,321 | -40.8% |
| Financial debts | 43 | €9,214 | - | -€9,214 | |
| Credit institutions | 430/8 | €9,214 | - | -€9,214 | |
| Trade debts | 44 | €22,942 | €10,217 | -€12,724 | -55.5% |
| Suppliers | 440/4 | €22,942 | €10,217 | -€12,724 | -55.5% |
| Taxes, remuneration and social security | 45 | €35,060 | €226,121 | +€191,062 | +545% |
| Taxes | 450/3 | €29,670 | €207,323 | +€177,653 | +599% |
| Remuneration and social security | 454/9 | €5,390 | €18,799 | +€13,409 | +249% |
| Accrued charges and deferred income | 492/3 | €17,311 | - | -€17,311 | |
| Remuneration, social security and pensions | 62 | €146,139 | €116,659 | -€29,480 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,697 | €20,434 | +€737 | +3.7% |
| Other operating charges | 640/8 | €23,859 | €35,668 | +€11,809 | +49.5% |
| Gross operating margin | 9900 | €298,430 | €693,827 | +€395,397 | +132% |
| Operating profit (loss) | 9901 | €108,735 | €521,066 | +€412,331 | +379% |
| Financial income | 75/76B | €2,973 | €5,757 | +€2,783 | +93.6% |
| Recurring financial income | 75 | €2,973 | €5,757 | +€2,783 | +93.6% |
| Financial charges | 65/66B | €4,015 | €8,867 | +€4,853 | +121% |
| Recurring financial charges | 65 | €4,015 | €8,867 | +€4,853 | +121% |
| Profit (loss) for the period before taxes | 9903 | €107,694 | €517,956 | +€410,262 | +381% |
| Income taxes | 67/77 | €33,604 | €177,304 | +€143,699 | +428% |
| Profit (loss) for the period | 9904 | €74,090 | €340,652 | +€266,563 | +360% |
| Profit (loss) for the period to be appropriated | 9905 | €74,090 | €340,652 | +€266,563 | +360% |
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 23 October 2026 via checked.be.