PROJECT MONTOYER: 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.
PROJECT MONTOYER
Largest movements
- Cash +€1.3m
up €1.3m (+33.7%), from €3.9m to €5.3m
mainly Depreciation (+€1.4m) and Accrued charges and deferred income (+€947,309)
- Tangible fixed assets -€442,329
down €442,329 (-2.5%), from €17.9m to €17.5m
of which Land and buildings: -€432,555
- Deferred charges and accrued income -€266,417
down €266,417 (-14.3%), from €1.9m to €1.6m
- Accrued charges and deferred income +€947,309
up €947,309 (+2,032%), from €46,629 to €993,937
- Trade debts -€339,173
down €339,173 (-80.7%), from €420,133 to €80,960
- Gross operating margin +€97,769
up €97,769 (+3.5%), from €2.8m to €2.9m
- Other operating charges +€66,212
up €66,212 (+11.2%), from €591,535 to €657,747
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 | €23,839,103 | €24,597,111 | +€758,008 | +3.2% |
| Fixed assets | 21/28 | €17,894,840 | €17,452,511 | -€442,329 | -2.5% |
| Tangible fixed assets | 22/27 | €17,894,840 | €17,452,511 | -€442,329 | -2.5% |
| Land and buildings | 22 | €17,727,184 | €17,294,629 | -€432,555 | -2.4% |
| Plant, machinery and equipment | 23 | €167,656 | €157,882 | -€9,774 | -5.8% |
| Current assets | 29/58 | €5,944,263 | €7,144,599 | +€1.2m | +20.2% |
| Amounts receivable within one year | 40/41 | €158,418 | €300,101 | +€141,682 | +89.4% |
| Trade receivables | 40 | €0 | €295,101 | +€295,101 | |
| Other amounts receivable | 41 | €158,418 | €5,000 | -€153,418 | -96.8% |
| Cash at bank and in hand | 54/58 | €3,927,092 | €5,252,163 | +€1.3m | +33.7% |
| Deferred charges and accrued income | 490/1 | €1,858,752 | €1,592,336 | -€266,417 | -14.3% |
| Total equity and liabilities | 10/49 | €23,839,103 | €24,597,111 | +€758,008 | +3.2% |
| Equity | 10/15 | €1,867,703 | €2,017,067 | +€149,364 | +8.0% |
| Contributions | 10/11 | €1,736,951 | €1,736,951 | = | 0.0% |
| Capital | 10 | €1,736,951 | €1,736,951 | = | 0.0% |
| Issued capital | 100 | €1,736,951 | €1,736,951 | = | 0.0% |
| Reserves | 13 | €37,331 | €44,799 | +€7,468 | +20.0% |
| Non-distributable reserves | 130/1 | €37,331 | €44,799 | +€7,468 | +20.0% |
| Legal reserve | 130 | €37,331 | €44,799 | +€7,468 | +20.0% |
| Profit (loss) carried forward | 14 | €93,421 | €235,317 | +€141,896 | +152% |
| Amounts payable | 17/49 | €21,971,400 | €22,580,043 | +€608,643 | +2.8% |
| Amounts payable after more than one year | 17 | €21,504,638 | €21,504,638 | = | 0.0% |
| Financial debts | 170/4 | €21,504,638 | €21,504,638 | = | 0.0% |
| Amounts payable within one year | 42/48 | €420,133 | €81,468 | -€338,665 | -80.6% |
| Trade debts | 44 | €420,133 | €80,960 | -€339,173 | -80.7% |
| Suppliers | 440/4 | €420,133 | €80,960 | -€339,173 | -80.7% |
| Taxes, remuneration and social security | 45 | - | €508 | +€508 | |
| Taxes | 450/3 | - | €508 | +€508 | |
| Accrued charges and deferred income | 492/3 | €46,629 | €993,937 | +€947,309 | +2,032% |
| Non-recurring operating income | 76A | €13,327 | €0 | -€13,327 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,344,137 | €1,359,617 | +€15,480 | +1.2% |
| Other operating charges | 640/8 | €591,535 | €657,747 | +€66,212 | +11.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,757,207 | €2,854,977 | +€97,769 | +3.5% |
| Operating profit (loss) | 9901 | €821,535 | €837,613 | +€16,078 | +2.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €688,250 | €688,248 | -€2 | 0.0% |
| Recurring financial charges | 65 | €688,250 | €688,248 | -€2 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €133,285 | €149,364 | +€16,079 | +12.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €133,285 | €149,364 | +€16,079 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €133,285 | €149,364 | +€16,079 | +12.1% |
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 24 October 2026 via checked.be.