R&E 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.
R&E Montage
Largest movements
- Cash +€238,056
up €238,056 (+81.6%), from €291,562 to €529,619
mainly Net result for the year (+€190,086) and Receivables within one year (+€134,073)
- Receivables within one year -€134,073
down €134,073 (-66.6%), from €201,350 to €67,277
of which Other amounts receivable: -€94,792
- Reserves +€190,086
up €190,086 (+20.5%), from €928,657 to €1.1m
of which Distributable reserves: +€190,086
- Tax, wage and social debts -€93,199
down €93,199 (-90.1%), from €103,435 to €10,236
of which Taxes: -€93,544
- Gross operating margin -€293,600
down €293,600 (-40.2%), from €730,401 to €436,800
- Taxes -€58,889
down €58,889 (-38.7%), from €151,975 to €93,086
- Write-downs +€26,438
new in 2025: €26,438
- Financial income +€18,087
up €18,087 (+171%), from €10,594 to €28,680
- Staff costs +€10,401
up €10,401 (+7.6%), from €136,147 to €146,548
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 | €1,100,688 | €1,202,173 | +€101,485 | +9.2% |
| Fixed assets | 21/28 | €5,067 | €3,116 | -€1,951 | -38.5% |
| Tangible fixed assets | 22/27 | €5,067 | €3,116 | -€1,951 | -38.5% |
| Plant, machinery and equipment | 23 | €251 | €0 | -€251 | -100% |
| Furniture and vehicles | 24 | €4,816 | €3,116 | -€1,700 | -35.3% |
| Current assets | 29/58 | €1,095,621 | €1,199,057 | +€103,436 | +9.4% |
| Amounts receivable within one year | 40/41 | €201,350 | €67,277 | -€134,073 | -66.6% |
| Trade receivables | 40 | €54,404 | €15,123 | -€39,281 | -72.2% |
| Other amounts receivable | 41 | €146,946 | €52,154 | -€94,792 | -64.5% |
| Current investments | 50/53 | €594,460 | €601,784 | +€7,324 | +1.2% |
| Cash at bank and in hand | 54/58 | €291,562 | €529,619 | +€238,056 | +81.6% |
| Deferred charges and accrued income | 490/1 | €8,249 | €378 | -€7,871 | -95.4% |
| Total equity and liabilities | 10/49 | €1,100,688 | €1,202,173 | +€101,485 | +9.2% |
| Equity | 10/15 | €938,657 | €1,128,743 | +€190,086 | +20.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €928,657 | €1,118,743 | +€190,086 | +20.5% |
| Tax-exempt reserves | 132 | €261,020 | €261,020 | = | 0.0% |
| Distributable reserves | 133 | €667,637 | €857,723 | +€190,086 | +28.5% |
| Amounts payable | 17/49 | €162,031 | €73,430 | -€88,601 | -54.7% |
| Amounts payable within one year | 42/48 | €158,292 | €66,262 | -€92,030 | -58.1% |
| Financial debts | 43 | €42,221 | €42,014 | -€207 | -0.5% |
| Credit institutions | 430/8 | €42,221 | €42,014 | -€207 | -0.5% |
| Trade debts | 44 | €12,636 | €10,049 | -€2,588 | -20.5% |
| Suppliers | 440/4 | €12,636 | €10,049 | -€2,588 | -20.5% |
| Taxes, remuneration and social security | 45 | €103,435 | €10,236 | -€93,199 | -90.1% |
| Taxes | 450/3 | €93,773 | €229 | -€93,544 | -99.8% |
| Remuneration and social security | 454/9 | €9,662 | €10,007 | +€345 | +3.6% |
| Other amounts payable | 47/48 | - | €3,964 | +€3,964 | |
| Accrued charges and deferred income | 492/3 | €3,739 | €7,168 | +€3,429 | +91.7% |
| Remuneration, social security and pensions | 62 | €136,147 | €146,548 | +€10,401 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,987 | €1,951 | -€35 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €26,438 | +€26,438 | |
| Other operating charges | 640/8 | €654 | €365 | -€288 | -44.1% |
| Gross operating margin | 9900 | €730,401 | €436,800 | -€293,600 | -40.2% |
| Operating profit (loss) | 9901 | €591,614 | €261,498 | -€330,116 | -55.8% |
| Financial income | 75/76B | €10,594 | €28,680 | +€18,087 | +171% |
| Recurring financial income | 75 | €10,594 | €28,680 | +€18,087 | +171% |
| Financial charges | 65/66B | €4,314 | €7,006 | +€2,692 | +62.4% |
| Recurring financial charges | 65 | €4,314 | €7,006 | +€2,692 | +62.4% |
| Profit (loss) for the period before taxes | 9903 | €597,894 | €283,172 | -€314,721 | -52.6% |
| Income taxes | 67/77 | €151,975 | €93,086 | -€58,889 | -38.7% |
| Profit (loss) for the period | 9904 | €445,919 | €190,086 | -€255,832 | -57.4% |
| Transfer to tax-exempt reserves | 689 | €261,020 | €0 | -€261,020 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €184,899 | €190,086 | +€5,188 | +2.8% |
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 1 November 2026 via checked.be.