MONTEVARA: 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.
MONTEVARA
Largest movements
- Current investments -€230,000
no longer reported in 2025 (was €230,000)
- Tangible fixed assets -€138,733
down €138,733 (-18.4%), from €752,035 to €613,301
of which Land and buildings: -€138,405
- Cash +€85,402
up €85,402 (+115%), from €74,010 to €159,412
mainly Net result for the year (+€581,971) and Current investments (+€230,000)
- Deferred charges and accrued income +€20,348
up €20,348 (+485%), from €4,198 to €24,546
- Receivables within one year -€15,209
down €15,209 (-81.1%), from €18,746 to €3,537
of which Trade receivables: -€18,281
- Contributions -€470,000
down €470,000 (-94.0%), from €500,000 to €30,000
- Reserves +€164,058
up €164,058 (+39.1%), from €419,391 to €583,448
- Tax, wage and social debts +€24,341
up €24,341 (+147%), from €16,561 to €40,902
- Gross operating margin +€704,308
up €704,308 (+594%), from €118,619 to €822,927
- Taxes +€173,644
up €173,644 (+640%), from €27,153 to €200,796
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 | €1,078,989 | €800,796 | -€278,193 | -25.8% |
| Fixed assets | 21/28 | €752,035 | €613,301 | -€138,733 | -18.4% |
| Tangible fixed assets | 22/27 | €752,035 | €613,301 | -€138,733 | -18.4% |
| Land and buildings | 22 | €750,887 | €612,482 | -€138,405 | -18.4% |
| Furniture and vehicles | 24 | €1,148 | €819 | -€329 | -28.6% |
| Current assets | 29/58 | €326,954 | €187,494 | -€139,460 | -42.7% |
| Amounts receivable within one year | 40/41 | €18,746 | €3,537 | -€15,209 | -81.1% |
| Trade receivables | 40 | €18,281 | - | -€18,281 | |
| Other amounts receivable | 41 | €465 | €3,537 | +€3,072 | +660% |
| Current investments | 50/53 | €230,000 | - | -€230,000 | |
| Cash at bank and in hand | 54/58 | €74,010 | €159,412 | +€85,402 | +115% |
| Deferred charges and accrued income | 490/1 | €4,198 | €24,546 | +€20,348 | +485% |
| Total equity and liabilities | 10/49 | €1,078,989 | €800,796 | -€278,193 | -25.8% |
| Equity | 10/15 | €919,391 | €613,448 | -€305,942 | -33.3% |
| Contributions | 10/11 | €500,000 | €30,000 | -€470,000 | -94.0% |
| Reserves | 13 | €419,391 | €583,448 | +€164,058 | +39.1% |
| Distributable reserves | 133 | €419,391 | €583,448 | +€164,058 | +39.1% |
| Amounts payable | 17/49 | €159,598 | €187,347 | +€27,749 | +17.4% |
| Amounts payable within one year | 42/48 | €150,050 | €180,666 | +€30,616 | +20.4% |
| Trade debts | 44 | €451 | €4,918 | +€4,467 | +990% |
| Suppliers | 440/4 | €451 | €4,918 | +€4,467 | +990% |
| Taxes, remuneration and social security | 45 | €16,561 | €40,902 | +€24,341 | +147% |
| Taxes | 450/3 | €16,561 | €40,902 | +€24,341 | +147% |
| Other amounts payable | 47/48 | €133,037 | €134,847 | +€1,809 | +1.4% |
| Accrued charges and deferred income | 492/3 | €9,548 | €6,681 | -€2,867 | -30.0% |
| Non-recurring operating income | 76A | - | €725,401 | +€725,401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,307 | €18,134 | -€1,173 | -6.1% |
| Other operating charges | 640/8 | €14,665 | €20,285 | +€5,620 | +38.3% |
| Gross operating margin | 9900 | €118,619 | €822,927 | +€704,308 | +594% |
| Operating profit (loss) | 9901 | €84,647 | €784,508 | +€699,861 | +827% |
| Financial income | 75/76B | €6,701 | €4,991 | -€1,710 | -25.5% |
| Recurring financial income | 75 | €6,701 | €4,991 | -€1,710 | -25.5% |
| Financial charges | 65/66B | €9,607 | €6,732 | -€2,876 | -29.9% |
| Recurring financial charges | 65 | €9,607 | €6,732 | -€2,876 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €81,741 | €782,767 | +€701,026 | +858% |
| Income taxes | 67/77 | €27,153 | €200,796 | +€173,644 | +640% |
| Profit (loss) for the period | 9904 | €54,589 | €581,971 | +€527,382 | +966% |
| Profit (loss) for the period to be appropriated | 9905 | €54,589 | €581,971 | +€527,382 | +966% |
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.