MONBUT: 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.
MONBUT
Largest movements
- Tangible fixed assets -€130,113
down €130,113 (-7.8%), from €1.7m to €1.5m
of which Furniture and vehicles: -€65,189
- Cash -€67,114
down €67,114 (-24.1%), from €278,824 to €211,711
mainly Trade debts (-€137,940) and Debts after one year (-€89,331)
- Receivables within one year +€55,327
up €55,327 (+61.4%), from €90,160 to €145,487
of which Trade receivables: +€35,978
- Stocks and contracts -€29,333
down €29,333 (-9.0%), from €325,848 to €296,516
- Trade debts -€137,940
down €137,940 (-34.4%), from €401,508 to €263,568
- Debts after one year -€89,331
down €89,331 (-10.2%), from €878,544 to €789,214
of which Financial debts: -€89,331
- Profit (loss) carried forward +€36,570
up €36,570 (+9.4%), from €387,110 to €423,680
- Gross operating margin +€83,257
up €83,257 (+10.0%), from €832,787 to €916,044
- Financial income -€44,365
down €44,365 (-39.1%), from €113,500 to €69,135
of which Non-recurring financial income: -€47,077
- Staff costs +€26,454
up €26,454 (+4.3%), from €608,308 to €634,763
- Other operating charges +€24,738
up €24,738 (+67.3%), from €36,750 to €61,488
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 | €2,412,594 | €2,241,397 | -€171,197 | -7.1% |
| Formation expenses | 20 | €28,203 | €18,331 | -€9,873 | -35.0% |
| Fixed assets | 21/28 | €1,677,136 | €1,546,521 | -€130,615 | -7.8% |
| Intangible fixed assets | 21 | €756 | €255 | -€501 | -66.3% |
| Tangible fixed assets | 22/27 | €1,669,713 | €1,539,599 | -€130,113 | -7.8% |
| Land and buildings | 22 | €736,477 | €722,069 | -€14,408 | -2.0% |
| Plant, machinery and equipment | 23 | €599,647 | €549,130 | -€50,516 | -8.4% |
| Furniture and vehicles | 24 | €333,589 | €268,400 | -€65,189 | -19.5% |
| Financial fixed assets | 28 | €6,668 | €6,668 | = | 0.0% |
| Current assets | 29/58 | €707,255 | €676,545 | -€30,710 | -4.3% |
| Stocks and contracts in progress | 3 | €325,848 | €296,516 | -€29,333 | -9.0% |
| Stocks | 30/36 | €325,848 | €296,516 | -€29,333 | -9.0% |
| Amounts receivable within one year | 40/41 | €90,160 | €145,487 | +€55,327 | +61.4% |
| Trade receivables | 40 | €51,640 | €87,618 | +€35,978 | +69.7% |
| Other amounts receivable | 41 | €38,520 | €57,869 | +€19,349 | +50.2% |
| Cash at bank and in hand | 54/58 | €278,824 | €211,711 | -€67,114 | -24.1% |
| Deferred charges and accrued income | 490/1 | €12,422 | €22,831 | +€10,410 | +83.8% |
| Total equity and liabilities | 10/49 | €2,412,594 | €2,241,397 | -€171,197 | -7.1% |
| Equity | 10/15 | €859,718 | €896,288 | +€36,570 | +4.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €410,608 | €410,608 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €404,408 | €404,408 | = | 0.0% |
| Profit (loss) carried forward | 14 | €387,110 | €423,680 | +€36,570 | +9.4% |
| Amounts payable | 17/49 | €1,552,876 | €1,345,109 | -€207,768 | -13.4% |
| Amounts payable after more than one year | 17 | €878,544 | €789,214 | -€89,331 | -10.2% |
| Financial debts | 170/4 | €874,744 | €785,414 | -€89,331 | -10.2% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €670,609 | €551,345 | -€119,263 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €134,316 | €140,982 | +€6,666 | +5.0% |
| Trade debts | 44 | €401,508 | €263,568 | -€137,940 | -34.4% |
| Suppliers | 440/4 | €401,508 | €263,568 | -€137,940 | -34.4% |
| Taxes, remuneration and social security | 45 | €105,279 | €110,340 | +€5,061 | +4.8% |
| Taxes | 450/3 | €26,906 | €29,221 | +€2,315 | +8.6% |
| Remuneration and social security | 454/9 | €78,373 | €81,119 | +€2,745 | +3.5% |
| Other amounts payable | 47/48 | €29,506 | €36,456 | +€6,950 | +23.6% |
| Accrued charges and deferred income | 492/3 | €3,723 | €4,550 | +€826 | +22.2% |
| Non-recurring operating income | 76A | €16,544 | - | -€16,544 | |
| Remuneration, social security and pensions | 62 | €608,308 | €634,763 | +€26,454 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,872 | €169,198 | -€1,674 | -1.0% |
| Other operating charges | 640/8 | €36,750 | €61,488 | +€24,738 | +67.3% |
| Non-recurring operating charges | 66A | €614 | €8,379 | +€7,765 | +1,264% |
| Gross operating margin | 9900 | €832,787 | €916,044 | +€83,257 | +10.0% |
| Operating profit (loss) | 9901 | €16,243 | €42,217 | +€25,974 | +160% |
| Financial income | 75/76B | €113,500 | €69,135 | -€44,365 | -39.1% |
| Recurring financial income | 75 | €17,500 | €20,211 | +€2,712 | +15.5% |
| Non-recurring financial income | 76B | €96,000 | €48,923 | -€47,077 | -49.0% |
| Financial charges | 65/66B | €58,044 | €60,212 | +€2,167 | +3.7% |
| Recurring financial charges | 65 | €52,714 | €50,570 | -€2,143 | -4.1% |
| Non-recurring financial charges | 66B | €5,331 | €9,641 | +€4,311 | +80.9% |
| Profit (loss) for the period before taxes | 9903 | €71,698 | €51,140 | -€20,557 | -28.7% |
| Income taxes | 67/77 | €18,557 | €14,570 | -€3,987 | -21.5% |
| Profit (loss) for the period | 9904 | €53,141 | €36,570 | -€16,570 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,141 | €36,570 | -€16,570 | -31.2% |
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 22 October 2026 via checked.be.