ALESSANDRO MILAN: 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.
ALESSANDRO MILAN
Largest movements
- Cash +€11,621
up €11,621 (+42.7%), from €27,215 to €38,836
mainly Net result for the year (+€23,623) and Depreciation (+€8,318)
- Receivables within one year +€11,546
up €11,546 (+99.9%), from €11,555 to €23,101
of which Other amounts receivable: +€10,336
- Tangible fixed assets -€7,390
down €7,390 (-22.4%), from €33,062 to €25,672
of which Leasing and similar rights: -€8,030
- Reserves +€23,623
up €23,623 (+82.8%), from €28,515 to €52,138
- Debts after one year -€7,677
down €7,677 (-29.4%), from €26,152 to €18,474
- Other debts -€2,525
no longer reported in 2025 (was €2,525)
- Trade debts +€1,082
up €1,082 (+73.9%), from €1,463 to €2,545
- Gross operating margin -€4,466
down €4,466 (-10.0%), from €44,646 to €40,180
- Depreciation +€1,231
up €1,231 (+17.4%), from €7,086 to €8,318
- Taxes -€1,133
down €1,133 (-15.7%), from €7,218 to €6,084
- Other operating charges +€643
up €643 (+107%), from €598 to €1,241
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 | €72,535 | €88,362 | +€15,827 | +21.8% |
| Fixed assets | 21/28 | €33,062 | €25,672 | -€7,390 | -22.4% |
| Tangible fixed assets | 22/27 | €33,062 | €25,672 | -€7,390 | -22.4% |
| Furniture and vehicles | 24 | - | €639 | +€639 | |
| Leasing and similar rights | 25 | €33,062 | €25,032 | -€8,030 | -24.3% |
| Current assets | 29/58 | €39,473 | €62,690 | +€23,217 | +58.8% |
| Amounts receivable within one year | 40/41 | €11,555 | €23,101 | +€11,546 | +99.9% |
| Trade receivables | 40 | €8,773 | €9,983 | +€1,210 | +13.8% |
| Other amounts receivable | 41 | €2,782 | €13,118 | +€10,336 | +371% |
| Cash at bank and in hand | 54/58 | €27,215 | €38,836 | +€11,621 | +42.7% |
| Deferred charges and accrued income | 490/1 | €703 | €753 | +€50 | +7.1% |
| Total equity and liabilities | 10/49 | €72,535 | €88,362 | +€15,827 | +21.8% |
| Equity | 10/15 | €31,515 | €55,138 | +€23,623 | +75.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €28,515 | €52,138 | +€23,623 | +82.8% |
| Distributable reserves | 133 | €28,515 | €52,138 | +€23,623 | +82.8% |
| Amounts payable | 17/49 | €41,019 | €33,223 | -€7,796 | -19.0% |
| Amounts payable after more than one year | 17 | €26,152 | €18,474 | -€7,677 | -29.4% |
| Financial debts | 170/4 | €26,152 | €18,474 | -€7,677 | -29.4% |
| Amounts payable within one year | 42/48 | €14,868 | €14,749 | -€119 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €7,210 | €7,677 | +€467 | +6.5% |
| Trade debts | 44 | €1,463 | €2,545 | +€1,082 | +73.9% |
| Suppliers | 440/4 | €1,463 | €2,545 | +€1,082 | +73.9% |
| Taxes, remuneration and social security | 45 | €3,669 | €4,526 | +€857 | +23.4% |
| Taxes | 450/3 | €3,669 | €4,526 | +€857 | +23.4% |
| Other amounts payable | 47/48 | €2,525 | - | -€2,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,086 | €8,318 | +€1,231 | +17.4% |
| Other operating charges | 640/8 | €598 | €1,241 | +€643 | +107% |
| Gross operating margin | 9900 | €44,646 | €40,180 | -€4,466 | -10.0% |
| Operating profit (loss) | 9901 | €36,961 | €30,621 | -€6,340 | -17.2% |
| Financial income | 75/76B | - | €215 | +€215 | |
| Recurring financial income | 75 | - | €215 | +€215 | |
| Financial charges | 65/66B | €1,229 | €1,128 | -€100 | -8.1% |
| Recurring financial charges | 65 | €1,229 | €1,128 | -€100 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €35,733 | €29,708 | -€6,025 | -16.9% |
| Income taxes | 67/77 | €7,218 | €6,084 | -€1,133 | -15.7% |
| Profit (loss) for the period | 9904 | €28,515 | €23,623 | -€4,892 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,515 | €23,623 | -€4,892 | -17.2% |
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 28 October 2026 via checked.be.