DAVID MILLÁN MENÉ: 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.
DAVID MILLÁN MENÉ
Largest movements
- Cash -€118,008
down €118,008 (-92.5%), from €127,531 to €9,523
mainly Current investments (-€99,498) and Receivables within one year (-€42,189)
- Current investments +€99,498
new in 2025: €99,498
- Receivables within one year +€42,189
up €42,189 (+401%), from €10,526 to €52,715
of which Trade receivables: +€52,272
- Tangible fixed assets -€2,229
down €2,229 (-38.6%), from €5,774 to €3,545
- Profit (loss) carried forward +€11,999
up €11,999, from -€11,999 to €0
- Reserves +€11,726
up €11,726 (+12.6%), from €93,063 to €104,789
- Tax, wage and social debts -€7,894
down €7,894 (-47.9%), from €16,472 to €8,579
- Trade debts +€4,470
up €4,470 (+15.0%), from €29,833 to €34,303
- Gross operating margin +€53,820
up €53,820, from -€9,858 to €43,963
- Taxes +€17,031
new in 2025: €17,031
- Other operating charges +€792
new in 2025: €792
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 | €145,969 | €166,670 | +€20,702 | +14.2% |
| Fixed assets | 21/28 | €6,974 | €4,745 | -€2,229 | -32.0% |
| Tangible fixed assets | 22/27 | €5,774 | €3,545 | -€2,229 | -38.6% |
| Furniture and vehicles | 24 | €5,774 | €3,545 | -€2,229 | -38.6% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €138,995 | €161,926 | +€22,931 | +16.5% |
| Amounts receivable within one year | 40/41 | €10,526 | €52,715 | +€42,189 | +401% |
| Trade receivables | 40 | - | €52,272 | +€52,272 | |
| Other amounts receivable | 41 | €10,526 | €443 | -€10,083 | -95.8% |
| Current investments | 50/53 | - | €99,498 | +€99,498 | |
| Cash at bank and in hand | 54/58 | €127,531 | €9,523 | -€118,008 | -92.5% |
| Deferred charges and accrued income | 490/1 | €938 | €190 | -€748 | -79.7% |
| Total equity and liabilities | 10/49 | €145,969 | €166,670 | +€20,702 | +14.2% |
| Equity | 10/15 | €99,664 | €123,389 | +€23,725 | +23.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,063 | €104,789 | +€11,726 | +12.6% |
| Distributable reserves | 133 | €93,063 | €104,789 | +€11,726 | +12.6% |
| Profit (loss) carried forward | 14 | -€11,999 | €0 | +€11,999 | |
| Amounts payable | 17/49 | €46,305 | €43,281 | -€3,024 | -6.5% |
| Amounts payable within one year | 42/48 | €46,305 | €42,882 | -€3,424 | -7.4% |
| Trade debts | 44 | €29,833 | €34,303 | +€4,470 | +15.0% |
| Suppliers | 440/4 | €29,833 | €34,303 | +€4,470 | +15.0% |
| Taxes, remuneration and social security | 45 | €16,472 | €8,579 | -€7,894 | -47.9% |
| Taxes | 450/3 | €16,472 | €8,579 | -€7,894 | -47.9% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,213 | €2,229 | +€17 | +0.7% |
| Other operating charges | 640/8 | - | €792 | +€792 | |
| Gross operating margin | 9900 | -€9,858 | €43,963 | +€53,820 | |
| Operating profit (loss) | 9901 | -€12,070 | €40,941 | +€53,012 | |
| Financial income | 75/76B | €127 | €80 | -€47 | -37.0% |
| Recurring financial income | 75 | €127 | €80 | -€47 | -37.0% |
| Financial charges | 65/66B | €56 | €265 | +€209 | +374% |
| Recurring financial charges | 65 | €56 | €265 | +€209 | +374% |
| Profit (loss) for the period before taxes | 9903 | -€11,999 | €40,756 | +€52,755 | |
| Income taxes | 67/77 | - | €17,031 | +€17,031 | |
| Profit (loss) for the period | 9904 | -€11,999 | €23,725 | +€35,725 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,999 | €23,725 | +€35,725 |
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 15 October 2026 via checked.be.