Dr. Hans E. Miltner: 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.
Dr. Hans E. Miltner
Largest movements
- Financial fixed assets +€123,000
up €123,000 (+68.3%), from €180,000 to €303,000
- Receivables within one year -€31,330
down €31,330 (-27.9%), from €112,334 to €81,003
of which Other amounts receivable: -€90,192
- Current investments -€23,087
down €23,087 (-100.0%), from €23,087 to €0
- Cash +€13,728
up €13,728 (+35.8%), from €38,388 to €52,116
mainly Net result for the year (+€72,641) and Receivables within one year (+€31,330)
- Reserves +€72,641
up €72,641 (+40.8%), from €177,918 to €250,559
- Trade debts +€7,128
up €7,128 (+174.8%), from €4,078 to €11,207
- Gross operating margin +€29,259
up €29,259 (+140.9%), from €20,763 to €50,022
- Financial income +€23,921
up €23,921 (+101.9%), from €23,481 to €47,402
- Taxes +€13,305
up €13,305 (+178.5%), from €7,454 to €20,759
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.
Cash bridge derived
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 | €510,234 | €589,183 | +€78,950 | +15.5% |
| Fixed assets | 21/28 | €180,000 | €303,000 | +€123,000 | +68.3% |
| Financial fixed assets | 28 | €180,000 | €303,000 | +€123,000 | +68.3% |
| Current assets | 29/58 | €330,234 | €286,183 | -€44,050 | -13.3% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €112,334 | €81,003 | -€31,330 | -27.9% |
| Trade receivables | 40 | €10,403 | €69,264 | +€58,861 | +565.8% |
| Other amounts receivable | 41 | €101,930 | €11,739 | -€90,192 | -88.5% |
| Current investments | 50/53 | €23,087 | €0 | -€23,087 | -100.0% |
| Cash at bank and in hand | 54/58 | €38,388 | €52,116 | +€13,728 | +35.8% |
| Deferred charges and accrued income | 490/1 | €6,425 | €3,064 | -€3,361 | -52.3% |
| Total equity and liabilities | 10/49 | €510,234 | €589,183 | +€78,950 | +15.5% |
| Equity | 10/15 | €454,068 | €526,710 | +€72,641 | +16.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €177,918 | €250,559 | +€72,641 | +40.8% |
| Distributable reserves | 133 | €177,918 | €250,559 | +€72,641 | +40.8% |
| Profit (loss) carried forward | 14 | €275,651 | €275,651 | = | 0.0% |
| Amounts payable | 17/49 | €56,165 | €62,473 | +€6,308 | +11.2% |
| Amounts payable within one year | 42/48 | €56,165 | €62,473 | +€6,308 | +11.2% |
| Financial debts | 43 | €0 | €457 | +€457 | |
| Credit institutions | 430/8 | €0 | €457 | +€457 | |
| Trade debts | 44 | €4,078 | €11,207 | +€7,128 | +174.8% |
| Suppliers | 440/4 | €4,078 | €11,207 | +€7,128 | +174.8% |
| Taxes, remuneration and social security | 45 | €1,325 | €2,148 | +€823 | +62.2% |
| Taxes | 450/3 | €1,325 | €2,148 | +€823 | +62.2% |
| Other amounts payable | 47/48 | €50,762 | €48,662 | -€2,101 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €759 | €785 | +€26 | +3.4% |
| Gross operating margin | 9900 | €20,763 | €50,022 | +€29,259 | +140.9% |
| Operating profit (loss) | 9901 | €20,004 | €49,237 | +€29,233 | +146.1% |
| Financial income | 75/76B | €23,481 | €47,402 | +€23,921 | +101.9% |
| Recurring financial income | 75 | €23,481 | €47,402 | +€23,921 | +101.9% |
| Financial charges | 65/66B | €3,048 | €3,239 | +€190 | +6.2% |
| Recurring financial charges | 65 | €3,048 | €3,239 | +€190 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €40,437 | €93,401 | +€52,964 | +131.0% |
| Income taxes | 67/77 | €7,454 | €20,759 | +€13,305 | +178.5% |
| Profit (loss) for the period | 9904 | €32,983 | €72,641 | +€39,658 | +120.2% |
| Profit (loss) for the period to be appropriated | 9905 | €32,983 | €72,641 | +€39,658 | +120.2% |
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 10 October 2026 via checked.be.