MIELKIP: 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.
MIELKIP
Largest movements
- Receivables within one year +€350,606
up €350,606 (+239%), from €146,989 to €497,595
of which Other amounts receivable: +€241,385
- Stocks and contracts +€170,333
up €170,333 (+258%), from €66,062 to €236,395
- Cash -€160,018
down €160,018 (-68.8%), from €232,736 to €72,718
mainly Receivables within one year (-€350,606) and Investment in fixed assets (net) (-€277,182)
- Financial fixed assets +€78,400
new in 2025: €78,400
- Tangible fixed assets +€26,842
up €26,842 (+2.6%), from €1.0m to €1.1m
of which Plant, machinery and equipment: +€111,511
- Reserves +€218,298
up €218,298 (+45.6%), from €479,178 to €697,476
of which Distributable reserves: +€222,346
- Trade debts +€171,322
up €171,322 (+61.9%), from €276,845 to €448,166
- Other debts +€66,078
up €66,078 (+782%), from €8,445 to €74,524
- Depreciation +€17,851
up €17,851 (+11.6%), from €154,089 to €171,940
- Staff costs +€13,945
up €13,945 (+76.4%), from €18,242 to €32,187
- Gross operating margin +€9,137
up €9,137 (+1.4%), from €636,535 to €645,671
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 | €1,483,583 | €1,949,749 | +€466,167 | +31.4% |
| Fixed assets | 21/28 | €1,037,633 | €1,142,875 | +€105,242 | +10.1% |
| Tangible fixed assets | 22/27 | €1,037,633 | €1,064,475 | +€26,842 | +2.6% |
| Land and buildings | 22 | €440,865 | €389,233 | -€51,632 | -11.7% |
| Plant, machinery and equipment | 23 | €199,874 | €311,385 | +€111,511 | +55.8% |
| Furniture and vehicles | 24 | €380,694 | €321,726 | -€58,968 | -15.5% |
| Assets under construction and advance payments | 27 | €16,200 | €42,131 | +€25,931 | +160% |
| Financial fixed assets | 28 | - | €78,400 | +€78,400 | |
| Current assets | 29/58 | €445,949 | €806,874 | +€360,925 | +80.9% |
| Stocks and contracts in progress | 3 | €66,062 | €236,395 | +€170,333 | +258% |
| Stocks | 30/36 | €66,062 | €236,395 | +€170,333 | +258% |
| Amounts receivable within one year | 40/41 | €146,989 | €497,595 | +€350,606 | +239% |
| Trade receivables | 40 | €96,218 | €205,439 | +€109,221 | +114% |
| Other amounts receivable | 41 | €50,771 | €292,155 | +€241,385 | +475% |
| Cash at bank and in hand | 54/58 | €232,736 | €72,718 | -€160,018 | -68.8% |
| Deferred charges and accrued income | 490/1 | €163 | €166 | +€4 | +2.2% |
| Total equity and liabilities | 10/49 | €1,483,583 | €1,949,749 | +€466,167 | +31.4% |
| Equity | 10/15 | €639,761 | €858,059 | +€218,298 | +34.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €479,178 | €697,476 | +€218,298 | +45.6% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,293 | €28,245 | -€4,048 | -12.5% |
| Distributable reserves | 133 | €431,885 | €654,231 | +€222,346 | +51.5% |
| Profit (loss) carried forward | 14 | €10,583 | €10,583 | = | 0.0% |
| Provisions and deferred taxes | 16 | €8,073 | €7,061 | -€1,012 | -12.5% |
| Deferred taxes | 168 | €8,073 | €7,061 | -€1,012 | -12.5% |
| Amounts payable | 17/49 | €835,749 | €1,084,629 | +€248,881 | +29.8% |
| Amounts payable after more than one year | 17 | €378,485 | €379,824 | +€1,338 | +0.4% |
| Financial debts | 170/4 | €378,485 | €379,824 | +€1,338 | +0.4% |
| Amounts payable within one year | 42/48 | €446,607 | €693,320 | +€246,714 | +55.2% |
| Current portion of amounts payable after more than one year | 42 | €85,988 | €84,116 | -€1,872 | -2.2% |
| Trade debts | 44 | €276,845 | €448,166 | +€171,322 | +61.9% |
| Suppliers | 440/4 | €276,845 | €448,166 | +€171,322 | +61.9% |
| Taxes, remuneration and social security | 45 | €75,328 | €86,514 | +€11,186 | +14.8% |
| Taxes | 450/3 | €67,141 | €80,673 | +€13,533 | +20.2% |
| Remuneration and social security | 454/9 | €8,187 | €5,841 | -€2,347 | -28.7% |
| Other amounts payable | 47/48 | €8,445 | €74,524 | +€66,078 | +782% |
| Accrued charges and deferred income | 492/3 | €10,657 | €11,485 | +€829 | +7.8% |
| Non-recurring operating income | 76A | €40,477 | €6,485 | -€33,992 | -84.0% |
| Remuneration, social security and pensions | 62 | €18,242 | €32,187 | +€13,945 | +76.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,089 | €171,940 | +€17,851 | +11.6% |
| Other operating charges | 640/8 | €11,887 | €12,750 | +€863 | +7.3% |
| Gross operating margin | 9900 | €636,535 | €645,671 | +€9,137 | +1.4% |
| Operating profit (loss) | 9901 | €452,317 | €428,795 | -€23,522 | -5.2% |
| Financial income | 75/76B | €73 | €2,311 | +€2,238 | +3,076% |
| Recurring financial income | 75 | €73 | €2,311 | +€2,238 | +3,076% |
| Financial charges | 65/66B | €6,491 | €9,439 | +€2,948 | +45.4% |
| Recurring financial charges | 65 | €6,491 | €9,439 | +€2,948 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | €445,898 | €421,667 | -€24,232 | -5.4% |
| Transfer from deferred taxes | 780 | €22 | €1,012 | +€990 | +4,475% |
| Transfer to deferred taxes | 680 | €8,095 | - | -€8,095 | |
| Income taxes | 67/77 | €127,345 | €133,661 | +€6,316 | +5.0% |
| Profit (loss) for the period | 9904 | €310,480 | €289,018 | -€21,462 | -6.9% |
| Transfer from tax-exempt reserves | 789 | €88 | €4,048 | +€3,959 | +4,475% |
| Transfer to tax-exempt reserves | 689 | €32,382 | - | -€32,382 | |
| Profit (loss) for the period to be appropriated | 9905 | €278,187 | €293,066 | +€14,878 | +5.3% |
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 20 October 2026 via checked.be.