MIL PALOMAS: 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.
MIL PALOMAS
Largest movements
- Cash -€95,008
down €95,008 (-83.3%), from €114,096 to €19,088
mainly Contributions, distributions and other (-€125,000) and Debts after one year (-€123,965)
- Tangible fixed assets -€71,457
down €71,457 (-12.7%), from €560,675 to €489,218
of which Land and buildings: -€45,554
- Receivables within one year -€10,708
down €10,708 (-20.2%), from €52,915 to €42,207
of which Trade receivables: -€7,517
- Debts after one year -€123,965
down €123,965 (-46.9%), from €264,494 to €140,530
- Reserves -€91,445
down €91,445 (-19.8%), from €461,628 to €370,183
of which Distributable reserves: -€87,500
- Other debts +€39,487
up €39,487 (+125%), from €31,604 to €71,091
- Depreciation -€33,578
down €33,578 (-36.9%), from €90,916 to €57,338
- Gross operating margin +€14,095
up €14,095 (+13.2%), from €106,593 to €120,688
- Taxes +€13,518
up €13,518 (+483%), from €2,800 to €16,319
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 | €881,702 | €704,888 | -€176,814 | -20.1% |
| Fixed assets | 21/28 | €663,175 | €591,718 | -€71,457 | -10.8% |
| Tangible fixed assets | 22/27 | €560,675 | €489,218 | -€71,457 | -12.7% |
| Land and buildings | 22 | €474,178 | €428,624 | -€45,554 | -9.6% |
| Plant, machinery and equipment | 23 | €856 | €521 | -€335 | -39.1% |
| Furniture and vehicles | 24 | €85,641 | €60,072 | -€25,568 | -29.9% |
| Financial fixed assets | 28 | €102,500 | €102,500 | = | 0.0% |
| Current assets | 29/58 | €218,528 | €113,170 | -€105,358 | -48.2% |
| Amounts receivable within one year | 40/41 | €52,915 | €42,207 | -€10,708 | -20.2% |
| Trade receivables | 40 | €17,545 | €10,028 | -€7,517 | -42.8% |
| Other amounts receivable | 41 | €35,370 | €32,179 | -€3,190 | -9.0% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €114,096 | €19,088 | -€95,008 | -83.3% |
| Deferred charges and accrued income | 490/1 | €1,517 | €1,875 | +€358 | +23.6% |
| Total equity and liabilities | 10/49 | €881,702 | €704,888 | -€176,814 | -20.1% |
| Equity | 10/15 | €529,299 | €439,845 | -€89,455 | -16.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €461,628 | €370,183 | -€91,445 | -19.8% |
| Tax-exempt reserves | 132 | €69,128 | €65,183 | -€3,945 | -5.7% |
| Distributable reserves | 133 | €392,500 | €305,000 | -€87,500 | -22.3% |
| Profit (loss) carried forward | 14 | €42,671 | €44,662 | +€1,990 | +4.7% |
| Provisions and deferred taxes | 16 | €17,282 | €16,296 | -€986 | -5.7% |
| Deferred taxes | 168 | €17,282 | €16,296 | -€986 | -5.7% |
| Amounts payable | 17/49 | €335,121 | €248,747 | -€86,374 | -25.8% |
| Amounts payable after more than one year | 17 | €264,494 | €140,530 | -€123,965 | -46.9% |
| Financial debts | 170/4 | €264,494 | €140,530 | -€123,965 | -46.9% |
| Amounts payable within one year | 42/48 | €65,544 | €103,750 | +€38,206 | +58.3% |
| Current portion of amounts payable after more than one year | 42 | €23,588 | €23,965 | +€376 | +1.6% |
| Trade debts | 44 | €1,320 | €1,501 | +€181 | +13.7% |
| Suppliers | 440/4 | €1,320 | €1,501 | +€181 | +13.7% |
| Taxes, remuneration and social security | 45 | €9,032 | €7,193 | -€1,839 | -20.4% |
| Taxes | 450/3 | €9,032 | €7,193 | -€1,839 | -20.4% |
| Other amounts payable | 47/48 | €31,604 | €71,091 | +€39,487 | +125% |
| Accrued charges and deferred income | 492/3 | €5,082 | €4,467 | -€615 | -12.1% |
| Non-recurring operating income | 76A | €0 | €109,934 | +€109,934 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,916 | €57,338 | -€33,578 | -36.9% |
| Other operating charges | 640/8 | €7,247 | €7,033 | -€214 | -2.9% |
| Gross operating margin | 9900 | €106,593 | €120,688 | +€14,095 | +13.2% |
| Operating profit (loss) | 9901 | €8,430 | €56,316 | +€47,886 | +568% |
| Financial income | 75/76B | €2,448 | €2,190 | -€258 | -10.5% |
| Recurring financial income | 75 | €2,448 | €2,190 | -€258 | -10.5% |
| Financial charges | 65/66B | €8,607 | €7,629 | -€979 | -11.4% |
| Recurring financial charges | 65 | €8,607 | €7,629 | -€979 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €2,270 | €50,878 | +€48,607 | +2,141% |
| Transfer from deferred taxes | 780 | €986 | €986 | = | 0.0% |
| Income taxes | 67/77 | €2,800 | €16,319 | +€13,518 | +483% |
| Profit (loss) for the period | 9904 | €456 | €35,545 | +€35,089 | +7,688% |
| Transfer from tax-exempt reserves | 789 | €3,945 | €3,945 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,401 | €39,490 | +€35,089 | +797% |
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 24 October 2026 via checked.be.