Milak: 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.
Milak
Largest movements
- Cash +€1.7m
up €1.7m (+227.4%), from €767,587 to €2.5m
mainly Advances received (+€1.2m) and Investment in fixed assets (net) (+€938,365)
- Financial fixed assets -€1.1m
down €1.1m (-99.6%), from €1.1m to €4,680
- Receivables within one year +€515,848
up €515,848 (+27.9%), from €1.8m to €2.4m
of which Other amounts receivable: +€265,334
- Advances received +€1.2m
new in 2025: €1.2m
- Profit (loss) carried forward -€721,912
down €721,912 (-24.6%), from €2.9m to €2.2m
- Other debts +€550,285
up €550,285 (+931.0%), from €59,108 to €609,393
- Trade debts +€253,597
up €253,597 (+830.1%), from €30,551 to €284,148
- Debts after one year -€92,424
down €92,424 (-17.3%), from €535,389 to €442,965
- Gross operating margin -€736,939
down €736,939 (-24.5%), from €3.0m to €2.3m
- Taxes -€209,560
down €209,560 (-99.8%), from €209,909 to €349
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 | €4,362,698 | €5,512,278 | +€1.1m | +26.4% |
| Fixed assets | 21/28 | €1,734,290 | €619,980 | -€1.1m | -64.3% |
| Tangible fixed assets | 22/27 | €641,786 | €615,299 | -€26,486 | -4.1% |
| Land and buildings | 22 | €391,529 | €297,264 | -€94,265 | -24.1% |
| Plant, machinery and equipment | 23 | €7,553 | €8,577 | +€1,024 | +13.6% |
| Furniture and vehicles | 24 | €242,704 | €309,458 | +€66,754 | +27.5% |
| Financial fixed assets | 28 | €1,092,504 | €4,680 | -€1.1m | -99.6% |
| Current assets | 29/58 | €2,628,408 | €4,892,298 | +€2.3m | +86.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,846,408 | €2,362,256 | +€515,848 | +27.9% |
| Trade receivables | 40 | €1,717,405 | €1,967,919 | +€250,514 | +14.6% |
| Other amounts receivable | 41 | €129,003 | €394,337 | +€265,334 | +205.7% |
| Cash at bank and in hand | 54/58 | €767,587 | €2,513,145 | +€1.7m | +227.4% |
| Deferred charges and accrued income | 490/1 | €14,413 | €16,896 | +€2,483 | +17.2% |
| Total equity and liabilities | 10/49 | €4,362,698 | €5,512,278 | +€1.1m | +26.4% |
| Equity | 10/15 | €3,338,085 | €2,616,173 | -€721,912 | -21.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €386,860 | €386,860 | = | 0.0% |
| Distributable reserves | 133 | €386,860 | €386,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,932,625 | €2,210,713 | -€721,912 | -24.6% |
| Amounts payable | 17/49 | €1,024,613 | €2,896,105 | +€1.9m | +182.7% |
| Amounts payable after more than one year | 17 | €535,389 | €442,965 | -€92,424 | -17.3% |
| Financial debts | 170/4 | €535,389 | €442,965 | -€92,424 | -17.3% |
| Amounts payable within one year | 42/48 | €489,225 | €2,453,140 | +€2.0m | +401.4% |
| Current portion of amounts payable after more than one year | 42 | €89,592 | €92,424 | +€2,832 | +3.2% |
| Trade debts | 44 | €30,551 | €284,148 | +€253,597 | +830.1% |
| Suppliers | 440/4 | €30,551 | €284,148 | +€253,597 | +830.1% |
| Advances received on contracts in progress | 46 | - | €1,200,000 | +€1.2m | |
| Taxes, remuneration and social security | 45 | €309,973 | €267,175 | -€42,799 | -13.8% |
| Taxes | 450/3 | €89,685 | €30,055 | -€59,630 | -66.5% |
| Remuneration and social security | 454/9 | €220,288 | €237,120 | +€16,832 | +7.6% |
| Other amounts payable | 47/48 | €59,108 | €609,393 | +€550,285 | +931.0% |
| Remuneration, social security and pensions | 62 | €2,172,561 | €2,183,173 | +€10,611 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,610 | €175,946 | +€11,335 | +6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,052 | €0 | -€25,052 | -100.0% |
| Other operating charges | 640/8 | €32,862 | €23,114 | -€9,747 | -29.7% |
| Gross operating margin | 9900 | €3,009,880 | €2,272,941 | -€736,939 | -24.5% |
| Operating profit (loss) | 9901 | €614,795 | -€109,292 | -€724,086 | |
| Financial income | 75/76B | €0 | €533 | +€533 | |
| Recurring financial income | 75 | €0 | €533 | +€533 | |
| Financial charges | 65/66B | €19,692 | €17,805 | -€1,888 | -9.6% |
| Recurring financial charges | 65 | €19,692 | €17,805 | -€1,888 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €595,102 | -€126,563 | -€721,665 | |
| Income taxes | 67/77 | €209,909 | €349 | -€209,560 | -99.8% |
| Profit (loss) for the period | 9904 | €385,193 | -€126,912 | -€512,106 | |
| Profit (loss) for the period to be appropriated | 9905 | €385,193 | -€126,912 | -€512,106 |
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 9 October 2026 via checked.be.