MILAMED: what changed
Two fiscal 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.
MILAMED
Largest movements
- Cash +€154,388
up €154,388 (+141.4%), from €109,160 to €263,548
mainly Net result for the year (+€100,222) and Tax, wage and social debts (+€82,635)
- Current investments +€51,063
up €51,063 (+502.3%), from €10,167 to €61,230
- Tangible fixed assets -€26,769
down €26,769 (-35.8%), from €74,828 to €48,059
of which Plant, machinery and equipment: -€28,060
- Receivables within one year -€18,907
down €18,907 (-94.9%), from €19,916 to €1,010
of which Trade receivables: -€16,287
- Deferred charges and accrued income -€6,525
down €6,525 (-22.7%), from €28,797 to €22,272
- Reserves +€100,000
up €100,000 (+70.1%), from €142,660 to €242,660
- Tax, wage and social debts +€82,635
up €82,635 (+569.7%), from €14,505 to €97,141
- Debts after one year -€15,402
no longer reported in 2025 (was €15,402)
of which Financial debts: -€13,942
- Other debts -€8,516
down €8,516 (-47.7%), from €17,850 to €9,334
- Current portion of long-term debt -€6,220
down €6,220 (-30.9%), from €20,162 to €13,942
- Depreciation -€12,705
down €12,705 (-34.0%), from €37,378 to €24,673
- Staff costs -€8,131
no longer reported in 2025 (was €8,131)
- Taxes +€7,951
up €7,951 (+22.3%), from €35,595 to €43,546
- Gross operating margin +€7,016
up €7,016 (+4.1%), from €172,144 to €179,160
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 | €242,868 | €396,118 | +€153,250 | +63.1% |
| Fixed assets | 21/28 | €74,828 | €48,059 | -€26,769 | -35.8% |
| Tangible fixed assets | 22/27 | €74,828 | €48,059 | -€26,769 | -35.8% |
| Plant, machinery and equipment | 23 | €70,452 | €42,392 | -€28,060 | -39.8% |
| Furniture and vehicles | 24 | €4,376 | €5,667 | +€1,292 | +29.5% |
| Current assets | 29/58 | €168,040 | €348,059 | +€180,019 | +107.1% |
| Amounts receivable within one year | 40/41 | €19,916 | €1,010 | -€18,907 | -94.9% |
| Trade receivables | 40 | €16,287 | - | -€16,287 | |
| Other amounts receivable | 41 | €3,630 | €1,010 | -€2,620 | -72.2% |
| Current investments | 50/53 | €10,167 | €61,230 | +€51,063 | +502.3% |
| Cash at bank and in hand | 54/58 | €109,160 | €263,548 | +€154,388 | +141.4% |
| Deferred charges and accrued income | 490/1 | €28,797 | €22,272 | -€6,525 | -22.7% |
| Total equity and liabilities | 10/49 | €242,868 | €396,118 | +€153,250 | +63.1% |
| Equity | 10/15 | €167,593 | €267,815 | +€100,222 | +59.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €142,660 | €242,660 | +€100,000 | +70.1% |
| Distributable reserves | 133 | €142,660 | €242,660 | +€100,000 | +70.1% |
| Profit (loss) carried forward | 14 | €6,333 | €6,555 | +€222 | +3.5% |
| Amounts payable | 17/49 | €75,275 | €128,304 | +€53,028 | +70.4% |
| Amounts payable after more than one year | 17 | €15,402 | - | -€15,402 | |
| Financial debts | 170/4 | €13,942 | - | -€13,942 | |
| Other amounts payable | 178/9 | €1,460 | - | -€1,460 | |
| Amounts payable within one year | 42/48 | €59,873 | €122,123 | +€62,250 | +104.0% |
| Current portion of amounts payable after more than one year | 42 | €20,162 | €13,942 | -€6,220 | -30.9% |
| Trade debts | 44 | €7,355 | €1,706 | -€5,649 | -76.8% |
| Suppliers | 440/4 | €7,355 | €1,706 | -€5,649 | -76.8% |
| Taxes, remuneration and social security | 45 | €14,505 | €97,141 | +€82,635 | +569.7% |
| Taxes | 450/3 | €14,505 | €97,141 | +€82,635 | +569.7% |
| Other amounts payable | 47/48 | €17,850 | €9,334 | -€8,516 | -47.7% |
| Accrued charges and deferred income | 492/3 | - | €6,180 | +€6,180 | |
| Remuneration, social security and pensions | 62 | €8,131 | - | -€8,131 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,378 | €24,673 | -€12,705 | -34.0% |
| Other operating charges | 640/8 | €3,522 | €3,631 | +€108 | +3.1% |
| Non-recurring operating charges | 66A | - | €5,928 | +€5,928 | |
| Gross operating margin | 9900 | €172,144 | €179,160 | +€7,016 | +4.1% |
| Operating profit (loss) | 9901 | €123,112 | €144,929 | +€21,817 | +17.7% |
| Financial income | 75/76B | - | €230 | +€230 | |
| Recurring financial income | 75 | - | €230 | +€230 | |
| Financial charges | 65/66B | €2,275 | €1,391 | -€884 | -38.8% |
| Recurring financial charges | 65 | €2,275 | €1,391 | -€884 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €120,837 | €143,768 | +€22,931 | +19.0% |
| Income taxes | 67/77 | €35,595 | €43,546 | +€7,951 | +22.3% |
| Profit (loss) for the period | 9904 | €85,242 | €100,222 | +€14,980 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €85,242 | €100,222 | +€14,980 | +17.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.