MILAN: 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.
MILAN
Largest movements
- Receivables within one year -€77,525
down €77,525 (-64.3%), from €120,658 to €43,134
of which Other amounts receivable: -€68,525
- Short-term financial debts +€300,000
new in 2025: €300,000
- Debts after one year -€276,657
down €276,657 (-30.0%), from €923,344 to €646,687
- Tax, wage and social debts -€58,380
down €58,380 (-75.0%), from €77,870 to €19,490
- Reserves -€44,000
down €44,000 (-3.5%), from €1.2m to €1.2m
- Financial income -€89,324
down €89,324 (-33.9%), from €263,532 to €174,208
- Taxes +€9,882
up €9,882 (+163%), from €6,050 to €15,932
- Financial charges +€3,897
up €3,897 (+8.0%), from €48,716 to €52,612
- Gross operating margin +€1,229
up €1,229 (+2.3%), from €52,666 to €53,895
- Other operating charges -€743
down €743 (-30.4%), from €2,441 to €1,699
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 | €2,847,735 | €2,761,919 | -€85,816 | -3.0% |
| Fixed assets | 21/28 | €2,695,311 | €2,693,495 | -€1,816 | -0.1% |
| Tangible fixed assets | 22/27 | €191,272 | €189,456 | -€1,816 | -0.9% |
| Plant, machinery and equipment | 23 | €1,816 | €0 | -€1,816 | -100% |
| Other tangible fixed assets | 26 | €189,456 | €189,456 | = | 0.0% |
| Financial fixed assets | 28 | €2,504,040 | €2,504,040 | = | 0.0% |
| Current assets | 29/58 | €152,424 | €68,424 | -€84,000 | -55.1% |
| Amounts receivable within one year | 40/41 | €120,658 | €43,134 | -€77,525 | -64.3% |
| Trade receivables | 40 | €9,000 | €0 | -€9,000 | -100% |
| Other amounts receivable | 41 | €111,658 | €43,134 | -€68,525 | -61.4% |
| Cash at bank and in hand | 54/58 | €18,534 | €11,636 | -€6,898 | -37.2% |
| Deferred charges and accrued income | 490/1 | €13,232 | €13,655 | +€422 | +3.2% |
| Total equity and liabilities | 10/49 | €2,847,735 | €2,761,919 | -€85,816 | -3.0% |
| Equity | 10/15 | €1,492,495 | €1,448,539 | -€43,956 | -2.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,239,895 | €1,195,895 | -€44,000 | -3.5% |
| Distributable reserves | 133 | €1,239,895 | €1,195,895 | -€44,000 | -3.5% |
| Profit (loss) carried forward | 14 | €2,600 | €2,644 | +€44 | +1.7% |
| Amounts payable | 17/49 | €1,355,240 | €1,313,380 | -€41,860 | -3.1% |
| Amounts payable after more than one year | 17 | €923,344 | €646,687 | -€276,657 | -30.0% |
| Financial debts | 170/4 | €923,344 | €646,687 | -€276,657 | -30.0% |
| Amounts payable within one year | 42/48 | €431,146 | €663,733 | +€232,587 | +53.9% |
| Current portion of amounts payable after more than one year | 42 | €100,222 | €101,657 | +€1,435 | +1.4% |
| Financial debts | 43 | - | €300,000 | +€300,000 | |
| Credit institutions | 430/8 | - | €300,000 | +€300,000 | |
| Trade debts | 44 | €9,554 | €12,207 | +€2,654 | +27.8% |
| Suppliers | 440/4 | €9,554 | €12,207 | +€2,654 | +27.8% |
| Taxes, remuneration and social security | 45 | €77,870 | €19,490 | -€58,380 | -75.0% |
| Taxes | 450/3 | €77,870 | €19,490 | -€58,380 | -75.0% |
| Other amounts payable | 47/48 | €243,500 | €230,378 | -€13,122 | -5.4% |
| Accrued charges and deferred income | 492/3 | €750 | €2,960 | +€2,210 | +295% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,117 | €1,816 | -€301 | -14.2% |
| Other operating charges | 640/8 | €2,441 | €1,699 | -€743 | -30.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €52,666 | €53,895 | +€1,229 | +2.3% |
| Operating profit (loss) | 9901 | €48,107 | €50,380 | +€2,273 | +4.7% |
| Financial income | 75/76B | €263,532 | €174,208 | -€89,324 | -33.9% |
| Recurring financial income | 75 | €263,532 | €174,208 | -€89,324 | -33.9% |
| Financial charges | 65/66B | €48,716 | €52,612 | +€3,897 | +8.0% |
| Recurring financial charges | 65 | €48,716 | €52,612 | +€3,897 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €262,924 | €171,976 | -€90,948 | -34.6% |
| Income taxes | 67/77 | €6,050 | €15,932 | +€9,882 | +163% |
| Profit (loss) for the period | 9904 | €256,873 | €156,044 | -€100,830 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €256,873 | €156,044 | -€100,830 | -39.3% |
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 25 October 2026 via checked.be.