Milan Vandermeulen: what changed
Milan Vandermeulen
Largest movements
- Cash -€81,756
down €81,756 (-84.0%), from €97,315 to €15,559
mainly Contributions, distributions and other (-€95,000) and Tax, wage and social debts (-€15,103)
- Tangible fixed assets -€8,474
down €8,474 (-25.0%), from €33,953 to €25,479
of which Leasing and similar rights: -€9,242
- Reserves -€39,752
no longer reported in 2025 (was €39,752)
- Profit (loss) carried forward -€23,278
down €23,278 (-75.7%), from €30,737 to €7,460
- Tax, wage and social debts -€15,103
down €15,103 (-72.9%), from €20,724 to €5,621
- Debts after one year -€8,984
down €8,984 (-33.6%), from €26,699 to €17,715
- Other debts -€3,689
down €3,689 (-86.8%), from €4,253 to €563
- Gross operating margin +€4,859
up €4,859 (+9.6%), from €50,391 to €55,251
- Taxes +€3,244
up €3,244 (+39.0%), from €8,318 to €11,563
- Other operating charges +€657
up €657 (+355%), from €185 to €842
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,268 | €41,038 | -€90,230 | -68.7% |
| Fixed assets | 21/28 | €33,953 | €25,479 | -€8,474 | -25.0% |
| Tangible fixed assets | 22/27 | €33,953 | €25,479 | -€8,474 | -25.0% |
| Furniture and vehicles | 24 | - | €767 | +€767 | |
| Leasing and similar rights | 25 | €33,953 | €24,712 | -€9,242 | -27.2% |
| Current assets | 29/58 | €97,315 | €15,559 | -€81,756 | -84.0% |
| Cash at bank and in hand | 54/58 | €97,315 | €15,559 | -€81,756 | -84.0% |
| Total equity and liabilities | 10/49 | €131,268 | €41,038 | -€90,230 | -68.7% |
| Equity | 10/15 | €70,989 | €7,960 | -€63,029 | -88.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €39,752 | - | -€39,752 | |
| Distributable reserves | 133 | €39,752 | - | -€39,752 | |
| Profit (loss) carried forward | 14 | €30,737 | €7,460 | -€23,278 | -75.7% |
| Amounts payable | 17/49 | €60,279 | €33,079 | -€27,201 | -45.1% |
| Amounts payable after more than one year | 17 | €26,699 | €17,715 | -€8,984 | -33.6% |
| Financial debts | 170/4 | €26,699 | €17,715 | -€8,984 | -33.6% |
| Amounts payable within one year | 42/48 | €33,580 | €15,363 | -€18,217 | -54.2% |
| Current portion of amounts payable after more than one year | 42 | €8,603 | €8,984 | +€381 | +4.4% |
| Trade debts | 44 | - | €195 | +€195 | |
| Suppliers | 440/4 | - | €195 | +€195 | |
| Taxes, remuneration and social security | 45 | €20,724 | €5,621 | -€15,103 | -72.9% |
| Taxes | 450/3 | €20,724 | €5,621 | -€15,103 | -72.9% |
| Other amounts payable | 47/48 | €4,253 | €563 | -€3,689 | -86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,242 | €9,343 | +€102 | +1.1% |
| Other operating charges | 640/8 | €185 | €842 | +€657 | +355% |
| Gross operating margin | 9900 | €50,391 | €55,251 | +€4,859 | +9.6% |
| Operating profit (loss) | 9901 | €40,965 | €45,066 | +€4,101 | +10.0% |
| Financial charges | 65/66B | €1,910 | €1,533 | -€376 | -19.7% |
| Recurring financial charges | 65 | €1,910 | €1,533 | -€376 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €39,055 | €43,533 | +€4,478 | +11.5% |
| Income taxes | 67/77 | €8,318 | €11,563 | +€3,244 | +39.0% |
| Profit (loss) for the period | 9904 | €30,737 | €31,971 | +€1,233 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,737 | €31,971 | +€1,233 | +4.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.