MILANCO: 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.
MILANCO
Largest movements
- Stocks and contracts -€226,288
down €226,288 (-35.2%), from €642,449 to €416,162
- Tangible fixed assets -€62,217
down €62,217 (-5.8%), from €1.1m to €1.0m
of which Land and buildings: -€42,773
- Cash +€30,294
up €30,294 (+563.2%), from €5,379 to €35,673
mainly Stocks and contracts (+€226,288) and Short-term financial debts (+€100,000)
- Receivables within one year -€27,673
down €27,673 (-18.7%), from €147,673 to €120,000
of which Trade receivables: -€27,673
- Debts after one year -€230,155
down €230,155 (-34.8%), from €660,660 to €430,506
- Short-term financial debts +€100,000
new in 2025: €100,000
- Profit (loss) carried forward -€77,857
new in 2025: -€77,857
- Reserves -€41,276
down €41,276 (-43.0%), from €95,999 to €54,722
of which Distributable reserves: -€29,504
- Other debts -€19,336
down €19,336 (-4.7%), from €412,572 to €393,236
- Gross operating margin -€45,374
down €45,374 (-73.1%), from €62,087 to €16,713
- Financial charges -€11,766
down €11,766 (-19.2%), from €61,189 to €49,422
- Depreciation +€4,265
up €4,265 (+5.7%), from €74,828 to €79,093
- Other operating charges -€4,072
down €4,072 (-31.0%), from €13,135 to €9,063
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 | €1,889,176 | €1,599,371 | -€289,805 | -15.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,078,070 | €1,015,853 | -€62,217 | -5.8% |
| Tangible fixed assets | 22/27 | €1,077,820 | €1,015,603 | -€62,217 | -5.8% |
| Land and buildings | 22 | €879,410 | €836,637 | -€42,773 | -4.9% |
| Plant, machinery and equipment | 23 | €198,239 | €178,966 | -€19,273 | -9.7% |
| Furniture and vehicles | 24 | €171 | €0 | -€171 | -100.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €811,106 | €583,519 | -€227,588 | -28.1% |
| Stocks and contracts in progress | 3 | €642,449 | €416,162 | -€226,288 | -35.2% |
| Stocks | 30/36 | €642,449 | €416,162 | -€226,288 | -35.2% |
| Amounts receivable within one year | 40/41 | €147,673 | €120,000 | -€27,673 | -18.7% |
| Trade receivables | 40 | €27,673 | - | -€27,673 | |
| Other amounts receivable | 41 | €120,000 | €120,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,379 | €35,673 | +€30,294 | +563.2% |
| Deferred charges and accrued income | 490/1 | €15,605 | €11,684 | -€3,921 | -25.1% |
| Total equity and liabilities | 10/49 | €1,889,176 | €1,599,371 | -€289,805 | -15.3% |
| Equity | 10/15 | €759,351 | €640,217 | -€119,133 | -15.7% |
| Contributions | 10/11 | €663,352 | €663,352 | = | 0.0% |
| Reserves | 13 | €95,999 | €54,722 | -€41,276 | -43.0% |
| Non-distributable reserves | 130/1 | €6,031 | - | -€6,031 | |
| Reserves not available under the articles | 1311 | €6,031 | - | -€6,031 | |
| Tax-exempt reserves | 132 | €60,464 | €54,722 | -€5,741 | -9.5% |
| Distributable reserves | 133 | €29,504 | - | -€29,504 | |
| Profit (loss) carried forward | 14 | - | -€77,857 | -€77,857 | |
| Provisions and deferred taxes | 16 | €20,155 | €18,241 | -€1,914 | -9.5% |
| Deferred taxes | 168 | €20,155 | €18,241 | -€1,914 | -9.5% |
| Amounts payable | 17/49 | €1,109,671 | €940,913 | -€168,758 | -15.2% |
| Amounts payable after more than one year | 17 | €660,660 | €430,506 | -€230,155 | -34.8% |
| Financial debts | 170/4 | €660,660 | €430,506 | -€230,155 | -34.8% |
| Amounts payable within one year | 42/48 | €429,340 | €508,001 | +€78,661 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €13,410 | €13,900 | +€489 | +3.6% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €1,633 | €41 | -€1,593 | -97.5% |
| Suppliers | 440/4 | €1,633 | €41 | -€1,593 | -97.5% |
| Taxes, remuneration and social security | 45 | €1,724 | €824 | -€900 | -52.2% |
| Taxes | 450/3 | €1,724 | €824 | -€900 | -52.2% |
| Other amounts payable | 47/48 | €412,572 | €393,236 | -€19,336 | -4.7% |
| Accrued charges and deferred income | 492/3 | €19,671 | €2,407 | -€17,264 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,828 | €79,093 | +€4,265 | +5.7% |
| Other operating charges | 640/8 | €13,135 | €9,063 | -€4,072 | -31.0% |
| Gross operating margin | 9900 | €62,087 | €16,713 | -€45,374 | -73.1% |
| Operating profit (loss) | 9901 | -€25,876 | -€71,443 | -€45,567 | -176.1% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €61,189 | €49,422 | -€11,766 | -19.2% |
| Recurring financial charges | 65 | €61,189 | €49,422 | -€11,766 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | -€87,057 | -€120,865 | -€33,808 | -38.8% |
| Transfer from deferred taxes | 780 | €1,914 | €1,914 | = | 0.0% |
| Income taxes | 67/77 | €670 | €182 | -€488 | -72.8% |
| Profit (loss) for the period | 9904 | -€85,814 | -€119,133 | -€33,320 | -38.8% |
| Transfer from tax-exempt reserves | 789 | €5,741 | €5,741 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,072 | -€113,392 | -€33,320 | -41.6% |
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 4 October 2026 via checked.be.