MILANMA: 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.
MILANMA
Largest movements
- Receivables within one year +€63,748
up €63,748 (+7,680%), from €830 to €64,578
of which Trade receivables: +€63,500
- Tangible fixed assets +€36,160
up €36,160 (+528%), from €6,851 to €43,011
- Cash -€35,869
down €35,869 (-71.7%), from €50,012 to €14,143
mainly Receivables within one year (-€63,748) and Investment in fixed assets (net) (-€48,372)
- Stocks and contracts -€5,168
down €5,168 (-14.7%), from €35,271 to €30,103
- Deferred charges and accrued income +€3,587
up €3,587 (+606%), from €592 to €4,179
- Debts after one year +€52,587
up €52,587 (+188%), from €27,901 to €80,488
- Trade debts +€17,729
up €17,729 (+85.2%), from €20,796 to €38,525
- Current portion of long-term debt +€8,208
up €8,208 (+236%), from €3,484 to €11,692
- Other debts -€6,837
down €6,837 (-99.3%), from €6,886 to €49
- Tax, wage and social debts -€5,701
down €5,701 (-38.0%), from €14,998 to €9,297
of which Remuneration and social security: -€7,689
- Staff costs +€19,853
up €19,853 (+26.5%), from €74,834 to €94,687
- Gross operating margin +€15,432
up €15,432 (+14.8%), from €104,469 to €119,901
- Other operating charges +€7,467
up €7,467 (+811%), from €921 to €8,388
- Taxes +€6,079
new in 2025: €6,079
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 | €94,305 | €156,763 | +€62,458 | +66.2% |
| Formation expenses | 20 | €749 | €749 | +€0 | 0.0% |
| Fixed assets | 21/28 | €6,851 | €43,011 | +€36,160 | +528% |
| Tangible fixed assets | 22/27 | €6,851 | €43,011 | +€36,160 | +528% |
| Furniture and vehicles | 24 | €6,851 | €43,011 | +€36,160 | +528% |
| Current assets | 29/58 | €86,705 | €113,003 | +€26,298 | +30.3% |
| Stocks and contracts in progress | 3 | €35,271 | €30,103 | -€5,168 | -14.7% |
| Stocks | 30/36 | €35,271 | €30,103 | -€5,168 | -14.7% |
| Amounts receivable within one year | 40/41 | €830 | €64,578 | +€63,748 | +7,680% |
| Trade receivables | 40 | €830 | €64,330 | +€63,500 | +7,651% |
| Other amounts receivable | 41 | - | €248 | +€248 | |
| Cash at bank and in hand | 54/58 | €50,012 | €14,143 | -€35,869 | -71.7% |
| Deferred charges and accrued income | 490/1 | €592 | €4,179 | +€3,587 | +606% |
| Total equity and liabilities | 10/49 | €94,305 | €156,763 | +€62,458 | +66.2% |
| Equity | 10/15 | €20,240 | €16,713 | -€3,528 | -17.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Other | 1109/19 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,240 | €15,713 | -€3,528 | -18.3% |
| Amounts payable | 17/49 | €74,065 | €140,051 | +€65,986 | +89.1% |
| Amounts payable after more than one year | 17 | €27,901 | €80,488 | +€52,587 | +188% |
| Financial debts | 170/4 | €27,901 | €80,488 | +€52,587 | +188% |
| Amounts payable within one year | 42/48 | €46,164 | €59,563 | +€13,399 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €3,484 | €11,692 | +€8,208 | +236% |
| Trade debts | 44 | €20,796 | €38,525 | +€17,729 | +85.2% |
| Suppliers | 440/4 | €20,796 | €38,525 | +€17,729 | +85.2% |
| Taxes, remuneration and social security | 45 | €14,998 | €9,297 | -€5,701 | -38.0% |
| Taxes | 450/3 | €6,937 | €8,925 | +€1,988 | +28.7% |
| Remuneration and social security | 454/9 | €8,061 | €372 | -€7,689 | -95.4% |
| Other amounts payable | 47/48 | €6,886 | €49 | -€6,837 | -99.3% |
| Remuneration, social security and pensions | 62 | €74,834 | €94,687 | +€19,853 | +26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,272 | €12,212 | -€60 | -0.5% |
| Other operating charges | 640/8 | €921 | €8,388 | +€7,467 | +811% |
| Non-recurring operating charges | 66A | - | €684 | +€684 | |
| Gross operating margin | 9900 | €104,469 | €119,901 | +€15,432 | +14.8% |
| Operating profit (loss) | 9901 | €16,442 | €3,929 | -€12,513 | -76.1% |
| Financial charges | 65/66B | €2,346 | €1,378 | -€968 | -41.3% |
| Recurring financial charges | 65 | €2,346 | €1,378 | -€968 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €14,096 | €2,551 | -€11,545 | -81.9% |
| Income taxes | 67/77 | - | €6,079 | +€6,079 | |
| Profit (loss) for the period | 9904 | €14,096 | -€3,527 | -€17,623 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,096 | -€3,527 | -€17,623 |
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 20 October 2026 via checked.be.