MILANO PROJECTS: 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.
MILANO PROJECTS
Largest movements
- Tangible fixed assets -€24,916
down €24,916 (-16.9%), from €147,507 to €122,591
of which Leasing and similar rights: -€17,379
- Cash -€22,465
down €22,465 (-27.8%), from €80,882 to €58,417
mainly Debts after one year (-€19,417) and Net result for the year (-€17,230)
- Deferred charges and accrued income -€2,909
no longer reported in 2025 (was €2,909)
- Debts after one year -€19,417
down €19,417 (-31.1%), from €62,422 to €43,005
- Profit (loss) carried forward -€17,230
down €17,230, from €16,154 to -€1,076
- Other debts -€15,534
down €15,534 (-39.9%), from €38,953 to €23,419
- Gross operating margin +€5,228
up €5,228 (+33.1%), from €15,796 to €21,024
- Financial charges -€2,076
down €2,076 (-20.1%), from €10,334 to €8,258
- Other operating charges -€1,077
down €1,077 (-22.5%), from €4,784 to €3,707
- Financial income +€533
up €533 (+78.2%), from €681 to €1,214
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 | €237,540 | €185,359 | -€52,181 | -22.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €147,507 | €122,591 | -€24,916 | -16.9% |
| Tangible fixed assets | 22/27 | €147,507 | €122,591 | -€24,916 | -16.9% |
| Plant, machinery and equipment | 23 | - | €2,379 | +€2,379 | |
| Furniture and vehicles | 24 | €2,888 | €1,238 | -€1,650 | -57.1% |
| Leasing and similar rights | 25 | €88,134 | €70,755 | -€17,379 | -19.7% |
| Other tangible fixed assets | 26 | €56,485 | €48,219 | -€8,266 | -14.6% |
| Current assets | 29/58 | €90,033 | €62,768 | -€27,265 | -30.3% |
| Amounts receivable within one year | 40/41 | €6,242 | €4,351 | -€1,891 | -30.3% |
| Trade receivables | 40 | €6,006 | €3,783 | -€2,224 | -37.0% |
| Other amounts receivable | 41 | €236 | €568 | +€332 | +140.7% |
| Cash at bank and in hand | 54/58 | €80,882 | €58,417 | -€22,465 | -27.8% |
| Deferred charges and accrued income | 490/1 | €2,909 | - | -€2,909 | |
| Total equity and liabilities | 10/49 | €237,540 | €185,359 | -€52,181 | -22.0% |
| Equity | 10/15 | €105,949 | €88,719 | -€17,230 | -16.3% |
| Contributions | 10/11 | €40,864 | €40,864 | = | 0.0% |
| Reserves | 13 | €48,931 | €48,931 | = | 0.0% |
| Distributable reserves | 133 | €48,931 | €48,931 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,154 | -€1,076 | -€17,230 | |
| Amounts payable | 17/49 | €131,591 | €96,641 | -€34,950 | -26.6% |
| Amounts payable after more than one year | 17 | €62,422 | €43,005 | -€19,417 | -31.1% |
| Financial debts | 170/4 | €62,422 | €43,005 | -€19,417 | -31.1% |
| Amounts payable within one year | 42/48 | €69,169 | €53,635 | -€15,534 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €18,146 | €19,417 | +€1,270 | +7.0% |
| Trade debts | 44 | €8,589 | €9,514 | +€925 | +10.8% |
| Suppliers | 440/4 | €8,589 | €9,514 | +€925 | +10.8% |
| Taxes, remuneration and social security | 45 | €3,480 | €1,286 | -€2,194 | -63.1% |
| Taxes | 450/3 | €3,480 | €1,286 | -€2,194 | -63.1% |
| Other amounts payable | 47/48 | €38,953 | €23,419 | -€15,534 | -39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,295 | €27,503 | +€208 | +0.8% |
| Other operating charges | 640/8 | €4,784 | €3,707 | -€1,077 | -22.5% |
| Gross operating margin | 9900 | €15,796 | €21,024 | +€5,228 | +33.1% |
| Operating profit (loss) | 9901 | -€16,282 | -€10,186 | +€6,097 | +37.4% |
| Financial income | 75/76B | €681 | €1,214 | +€533 | +78.2% |
| Recurring financial income | 75 | €681 | €1,214 | +€533 | +78.2% |
| Financial charges | 65/66B | €10,334 | €8,258 | -€2,076 | -20.1% |
| Recurring financial charges | 65 | €10,334 | €8,258 | -€2,076 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€25,935 | -€17,230 | +€8,705 | +33.6% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€25,935 | -€17,230 | +€8,705 | +33.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,935 | -€17,230 | +€8,705 | +33.6% |
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 5 October 2026 via checked.be.