MILAO: 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.
MILAO
Largest movements
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Receivables within one year -€81,382
down €81,382 (-45.8%), from €177,525 to €96,143
of which Other amounts receivable: -€109,604
- Cash +€61,860
up €61,860 (+132.4%), from €46,727 to €108,587
mainly Current investments (+€125,000) and Receivables within one year (+€81,382)
- Tangible fixed assets -€24,899
down €24,899 (-11.1%), from €224,596 to €199,697
of which Land and buildings: -€12,560
- Other debts -€105,228
down €105,228 (-69.5%), from €151,451 to €46,223
- Reserves -€31,014
down €31,014 (-10.2%), from €304,244 to €273,230
- Debts after one year -€27,252
down €27,252 (-47.6%), from €57,196 to €29,944
- Current portion of long-term debt -€12,411
down €12,411 (-31.3%), from €39,664 to €27,253
- Tax, wage and social debts +€10,166
new in 2025: €10,166
of which Taxes: +€5,166
- Gross operating margin +€33,720
up €33,720 (+57.4%), from €58,721 to €92,441
- Taxes +€8,117
up €8,117 (+111.8%), from €7,258 to €15,375
- Financial income -€2,484
down €2,484 (-78.0%), from €3,184 to €700
- Financial charges -€1,775
down €1,775 (-29.0%), from €6,115 to €4,340
- Depreciation +€1,513
up €1,513 (+4.8%), from €31,528 to €33,041
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 | €574,552 | €404,755 | -€169,797 | -29.6% |
| Fixed assets | 21/28 | €224,596 | €199,697 | -€24,899 | -11.1% |
| Tangible fixed assets | 22/27 | €224,596 | €199,697 | -€24,899 | -11.1% |
| Land and buildings | 22 | €149,054 | €136,494 | -€12,560 | -8.4% |
| Plant, machinery and equipment | 23 | €3,486 | €2,548 | -€938 | -26.9% |
| Furniture and vehicles | 24 | €72,056 | €60,655 | -€11,401 | -15.8% |
| Current assets | 29/58 | €349,956 | €205,058 | -€144,898 | -41.4% |
| Amounts receivable within one year | 40/41 | €177,525 | €96,143 | -€81,382 | -45.8% |
| Trade receivables | 40 | €67,921 | €96,143 | +€28,222 | +41.6% |
| Other amounts receivable | 41 | €109,604 | - | -€109,604 | |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €46,727 | €108,587 | +€61,860 | +132.4% |
| Deferred charges and accrued income | 490/1 | €704 | €328 | -€376 | -53.4% |
| Total equity and liabilities | 10/49 | €574,552 | €404,755 | -€169,797 | -29.6% |
| Equity | 10/15 | €316,644 | €285,630 | -€31,014 | -9.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €304,244 | €273,230 | -€31,014 | -10.2% |
| Distributable reserves | 133 | €304,244 | €273,230 | -€31,014 | -10.2% |
| Amounts payable | 17/49 | €257,908 | €119,125 | -€138,783 | -53.8% |
| Amounts payable after more than one year | 17 | €57,196 | €29,944 | -€27,252 | -47.6% |
| Financial debts | 170/4 | €57,196 | €29,944 | -€27,252 | -47.6% |
| Amounts payable within one year | 42/48 | €200,712 | €89,181 | -€111,531 | -55.6% |
| Current portion of amounts payable after more than one year | 42 | €39,664 | €27,253 | -€12,411 | -31.3% |
| Financial debts | 43 | €3,453 | - | -€3,453 | |
| Credit institutions | 430/8 | €3,453 | - | -€3,453 | |
| Trade debts | 44 | €6,144 | €5,539 | -€605 | -9.8% |
| Suppliers | 440/4 | €6,144 | €5,539 | -€605 | -9.8% |
| Taxes, remuneration and social security | 45 | - | €10,166 | +€10,166 | |
| Taxes | 450/3 | - | €5,166 | +€5,166 | |
| Remuneration and social security | 454/9 | - | €5,000 | +€5,000 | |
| Other amounts payable | 47/48 | €151,451 | €46,223 | -€105,228 | -69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,528 | €33,041 | +€1,513 | +4.8% |
| Other operating charges | 640/8 | €1,261 | €1,399 | +€138 | +10.9% |
| Gross operating margin | 9900 | €58,721 | €92,441 | +€33,720 | +57.4% |
| Operating profit (loss) | 9901 | €25,932 | €58,001 | +€32,069 | +123.7% |
| Financial income | 75/76B | €3,184 | €700 | -€2,484 | -78.0% |
| Recurring financial income | 75 | €3,184 | €700 | -€2,484 | -78.0% |
| Financial charges | 65/66B | €6,115 | €4,340 | -€1,775 | -29.0% |
| Recurring financial charges | 65 | €6,115 | €4,340 | -€1,775 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €23,001 | €54,361 | +€31,360 | +136.3% |
| Income taxes | 67/77 | €7,258 | €15,375 | +€8,117 | +111.8% |
| Profit (loss) for the period | 9904 | €15,743 | €38,986 | +€23,243 | +147.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,743 | €38,986 | +€23,243 | +147.6% |
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.