MILAR-C: 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.
MILAR-C
Largest movements
- Cash +€51,364
up €51,364 (+44.2%), from €116,241 to €167,605
mainly Net result for the year (+€90,833) and Depreciation (+€28,216)
- Tangible fixed assets -€19,868
down €19,868 (-22.1%), from €89,917 to €70,049
of which Furniture and vehicles: -€20,684
- Current investments +€16,525
up €16,525 (+2.3%), from €727,427 to €743,952
- Reserves +€65,059
up €65,059 (+6.0%), from €1.1m to €1.2m
of which Distributable reserves: +€65,059
- Financial charges -€85,357
down €85,357 (-93.4%), from €91,392 to €6,035
- Gross operating margin -€67,033
down €67,033 (-33.5%), from €200,368 to €133,334
- Depreciation -€18,775
down €18,775 (-40.0%), from €46,991 to €28,216
- Financial income +€15,040
up €15,040 (+111%), from €13,556 to €28,595
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 | €1,159,389 | €1,218,583 | +€59,194 | +5.1% |
| Fixed assets | 21/28 | €206,584 | €186,715 | -€19,868 | -9.6% |
| Tangible fixed assets | 22/27 | €89,917 | €70,049 | -€19,868 | -22.1% |
| Plant, machinery and equipment | 23 | €1,250 | €761 | -€490 | -39.2% |
| Furniture and vehicles | 24 | €59,533 | €38,848 | -€20,684 | -34.7% |
| Other tangible fixed assets | 26 | €29,134 | €30,440 | +€1,306 | +4.5% |
| Financial fixed assets | 28 | €116,667 | €116,667 | = | 0.0% |
| Current assets | 29/58 | €952,806 | €1,031,868 | +€79,062 | +8.3% |
| Amounts receivable within one year | 40/41 | €104,129 | €115,122 | +€10,993 | +10.6% |
| Trade receivables | 40 | €104,129 | €105,519 | +€1,391 | +1.3% |
| Other amounts receivable | 41 | - | €9,603 | +€9,603 | |
| Current investments | 50/53 | €727,427 | €743,952 | +€16,525 | +2.3% |
| Cash at bank and in hand | 54/58 | €116,241 | €167,605 | +€51,364 | +44.2% |
| Deferred charges and accrued income | 490/1 | €5,010 | €5,190 | +€180 | +3.6% |
| Total equity and liabilities | 10/49 | €1,159,389 | €1,218,583 | +€59,194 | +5.1% |
| Equity | 10/15 | €1,112,147 | €1,177,206 | +€65,059 | +5.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,087,147 | €1,152,206 | +€65,059 | +6.0% |
| Tax-exempt reserves | 132 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €1,086,847 | €1,151,905 | +€65,059 | +6.0% |
| Amounts payable | 17/49 | €47,242 | €41,378 | -€5,865 | -12.4% |
| Amounts payable within one year | 42/48 | €44,052 | €38,848 | -€5,204 | -11.8% |
| Trade debts | 44 | €11,756 | €7,134 | -€4,622 | -39.3% |
| Suppliers | 440/4 | €11,756 | €7,134 | -€4,622 | -39.3% |
| Taxes, remuneration and social security | 45 | €14,740 | €6,936 | -€7,804 | -52.9% |
| Taxes | 450/3 | €14,740 | €6,936 | -€7,804 | -52.9% |
| Other amounts payable | 47/48 | €17,556 | €24,778 | +€7,222 | +41.1% |
| Accrued charges and deferred income | 492/3 | €3,190 | €2,529 | -€661 | -20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,991 | €28,216 | -€18,775 | -40.0% |
| Other operating charges | 640/8 | €2,013 | €1,504 | -€509 | -25.3% |
| Gross operating margin | 9900 | €200,368 | €133,334 | -€67,033 | -33.5% |
| Operating profit (loss) | 9901 | €151,364 | €103,614 | -€47,750 | -31.5% |
| Financial income | 75/76B | €13,556 | €28,595 | +€15,040 | +111% |
| Recurring financial income | 75 | €13,556 | €28,595 | +€15,040 | +111% |
| Financial charges | 65/66B | €91,392 | €6,035 | -€85,357 | -93.4% |
| Recurring financial charges | 65 | €91,392 | €6,035 | -€85,357 | -93.4% |
| Profit (loss) for the period before taxes | 9903 | €73,528 | €126,174 | +€52,646 | +71.6% |
| Income taxes | 67/77 | €35,370 | €35,342 | -€28 | -0.1% |
| Profit (loss) for the period | 9904 | €38,158 | €90,833 | +€52,674 | +138% |
| Profit (loss) for the period to be appropriated | 9905 | €38,158 | €90,833 | +€52,674 | +138% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.