MILARO: 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.
MILARO
Largest movements
- Tangible fixed assets +€46,508
up €46,508 (+4.7%), from €987,928 to €1.0m
- Receivables within one year +€14,503
new in 2025: €14,503
- Deferred charges and accrued income -€12,247
down €12,247 (-97.6%), from €12,552 to €305
- Other debts +€46,992
up €46,992 (+1.9%), from €2.4m to €2.5m
- Depreciation -€3,995
down €3,995 (-13.6%), from €29,399 to €25,404
- Gross operating margin -€2,974
down €2,974 (-9.0%), from €33,093 to €30,118
- Other operating charges +€1,706
up €1,706 (+17.4%), from €9,830 to €11,536
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 | €1,108,705 | €1,149,936 | +€41,231 | +3.7% |
| Fixed assets | 21/28 | €987,928 | €1,034,436 | +€46,508 | +4.7% |
| Tangible fixed assets | 22/27 | €987,928 | €1,034,436 | +€46,508 | +4.7% |
| Land and buildings | 22 | €987,928 | €1,034,436 | +€46,508 | +4.7% |
| Current assets | 29/58 | €120,776 | €115,499 | -€5,277 | -4.4% |
| Amounts receivable within one year | 40/41 | - | €14,503 | +€14,503 | |
| Trade receivables | 40 | - | €14,503 | +€14,503 | |
| Cash at bank and in hand | 54/58 | €108,224 | €100,691 | -€7,533 | -7.0% |
| Deferred charges and accrued income | 490/1 | €12,552 | €305 | -€12,247 | -97.6% |
| Total equity and liabilities | 10/49 | €1,108,705 | €1,149,936 | +€41,231 | +3.7% |
| Equity | 10/15 | -€1,327,236 | -€1,334,323 | -€7,086 | -0.5% |
| Contributions | 10/11 | €619,700 | €619,700 | = | 0.0% |
| Reserves | 13 | €20,627 | €20,627 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,627 | €20,627 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,967,563 | -€1,974,650 | -€7,086 | -0.4% |
| Amounts payable | 17/49 | €2,435,941 | €2,484,258 | +€48,317 | +2.0% |
| Amounts payable within one year | 42/48 | €2,435,941 | €2,484,258 | +€48,317 | +2.0% |
| Trade debts | 44 | €1,042 | €2,367 | +€1,325 | +127% |
| Suppliers | 440/4 | €1,042 | €2,367 | +€1,325 | +127% |
| Other amounts payable | 47/48 | €2,434,899 | €2,481,891 | +€46,992 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,399 | €25,404 | -€3,995 | -13.6% |
| Other operating charges | 640/8 | €9,830 | €11,536 | +€1,706 | +17.4% |
| Gross operating margin | 9900 | €33,093 | €30,118 | -€2,974 | -9.0% |
| Operating profit (loss) | 9901 | -€6,137 | -€6,822 | -€685 | -11.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €254 | €266 | +€12 | +4.7% |
| Recurring financial charges | 65 | €254 | €266 | +€12 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,390 | -€7,086 | -€696 | -10.9% |
| Profit (loss) for the period | 9904 | -€6,390 | -€7,086 | -€696 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,390 | -€7,086 | -€696 | -10.9% |
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 25 October 2026 via checked.be.