MILART: 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.
MILART
Largest movements
- Receivables within one year +€56,451
up €56,451 (+323.7%), from €17,437 to €73,888
of which Trade receivables: +€56,393
- Tangible fixed assets +€37,615
new in 2025: €37,615
- Cash -€3,341
down €3,341 (-32.8%), from €10,199 to €6,859
mainly Receivables within one year (-€56,451) and Investment in fixed assets (net) (-€51,141)
- Trade debts +€49,699
up €49,699 (+1476.0%), from €3,367 to €53,066
- Other debts +€24,396
up €24,396 (+448.5%), from €5,439 to €29,835
- Current portion of long-term debt +€21,212
new in 2025: €21,212
- Profit (loss) carried forward -€5,432
down €5,432 (-92.3%), from -€5,887 to -€11,319
- Depreciation +€13,526
new in 2025: €13,526
- Gross operating margin +€5,481
up €5,481 (+64.9%), from €8,440 to €13,921
- Write-downs +€1,017
up €1,017, from €0 to €1,017
- Financial charges +€843
up €843 (+49.9%), from €1,689 to €2,532
- Taxes +€632
up €632 (+114.2%), from €553 to €1,185
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 | €28,008 | €118,781 | +€90,773 | +324.1% |
| Fixed assets | 21/28 | - | €37,615 | +€37,615 | |
| Tangible fixed assets | 22/27 | - | €37,615 | +€37,615 | |
| Furniture and vehicles | 24 | - | €37,615 | +€37,615 | |
| Current assets | 29/58 | €28,008 | €81,166 | +€53,158 | +189.8% |
| Amounts receivable within one year | 40/41 | €17,437 | €73,888 | +€56,451 | +323.7% |
| Trade receivables | 40 | €17,225 | €73,618 | +€56,393 | +327.4% |
| Other amounts receivable | 41 | €213 | €270 | +€58 | +27.1% |
| Cash at bank and in hand | 54/58 | €10,199 | €6,859 | -€3,341 | -32.8% |
| Deferred charges and accrued income | 490/1 | €372 | €419 | +€48 | +12.8% |
| Total equity and liabilities | 10/49 | €28,008 | €118,781 | +€90,773 | +324.1% |
| Equity | 10/15 | €12,663 | €7,231 | -€5,432 | -42.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,887 | -€11,319 | -€5,432 | -92.3% |
| Amounts payable | 17/49 | €15,345 | €111,550 | +€96,205 | +627.0% |
| Amounts payable within one year | 42/48 | €15,345 | €111,550 | +€96,205 | +627.0% |
| Current portion of amounts payable after more than one year | 42 | - | €21,212 | +€21,212 | |
| Trade debts | 44 | €3,367 | €53,066 | +€49,699 | +1476.0% |
| Suppliers | 440/4 | €3,367 | €53,066 | +€49,699 | +1476.0% |
| Taxes, remuneration and social security | 45 | €6,538 | €7,436 | +€898 | +13.7% |
| Taxes | 450/3 | €1,356 | €7,436 | +€6,081 | +448.6% |
| Remuneration and social security | 454/9 | €5,183 | €0 | -€5,183 | -100.0% |
| Other amounts payable | 47/48 | €5,439 | €29,835 | +€24,396 | +448.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €13,526 | +€13,526 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €1,017 | +€1,017 | |
| Other operating charges | 640/8 | €1,261 | €1,093 | -€167 | -13.3% |
| Gross operating margin | 9900 | €8,440 | €13,921 | +€5,481 | +64.9% |
| Operating profit (loss) | 9901 | €7,180 | -€1,716 | -€8,895 | |
| Financial charges | 65/66B | €1,689 | €2,532 | +€843 | +49.9% |
| Recurring financial charges | 65 | €1,689 | €2,532 | +€843 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | €5,491 | -€4,247 | -€9,738 | |
| Income taxes | 67/77 | €553 | €1,185 | +€632 | +114.2% |
| Profit (loss) for the period | 9904 | €4,938 | -€5,432 | -€10,370 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,938 | -€5,432 | -€10,370 |
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 11 October 2026 via checked.be.