MILAUHRET: 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.
What changed
MILAUHRET
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€596,236
2024 · €511,380+€84,857
Equity
€47.9m
2024 · €47.3m+€596,236
Cash
€286,361
2024 · €408,691-€122,331
Balance sheet total
€59.6m
2024 · €62.1m-€2.5m
Largest movements
Assets
- Financial fixed assets -€2.4m
down €2.4m (-3.8%), from €61.6m to €59.3m
Equity and liabilities
- Debts after one year -€3.0m
down €3.0m (-20.7%), from €14.5m to €11.5m
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
€511,380
Other operating charges
-€615
Other operating items
-€667
Financial income
-€3,141
Financial charges
+€89,279
Result 2025
€596,236
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€527,669
Investment
+€2.4m
Financing
-€3.0m
Cash 2024
€408,691
From operations (derived)
+€527,669
Net result for the year
+€596,236
Deferred charges and accrued income
+€23,110
Trade debts
-€1,580
Accrued charges and deferred income
-€90,096
Investment (derived)
+€2.4m
Investment in fixed assets (net)
+€2.4m
Financing
-€3.0m
Debts after one year
-€3.0m
Cash 2025
€286,361
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,117,351 | €59,621,911 | -€2.5m | -4.0% |
| Fixed assets | 21/28 | €61,639,549 | €59,289,549 | -€2.4m | -3.8% |
| Financial fixed assets | 28 | €61,639,549 | €59,289,549 | -€2.4m | -3.8% |
| Affiliated companies | 280/1 | €61,639,549 | €59,289,549 | -€2.4m | -3.8% |
| Participating interests | 280 | €52,057,404 | €52,057,404 | = | 0.0% |
| Amounts receivable | 281 | €9,582,145 | €7,232,145 | -€2.4m | -24.5% |
| Current assets | 29/58 | €477,802 | €332,362 | -€145,440 | -30.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €11,001 | €11,001 | = | 0.0% |
| Other amounts receivable | 41 | €11,001 | €11,001 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €408,691 | €286,361 | -€122,331 | -29.9% |
| Deferred charges and accrued income | 490/1 | €58,110 | €35,000 | -€23,110 | -39.8% |
| Total equity and liabilities | 10/49 | €62,117,351 | €59,621,911 | -€2.5m | -4.0% |
| Equity | 10/15 | €47,257,015 | €47,853,251 | +€596,236 | +1.3% |
| Contributions | 10/11 | €30,802,000 | €30,802,000 | = | 0.0% |
| Reserves | 13 | €16,455,015 | €17,051,251 | +€596,236 | +3.6% |
| Distributable reserves | 133 | €16,455,015 | €17,051,251 | +€596,236 | +3.6% |
| Amounts payable | 17/49 | €14,860,336 | €11,768,659 | -€3.1m | -20.8% |
| Amounts payable after more than one year | 17 | €14,511,580 | €11,511,580 | -€3.0m | -20.7% |
| Financial debts | 170/4 | €14,511,580 | €11,511,580 | -€3.0m | -20.7% |
| Other loans | 174 | €14,511,580 | €11,511,580 | -€3.0m | -20.7% |
| Amounts payable within one year | 42/48 | €3,606 | €2,026 | -€1,580 | -43.8% |
| Trade debts | 44 | €3,606 | €2,026 | -€1,580 | -43.8% |
| Suppliers | 440/4 | €3,606 | €2,026 | -€1,580 | -43.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €345,150 | €255,054 | -€90,096 | -26.1% |
| Operating charges | 60/66A | €14,968 | €16,249 | +€1,281 | +8.6% |
| Services and other goods | 61 | €14,440 | €15,107 | +€667 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €528 | €1,143 | +€615 | +116% |
| Operating profit (loss) | 9901 | -€14,968 | -€16,249 | -€1,281 | -8.6% |
| Financial income | 75/76B | €871,670 | €868,529 | -€3,141 | -0.4% |
| Recurring financial income | 75 | €871,670 | €868,529 | -€3,141 | -0.4% |
| Income from financial fixed assets | 750 | - | €833,529 | +€833,529 | |
| Income from current assets | 751 | €871,670 | €35,000 | -€836,670 | -96.0% |
| Financial charges | 65/66B | €345,323 | €256,044 | -€89,279 | -25.9% |
| Recurring financial charges | 65 | €345,323 | €256,044 | -€89,279 | -25.9% |
| Debt charges | 650 | €345,150 | €255,054 | -€90,096 | -26.1% |
| Other financial charges | 652/9 | €173 | €991 | +€817 | +472% |
| Profit (loss) for the period before taxes | 9903 | €511,380 | €596,236 | +€84,857 | +16.6% |
| Income taxes | 67/77 | €0 | - | = | |
| Taxes | 670/3 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €511,380 | €596,236 | +€84,857 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €511,380 | €596,236 | +€84,857 | +16.6% |
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 27 October 2026 via checked.be.