MILAUR: 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.
MILAUR
Largest movements
- Cash +€59,087
up €59,087 (+13.8%), from €426,825 to €485,912
mainly Other debts (+€210,000) and Net result for the year (+€48,270)
- Tangible fixed assets -€27,587
down €27,587 (-15.8%), from €174,137 to €146,550
of which Furniture and vehicles: -€30,278
- Other debts +€210,000
up €210,000 (+1400.0%), from €15,000 to €225,000
- Reserves -€173,423
down €173,423 (-30.2%), from €573,968 to €400,545
of which Distributable reserves: -€173,423
- Gross operating margin -€65,318
down €65,318 (-25.7%), from €254,178 to €188,860
- Taxes -€27,362
down €27,362 (-59.4%), from €46,068 to €18,706
- Depreciation +€23,113
up €23,113 (+97.2%), from €23,776 to €46,890
- Financial income -€8,376
down €8,376 (-62.7%), from €13,362 to €4,986
- Other operating charges -€4,858
down €4,858 (-70.1%), from €6,926 to €2,068
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 | €773,539 | €803,700 | +€30,161 | +3.9% |
| Fixed assets | 21/28 | €185,118 | €157,607 | -€27,511 | -14.9% |
| Tangible fixed assets | 22/27 | €174,137 | €146,550 | -€27,587 | -15.8% |
| Plant, machinery and equipment | 23 | €8,406 | €11,097 | +€2,691 | +32.0% |
| Furniture and vehicles | 24 | €165,731 | €135,453 | -€30,278 | -18.3% |
| Financial fixed assets | 28 | €10,981 | €11,057 | +€76 | +0.7% |
| Current assets | 29/58 | €588,422 | €646,093 | +€57,672 | +9.8% |
| Stocks and contracts in progress | 3 | €110,338 | €105,512 | -€4,826 | -4.4% |
| Stocks | 30/36 | €110,338 | €105,512 | -€4,826 | -4.4% |
| Amounts receivable within one year | 40/41 | €678 | €3,403 | +€2,725 | +402.2% |
| Trade receivables | 40 | €678 | €1,113 | +€436 | +64.3% |
| Other amounts receivable | 41 | - | €2,289 | +€2,289 | |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €426,825 | €485,912 | +€59,087 | +13.8% |
| Deferred charges and accrued income | 490/1 | €581 | €1,266 | +€686 | +118.1% |
| Total equity and liabilities | 10/49 | €773,539 | €803,700 | +€30,161 | +3.9% |
| Equity | 10/15 | €615,545 | €438,815 | -€176,730 | -28.7% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €573,968 | €400,545 | -€173,423 | -30.2% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €536,468 | €363,045 | -€173,423 | -32.3% |
| Profit (loss) carried forward | 14 | €6,577 | €3,270 | -€3,306 | -50.3% |
| Amounts payable | 17/49 | €157,995 | €364,885 | +€206,891 | +130.9% |
| Amounts payable within one year | 42/48 | €157,974 | €364,864 | +€206,891 | +131.0% |
| Trade debts | 44 | €105,840 | €101,287 | -€4,554 | -4.3% |
| Suppliers | 440/4 | €105,840 | €101,287 | -€4,554 | -4.3% |
| Taxes, remuneration and social security | 45 | €37,133 | €38,578 | +€1,444 | +3.9% |
| Taxes | 450/3 | €27,436 | €24,248 | -€3,188 | -11.6% |
| Remuneration and social security | 454/9 | €9,697 | €14,330 | +€4,632 | +47.8% |
| Other amounts payable | 47/48 | €15,000 | €225,000 | +€210,000 | +1400.0% |
| Accrued charges and deferred income | 492/3 | €21 | €21 | = | 0.0% |
| Non-recurring operating income | 76A | €27,000 | - | -€27,000 | |
| Remuneration, social security and pensions | 62 | €74,350 | €75,857 | +€1,507 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,776 | €46,890 | +€23,113 | +97.2% |
| Other operating charges | 640/8 | €6,926 | €2,068 | -€4,858 | -70.1% |
| Gross operating margin | 9900 | €254,178 | €188,860 | -€65,318 | -25.7% |
| Operating profit (loss) | 9901 | €149,126 | €64,045 | -€85,081 | -57.1% |
| Financial income | 75/76B | €13,362 | €4,986 | -€8,376 | -62.7% |
| Recurring financial income | 75 | €13,362 | €4,986 | -€8,376 | -62.7% |
| Financial charges | 65/66B | -€157 | €2,054 | +€2,212 | |
| Recurring financial charges | 65 | -€157 | €2,054 | +€2,212 | |
| Profit (loss) for the period before taxes | 9903 | €162,645 | €66,977 | -€95,668 | -58.8% |
| Income taxes | 67/77 | €46,068 | €18,706 | -€27,362 | -59.4% |
| Profit (loss) for the period | 9904 | €116,577 | €48,270 | -€68,306 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €116,577 | €48,270 | -€68,306 | -58.6% |
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 7 October 2026 via checked.be.