MILAX: 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.
MILAX
Largest movements
- Cash +€76,876
up €76,876 (+41.4%), from €185,746 to €262,623
mainly Net result for the year (+€318,417) and Depreciation (+€39,637)
- Reserves +€198,417
up €198,417 (+5.7%), from €3.5m to €3.7m
- Current portion of long-term debt -€66,667
down €66,667 (-50.0%), from €133,334 to €66,667
- Debts after one year -€66,667
down €66,667 (-12.9%), from €516,666 to €450,000
- Gross operating margin -€39,796
down €39,796 (-18.8%), from €212,113 to €172,317
- Taxes -€11,830
down €11,830 (-30.2%), from €39,195 to €27,365
- Financial charges -€3,066
down €3,066 (-17.9%), from €17,136 to €14,070
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 | €4,415,389 | €4,481,142 | +€65,753 | +1.5% |
| Fixed assets | 21/28 | €4,085,350 | €4,045,713 | -€39,637 | -1.0% |
| Tangible fixed assets | 22/27 | €794,606 | €754,969 | -€39,637 | -5.0% |
| Land and buildings | 22 | €794,606 | €754,969 | -€39,637 | -5.0% |
| Financial fixed assets | 28 | €3,290,744 | €3,290,744 | = | 0.0% |
| Current assets | 29/58 | €330,039 | €435,429 | +€105,390 | +31.9% |
| Amounts receivable within one year | 40/41 | €144,292 | €172,806 | +€28,514 | +19.8% |
| Trade receivables | 40 | €30,334 | €58,848 | +€28,514 | +94.0% |
| Other amounts receivable | 41 | €113,958 | €113,958 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €185,746 | €262,623 | +€76,876 | +41.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,415,389 | €4,481,142 | +€65,753 | +1.5% |
| Equity | 10/15 | €3,508,886 | €3,707,303 | +€198,417 | +5.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €3,468,886 | €3,667,303 | +€198,417 | +5.7% |
| Distributable reserves | 133 | €3,468,886 | €3,667,303 | +€198,417 | +5.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €906,503 | €773,839 | -€132,664 | -14.6% |
| Amounts payable after more than one year | 17 | €516,666 | €450,000 | -€66,667 | -12.9% |
| Financial debts | 170/4 | €516,666 | €450,000 | -€66,667 | -12.9% |
| Amounts payable within one year | 42/48 | €389,837 | €323,840 | -€65,997 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €133,334 | €66,667 | -€66,667 | -50.0% |
| Trade debts | 44 | €497 | €39,837 | +€39,340 | +7,910% |
| Suppliers | 440/4 | €497 | €39,837 | +€39,340 | +7,910% |
| Taxes, remuneration and social security | 45 | €46,441 | €6,799 | -€39,642 | -85.4% |
| Taxes | 450/3 | €46,441 | €6,799 | -€39,642 | -85.4% |
| Other amounts payable | 47/48 | €209,564 | €210,537 | +€973 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,637 | €39,637 | = | 0.0% |
| Other operating charges | 640/8 | €11,504 | €11,855 | +€351 | +3.0% |
| Gross operating margin | 9900 | €212,113 | €172,317 | -€39,796 | -18.8% |
| Operating profit (loss) | 9901 | €160,971 | €120,824 | -€40,147 | -24.9% |
| Financial income | 75/76B | €239,027 | €239,027 | +€0 | 0.0% |
| Recurring financial income | 75 | €239,027 | €239,027 | +€0 | 0.0% |
| Financial charges | 65/66B | €17,136 | €14,070 | -€3,066 | -17.9% |
| Recurring financial charges | 65 | €17,136 | €14,070 | -€3,066 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €382,863 | €345,782 | -€37,081 | -9.7% |
| Income taxes | 67/77 | €39,195 | €27,365 | -€11,830 | -30.2% |
| Profit (loss) for the period | 9904 | €343,668 | €318,417 | -€25,251 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €343,668 | €318,417 | -€25,251 | -7.3% |
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.