Milax: 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.
Milax
Largest movements
- Tangible fixed assets +€245,584
up €245,584 (+6235.6%), from €3,938 to €249,523
of which Land and buildings: +€247,299
- Current investments -€159,500
down €159,500 (-61.6%), from €258,833 to €99,333
- Receivables within one year +€136,736
up €136,736 (+1679.9%), from €8,139 to €144,875
of which Trade receivables: +€136,736
- Cash -€115,879
down €115,879 (-75.0%), from €154,516 to €38,637
mainly Contributions, distributions and other (-€651,000) and Investment in fixed assets (net) (-€248,202)
- Debts after one year +€190,710
new in 2025: €190,710
- Reserves -€151,776
down €151,776 (-41.1%), from €369,142 to €217,367
- Other debts +€35,862
up €35,862 (+3323.9%), from €1,079 to €36,941
- Current portion of long-term debt +€14,040
new in 2025: €14,040
- Tax, wage and social debts +€12,814
up €12,814 (+21.2%), from €60,393 to €73,206
- Gross operating margin +€220,379
up €220,379 (+45.4%), from €485,095 to €705,474
- Taxes +€55,183
up €55,183 (+46.6%), from €118,480 to €173,663
- Other operating charges +€28,255
up €28,255 (+2694.0%), from €1,049 to €29,304
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 | €435,449 | €537,098 | +€101,649 | +23.3% |
| Fixed assets | 21/28 | €3,938 | €249,523 | +€245,584 | +6235.6% |
| Tangible fixed assets | 22/27 | €3,938 | €249,523 | +€245,584 | +6235.6% |
| Land and buildings | 22 | - | €247,299 | +€247,299 | |
| Furniture and vehicles | 24 | €3,938 | €2,224 | -€1,715 | -43.5% |
| Current assets | 29/58 | €431,511 | €287,575 | -€143,936 | -33.4% |
| Amounts receivable within one year | 40/41 | €8,139 | €144,875 | +€136,736 | +1679.9% |
| Trade receivables | 40 | - | €136,736 | +€136,736 | |
| Other amounts receivable | 41 | €8,139 | €8,139 | = | 0.0% |
| Current investments | 50/53 | €258,833 | €99,333 | -€159,500 | -61.6% |
| Cash at bank and in hand | 54/58 | €154,516 | €38,637 | -€115,879 | -75.0% |
| Deferred charges and accrued income | 490/1 | €10,022 | €4,730 | -€5,292 | -52.8% |
| Total equity and liabilities | 10/49 | €435,449 | €537,098 | +€101,649 | +23.3% |
| Equity | 10/15 | €370,142 | €218,367 | -€151,776 | -41.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €369,142 | €217,367 | -€151,776 | -41.1% |
| Distributable reserves | 133 | €369,142 | €217,367 | -€151,776 | -41.1% |
| Amounts payable | 17/49 | €65,307 | €318,731 | +€253,424 | +388.1% |
| Amounts payable after more than one year | 17 | - | €190,710 | +€190,710 | |
| Financial debts | 170/4 | - | €190,710 | +€190,710 | |
| Amounts payable within one year | 42/48 | €65,055 | €128,021 | +€62,966 | +96.8% |
| Current portion of amounts payable after more than one year | 42 | - | €14,040 | +€14,040 | |
| Trade debts | 44 | €3,584 | €3,834 | +€250 | +7.0% |
| Suppliers | 440/4 | €3,584 | €3,834 | +€250 | +7.0% |
| Taxes, remuneration and social security | 45 | €60,393 | €73,206 | +€12,814 | +21.2% |
| Taxes | 450/3 | €60,393 | €73,206 | +€12,814 | +21.2% |
| Other amounts payable | 47/48 | €1,079 | €36,941 | +€35,862 | +3323.9% |
| Accrued charges and deferred income | 492/3 | €252 | - | -€252 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,715 | €2,618 | +€903 | +52.7% |
| Other operating charges | 640/8 | €1,049 | €29,304 | +€28,255 | +2694.0% |
| Gross operating margin | 9900 | €485,095 | €705,474 | +€220,379 | +45.4% |
| Operating profit (loss) | 9901 | €482,331 | €673,552 | +€191,221 | +39.6% |
| Financial income | 75/76B | €5,397 | €1,536 | -€3,861 | -71.5% |
| Recurring financial income | 75 | €5,397 | €1,536 | -€3,861 | -71.5% |
| Financial charges | 65/66B | €1,505 | €2,201 | +€696 | +46.2% |
| Recurring financial charges | 65 | €1,505 | €2,201 | +€696 | +46.2% |
| Profit (loss) for the period before taxes | 9903 | €486,223 | €672,888 | +€186,664 | +38.4% |
| Income taxes | 67/77 | €118,480 | €173,663 | +€55,183 | +46.6% |
| Profit (loss) for the period | 9904 | €367,743 | €499,224 | +€131,481 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €367,743 | €499,224 | +€131,481 | +35.8% |
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 4 October 2026 via checked.be.