MILAY: 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.
MILAY
Largest movements
- Tangible fixed assets +€47,081
up €47,081 (+19.1%), from €246,688 to €293,769
of which Land and buildings: +€62,031
- Receivables within one year -€16,167
down €16,167 (-13.7%), from €117,894 to €101,727
of which Other amounts receivable: -€15,280
- Cash -€16,118
down €16,118 (-21.8%), from €73,948 to €57,829
mainly Contributions, distributions and other (-€105,053) and Investment in fixed assets (net) (-€84,105)
- Reserves -€60,518
down €60,518 (-20.7%), from €292,299 to €231,781
of which Distributable reserves: -€60,518
- Other debts +€56,812
up €56,812 (+117.8%), from €48,241 to €105,053
- Debts after one year +€23,203
up €23,203 (+97.3%), from €23,857 to €47,060
- Tax, wage and social debts -€17,791
down €17,791 (-44.6%), from €39,865 to €22,074
- Current portion of long-term debt +€10,473
up €10,473 (+82.8%), from €12,643 to €23,116
- Gross operating margin -€5,824
down €5,824 (-5.5%), from €106,520 to €100,696
- Taxes -€3,012
down €3,012 (-14.8%), from €20,388 to €17,376
- Depreciation +€2,000
up €2,000 (+5.7%), from €35,024 to €37,024
- Financial income -€1,848
down €1,848 (-31.1%), from €5,950 to €4,102
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 | €439,593 | €454,465 | +€14,871 | +3.4% |
| Fixed assets | 21/28 | €246,688 | €293,769 | +€47,081 | +19.1% |
| Tangible fixed assets | 22/27 | €246,688 | €293,769 | +€47,081 | +19.1% |
| Land and buildings | 22 | €193,748 | €255,779 | +€62,031 | +32.0% |
| Furniture and vehicles | 24 | €52,940 | €37,990 | -€14,950 | -28.2% |
| Current assets | 29/58 | €192,905 | €160,695 | -€32,210 | -16.7% |
| Amounts receivable within one year | 40/41 | €117,894 | €101,727 | -€16,167 | -13.7% |
| Trade receivables | 40 | €42,425 | €41,538 | -€887 | -2.1% |
| Other amounts receivable | 41 | €75,469 | €60,189 | -€15,280 | -20.2% |
| Cash at bank and in hand | 54/58 | €73,948 | €57,829 | -€16,118 | -21.8% |
| Deferred charges and accrued income | 490/1 | €1,063 | €1,139 | +€76 | +7.2% |
| Total equity and liabilities | 10/49 | €439,593 | €454,465 | +€14,871 | +3.4% |
| Equity | 10/15 | €312,299 | €251,781 | -€60,518 | -19.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €292,299 | €231,781 | -€60,518 | -20.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €292,299 | €231,781 | -€60,518 | -20.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €127,294 | €202,684 | +€75,390 | +59.2% |
| Amounts payable after more than one year | 17 | €23,857 | €47,060 | +€23,203 | +97.3% |
| Financial debts | 170/4 | €23,857 | €47,060 | +€23,203 | +97.3% |
| Amounts payable within one year | 42/48 | €103,437 | €155,612 | +€52,175 | +50.4% |
| Current portion of amounts payable after more than one year | 42 | €12,643 | €23,116 | +€10,473 | +82.8% |
| Trade debts | 44 | €2,689 | €5,369 | +€2,680 | +99.7% |
| Suppliers | 440/4 | €2,689 | €5,369 | +€2,680 | +99.7% |
| Taxes, remuneration and social security | 45 | €39,865 | €22,074 | -€17,791 | -44.6% |
| Taxes | 450/3 | €39,865 | €22,074 | -€17,791 | -44.6% |
| Other amounts payable | 47/48 | €48,241 | €105,053 | +€56,812 | +117.8% |
| Accrued charges and deferred income | 492/3 | €0 | €11 | +€11 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,024 | €37,024 | +€2,000 | +5.7% |
| Other operating charges | 640/8 | €3,167 | €3,376 | +€209 | +6.6% |
| Gross operating margin | 9900 | €106,520 | €100,696 | -€5,824 | -5.5% |
| Operating profit (loss) | 9901 | €68,330 | €60,296 | -€8,033 | -11.8% |
| Financial income | 75/76B | €5,950 | €4,102 | -€1,848 | -31.1% |
| Recurring financial income | 75 | €5,950 | €4,102 | -€1,848 | -31.1% |
| Financial charges | 65/66B | €1,843 | €2,487 | +€644 | +35.0% |
| Recurring financial charges | 65 | €1,843 | €2,487 | +€644 | +35.0% |
| Profit (loss) for the period before taxes | 9903 | €72,437 | €61,911 | -€10,525 | -14.5% |
| Income taxes | 67/77 | €20,388 | €17,376 | -€3,012 | -14.8% |
| Profit (loss) for the period | 9904 | €52,049 | €44,535 | -€7,514 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,049 | €44,535 | -€7,514 | -14.4% |
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 3 October 2026 via checked.be.