MILAZ: 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.
MILAZ
Largest movements
- Cash +€42,810
up €42,810 (+38.5%), from €111,135 to €153,945
mainly Net result for the year (+€41,925) and Accrued charges and deferred income (+€11,700)
- Intangible fixed assets -€9,167
no longer reported in 2025 (was €9,167)
- Receivables within one year -€2,710
down €2,710 (-22.3%), from €12,132 to €9,422
of which Trade receivables: -€7,656
- Reserves +€41,925
up €41,925 (+27.9%), from €150,353 to €192,278
of which Distributable reserves: +€41,925
- Trade debts -€12,866
down €12,866 (-88.6%), from €14,527 to €1,661
- Accrued charges and deferred income +€11,700
new in 2025: €11,700
- Contributions -€10,000
no longer reported in 2025 (was €10,000)
- Gross operating margin -€16,362
down €16,362 (-17.6%), from €93,079 to €76,718
- Taxes -€14,212
down €14,212 (-41.5%), from €34,266 to €20,055
- Other operating charges +€2,001
up €2,001 (+172.2%), from €1,162 to €3,163
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 | €236,313 | €265,388 | +€29,076 | +12.3% |
| Fixed assets | 21/28 | €13,046 | €2,021 | -€11,025 | -84.5% |
| Intangible fixed assets | 21 | €9,167 | - | -€9,167 | |
| Tangible fixed assets | 22/27 | €3,879 | €2,021 | -€1,858 | -47.9% |
| Furniture and vehicles | 24 | €3,879 | €2,021 | -€1,858 | -47.9% |
| Current assets | 29/58 | €223,267 | €263,367 | +€40,100 | +18.0% |
| Amounts receivable within one year | 40/41 | €12,132 | €9,422 | -€2,710 | -22.3% |
| Trade receivables | 40 | €12,132 | €4,477 | -€7,656 | -63.1% |
| Other amounts receivable | 41 | - | €4,945 | +€4,945 | |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €111,135 | €153,945 | +€42,810 | +38.5% |
| Total equity and liabilities | 10/49 | €236,313 | €265,388 | +€29,076 | +12.3% |
| Equity | 10/15 | €192,316 | €224,241 | +€31,925 | +16.6% |
| Contributions | 10/11 | €10,000 | - | -€10,000 | |
| Capital | 10 | €10,000 | - | -€10,000 | |
| Issued capital | 100 | €20,000 | - | -€20,000 | |
| Uncalled capital | 101 | €10,000 | - | -€10,000 | |
| Reserves | 13 | €150,353 | €192,278 | +€41,925 | +27.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,750 | €3,750 | = | 0.0% |
| Distributable reserves | 133 | €144,603 | €186,528 | +€41,925 | +29.0% |
| Profit (loss) carried forward | 14 | €31,963 | €31,963 | = | 0.0% |
| Amounts payable | 17/49 | €43,997 | €41,148 | -€2,849 | -6.5% |
| Amounts payable within one year | 42/48 | €43,997 | €29,448 | -€14,549 | -33.1% |
| Trade debts | 44 | €14,527 | €1,661 | -€12,866 | -88.6% |
| Suppliers | 440/4 | €14,527 | €1,661 | -€12,866 | -88.6% |
| Taxes, remuneration and social security | 45 | €4,961 | €4,739 | -€222 | -4.5% |
| Taxes | 450/3 | €4,961 | €4,739 | -€222 | -4.5% |
| Other amounts payable | 47/48 | €24,509 | €23,048 | -€1,462 | -6.0% |
| Accrued charges and deferred income | 492/3 | - | €11,700 | +€11,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,679 | €11,025 | -€654 | -5.6% |
| Other operating charges | 640/8 | €1,162 | €3,163 | +€2,001 | +172.2% |
| Gross operating margin | 9900 | €93,079 | €76,718 | -€16,362 | -17.6% |
| Operating profit (loss) | 9901 | €80,239 | €62,530 | -€17,709 | -22.1% |
| Financial income | 75/76B | - | €33 | +€33 | |
| Recurring financial income | 75 | - | €33 | +€33 | |
| Financial charges | 65/66B | €642 | €584 | -€59 | -9.1% |
| Recurring financial charges | 65 | €642 | €584 | -€59 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €79,597 | €61,980 | -€17,617 | -22.1% |
| Income taxes | 67/77 | €34,266 | €20,055 | -€14,212 | -41.5% |
| Profit (loss) for the period | 9904 | €45,330 | €41,925 | -€3,405 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,330 | €41,925 | -€3,405 | -7.5% |
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 8 October 2026 via checked.be.