Milbo: 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.
Milbo
Largest movements
- Cash -€43,198
down €43,198 (-78.3%), from €55,195 to €11,997
mainly Contributions, distributions and other (-€116,542) and Other debts (-€26,211)
- Current investments -€17,023
no longer reported in 2025 (was €17,023)
- Receivables within one year -€10,148
down €10,148 (-37.4%), from €27,146 to €16,998
of which Trade receivables: -€10,146
- Tangible fixed assets -€4,556
down €4,556 (-36.5%), from €12,490 to €7,935
of which Furniture and vehicles: -€3,825
- Profit (loss) carried forward -€28,251
down €28,251, from €17,156 to -€11,096
- Other debts -€26,211
down €26,211 (-51.0%), from €51,419 to €25,209
- Tax, wage and social debts -€17,674
down €17,674 (-54.6%), from €32,396 to €14,721
of which Taxes: -€19,157
- Trade debts -€3,199
down €3,199 (-100.0%), from €3,199 to €0
- Gross operating margin +€18,014
up €18,014 (+18.0%), from €99,863 to €117,876
- Taxes +€3,546
up €3,546 (+17.6%), from €20,178 to €23,723
- Depreciation +€3,028
up €3,028 (+198.3%), from €1,527 to €4,556
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 | €114,170 | €38,835 | -€75,335 | -66.0% |
| Fixed assets | 21/28 | €12,490 | €7,935 | -€4,556 | -36.5% |
| Tangible fixed assets | 22/27 | €12,490 | €7,935 | -€4,556 | -36.5% |
| Plant, machinery and equipment | 23 | €1,813 | €1,081 | -€731 | -40.3% |
| Furniture and vehicles | 24 | €10,678 | €6,853 | -€3,825 | -35.8% |
| Current assets | 29/58 | €101,679 | €30,900 | -€70,779 | -69.6% |
| Amounts receivable within one year | 40/41 | €27,146 | €16,998 | -€10,148 | -37.4% |
| Trade receivables | 40 | €27,144 | €16,998 | -€10,146 | -37.4% |
| Other amounts receivable | 41 | €2 | - | -€2 | |
| Current investments | 50/53 | €17,023 | - | -€17,023 | |
| Cash at bank and in hand | 54/58 | €55,195 | €11,997 | -€43,198 | -78.3% |
| Deferred charges and accrued income | 490/1 | €2,314 | €1,904 | -€410 | -17.7% |
| Total equity and liabilities | 10/49 | €114,170 | €38,835 | -€75,335 | -66.0% |
| Equity | 10/15 | €27,156 | -€1,096 | -€28,251 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,156 | -€11,096 | -€28,251 | |
| Amounts payable | 17/49 | €87,014 | €39,930 | -€47,084 | -54.1% |
| Amounts payable within one year | 42/48 | €87,014 | €39,930 | -€47,084 | -54.1% |
| Trade debts | 44 | €3,199 | €0 | -€3,199 | -100.0% |
| Suppliers | 440/4 | €3,199 | €0 | -€3,199 | -100.0% |
| Taxes, remuneration and social security | 45 | €32,396 | €14,721 | -€17,674 | -54.6% |
| Taxes | 450/3 | €32,396 | €13,238 | -€19,157 | -59.1% |
| Remuneration and social security | 454/9 | - | €1,483 | +€1,483 | |
| Other amounts payable | 47/48 | €51,419 | €25,209 | -€26,211 | -51.0% |
| Non-recurring operating income | 76A | - | €1,482 | +€1,482 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,527 | €4,556 | +€3,028 | +198.3% |
| Other operating charges | 640/8 | €1,452 | €1,178 | -€274 | -18.9% |
| Gross operating margin | 9900 | €99,863 | €117,876 | +€18,014 | +18.0% |
| Operating profit (loss) | 9901 | €96,883 | €112,142 | +€15,259 | +15.8% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €125 | €136 | +€11 | +8.7% |
| Recurring financial charges | 65 | €125 | €136 | +€11 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €96,758 | €112,014 | +€15,256 | +15.8% |
| Income taxes | 67/77 | €20,178 | €23,723 | +€3,546 | +17.6% |
| Profit (loss) for the period | 9904 | €76,580 | €88,291 | +€11,711 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €76,580 | €88,291 | +€11,711 | +15.3% |
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 10 October 2026 via checked.be.