MILBOU: 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.
MILBOU
Largest movements
- Tangible fixed assets -€4,196
down €4,196 (-3.9%), from €107,078 to €102,882
of which Land and buildings: -€3,998
- Receivables within one year +€2,554
up €2,554 (+38.2%), from €6,681 to €9,235
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€8,169
up €8,169 (+816.0%), from €1,001 to €9,171
- Depreciation -€7,985
down €7,985 (-43.3%), from €18,421 to €10,436
- Financial income +€6,552
up €6,552 (+904.7%), from €724 to €7,276
of which Non-recurring financial income: +€6,241
- Taxes +€3,142
up €3,142 (+687.8%), from €457 to €3,599
- Other operating charges -€1,422
down €1,422 (-37.0%), from €3,839 to €2,417
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 | €234,714 | €233,356 | -€1,358 | -0.6% |
| Fixed assets | 21/28 | €107,078 | €102,882 | -€4,196 | -3.9% |
| Tangible fixed assets | 22/27 | €107,078 | €102,882 | -€4,196 | -3.9% |
| Land and buildings | 22 | €82,774 | €78,776 | -€3,998 | -4.8% |
| Furniture and vehicles | 24 | €24,303 | €24,106 | -€198 | -0.8% |
| Current assets | 29/58 | €127,636 | €130,474 | +€2,838 | +2.2% |
| Amounts receivable within one year | 40/41 | €6,681 | €9,235 | +€2,554 | +38.2% |
| Other amounts receivable | 41 | €6,681 | €9,235 | +€2,554 | +38.2% |
| Cash at bank and in hand | 54/58 | €120,955 | €121,239 | +€284 | +0.2% |
| Total equity and liabilities | 10/49 | €234,714 | €233,356 | -€1,358 | -0.6% |
| Equity | 10/15 | €233,458 | €233,356 | -€102 | 0.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €227,261 | €227,158 | -€102 | 0.0% |
| Distributable reserves | 133 | €227,261 | €227,158 | -€102 | 0.0% |
| Amounts payable | 17/49 | €1,255 | - | -€1,255 | |
| Amounts payable within one year | 42/48 | €455 | - | -€455 | |
| Trade debts | 44 | €455 | - | -€455 | |
| Suppliers | 440/4 | €455 | - | -€455 | |
| Accrued charges and deferred income | 492/3 | €800 | - | -€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,421 | €10,436 | -€7,985 | -43.3% |
| Other operating charges | 640/8 | €3,839 | €2,417 | -€1,422 | -37.0% |
| Gross operating margin | 9900 | €1,001 | €9,171 | +€8,169 | +816.0% |
| Operating profit (loss) | 9901 | -€21,259 | -€3,683 | +€17,576 | +82.7% |
| Financial income | 75/76B | €724 | €7,276 | +€6,552 | +904.7% |
| Recurring financial income | 75 | €724 | €1,035 | +€311 | +43.0% |
| Non-recurring financial income | 76B | - | €6,241 | +€6,241 | |
| Financial charges | 65/66B | €79 | €96 | +€17 | +21.4% |
| Recurring financial charges | 65 | €79 | €96 | +€17 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,614 | €3,497 | +€24,111 | |
| Income taxes | 67/77 | €457 | €3,599 | +€3,142 | +687.8% |
| Profit (loss) for the period | 9904 | -€21,071 | -€102 | +€20,968 | +99.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,071 | -€102 | +€20,968 | +99.5% |
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 5 October 2026 via checked.be.