Milcode: 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.
Milcode
Largest movements
- Cash +€2,180
up €2,180 (+118.8%), from €1,835 to €4,014
mainly Tax, wage and social debts (+€1,860) and Depreciation (+€923)
- Receivables within one year +€1,365
up €1,365 (+58.1%), from €2,350 to €3,714
- Tangible fixed assets -€923
down €923 (-34.2%), from €2,700 to €1,777
- Tax, wage and social debts +€1,860
up €1,860 (+359.0%), from €518 to €2,378
of which Remuneration and social security: +€1,000
- Advances received +€500
new in 2025: €500
- Profit (loss) carried forward +€177
up €177 (+17.1%), from €1,037 to €1,214
- Gross operating margin -€5,052
down €5,052 (-71.0%), from €7,113 to €2,062
- Depreciation +€855
up €855 (+1255.6%), from €68 to €923
- Other operating charges +€402
up €402 (+340.4%), from €118 to €520
- Taxes -€154
down €154 (-47.0%), from €328 to €174
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 | €7,306 | €9,928 | +€2,622 | +35.9% |
| Fixed assets | 21/28 | €2,700 | €1,777 | -€923 | -34.2% |
| Tangible fixed assets | 22/27 | €2,700 | €1,777 | -€923 | -34.2% |
| Furniture and vehicles | 24 | €2,700 | €1,777 | -€923 | -34.2% |
| Current assets | 29/58 | €4,606 | €8,151 | +€3,545 | +77.0% |
| Amounts receivable within one year | 40/41 | €2,350 | €3,714 | +€1,365 | +58.1% |
| Trade receivables | 40 | €2,350 | €3,714 | +€1,365 | +58.1% |
| Cash at bank and in hand | 54/58 | €1,835 | €4,014 | +€2,180 | +118.8% |
| Deferred charges and accrued income | 490/1 | €422 | €422 | +€0 | +0.1% |
| Total equity and liabilities | 10/49 | €7,306 | €9,928 | +€2,622 | +35.9% |
| Equity | 10/15 | €3,037 | €3,214 | +€177 | +5.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,037 | €1,214 | +€177 | +17.1% |
| Amounts payable | 17/49 | €4,269 | €6,714 | +€2,445 | +57.3% |
| Amounts payable within one year | 42/48 | €4,269 | €6,714 | +€2,445 | +57.3% |
| Trade debts | 44 | €27 | €27 | +€1 | +2.3% |
| Suppliers | 440/4 | €27 | €27 | +€1 | +2.3% |
| Advances received on contracts in progress | 46 | - | €500 | +€500 | |
| Taxes, remuneration and social security | 45 | €518 | €2,378 | +€1,860 | +359.0% |
| Taxes | 450/3 | €518 | €1,378 | +€860 | +166.0% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €3,724 | €3,809 | +€84 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68 | €923 | +€855 | +1255.6% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340.4% |
| Gross operating margin | 9900 | €7,113 | €2,062 | -€5,052 | -71.0% |
| Operating profit (loss) | 9901 | €6,927 | €620 | -€6,308 | -91.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €332 | €269 | -€63 | -19.0% |
| Recurring financial charges | 65 | €332 | €269 | -€63 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €6,596 | €351 | -€6,245 | -94.7% |
| Income taxes | 67/77 | €328 | €174 | -€154 | -47.0% |
| Profit (loss) for the period | 9904 | €6,268 | €177 | -€6,090 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,268 | €177 | -€6,090 | -97.2% |
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 12 October 2026 via checked.be.