MILCYCLE: 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.
MILCYCLE
Largest movements
- Stocks and contracts -€44,733
down €44,733 (-6.2%), from €726,121 to €681,388
- Tangible fixed assets -€44,480
down €44,480 (-4.7%), from €948,714 to €904,234
of which Land and buildings: -€39,374
- Cash -€35,616
down €35,616 (-9.8%), from €363,138 to €327,522
mainly Debts after one year (-€112,450) and Investment in fixed assets (net) (-€37,108)
- Receivables within one year +€21,066
up €21,066 (+255.4%), from €8,248 to €29,315
- Debts after one year -€112,450
down €112,450 (-7.6%), from €1.5m to €1.4m
- Trade debts +€42,620
up €42,620 (+114.5%), from €37,210 to €79,830
- Current portion of long-term debt -€28,899
down €28,899 (-20.4%), from €141,349 to €112,450
- Tax, wage and social debts -€23,427
down €23,427 (-31.4%), from €74,497 to €51,070
of which Taxes: -€30,582
- Profit (loss) carried forward +€21,267
up €21,267 (+432.5%), from €4,917 to €26,184
- Gross operating margin -€165,613
down €165,613 (-30.5%), from €542,540 to €376,926
- Taxes -€50,139
down €50,139 (-83.9%), from €59,725 to €9,586
- Financial charges +€32,473
up €32,473 (+97.5%), from €33,298 to €65,771
- Staff costs +€11,519
up €11,519 (+6.0%), from €193,223 to €204,742
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 | €2,053,595 | €1,949,184 | -€104,411 | -5.1% |
| Fixed assets | 21/28 | €949,414 | €904,934 | -€44,480 | -4.7% |
| Tangible fixed assets | 22/27 | €948,714 | €904,234 | -€44,480 | -4.7% |
| Land and buildings | 22 | €866,608 | €827,234 | -€39,374 | -4.5% |
| Plant, machinery and equipment | 23 | €33,449 | €44,893 | +€11,444 | +34.2% |
| Furniture and vehicles | 24 | €48,657 | €32,108 | -€16,550 | -34.0% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €1,104,181 | €1,044,250 | -€59,931 | -5.4% |
| Stocks and contracts in progress | 3 | €726,121 | €681,388 | -€44,733 | -6.2% |
| Stocks | 30/36 | €726,121 | €681,388 | -€44,733 | -6.2% |
| Amounts receivable within one year | 40/41 | €8,248 | €29,315 | +€21,066 | +255.4% |
| Trade receivables | 40 | €8,248 | €29,315 | +€21,066 | +255.4% |
| Current investments | 50/53 | €3,400 | €4,000 | +€600 | +17.6% |
| Cash at bank and in hand | 54/58 | €363,138 | €327,522 | -€35,616 | -9.8% |
| Deferred charges and accrued income | 490/1 | €3,274 | €2,025 | -€1,248 | -38.1% |
| Total equity and liabilities | 10/49 | €2,053,595 | €1,949,184 | -€104,411 | -5.1% |
| Equity | 10/15 | €256,917 | €278,184 | +€21,267 | +8.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €232,000 | €232,000 | = | 0.0% |
| Distributable reserves | 133 | €232,000 | €232,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,917 | €26,184 | +€21,267 | +432.5% |
| Amounts payable | 17/49 | €1,796,678 | €1,671,000 | -€125,679 | -7.0% |
| Amounts payable after more than one year | 17 | €1,483,385 | €1,370,935 | -€112,450 | -7.6% |
| Financial debts | 170/4 | €1,483,385 | €1,370,935 | -€112,450 | -7.6% |
| Amounts payable within one year | 42/48 | €313,294 | €300,065 | -€13,229 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €141,349 | €112,450 | -€28,899 | -20.4% |
| Trade debts | 44 | €37,210 | €79,830 | +€42,620 | +114.5% |
| Suppliers | 440/4 | €37,210 | €79,830 | +€42,620 | +114.5% |
| Advances received on contracts in progress | 46 | €6,055 | - | -€6,055 | |
| Taxes, remuneration and social security | 45 | €74,497 | €51,070 | -€23,427 | -31.4% |
| Taxes | 450/3 | €56,913 | €26,331 | -€30,582 | -53.7% |
| Remuneration and social security | 454/9 | €17,584 | €24,739 | +€7,155 | +40.7% |
| Other amounts payable | 47/48 | €54,182 | €56,715 | +€2,533 | +4.7% |
| Remuneration, social security and pensions | 62 | €193,223 | €204,742 | +€11,519 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,059 | €81,588 | -€1,471 | -1.8% |
| Other operating charges | 640/8 | €8,992 | €9,136 | +€145 | +1.6% |
| Gross operating margin | 9900 | €542,540 | €376,926 | -€165,613 | -30.5% |
| Operating profit (loss) | 9901 | €257,266 | €81,460 | -€175,806 | -68.3% |
| Financial income | 75/76B | €14,206 | €15,164 | +€958 | +6.7% |
| Recurring financial income | 75 | €14,206 | €15,164 | +€958 | +6.7% |
| Financial charges | 65/66B | €33,298 | €65,771 | +€32,473 | +97.5% |
| Recurring financial charges | 65 | €33,298 | €65,771 | +€32,473 | +97.5% |
| Profit (loss) for the period before taxes | 9903 | €238,175 | €30,853 | -€207,321 | -87.0% |
| Income taxes | 67/77 | €59,725 | €9,586 | -€50,139 | -83.9% |
| Profit (loss) for the period | 9904 | €178,449 | €21,267 | -€157,182 | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €178,449 | €21,267 | -€157,182 | -88.1% |
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 4 October 2026 via checked.be.