Milcycle Management: 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 Management
Largest movements
- Receivables within one year +€13,159
new in 2025: €13,159
- Profit (loss) carried forward +€26,738
up €26,738 (+3.7%), from €720,291 to €747,029
- Debts after one year -€13,595
down €13,595 (-18.2%), from €74,593 to €60,998
- Financial income -€700,000
no longer reported in 2025 (was €700,000)
of which Financial income: -€700,000
- Financial charges -€58,288
down €58,288 (-89.3%), from €65,258 to €6,970
- Gross operating margin -€49,025
down €49,025 (-52.8%), from €92,870 to €43,845
- Taxes +€2,488
up €2,488 (+36.9%), from €6,744 to €9,231
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 | €1,021,334 | €1,034,624 | +€13,290 | +1.3% |
| Formation expenses | 20 | €2,168 | €1,623 | -€546 | -25.2% |
| Fixed assets | 21/28 | €1,000,726 | €1,000,478 | -€248 | 0.0% |
| Tangible fixed assets | 22/27 | €726 | €478 | -€248 | -34.1% |
| Furniture and vehicles | 24 | €726 | €478 | -€248 | -34.1% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €18,440 | €32,523 | +€14,083 | +76.4% |
| Amounts receivable within one year | 40/41 | - | €13,159 | +€13,159 | |
| Trade receivables | 40 | - | €13,159 | +€13,159 | |
| Cash at bank and in hand | 54/58 | €16,591 | €16,906 | +€315 | +1.9% |
| Deferred charges and accrued income | 490/1 | €1,848 | €2,457 | +€609 | +32.9% |
| Total equity and liabilities | 10/49 | €1,021,334 | €1,034,624 | +€13,290 | +1.3% |
| Equity | 10/15 | €725,291 | €752,029 | +€26,738 | +3.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €720,291 | €747,029 | +€26,738 | +3.7% |
| Amounts payable | 17/49 | €296,043 | €282,595 | -€13,449 | -4.5% |
| Amounts payable after more than one year | 17 | €74,593 | €60,998 | -€13,595 | -18.2% |
| Financial debts | 170/4 | €74,593 | €60,998 | -€13,595 | -18.2% |
| Amounts payable within one year | 42/48 | €221,450 | €221,597 | +€147 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €12,992 | €13,595 | +€604 | +4.6% |
| Trade debts | 44 | €5,448 | €4,947 | -€501 | -9.2% |
| Suppliers | 440/4 | €5,448 | €4,947 | -€501 | -9.2% |
| Taxes, remuneration and social security | 45 | €3,010 | €3,054 | +€44 | +1.5% |
| Taxes | 450/3 | €3,010 | €3,054 | +€44 | +1.5% |
| Other amounts payable | 47/48 | €200,000 | €200,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €578 | €793 | +€216 | +37.4% |
| Other operating charges | 640/8 | - | €112 | +€112 | |
| Gross operating margin | 9900 | €92,870 | €43,845 | -€49,025 | -52.8% |
| Operating profit (loss) | 9901 | €92,292 | €42,939 | -€49,353 | -53.5% |
| Financial income | 75/76B | €700,000 | - | -€700,000 | |
| Recurring financial income | 75 | €700,000 | - | -€700,000 | |
| Non-recurring financial income | 76B | €700,000 | - | -€700,000 | |
| Financial charges | 65/66B | €65,258 | €6,970 | -€58,288 | -89.3% |
| Recurring financial charges | 65 | €65,258 | €6,970 | -€58,288 | -89.3% |
| Profit (loss) for the period before taxes | 9903 | €727,035 | €35,969 | -€691,065 | -95.1% |
| Income taxes | 67/77 | €6,744 | €9,231 | +€2,488 | +36.9% |
| Profit (loss) for the period | 9904 | €720,291 | €26,738 | -€693,553 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €720,291 | €26,738 | -€693,553 | -96.3% |
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.