Milena Domanova: 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.
Milena Domanova
Largest movements
- Receivables after one year +€374,000
new in 2025: €374,000
- Receivables within one year +€211,507
up €211,507 (+250%), from €84,437 to €295,945
of which Trade receivables: +€171,600
- Tangible fixed assets +€28,372
up €28,372 (+243%), from €11,698 to €40,070
of which Land and buildings: +€29,561
- Cash +€20,627
up €20,627 (+7.2%), from €286,279 to €306,905
mainly Debts after one year (+€266,489) and Net result for the year (+€135,011)
- Debts after one year +€266,489
new in 2025: €266,489
- Short-term financial debts +€124,883
up €124,883 (+97.8%), from €127,750 to €252,633
- Other debts +€114,759
new in 2025: €114,759
- Tax, wage and social debts +€89,652
up €89,652 (+220%), from €40,838 to €130,491
of which Taxes: +€86,652
- Current portion of long-term debt +€26,565
new in 2025: €26,565
- Gross operating margin +€151,679
up €151,679 (+375%), from €40,418 to €192,097
- Taxes +€30,568
up €30,568 (+231%), from €13,257 to €43,825
- Financial charges +€17,931
up €17,931 (+737%), from €2,433 to €20,364
- Financial income +€7,233
up €7,233 (+202%), from €3,581 to €10,814
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.
Derived cash bridge
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 | €382,414 | €1,021,476 | +€639,063 | +167% |
| Fixed assets | 21/28 | €11,698 | €40,070 | +€28,372 | +243% |
| Tangible fixed assets | 22/27 | €11,698 | €40,070 | +€28,372 | +243% |
| Land and buildings | 22 | €9,330 | €38,891 | +€29,561 | +317% |
| Plant, machinery and equipment | 23 | €2,368 | €1,179 | -€1,189 | -50.2% |
| Current assets | 29/58 | €370,716 | €981,406 | +€610,690 | +165% |
| Amounts receivable after more than one year | 29 | - | €374,000 | +€374,000 | |
| Trade receivables | 290 | - | €374,000 | +€374,000 | |
| Amounts receivable within one year | 40/41 | €84,437 | €295,945 | +€211,507 | +250% |
| Trade receivables | 40 | - | €171,600 | +€171,600 | |
| Other amounts receivable | 41 | €84,437 | €124,345 | +€39,907 | +47.3% |
| Cash at bank and in hand | 54/58 | €286,279 | €306,905 | +€20,627 | +7.2% |
| Deferred charges and accrued income | 490/1 | - | €4,556 | +€4,556 | |
| Total equity and liabilities | 10/49 | €382,414 | €1,021,476 | +€639,063 | +167% |
| Equity | 10/15 | €201,601 | €201,601 | = | 0.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €186,601 | €186,601 | = | 0.0% |
| Distributable reserves | 133 | €186,601 | €186,601 | = | 0.0% |
| Amounts payable | 17/49 | €180,812 | €819,875 | +€639,063 | +353% |
| Amounts payable after more than one year | 17 | - | €266,489 | +€266,489 | |
| Financial debts | 170/4 | - | €266,489 | +€266,489 | |
| Amounts payable within one year | 42/48 | €180,019 | €542,935 | +€362,916 | +202% |
| Current portion of amounts payable after more than one year | 42 | - | €26,565 | +€26,565 | |
| Financial debts | 43 | €127,750 | €252,633 | +€124,883 | +97.8% |
| Other loans | 439 | €127,750 | €252,633 | +€124,883 | +97.8% |
| Trade debts | 44 | €11,431 | €18,487 | +€7,056 | +61.7% |
| Suppliers | 440/4 | €11,431 | €18,487 | +€7,056 | +61.7% |
| Taxes, remuneration and social security | 45 | €40,838 | €130,491 | +€89,652 | +220% |
| Taxes | 450/3 | €37,838 | €124,491 | +€86,652 | +229% |
| Remuneration and social security | 454/9 | €3,000 | €6,000 | +€3,000 | +100% |
| Other amounts payable | 47/48 | - | €114,759 | +€114,759 | |
| Accrued charges and deferred income | 492/3 | €793 | €10,451 | +€9,658 | +1,217% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,877 | €3,423 | +€1,546 | +82.4% |
| Other operating charges | 640/8 | - | €288 | +€288 | |
| Gross operating margin | 9900 | €40,418 | €192,097 | +€151,679 | +375% |
| Operating profit (loss) | 9901 | €38,541 | €188,386 | +€149,845 | +389% |
| Financial income | 75/76B | €3,581 | €10,814 | +€7,233 | +202% |
| Recurring financial income | 75 | €3,581 | €10,814 | +€7,233 | +202% |
| Financial charges | 65/66B | €2,433 | €20,364 | +€17,931 | +737% |
| Recurring financial charges | 65 | €2,433 | €20,364 | +€17,931 | +737% |
| Profit (loss) for the period before taxes | 9903 | €39,689 | €178,836 | +€139,147 | +351% |
| Income taxes | 67/77 | €13,257 | €43,825 | +€30,568 | +231% |
| Profit (loss) for the period | 9904 | €26,432 | €135,011 | +€108,578 | +411% |
| Profit (loss) for the period to be appropriated | 9905 | €26,432 | €135,011 | +€108,578 | +411% |
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 28 October 2026 via checked.be.