MILENA VARGA: 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 VARGA
Largest movements
- Cash -€49,781
down €49,781 (-81.4%), from €61,188 to €11,406
mainly Contributions, distributions and other (-€135,000) and Other debts (-€47,304)
- Receivables within one year +€20,953
up €20,953 (+10.5%), from €199,179 to €220,132
of which Other amounts receivable: +€49,717
- Other debts -€47,304
down €47,304 (-28.7%), from €164,807 to €117,503
- Profit (loss) carried forward +€45,057
up €45,057, from €0 to €45,057
- Trade debts -€36,027
down €36,027 (-86.3%), from €41,761 to €5,734
- Short-term financial debts +€27,087
new in 2025: €27,087
- Tax, wage and social debts -€14,504
down €14,504 (-26.7%), from €54,392 to €39,888
of which Taxes: -€16,355
- Gross operating margin +€38,659
up €38,659 (+18.7%), from €206,340 to €244,999
- Taxes +€8,594
up €8,594 (+17.5%), from €48,983 to €57,577
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 | €263,960 | €238,568 | -€25,392 | -9.6% |
| Fixed assets | 21/28 | €3,054 | €5,319 | +€2,265 | +74.1% |
| Tangible fixed assets | 22/27 | €780 | €3,045 | +€2,265 | +290% |
| Furniture and vehicles | 24 | €780 | €3,045 | +€2,265 | +290% |
| Financial fixed assets | 28 | €2,274 | €2,274 | = | 0.0% |
| Current assets | 29/58 | €260,906 | €233,250 | -€27,657 | -10.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €199,179 | €220,132 | +€20,953 | +10.5% |
| Trade receivables | 40 | €83,511 | €54,747 | -€28,764 | -34.4% |
| Other amounts receivable | 41 | €115,668 | €165,386 | +€49,717 | +43.0% |
| Cash at bank and in hand | 54/58 | €61,188 | €11,406 | -€49,781 | -81.4% |
| Deferred charges and accrued income | 490/1 | €539 | €1,711 | +€1,172 | +217% |
| Total equity and liabilities | 10/49 | €263,960 | €238,568 | -€25,392 | -9.6% |
| Equity | 10/15 | €3,000 | €48,057 | +€45,057 | +1,502% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €45,057 | +€45,057 | |
| Amounts payable | 17/49 | €260,960 | €190,511 | -€70,449 | -27.0% |
| Amounts payable within one year | 42/48 | €260,960 | €190,212 | -€70,748 | -27.1% |
| Financial debts | 43 | - | €27,087 | +€27,087 | |
| Other loans | 439 | - | €27,087 | +€27,087 | |
| Trade debts | 44 | €41,761 | €5,734 | -€36,027 | -86.3% |
| Suppliers | 440/4 | €41,761 | €5,734 | -€36,027 | -86.3% |
| Taxes, remuneration and social security | 45 | €54,392 | €39,888 | -€14,504 | -26.7% |
| Taxes | 450/3 | €54,392 | €38,037 | -€16,355 | -30.1% |
| Remuneration and social security | 454/9 | - | €1,851 | +€1,851 | |
| Other amounts payable | 47/48 | €164,807 | €117,503 | -€47,304 | -28.7% |
| Accrued charges and deferred income | 492/3 | €0 | €299 | +€299 | |
| Non-recurring operating income | 76A | €5,943 | - | -€5,943 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4 | €435 | +€431 | +10,028% |
| Other operating charges | 640/8 | €1,084 | €1,515 | +€431 | +39.8% |
| Gross operating margin | 9900 | €206,340 | €244,999 | +€38,659 | +18.7% |
| Operating profit (loss) | 9901 | €205,252 | €243,048 | +€37,797 | +18.4% |
| Financial income | 75/76B | €3,152 | €805 | -€2,348 | -74.5% |
| Recurring financial income | 75 | €3,152 | €805 | -€2,348 | -74.5% |
| Financial charges | 65/66B | €6,378 | €6,219 | -€159 | -2.5% |
| Recurring financial charges | 65 | €6,378 | €6,219 | -€159 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €202,026 | €237,634 | +€35,608 | +17.6% |
| Income taxes | 67/77 | €48,983 | €57,577 | +€8,594 | +17.5% |
| Profit (loss) for the period | 9904 | €153,042 | €180,057 | +€27,015 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €153,042 | €180,057 | +€27,015 | +17.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.