Milestone: 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.
Milestone
Largest movements
- Receivables within one year +€162,614
up €162,614 (+158.4%), from €102,653 to €265,266
of which Trade receivables: +€152,564
- Cash -€123,387
down €123,387 (-24.9%), from €495,363 to €371,976
mainly Investment in fixed assets (net) (-€184,096) and Receivables within one year (-€162,614)
- Tangible fixed assets +€43,733
up €43,733 (+2.1%), from €2.1m to €2.1m
of which Land and buildings: +€26,001
- Trade debts +€86,110
up €86,110 (+87.8%), from €98,039 to €184,150
- Accrued charges and deferred income -€34,278
down €34,278 (-31.5%), from €108,807 to €74,529
- Financial charges +€81,445
up €81,445 (+516.2%), from €15,777 to €97,222
of which Non-recurring financial charges: +€76,900
- Gross operating margin -€78,243
down €78,243 (-14.3%), from €546,285 to €468,042
- Staff costs +€71,939
up €71,939 (+57.5%), from €125,057 to €196,995
- Depreciation +€40,685
up €40,685 (+40.8%), from €99,678 to €140,363
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 | €2,742,468 | €2,821,798 | +€79,330 | +2.9% |
| Fixed assets | 21/28 | €2,050,613 | €2,094,346 | +€43,733 | +2.1% |
| Tangible fixed assets | 22/27 | €2,050,613 | €2,094,346 | +€43,733 | +2.1% |
| Land and buildings | 22 | €1,897,964 | €1,923,965 | +€26,001 | +1.4% |
| Plant, machinery and equipment | 23 | €118,550 | €111,726 | -€6,824 | -5.8% |
| Furniture and vehicles | 24 | €34,099 | €58,656 | +€24,556 | +72.0% |
| Current assets | 29/58 | €691,855 | €727,451 | +€35,597 | +5.1% |
| Stocks and contracts in progress | 3 | €31,616 | €28,148 | -€3,468 | -11.0% |
| Stocks | 30/36 | €31,616 | €28,148 | -€3,468 | -11.0% |
| Amounts receivable within one year | 40/41 | €102,653 | €265,266 | +€162,614 | +158.4% |
| Trade receivables | 40 | €99,599 | €252,163 | +€152,564 | +153.2% |
| Other amounts receivable | 41 | €3,054 | €13,104 | +€10,050 | +329.1% |
| Cash at bank and in hand | 54/58 | €495,363 | €371,976 | -€123,387 | -24.9% |
| Deferred charges and accrued income | 490/1 | €62,223 | €62,062 | -€162 | -0.3% |
| Total equity and liabilities | 10/49 | €2,742,468 | €2,821,798 | +€79,330 | +2.9% |
| Equity | 10/15 | €2,411,551 | €2,432,696 | +€21,145 | +0.9% |
| Contributions | 10/11 | €1,473,993 | €1,473,993 | = | 0.0% |
| Reserves | 13 | €923,045 | €923,045 | = | 0.0% |
| Non-distributable reserves | 130/1 | €116,724 | €116,724 | = | 0.0% |
| Reserves not available under the articles | 1311 | €116,724 | €116,724 | = | 0.0% |
| Distributable reserves | 133 | €806,321 | €806,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,513 | €35,658 | +€21,145 | +145.7% |
| Amounts payable | 17/49 | €330,917 | €389,102 | +€58,185 | +17.6% |
| Amounts payable within one year | 42/48 | €222,110 | €314,572 | +€92,462 | +41.6% |
| Trade debts | 44 | €98,039 | €184,150 | +€86,110 | +87.8% |
| Suppliers | 440/4 | €98,039 | €184,150 | +€86,110 | +87.8% |
| Taxes, remuneration and social security | 45 | €19,034 | €35,443 | +€16,409 | +86.2% |
| Taxes | 450/3 | €140 | €10,064 | +€9,924 | +7113.8% |
| Remuneration and social security | 454/9 | €18,894 | €25,379 | +€6,485 | +34.3% |
| Other amounts payable | 47/48 | €105,037 | €94,980 | -€10,057 | -9.6% |
| Accrued charges and deferred income | 492/3 | €108,807 | €74,529 | -€34,278 | -31.5% |
| Remuneration, social security and pensions | 62 | €125,057 | €196,995 | +€71,939 | +57.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,678 | €140,363 | +€40,685 | +40.8% |
| Other operating charges | 640/8 | €10,732 | €9,892 | -€841 | -7.8% |
| Non-recurring operating charges | 66A | - | €1,053 | +€1,053 | |
| Gross operating margin | 9900 | €546,285 | €468,042 | -€78,243 | -14.3% |
| Operating profit (loss) | 9901 | €310,818 | €119,739 | -€191,080 | -61.5% |
| Financial income | 75/76B | €41 | €1 | -€40 | -97.3% |
| Recurring financial income | 75 | €41 | €1 | -€40 | -97.3% |
| Financial charges | 65/66B | €15,777 | €97,222 | +€81,445 | +516.2% |
| Recurring financial charges | 65 | €15,777 | €20,322 | +€4,545 | +28.8% |
| Non-recurring financial charges | 66B | - | €76,900 | +€76,900 | |
| Profit (loss) for the period before taxes | 9903 | €295,082 | €22,518 | -€272,564 | -92.4% |
| Income taxes | 67/77 | - | €1,373 | +€1,373 | |
| Profit (loss) for the period | 9904 | €295,082 | €21,145 | -€273,937 | -92.8% |
| Profit (loss) for the period to be appropriated | 9905 | €295,082 | €21,145 | -€273,937 | -92.8% |
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 6 October 2026 via checked.be.