MILESTONE 44: 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 44
Largest movements
- Receivables within one year +€25,006
up €25,006 (+59.0%), from €42,379 to €67,385
of which Trade receivables: +€18,600
- Cash -€22,735
down €22,735 (-25.0%), from €90,769 to €68,034
mainly Receivables within one year (-€25,006) and Investment in fixed assets (net) (-€15,327)
- Tangible fixed assets +€9,122
up €9,122 (+9.9%), from €91,960 to €101,083
of which Plant, machinery and equipment: +€11,450
- Profit (loss) carried forward -€11,829
down €11,829 (-2.4%), from -€497,161 to -€508,990
- Other debts +€10,923
up €10,923 (+3.0%), from €359,940 to €370,863
- Trade debts +€9,259
up €9,259 (+501.7%), from €1,845 to €11,104
- Accrued charges and deferred income +€2,825
up €2,825 (+216.1%), from €1,307 to €4,133
- Depreciation +€3,793
up €3,793 (+157.3%), from €2,412 to €6,205
- Gross operating margin +€1,127
up €1,127 (+5.2%), from €21,526 to €22,653
- Other operating charges +€524
up €524 (+3.0%), from €17,298 to €17,822
- Financial charges +€307
up €307 (+3.0%), from €10,173 to €10,481
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 | €231,745 | €242,770 | +€11,025 | +4.8% |
| Fixed assets | 21/28 | €98,229 | €107,351 | +€9,122 | +9.3% |
| Tangible fixed assets | 22/27 | €91,960 | €101,083 | +€9,122 | +9.9% |
| Land and buildings | 22 | €90,372 | €88,044 | -€2,328 | -2.6% |
| Plant, machinery and equipment | 23 | €1,589 | €13,039 | +€11,450 | +720.8% |
| Financial fixed assets | 28 | €6,269 | €6,269 | = | 0.0% |
| Current assets | 29/58 | €133,516 | €135,419 | +€1,903 | +1.4% |
| Amounts receivable within one year | 40/41 | €42,379 | €67,385 | +€25,006 | +59.0% |
| Trade receivables | 40 | €37,206 | €55,806 | +€18,600 | +50.0% |
| Other amounts receivable | 41 | €5,173 | €11,579 | +€6,407 | +123.9% |
| Cash at bank and in hand | 54/58 | €90,769 | €68,034 | -€22,735 | -25.0% |
| Deferred charges and accrued income | 490/1 | €369 | - | -€369 | |
| Total equity and liabilities | 10/49 | €231,745 | €242,770 | +€11,025 | +4.8% |
| Equity | 10/15 | -€131,547 | -€143,377 | -€11,829 | -9.0% |
| Contributions | 10/11 | €238,528 | €238,528 | = | 0.0% |
| Capital | 10 | €238,528 | €238,528 | = | 0.0% |
| Issued capital | 100 | €238,528 | €238,528 | = | 0.0% |
| Reserves | 13 | €127,085 | €127,085 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,512 | €28,512 | = | 0.0% |
| Legal reserve | 130 | €28,512 | €28,512 | = | 0.0% |
| Distributable reserves | 133 | €98,573 | €98,573 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€497,161 | -€508,990 | -€11,829 | -2.4% |
| Amounts payable | 17/49 | €363,292 | €386,147 | +€22,854 | +6.3% |
| Amounts payable within one year | 42/48 | €361,985 | €382,014 | +€20,029 | +5.5% |
| Trade debts | 44 | €1,845 | €11,104 | +€9,259 | +501.7% |
| Suppliers | 440/4 | €1,845 | €11,104 | +€9,259 | +501.7% |
| Taxes, remuneration and social security | 45 | €200 | €47 | -€153 | -76.7% |
| Taxes | 450/3 | €200 | €47 | -€153 | -76.7% |
| Other amounts payable | 47/48 | €359,940 | €370,863 | +€10,923 | +3.0% |
| Accrued charges and deferred income | 492/3 | €1,307 | €4,133 | +€2,825 | +216.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,412 | €6,205 | +€3,793 | +157.3% |
| Other operating charges | 640/8 | €17,298 | €17,822 | +€524 | +3.0% |
| Gross operating margin | 9900 | €21,526 | €22,653 | +€1,127 | +5.2% |
| Operating profit (loss) | 9901 | €1,816 | -€1,374 | -€3,190 | |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €10,173 | €10,481 | +€307 | +3.0% |
| Recurring financial charges | 65 | €10,173 | €10,481 | +€307 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,357 | -€11,829 | -€3,472 | -41.5% |
| Profit (loss) for the period | 9904 | -€8,357 | -€11,829 | -€3,472 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,357 | -€11,829 | -€3,472 | -41.5% |
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 8 October 2026 via checked.be.