MILESTONE MANAGEMENT: 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.
MILESTONE MANAGEMENT
Largest movements
- Tangible fixed assets -€144,559
down €144,559 (-1.9%), from €7.7m to €7.5m
of which Land and buildings: -€143,689
- Cash -€141,909
down €141,909 (-59.9%), from €236,997 to €95,087
mainly Debts after one year (-€371,459) and Receivables within one year (-€63,891)
- Debts after one year -€371,459
down €371,459 (-5.5%), from €6.7m to €6.3m
- Depreciation -€134,108
down €134,108 (-48.1%), from €278,666 to €144,559
- Gross operating margin -€53,880
down €53,880 (-12.6%), from €428,720 to €374,840
- Financial charges -€18,591
down €18,591 (-12.2%), from €152,865 to €134,274
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,976,325 | €9,753,574 | -€222,751 | -2.2% |
| Fixed assets | 21/28 | €9,711,868 | €9,567,310 | -€144,559 | -1.5% |
| Tangible fixed assets | 22/27 | €7,662,594 | €7,518,035 | -€144,559 | -1.9% |
| Land and buildings | 22 | €3,189,525 | €3,045,836 | -€143,689 | -4.5% |
| Furniture and vehicles | 24 | €1,467 | €598 | -€870 | -59.3% |
| Other tangible fixed assets | 26 | €4,471,601 | €4,471,601 | = | 0.0% |
| Financial fixed assets | 28 | €2,049,275 | €2,049,275 | = | 0.0% |
| Current assets | 29/58 | €264,456 | €186,264 | -€78,192 | -29.6% |
| Amounts receivable within one year | 40/41 | €25,148 | €89,039 | +€63,891 | +254.1% |
| Trade receivables | 40 | €25,148 | €89,004 | +€63,856 | +253.9% |
| Other amounts receivable | 41 | - | €35 | +€35 | |
| Cash at bank and in hand | 54/58 | €236,997 | €95,087 | -€141,909 | -59.9% |
| Deferred charges and accrued income | 490/1 | €2,311 | €2,138 | -€173 | -7.5% |
| Total equity and liabilities | 10/49 | €9,976,325 | €9,753,574 | -€222,751 | -2.2% |
| Equity | 10/15 | €2,890,700 | €2,966,734 | +€76,035 | +2.6% |
| Contributions | 10/11 | €1,612,400 | €1,612,400 | = | 0.0% |
| Reserves | 13 | €1,278,300 | €1,354,334 | +€76,035 | +5.9% |
| Distributable reserves | 133 | €1,278,300 | €1,354,334 | +€76,035 | +5.9% |
| Amounts payable | 17/49 | €7,085,625 | €6,786,840 | -€298,785 | -4.2% |
| Amounts payable after more than one year | 17 | €6,694,627 | €6,323,168 | -€371,459 | -5.5% |
| Financial debts | 170/4 | €6,694,627 | €6,323,168 | -€371,459 | -5.5% |
| Amounts payable within one year | 42/48 | €353,157 | €428,753 | +€75,597 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €286,023 | €271,459 | -€14,564 | -5.1% |
| Trade debts | 44 | €6,434 | €72,421 | +€65,987 | +1025.6% |
| Suppliers | 440/4 | €6,434 | €72,421 | +€65,987 | +1025.6% |
| Taxes, remuneration and social security | 45 | €10,001 | €9,534 | -€467 | -4.7% |
| Taxes | 450/3 | €9,881 | €9,414 | -€467 | -4.7% |
| Remuneration and social security | 454/9 | €120 | €120 | = | 0.0% |
| Other amounts payable | 47/48 | €50,699 | €75,340 | +€24,641 | +48.6% |
| Accrued charges and deferred income | 492/3 | €37,841 | €34,918 | -€2,923 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €278,666 | €144,559 | -€134,108 | -48.1% |
| Other operating charges | 640/8 | €18,795 | €19,380 | +€585 | +3.1% |
| Gross operating margin | 9900 | €428,720 | €374,840 | -€53,880 | -12.6% |
| Operating profit (loss) | 9901 | €131,259 | €210,902 | +€79,643 | +60.7% |
| Financial income | 75/76B | €155 | €95 | -€60 | -38.8% |
| Recurring financial income | 75 | €155 | €95 | -€60 | -38.8% |
| Financial charges | 65/66B | €152,865 | €134,274 | -€18,591 | -12.2% |
| Recurring financial charges | 65 | €152,865 | €134,274 | -€18,591 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,452 | €76,723 | +€98,174 | |
| Income taxes | 67/77 | €567 | €688 | +€121 | +21.3% |
| Profit (loss) for the period | 9904 | -€22,019 | €76,035 | +€98,054 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,019 | €76,035 | +€98,054 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.