MILESTONE ONE: what changed
What changed
MILESTONE ONE
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€33,130
2024 · €32,279+€850
Equity
€50,754
2024 · €100,419-€49,665
Cash
€34,553
2024 · €36,529-€1,976
Balance sheet total
€148,312
2024 · €151,746-€3,434
Largest movements
Assets
- Deferred charges and accrued income -€5,433
down €5,433 (-34.1%), from €15,917 to €10,484
- Tangible fixed assets +€4,149
up €4,149 (+56.8%), from €7,303 to €11,452
of which Land and buildings: +€5,746
- Cash -€1,976
down €1,976 (-5.4%), from €36,529 to €34,553
mainly Contributions, distributions and other (-€82,795) and Debts after one year (-€12,468)
Equity and liabilities
- Reserves -€49,665
down €49,665 (-50.0%), from €99,419 to €49,754
- Other debts +€39,194
up €39,194 (+1,142%), from €3,433 to €42,627
- Tax, wage and social debts +€14,205
up €14,205 (+218%), from €6,513 to €20,718
- Debts after one year -€12,468
down €12,468 (-49.0%), from €25,442 to €12,975
- Trade debts +€2,943
up €2,943 (+75.2%), from €3,912 to €6,854
Income statement
- Gross operating margin +€11,925
up €11,925 (+23.8%), from €50,177 to €62,102
- Taxes +€7,494
up €7,494 (+68.7%), from €10,909 to €18,403
- Financial charges +€3,739
up €3,739 (+119%), from €3,153 to €6,892
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€32,279
Gross operating margin
+€11,925
Depreciation
-€445
Other operating charges
+€604
Financial income
-€1
Financial charges
-€3,739
Taxes
-€7,494
Result 2025
€33,130
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€99,306
Investment
-€6,745
Financing
-€94,536
Cash 2024
€36,529
From operations (derived)
+€99,306
Net result for the year
+€33,130
Depreciation
+€2,596
Receivables within one year
+€174
Deferred charges and accrued income
+€5,433
Trade debts
+€2,943
Tax, wage and social debts
+€14,205
Other debts
+€39,194
Accrued charges and deferred income
+€1,631
Investment (derived)
-€6,745
Investment in fixed assets (net)
-€6,745
Financing
-€94,536
Debts after one year
-€12,468
Current portion of long-term debt
+€487
Short-term financial debts
+€240
Contributions, distributions and other
-€82,795
Cash 2025
€34,553
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €151,746 | €148,312 | -€3,434 | -2.3% |
| Fixed assets | 21/28 | €82,303 | €86,452 | +€4,149 | +5.0% |
| Tangible fixed assets | 22/27 | €7,303 | €11,452 | +€4,149 | +56.8% |
| Land and buildings | 22 | €3,084 | €8,830 | +€5,746 | +186% |
| Plant, machinery and equipment | 23 | €3,598 | €2,622 | -€976 | -27.1% |
| Furniture and vehicles | 24 | €621 | €0 | -€621 | -100% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €69,443 | €61,860 | -€7,583 | -10.9% |
| Amounts receivable within one year | 40/41 | €16,997 | €16,823 | -€174 | -1.0% |
| Trade receivables | 40 | €13,552 | €15,962 | +€2,410 | +17.8% |
| Other amounts receivable | 41 | €3,445 | €861 | -€2,584 | -75.0% |
| Cash at bank and in hand | 54/58 | €36,529 | €34,553 | -€1,976 | -5.4% |
| Deferred charges and accrued income | 490/1 | €15,917 | €10,484 | -€5,433 | -34.1% |
| Total equity and liabilities | 10/49 | €151,746 | €148,312 | -€3,434 | -2.3% |
| Equity | 10/15 | €100,419 | €50,754 | -€49,665 | -49.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €99,419 | €49,754 | -€49,665 | -50.0% |
| Distributable reserves | 133 | €99,419 | €49,754 | -€49,665 | -50.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,327 | €97,558 | +€46,231 | +90.1% |
| Amounts payable after more than one year | 17 | €25,442 | €12,975 | -€12,468 | -49.0% |
| Financial debts | 170/4 | €25,442 | €12,975 | -€12,468 | -49.0% |
| Amounts payable within one year | 42/48 | €25,885 | €82,953 | +€57,068 | +220% |
| Current portion of amounts payable after more than one year | 42 | €11,981 | €12,468 | +€487 | +4.1% |
| Financial debts | 43 | €46 | €286 | +€240 | +520% |
| Credit institutions | 430/8 | €46 | €286 | +€240 | +520% |
| Trade debts | 44 | €3,912 | €6,854 | +€2,943 | +75.2% |
| Suppliers | 440/4 | €3,912 | €6,854 | +€2,943 | +75.2% |
| Taxes, remuneration and social security | 45 | €6,513 | €20,718 | +€14,205 | +218% |
| Taxes | 450/3 | €6,513 | €20,718 | +€14,205 | +218% |
| Other amounts payable | 47/48 | €3,433 | €42,627 | +€39,194 | +1,142% |
| Accrued charges and deferred income | 492/3 | - | €1,631 | +€1,631 | |
| Non-recurring operating income | 76A | €10,573 | €0 | -€10,573 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,152 | €2,596 | +€445 | +20.7% |
| Other operating charges | 640/8 | €1,685 | €1,081 | -€604 | -35.8% |
| Gross operating margin | 9900 | €50,177 | €62,102 | +€11,925 | +23.8% |
| Operating profit (loss) | 9901 | €46,340 | €58,424 | +€12,084 | +26.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €3,153 | €6,892 | +€3,739 | +119% |
| Recurring financial charges | 65 | €3,153 | €6,892 | +€3,739 | +119% |
| Profit (loss) for the period before taxes | 9903 | €43,188 | €51,533 | +€8,344 | +19.3% |
| Income taxes | 67/77 | €10,909 | €18,403 | +€7,494 | +68.7% |
| Profit (loss) for the period | 9904 | €32,279 | €33,130 | +€850 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,279 | €33,130 | +€850 | +2.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.