MILFIS: 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.
MILFIS
Largest movements
- Tangible fixed assets -€35,899
down €35,899 (-8.4%), from €426,538 to €390,639
of which Land and buildings: -€20,929
- Cash -€23,007
down €23,007 (-54.6%), from €42,156 to €19,149
mainly Debts after one year (-€88,934) and Other debts (-€8,680)
- Deferred charges and accrued income -€5,988
down €5,988 (-51.6%), from €11,594 to €5,606
- Debts after one year -€88,934
down €88,934 (-30.1%), from €295,101 to €206,166
of which Other amounts payable: -€65,000
- Reserves +€25,072
up €25,072 (+74.8%), from €33,539 to €58,610
- Trade debts +€16,505
up €16,505 (+106%), from €15,544 to €32,048
- Other debts -€8,680
down €8,680 (-9.4%), from €92,438 to €83,757
- Gross operating margin +€15,089
up €15,089 (+7.7%), from €195,934 to €211,022
- Taxes +€8,974
up €8,974 (+402,417%), from €2 to €8,976
- Staff costs +€8,284
up €8,284 (+6.8%), from €122,179 to €130,463
- Other operating charges -€2,133
down €2,133 (-49.8%), from €4,288 to €2,154
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 | €502,312 | €443,887 | -€58,425 | -11.6% |
| Fixed assets | 21/28 | €426,793 | €390,894 | -€35,899 | -8.4% |
| Tangible fixed assets | 22/27 | €426,538 | €390,639 | -€35,899 | -8.4% |
| Land and buildings | 22 | €346,208 | €325,279 | -€20,929 | -6.0% |
| Plant, machinery and equipment | 23 | €64,259 | €55,801 | -€8,458 | -13.2% |
| Furniture and vehicles | 24 | €16,072 | €9,559 | -€6,513 | -40.5% |
| Financial fixed assets | 28 | €255 | €255 | = | 0.0% |
| Current assets | 29/58 | €75,518 | €52,993 | -€22,525 | -29.8% |
| Stocks and contracts in progress | 3 | €17,559 | €19,745 | +€2,186 | +12.5% |
| Stocks | 30/36 | €17,559 | €19,745 | +€2,186 | +12.5% |
| Amounts receivable within one year | 40/41 | €4,210 | €8,493 | +€4,283 | +102% |
| Trade receivables | 40 | €3,618 | €8,154 | +€4,536 | +125% |
| Other amounts receivable | 41 | €592 | €339 | -€253 | -42.7% |
| Cash at bank and in hand | 54/58 | €42,156 | €19,149 | -€23,007 | -54.6% |
| Deferred charges and accrued income | 490/1 | €11,594 | €5,606 | -€5,988 | -51.6% |
| Total equity and liabilities | 10/49 | €502,312 | €443,887 | -€58,425 | -11.6% |
| Equity | 10/15 | €53,539 | €78,610 | +€25,072 | +46.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €33,539 | €58,610 | +€25,072 | +74.8% |
| Distributable reserves | 133 | €33,539 | €58,610 | +€25,072 | +74.8% |
| Amounts payable | 17/49 | €448,773 | €365,277 | -€83,496 | -18.6% |
| Amounts payable after more than one year | 17 | €295,101 | €206,166 | -€88,934 | -30.1% |
| Financial debts | 170/4 | €230,101 | €206,166 | -€23,934 | -10.4% |
| Other amounts payable | 178/9 | €65,000 | €0 | -€65,000 | -100% |
| Amounts payable within one year | 42/48 | €153,242 | €158,714 | +€5,472 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €25,114 | €25,603 | +€488 | +1.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €15,544 | €32,048 | +€16,505 | +106% |
| Suppliers | 440/4 | €15,544 | €32,048 | +€16,505 | +106% |
| Taxes, remuneration and social security | 45 | €20,146 | €17,306 | -€2,840 | -14.1% |
| Taxes | 450/3 | €8,117 | €7,736 | -€382 | -4.7% |
| Remuneration and social security | 454/9 | €12,029 | €9,570 | -€2,459 | -20.4% |
| Other amounts payable | 47/48 | €92,438 | €83,757 | -€8,680 | -9.4% |
| Accrued charges and deferred income | 492/3 | €431 | €396 | -€34 | -8.0% |
| Remuneration, social security and pensions | 62 | €122,179 | €130,463 | +€8,284 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,454 | €38,819 | +€1,365 | +3.6% |
| Other operating charges | 640/8 | €4,288 | €2,154 | -€2,133 | -49.8% |
| Gross operating margin | 9900 | €195,934 | €211,022 | +€15,089 | +7.7% |
| Operating profit (loss) | 9901 | €32,012 | €39,585 | +€7,573 | +23.7% |
| Financial income | 75/76B | €635 | €584 | -€51 | -8.1% |
| Recurring financial income | 75 | €635 | €584 | -€51 | -8.1% |
| Financial charges | 65/66B | €6,430 | €6,121 | -€309 | -4.8% |
| Recurring financial charges | 65 | €6,430 | €6,121 | -€309 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €26,218 | €34,048 | +€7,830 | +29.9% |
| Income taxes | 67/77 | €2 | €8,976 | +€8,974 | +402,417% |
| Profit (loss) for the period | 9904 | €26,215 | €25,072 | -€1,144 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,215 | €25,072 | -€1,144 | -4.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.