MILHO: 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.
MILHO
Largest movements
- Tangible fixed assets +€188,961
up €188,961 (+35.4%), from €534,326 to €723,286
of which Plant, machinery and equipment: +€187,256
- Receivables within one year +€53,168
up €53,168 (+21.7%), from €244,553 to €297,721
of which Trade receivables: +€26,647
- Debts after one year +€110,833
up €110,833 (+49.6%), from €223,667 to €334,500
- Trade debts +€66,518
up €66,518 (+36.0%), from €184,849 to €251,367
- Current portion of long-term debt +€55,000
up €55,000 (+48.3%), from €113,833 to €168,834
- Profit (loss) carried forward +€12,745
up €12,745 (+5.5%), from -€232,573 to -€219,828
- Gross operating margin +€175,226
up €175,226 (+126.6%), from €138,444 to €313,670
- Depreciation -€62,042
down €62,042 (-43.2%), from €143,610 to €81,569
- Staff costs +€6,034
up €6,034 (+6.4%), from €93,827 to €99,861
- Other operating charges +€5,340
up €5,340 (+228.6%), from €2,336 to €7,677
- Financial income +€3,896
up €3,896 (+3033.0%), from €128 to €4,024
of which Non-recurring financial income: +€3,967
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 | €950,042 | €1,205,659 | +€255,617 | +26.9% |
| Fixed assets | 21/28 | €562,381 | €742,050 | +€179,669 | +31.9% |
| Intangible fixed assets | 21 | €28,050 | €18,759 | -€9,291 | -33.1% |
| Tangible fixed assets | 22/27 | €534,326 | €723,286 | +€188,961 | +35.4% |
| Land and buildings | 22 | €404,755 | €365,982 | -€38,773 | -9.6% |
| Plant, machinery and equipment | 23 | €22,026 | €209,282 | +€187,256 | +850.2% |
| Furniture and vehicles | 24 | €107,545 | €148,023 | +€40,477 | +37.6% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €387,661 | €463,609 | +€75,948 | +19.6% |
| Stocks and contracts in progress | 3 | €135,655 | €141,816 | +€6,161 | +4.5% |
| Stocks | 30/36 | €135,655 | €141,816 | +€6,161 | +4.5% |
| Amounts receivable within one year | 40/41 | €244,553 | €297,721 | +€53,168 | +21.7% |
| Trade receivables | 40 | €243,954 | €270,601 | +€26,647 | +10.9% |
| Other amounts receivable | 41 | €599 | €27,120 | +€26,521 | +4431.2% |
| Cash at bank and in hand | 54/58 | €3,877 | €11,579 | +€7,703 | +198.7% |
| Deferred charges and accrued income | 490/1 | €3,578 | €12,493 | +€8,915 | +249.2% |
| Total equity and liabilities | 10/49 | €950,042 | €1,205,659 | +€255,617 | +26.9% |
| Equity | 10/15 | -€132,573 | -€119,828 | +€12,745 | +9.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€232,573 | -€219,828 | +€12,745 | +5.5% |
| Amounts payable | 17/49 | €1,082,615 | €1,325,487 | +€242,872 | +22.4% |
| Amounts payable after more than one year | 17 | €223,667 | €334,500 | +€110,833 | +49.6% |
| Financial debts | 170/4 | €223,667 | €334,500 | +€110,833 | +49.6% |
| Amounts payable within one year | 42/48 | €858,698 | €983,469 | +€124,770 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €113,833 | €168,834 | +€55,000 | +48.3% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €184,849 | €251,367 | +€66,518 | +36.0% |
| Suppliers | 440/4 | €184,849 | €251,367 | +€66,518 | +36.0% |
| Taxes, remuneration and social security | 45 | €12,659 | €15,911 | +€3,252 | +25.7% |
| Taxes | 450/3 | €5,105 | €3,415 | -€1,691 | -33.1% |
| Remuneration and social security | 454/9 | €7,554 | €12,497 | +€4,943 | +65.4% |
| Other amounts payable | 47/48 | €447,357 | €447,357 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €250 | €7,518 | +€7,268 | +2907.3% |
| Remuneration, social security and pensions | 62 | €93,827 | €99,861 | +€6,034 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,610 | €81,569 | -€62,042 | -43.2% |
| Other operating charges | 640/8 | €2,336 | €7,677 | +€5,340 | +228.6% |
| Non-recurring operating charges | 66A | - | €96,545 | +€96,545 | |
| Gross operating margin | 9900 | €138,444 | €313,670 | +€175,226 | +126.6% |
| Operating profit (loss) | 9901 | -€101,330 | €28,018 | +€129,348 | |
| Financial income | 75/76B | €128 | €4,024 | +€3,896 | +3033.0% |
| Recurring financial income | 75 | €128 | €57 | -€71 | -55.6% |
| Non-recurring financial income | 76B | - | €3,967 | +€3,967 | |
| Financial charges | 65/66B | €15,496 | €19,286 | +€3,789 | +24.5% |
| Recurring financial charges | 65 | €15,496 | €19,286 | +€3,789 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | -€116,697 | €12,756 | +€129,454 | |
| Income taxes | 67/77 | €140 | €11 | -€128 | -92.0% |
| Profit (loss) for the period | 9904 | -€116,837 | €12,745 | +€129,582 | |
| Profit (loss) for the period to be appropriated | 9905 | -€116,837 | €12,745 | +€129,582 |
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.