MILINAS: 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.
What changed
MILINAS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€435,463
2024 · €712,805-€277,343
Equity
€7.3m
2024 · €6.9m+€385,463
Cash
€49,184
2024 · €16,814+€32,370
Balance sheet total
€19.7m
2024 · €18.7m+€944,965
Largest movements
Assets
- Tangible fixed assets +€825,339
up €825,339 (+5.6%), from €14.9m to €15.7m
of which Land and buildings: +€869,493
Equity and liabilities
- Other debts +€524,558
up €524,558 (+39.6%), from €1.3m to €1.8m
- Reserves +€385,463
up €385,463 (+7.3%), from €5.3m to €5.7m
of which Distributable reserves: +€385,463
- Debts after one year -€235,117
down €235,117 (-2.5%), from €9.5m to €9.2m
- Trade debts +€203,589
up €203,589 (+1,293%), from €15,749 to €219,338
Income statement
- Gross operating margin -€1.5m
no longer reported in 2025 (was €1.5m)
- Turnover +€1.3m
new in 2025: €1.3m
- Depreciation -€326,118
down €326,118 (-30.2%), from €1.1m to €754,136
- Financial income -€286,711
down €286,711 (-45.0%), from €637,588 to €350,878
- Services and other goods +€243,883
new in 2025: €243,883
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.
Result 2024
€712,805
Turnover
+€1.3m
Other operating income
+€213,151
Services and other goods
-€243,883
Staff costs
+€3,102
Depreciation
+€326,118
Other operating charges
+€11,460
Other operating items
-€1.5m
Financial income
-€286,711
Financial charges
-€114,539
Taxes
+€37,877
Result 2025
€435,463
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.9m
Investment
-€1.6m
Financing
-€272,720
Cash 2024
€16,814
From operations (derived)
+€1.9m
Net result for the year
+€435,463
Depreciation
+€754,136
Receivables within one year
-€57,657
Smaller working-capital items
+€1,208
Trade debts
+€203,589
Tax, wage and social debts
+€53,522
Other debts
+€524,558
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
-€272,720
Debts after one year
-€235,117
Current portion of long-term debt
+€37,433
Short-term financial debts
-€25,035
Contributions, distributions and other
-€50,000
Cash 2025
€49,184
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,741,881 | €19,686,846 | +€944,965 | +5.0% |
| Fixed assets | 21/28 | €18,358,781 | €19,214,375 | +€855,594 | +4.7% |
| Tangible fixed assets | 22/27 | €14,868,428 | €15,693,767 | +€825,339 | +5.6% |
| Land and buildings | 22 | €14,697,741 | €15,567,234 | +€869,493 | +5.9% |
| Furniture and vehicles | 24 | €132,871 | €104,898 | -€27,973 | -21.1% |
| Leasing and similar rights | 25 | €37,817 | €21,635 | -€16,182 | -42.8% |
| Financial fixed assets | 28 | €3,490,353 | €3,520,608 | +€30,255 | +0.9% |
| Affiliated companies | 280/1 | - | €3,466,358 | +€3.5m | |
| Participating interests | 280 | - | €3,466,358 | +€3.5m | |
| Other financial fixed assets | 284/8 | - | €54,250 | +€54,250 | |
| Amounts receivable and cash guarantees | 285/8 | - | €54,250 | +€54,250 | |
| Current assets | 29/58 | €383,100 | €472,471 | +€89,371 | +23.3% |
| Amounts receivable within one year | 40/41 | €364,701 | €422,358 | +€57,657 | +15.8% |
| Trade receivables | 40 | €1,703 | €1,728 | +€25 | +1.5% |
| Other amounts receivable | 41 | €362,998 | €420,630 | +€57,631 | +15.9% |
| Cash at bank and in hand | 54/58 | €16,814 | €49,184 | +€32,370 | +193% |
| Deferred charges and accrued income | 490/1 | €1,584 | €929 | -€655 | -41.3% |
| Total equity and liabilities | 10/49 | €18,741,881 | €19,686,846 | +€944,965 | +5.0% |
| Equity | 10/15 | €6,866,850 | €7,252,313 | +€385,463 | +5.6% |
| Contributions | 10/11 | €1,600,000 | €1,600,000 | = | 0.0% |
| Capital | 10 | €1,600,000 | €1,600,000 | = | 0.0% |
| Issued capital | 100 | €1,600,000 | €1,600,000 | = | 0.0% |
| Reserves | 13 | €5,266,850 | €5,652,313 | +€385,463 | +7.3% |
| Non-distributable reserves | 130/1 | €160,000 | €160,000 | = | 0.0% |
| Legal reserve | 130 | €160,000 | €160,000 | = | 0.0% |
| Distributable reserves | 133 | €5,106,850 | €5,492,313 | +€385,463 | +7.5% |
| Amounts payable | 17/49 | €11,875,031 | €12,434,533 | +€559,502 | +4.7% |
| Amounts payable after more than one year | 17 | €9,455,706 | €9,220,589 | -€235,117 | -2.5% |
| Financial debts | 170/4 | €9,455,706 | €9,220,589 | -€235,117 | -2.5% |
| Credit institutions | 173 | - | €8,920,589 | +€8.9m | |
| Other loans | 174 | - | €300,000 | +€300,000 | |
| Amounts payable within one year | 42/48 | €2,419,325 | €3,213,944 | +€794,620 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | €874,578 | €912,011 | +€37,433 | +4.3% |
| Financial debts | 43 | €57,584 | €32,549 | -€25,035 | -43.5% |
| Credit institutions | 430/8 | €57,584 | €32,549 | -€25,035 | -43.5% |
| Trade debts | 44 | €15,749 | €219,338 | +€203,589 | +1,293% |
| Suppliers | 440/4 | €15,749 | €219,338 | +€203,589 | +1,293% |
| Advances received on contracts in progress | 46 | €3,184 | €3,738 | +€553 | +17.4% |
| Taxes, remuneration and social security | 45 | €143,748 | €197,270 | +€53,522 | +37.2% |
| Taxes | 450/3 | €140,644 | €191,628 | +€50,984 | +36.3% |
| Remuneration and social security | 454/9 | €3,104 | €5,642 | +€2,538 | +81.8% |
| Other amounts payable | 47/48 | €1,324,481 | €1,849,039 | +€524,558 | +39.6% |
| Operating income | 70/76A | - | €1,534,009 | +€1.5m | |
| Turnover | 70 | - | €1,317,708 | +€1.3m | |
| Other operating income | 74 | - | €213,151 | +€213,151 | |
| Non-recurring operating income | 76A | - | €3,150 | +€3,150 | |
| Operating charges | 60/66A | - | €1,074,551 | +€1.1m | |
| Services and other goods | 61 | - | €243,883 | +€243,883 | |
| Remuneration, social security and pensions | 62 | €23,305 | €20,203 | -€3,102 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,080,254 | €754,136 | -€326,118 | -30.2% |
| Other operating charges | 640/8 | €67,789 | €56,329 | -€11,460 | -16.9% |
| Gross operating margin | 9900 | €1,544,777 | - | -€1.5m | |
| Operating profit (loss) | 9901 | €373,428 | €459,458 | +€86,030 | +23.0% |
| Financial income | 75/76B | €637,588 | €350,878 | -€286,711 | -45.0% |
| Recurring financial income | 75 | €637,588 | €350,878 | -€286,711 | -45.0% |
| Income from financial fixed assets | 750 | - | €346,500 | +€346,500 | |
| Other financial income | 752/9 | - | €4,378 | +€4,378 | |
| Financial charges | 65/66B | €179,462 | €294,001 | +€114,539 | +63.8% |
| Recurring financial charges | 65 | €179,462 | €294,001 | +€114,539 | +63.8% |
| Debt charges | 650 | - | €289,159 | +€289,159 | |
| Other financial charges | 652/9 | - | €4,841 | +€4,841 | |
| Profit (loss) for the period before taxes | 9903 | €831,555 | €516,335 | -€315,220 | -37.9% |
| Income taxes | 67/77 | €118,749 | €80,872 | -€37,877 | -31.9% |
| Taxes | 670/3 | - | €80,880 | +€80,880 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €8 | +€8 | |
| Profit (loss) for the period | 9904 | €712,805 | €435,463 | -€277,343 | -38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €712,805 | €435,463 | -€277,343 | -38.9% |
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.