Milkat: 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.
Milkat
Largest movements
- Tangible fixed assets -€23,613
down €23,613 (-35.8%), from €65,927 to €42,314
of which Other tangible fixed assets: -€24,776
- Cash +€6,141
up €6,141 (+29.5%), from €20,782 to €26,922
mainly Net result for the year (+€20,447) and Investment in fixed assets (net) (+€13,853)
- Deferred charges and accrued income +€1,842
up €1,842 (+89.0%), from €2,069 to €3,910
- Contributions -€24,000
down €24,000 (-96.0%), from €25,000 to €1,000
- Reserves +€13,901
up €13,901 (+30.1%), from €46,194 to €60,094
of which Distributable reserves: +€13,901
- Debts after one year -€6,683
no longer reported in 2025 (was €6,683)
- Current portion of long-term debt -€6,512
down €6,512 (-49.4%), from €13,195 to €6,683
- Tax, wage and social debts +€4,340
up €4,340 (+53.6%), from €8,100 to €12,440
of which Remuneration and social security: +€4,325
- Gross operating margin +€6,870
up €6,870 (+19.8%), from €34,676 to €41,546
- Depreciation -€3,900
down €3,900 (-26.7%), from €14,623 to €10,723
- Taxes +€2,963
up €2,963 (+50.9%), from €5,827 to €8,790
- Financial charges -€1,495
down €1,495 (-67.2%), from €2,225 to €731
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 | €124,110 | €108,015 | -€16,095 | -13.0% |
| Fixed assets | 21/28 | €69,777 | €45,201 | -€24,576 | -35.2% |
| Intangible fixed assets | 21 | €3,850 | €2,888 | -€963 | -25.0% |
| Tangible fixed assets | 22/27 | €65,927 | €42,314 | -€23,613 | -35.8% |
| Plant, machinery and equipment | 23 | €2,826 | €2,538 | -€288 | -10.2% |
| Furniture and vehicles | 24 | €26,549 | €28,000 | +€1,451 | +5.5% |
| Other tangible fixed assets | 26 | €36,552 | €11,776 | -€24,776 | -67.8% |
| Current assets | 29/58 | €54,333 | €62,814 | +€8,480 | +15.6% |
| Amounts receivable within one year | 40/41 | €31,483 | €31,981 | +€498 | +1.6% |
| Trade receivables | 40 | €29,189 | €30,321 | +€1,132 | +3.9% |
| Other amounts receivable | 41 | €2,294 | €1,660 | -€634 | -27.6% |
| Cash at bank and in hand | 54/58 | €20,782 | €26,922 | +€6,141 | +29.5% |
| Deferred charges and accrued income | 490/1 | €2,069 | €3,910 | +€1,842 | +89.0% |
| Total equity and liabilities | 10/49 | €124,110 | €108,015 | -€16,095 | -13.0% |
| Equity | 10/15 | €71,194 | €61,094 | -€10,099 | -14.2% |
| Contributions | 10/11 | €25,000 | €1,000 | -€24,000 | -96.0% |
| Reserves | 13 | €46,194 | €60,094 | +€13,901 | +30.1% |
| Tax-exempt reserves | 132 | €7,016 | €7,016 | = | 0.0% |
| Distributable reserves | 133 | €39,178 | €53,078 | +€13,901 | +35.5% |
| Amounts payable | 17/49 | €52,917 | €46,921 | -€5,996 | -11.3% |
| Amounts payable after more than one year | 17 | €6,683 | - | -€6,683 | |
| Financial debts | 170/4 | €6,683 | - | -€6,683 | |
| Amounts payable within one year | 42/48 | €46,212 | €46,921 | +€709 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €13,195 | €6,683 | -€6,512 | -49.4% |
| Trade debts | 44 | €24,917 | €26,510 | +€1,593 | +6.4% |
| Suppliers | 440/4 | €24,917 | €26,510 | +€1,593 | +6.4% |
| Taxes, remuneration and social security | 45 | €8,100 | €12,440 | +€4,340 | +53.6% |
| Taxes | 450/3 | €8,100 | €8,115 | +€15 | +0.2% |
| Remuneration and social security | 454/9 | - | €4,325 | +€4,325 | |
| Other amounts payable | 47/48 | - | €1,288 | +€1,288 | |
| Accrued charges and deferred income | 492/3 | €22 | - | -€22 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,623 | €10,723 | -€3,900 | -26.7% |
| Other operating charges | 640/8 | €740 | €864 | +€124 | +16.7% |
| Gross operating margin | 9900 | €34,676 | €41,546 | +€6,870 | +19.8% |
| Operating profit (loss) | 9901 | €19,312 | €29,960 | +€10,647 | +55.1% |
| Financial income | 75/76B | €86 | €8 | -€78 | -90.7% |
| Recurring financial income | 75 | €86 | €8 | -€78 | -90.7% |
| Financial charges | 65/66B | €2,225 | €731 | -€1,495 | -67.2% |
| Recurring financial charges | 65 | €2,225 | €731 | -€1,495 | -67.2% |
| Profit (loss) for the period before taxes | 9903 | €17,173 | €29,237 | +€12,064 | +70.2% |
| Income taxes | 67/77 | €5,827 | €8,790 | +€2,963 | +50.9% |
| Profit (loss) for the period | 9904 | €11,347 | €20,447 | +€9,101 | +80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,347 | €20,447 | +€9,101 | +80.2% |
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 14 October 2026 via checked.be.