MILLAX: 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.
MILLAX
Largest movements
- Tangible fixed assets +€753,445
up €753,445 (+100.4%), from €750,651 to €1.5m
of which Land and buildings: +€767,993
- Cash -€42,808
down €42,808 (-74.6%), from €57,366 to €14,558
mainly Investment in fixed assets (net) (-€807,773) and Receivables within one year (-€6,193)
- Debts after one year +€535,058
up €535,058 (+139.7%), from €383,047 to €918,105
- Other debts +€157,322
up €157,322 (+2537.4%), from €6,200 to €163,522
- Reserves +€15,710
up €15,710 (+4.4%), from €353,445 to €369,154
- Gross operating margin +€41,395
up €41,395 (+58.6%), from €70,682 to €112,077
- Financial charges +€17,470
up €17,470 (+119.2%), from €14,661 to €32,131
- Depreciation +€16,039
up €16,039 (+41.9%), from €38,288 to €54,327
- Other operating charges +€3,557
up €3,557 (+79.9%), from €4,455 to €8,012
- Taxes -€2,749
down €2,749 (-59.2%), from €4,648 to €1,898
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 | €823,915 | €1,545,334 | +€721,419 | +87.6% |
| Fixed assets | 21/28 | €750,651 | €1,504,097 | +€753,445 | +100.4% |
| Tangible fixed assets | 22/27 | €750,651 | €1,504,097 | +€753,445 | +100.4% |
| Land and buildings | 22 | €667,038 | €1,435,031 | +€767,993 | +115.1% |
| Plant, machinery and equipment | 23 | €666 | €6,721 | +€6,055 | +909.1% |
| Furniture and vehicles | 24 | €82,947 | €62,345 | -€20,602 | -24.8% |
| Current assets | 29/58 | €73,263 | €41,237 | -€32,026 | -43.7% |
| Amounts receivable within one year | 40/41 | €13,306 | €19,499 | +€6,193 | +46.5% |
| Trade receivables | 40 | €2,424 | €10,285 | +€7,861 | +324.3% |
| Other amounts receivable | 41 | €10,882 | €9,214 | -€1,668 | -15.3% |
| Cash at bank and in hand | 54/58 | €57,366 | €14,558 | -€42,808 | -74.6% |
| Deferred charges and accrued income | 490/1 | €2,591 | €7,180 | +€4,590 | +177.1% |
| Total equity and liabilities | 10/49 | €823,915 | €1,545,334 | +€721,419 | +87.6% |
| Equity | 10/15 | €353,445 | €369,154 | +€15,710 | +4.4% |
| Reserves | 13 | €353,445 | €369,154 | +€15,710 | +4.4% |
| Distributable reserves | 133 | €353,445 | €369,154 | +€15,710 | +4.4% |
| Amounts payable | 17/49 | €470,470 | €1,176,180 | +€705,710 | +150.0% |
| Amounts payable after more than one year | 17 | €383,047 | €918,105 | +€535,058 | +139.7% |
| Financial debts | 170/4 | €383,047 | €918,105 | +€535,058 | +139.7% |
| Amounts payable within one year | 42/48 | €83,678 | €257,325 | +€173,647 | +207.5% |
| Current portion of amounts payable after more than one year | 42 | €69,810 | €73,824 | +€4,015 | +5.8% |
| Trade debts | 44 | €3,990 | €4,462 | +€471 | +11.8% |
| Suppliers | 440/4 | €3,990 | €4,462 | +€471 | +11.8% |
| Advances received on contracts in progress | 46 | €1,200 | €8,037 | +€6,837 | +569.7% |
| Taxes, remuneration and social security | 45 | €2,478 | €7,480 | +€5,002 | +201.9% |
| Taxes | 450/3 | €2,478 | €7,480 | +€5,002 | +201.9% |
| Other amounts payable | 47/48 | €6,200 | €163,522 | +€157,322 | +2537.4% |
| Accrued charges and deferred income | 492/3 | €3,745 | €750 | -€2,995 | -80.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,288 | €54,327 | +€16,039 | +41.9% |
| Other operating charges | 640/8 | €4,455 | €8,012 | +€3,557 | +79.9% |
| Gross operating margin | 9900 | €70,682 | €112,077 | +€41,395 | +58.6% |
| Operating profit (loss) | 9901 | €27,939 | €49,737 | +€21,799 | +78.0% |
| Financial income | 75/76B | €364 | €1 | -€362 | -99.6% |
| Recurring financial income | 75 | €364 | €1 | -€362 | -99.6% |
| Financial charges | 65/66B | €14,661 | €32,131 | +€17,470 | +119.2% |
| Recurring financial charges | 65 | €14,661 | €32,131 | +€17,470 | +119.2% |
| Profit (loss) for the period before taxes | 9903 | €13,642 | €17,608 | +€3,966 | +29.1% |
| Income taxes | 67/77 | €4,648 | €1,898 | -€2,749 | -59.2% |
| Profit (loss) for the period | 9904 | €8,994 | €15,710 | +€6,716 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,994 | €15,710 | +€6,716 | +74.7% |
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 30 September 2026 via checked.be.